PENGARUH KEBIJAKAN PENDANAAN, KEBIJAKAN DIVIDEN DAN PROFITABILITAS TERHADAP INVESTMENT OPPORTUNITY SET MANUFAKTUR PUBLIK

ZAHROTUS , SYARIF and ZUHROTUN, ZUHROTUN (2009) PENGARUH KEBIJAKAN PENDANAAN, KEBIJAKAN DIVIDEN DAN PROFITABILITAS TERHADAP INVESTMENT OPPORTUNITY SET MANUFAKTUR PUBLIK. BULETIN EKONOMI JURNAL MANAJEMEN, AKUNTANSI DAN EKONOMI PEMBANGUNAN, 7 (2). pp. 183-201. ISSN 1410-2293

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Abstract

The objective this research is to examine financing policy, dividend policy and profitabilityof the firm association investment opportunity set. The sample of this study consist of 44 firm in Jakarta Stock Exchange period 2003-2007. Common factor analysis is conducted to construct composite measure then ranked to classify the growth of sampling firm. To examine the impact of the financing policy, dividend policy and profitability to the investment opportunity set of the high and low growth firm is used logit regression analysis. The result indicates that Book Value of Debt to Equity, Market Value of Debt to Equity, Dividen Payout, Dividend Yield and Profitability is significantly together to Investment Opportunity Set. The impact between financing policy, proxied by Book Value of Debt to Equity, Market Value of debt to Equity to investment opportunity set is significantly. The impact between dividend policy proxied by dividend payout and dividend yield to investment opportunity set is significantly. The impact of profitability, proxied by return on asset to investment opportunity set is not significantly. Keyword : Financing, dividend, profitability, investment opportunity se

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