The Influence of Dividend Payout Ratio and Free Cash Flow to Debt to Equity Ratio

Yurizki Wida Hapsari(1), Isharijadi Isharijadi(2), Purweni Widhianningrum(3),

DOI: https://doi.org/10.15294/jda.v8i1.9116


(1) IKIP PGRI
(2) IKIP PGRI
(3) IKIP PGRI

Abstract

This study aimed to analyze the effect of dividend payout ratio and free cash flow to the debt to equity at the manufacturing companies which listed in the Indonesia Stock Exchange. The population of this study is manufacturing companies which listed in Indonesia Stock Exchange during the year 2010, 2011, 2012, and 2013 a number of 128 companies. Purposive sampling is used for sampling technique, as many as 33 companies. Data analytical technique in the study is multiple linear regression analysis. The results of this study proved that the dividend payout ratio had significant negative effect on the debt to equity. It showed that the dividend payments appeared as a substitute for debt in the capital structure at the company. Free cash flow positively and significantly influenced debt to equity. It was due to the investment in working capital of the company was greater than the company's operating cash flow.

Keywords

dividend payout ratio; free cash flow; debt to equity ratio

Full Text:

PDF

References

Anggraini, Novi. 2015. Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Kebijakan Dividen Dan Ukuran Perusahaan Terhadap Kebijakan Hutang (Studi Pada Perusahaan Manufaktur di Bursa Efek Indonesia (BEI) Tahun 2010 - 2012). Journal of Accounting, Volume 1, No. 1. (http://jurnal.unpand.ac.id/index.php/AKS, downloaded Mei 25, 2015).

Brigham and Houston. 2010. Dasar-dasar Manajemen Keuangan Edisi 11 Buku 1. Jakarta: Salemba Empat.

Garrison,Ray H., Eric W. Noreen. Peter C. Brewer. 2007. Managerial Accounting Manajemen Keuangan. Jakarta: Salemba Empat.

Indahningrum, Rizka Putri and Ratih Handayani. 2009. Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Dividen, Pertumbuhan Perusahaan, Free Cash Flow dan Profitabilitas Terhadap Kebijakan Hutang Perusahaan. Jurnal Bisnis dan Akuntansi Vol. 11, No. 3.

James M. Reeve, Carl S. Werren, Jonathan E. Duchac, Ersa Tri Wahyuni, Gatot Soepriyanto, Amir Abadi Yusuf, Chaerul D. Djakman. 2010. Pengantar Akuntansi Adaptasi Indonesia. Jakarta: Salemba Empat.

Kasmir. 2010. Pengantar Manajemen Keuangan. Jakarta: Kencana Prenada Media Grup.

Kasmir. 2014. Analisis Laporan Keuangan. Jakarta: PT RajaGrafindo Persada.

Larasati, Eva. 2011. Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional dan Kebijakan Dividen terhadap Kebijakan Hutang Perusahaan. Jurnal Ekonomi Bisnis, Th. 16, No. 2.

Martono and Agus Harjito. 2007. Manajemen Keuangan. Yogyakarta: Ekonisia.

Sheisarvian, Revi Maretta, Nengah Sudjana and Muhammad Saifi. 2015. Pengaruh Kepemilikan Manajerial, Kebijakan Dividen dan Profitabilitas Terhadap Kebijakan Hutang (Studi Pada Perusahaan Manufaktur yang Tercatat di BEI Periode 2010-2012). Jurnal Administrasi Bisnis (JAB) Vol. 22 No. 1.

Sudana, I Made. 2011. Manajemen Keuangan Peusahaan Teori & Praktik. Jakarta: Erlangga.

Sugiarto.2009. Struktur Modal, Stuktur Kepemilikan Perusahaan, Permasalahan Keagenan & Informasi Asimetri. Yogyakarta: Graha Ilmu.

Susilawati,Christine Dwi Karya, Lidya Agustina, andSe Tin. 2012. Faktor-Faktor yang Memengaruhi Kebijakan Utang Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Keuangan dan Perbankan, Vol. 16, No. 2.

Refbacks

  • There are currently no refbacks.


Bookmark and Share


Creative Commons License
Jurnal Dinamika Akuntansi is licensed under a Creative Commons Attribution 4.0 International License