THE EFFECT OF OWNERSHIP STRUCTURE AND CASH FLOW TO THE NON FINANCIAL FIRMS' DIVIDEND PAYOUT RATIO LISTED IN IDX
Abstract. The aim of this study is to analyze the effect of ownership structure and cash flow to the non financial firms' dividend payout ratio listed in Indonesian Stock Exchange (IDX) The samples of this study are 63 firms over the period 2009 2013. This study conducted in panel regression analysis using the random effect model approach. The result of regression found that largest shareholder and government ownership give a positive effect to the payment of dividend. While institutional ownership and operating cash flow give a negative impact to the payment of dividend. Keywords: dividend, ownership structure, cash flow Abstrak. Penelitian ini bertujuan untuk menganalisis pengaruh ownership structure dan cash flow terhadap dividend payout ratio pada perusahaan non keuangan yang terdaftar di Indonesia Stoack Exchange (IDX) Sampel penelitian ini adalah 63 perusahaan dengan periode penelitian tahun 2009 2013. Penelitian ini dilakukan dengan menggunakan panel regression analysis dengan pendekatan random effect model. Hasil regresi menunjukkan bahwa largest shareholder dan government ownership memberikan pengaruh positif yang signifikan terhadap pembayaran dividen. Sementara institutional ownership dan operating cash flow memberikan pengaruh negatif yang signifikan terhadap pembayaran dividen. Kata kunci: dividen, struktur kepemilikan, arus kas