ANALISIS PENGARUH FUNDAMENTAL DAN MAKRO EKONOMI TERHADAP KEBIJAKAN DIVIDEN DENGAN RETURN ON ASSET SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN MANFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2012-2015

Abstract

The purpose of this study is to prove empirically the influence of cash
positition, debt to equity ratio, BI interest rate, inflation, exchange rate and Gross
Domestic Product on dividend policy. And to prove empirically the influence of
Return on Asset on dividend policy, the influence of cash positition, debt to equity
ratio, BI interest rate, inflation, exchange rate and Gross Domestic Product
through return on asset to dividend policy. The population of this research is all
companies engaged in manufacturing industries that go public in Indonesia Stock
Exchange in 2012 until 2015 as many as 168 companies. To determine sample is
using purposive sampling method. The sample that meets the criteria there are 43
companies. To analyse data is using path analysis method. The results show that
cash position has a significant influence on dividen policy (DPR) in addition to
the cash position also affect the dividen policy through ROA. Debt to equity ratio
negatively affects dividen policy. Debt tot Equity Ratio affects dividen policy
through ROA. Interest rates have no significant effect on dividen policy. Interest
rates also have no effect on dividen policy through ROA. Inflation affects dividen
policy but does not affect dividen policy through ROA. Exchange rate does not
affect dividen policy. The exchange rate does not indirectly affect the dividen
policy through ROA. Gross domestic product has an influence on dividen policy.
Gross domestic product indirectly affects the dividen policy through ROA.