Pengaruh Investasi, Kepemilikan Institusional, dan Kepemilikan Institusi Asing Terhadap Dividen Pada Perusahaan LQ45

A An Arief Jusuf; Avinda Vibry Lestari; Victoria Octalisa  Gunawan; Astrida Astrida

doi:10.38043/jiab.v8i1.4185

Authors

A An Arief Jusuf Universitas Widya Kartika
Avinda Vibry Lestari Universitas Widya Kartika
Victoria Octalisa Gunawan Universitas Widya Kartika
Astrida Universitas Widya Kartika

DOI:

https://doi.org/10.38043/jiab.v8i1.4185

Keywords:

Investasi, Kepemilikan Institusional, Kepemilikan Institusi Asing, Pecking Order;, Fixed Effect Random Effect, Weighted Least Squares

Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh investasi, kepemilikan institusional, dan kepemilikan institusi asing terhadap kebijakan dividen. Perusahaan-perusahaan yang tergabung dalam indeks LQ45 dijadikan obyek dalam penelitian ini. Data yang digunakan dalam penelitian ini adalah data sekunder. Data keuangan diperoleh dari laporan keuangan tahunan perusahaan, dan pusat data Osiris. Perusahaan yang diobservasi adalah perusahaan yang terdaftar dalam indeks LQ45 dari tahun 2016-2021. Jumlah observasi (sampel) sejumlah 287. Dalam teori Pecking Order disebutkan bahwa pendanaan internal menjadi pilihan pertama dalam mendanai kebutuhan pendanaan perusahaan. Metode regresi data panel dengan pendekatan fixed effect, random effect, dan weighted least squares digunakan untuk mengetahui hubungan kausalitas antara variabel bebas terhadap variabel terikat. Investasi, dan kepemilikan institusi asing berpengaruh positif terhadap kebijakan dividen perusahaan LQ45. Iterated weighted least squares regression terpilih untuk menganalisis hubungan kausalitas setelah dilakukan perbandingan dengan kedua pendekatan lainnya. Hal ini dapat disebabkan karena adanya variasi data yang tinggi. Kepemilikan institusional tidak berpengaruh terhadap kebijakan dividen perusahaan LQ45. Hal ini dimungkinakan karena Kebijakan dividen memiliki kecenderungan mengacu pada tingkat dividen sebelumnya. Para investor dapat mencermati kepemilikan institusi asing dalam berinvestasi pada perusahaan yang tergabung dalam indeks LQ45.

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