PENGARUH LABA AKUNTANSI, LABA TUNAI, DAN LIKUIDITAS TERHADAP CASH DIVIDEND PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2015

Abstract

The purpose of this study is to determine the effect of accounting earnings, cash earnings, and liquidity of the cash dividend either simultaneously or partially. The population in this research is manufacturing companies listed in Indonesia Stock Exchange Year 2015. The sample was taken by purposive sampling method. Out of the 143 listed companies, there are 47 companies that meet the criteria. The technique of collecting is by collecting the required information from the financial statements of companies that are downloaded from www.idx.co.id. The data analysis technique used is multiple linear regression analysis.

Results showed that, first, simultaneously variables Accounting Earnings, Cash Earnings, and Liquidity significantly affect the cash dividend. Hypothesis Testing showed F test> F table (4,349 > 2.83) or can be seen from the level of significance is 0,009 <0.05. Secondly, partially only accounting profit that significantly effect on cash dividends. This means that the higher profit acoounting is, the higher cash dividend to be shared. Cash profit does not significantly influance cash dividend.

The cash obtained by the company may not only used to pay cash dividends, but also to pay for debt, loans, or other investments. Liquidity also does not effect on cash dividend. This means that the higher liquidity company is, not necessarily the higher cash dividend to be share, since probably the company liquidity is used for operational costs and purchased the fixed assets.

The conclusion of this research is the company must be able to consider various aspects in paying cash dividend, one of which is the profit obtained by the company, because the dividend distribution is related to the interests of the company and also the interests of investors.