Determinan kebijakan dividen pada perusahaan subsektor batubara di bursa efek indonesia

Kusuma, Pradana Jati (2018) Determinan kebijakan dividen pada perusahaan subsektor batubara di bursa efek indonesia. Masters thesis, Institut Pertanian Bogor.

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Abstract

Indonesia is one of the world's fifth largest suppliers of coal energy sources. Stocks become one of the most profitable investments, because they provide higher yields and are more liquid. The coal subsector has the largest capitalization in the mining sector on the Indonesia Stock Exchange. Businesses from this sub-sector have long-term and specific risks. The weakening of the global economy and changes in policies of major countries such as China and America have resulted in a decline in various commodity prices, one of which is coal. The issue of the adverse impacts of coal on the environment, as well as the emergence of renewable energy has made coal commodity prices decline, especially in 2014 to 2016. This condition is a concern about changes in dividend policy in the coal subsector. The purpose of this study is about business development and dividend policy, as well as the influence of company characteristics and macroeconomics on the company's dividend policy in the coal subsector. Multiple regression models are used to analyze samples consisting of 11 coal subsector companies. The research period was conducted from 2013 to 2017 with case studies in Indonesia. This study uses descriptive and quantitative methods to describe a phenomenon informally and show the relationship between these phenomena using mathematical models. The dividend payout ratio is used as a proxy for dividend policy. Regression analysis is done after the model is free from the classic assumption test. Data processing techniques use panel data with Eviews 9 software. The results showed that return on assets, firm size, firm age, exchange rate, oil price had a positive and significant effect on the dividend payout ratio of the coal subsector. The independent variable in this study explains the model at 63.03%, and simultaneously affects the dividend payout ratio in the coal subsector. Coal subsector companies during the study period were relatively healthy. Macroeconomic conditions will be serious if the company is unable to adapt to changes in global economic conditions. Business development in coal subsector companies during the study period experienced good conditions in outline. Coal companies that are in fact long-term oriented, need to pay more attention to the growth of their assets. Companies with good assets will be able to survive in uncertain macroeconomic conditions. Rapid adaptation to changes in business strategy, will help companies continue to grow. The application of hedging will be one solution to avoid the risk of loss. Future research can examine the condition of the dividend distribution ratio when there is a stock repurchase and stock split.

Item Type: Thesis (Masters)
Uncontrolled Keywords: dividend payout ratio, batubara, karakteristik perusahaan, makroekonomi, dividend payout ratio, coal, company characteristics, macroeconomics
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 19 Feb 2019 04:17
Last Modified: 19 Feb 2019 04:17
URI: http://repository.sb.ipb.ac.id/id/eprint/3285

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