DETERMINAN KEBIJAKAN DIVIDEN DAN STRUKTUR MODAL PADA PERUSAHAAN BUMN DI INDONESIA TAHUN 2015-2018

  • Intan Diane Binangkit Universitas Muhammadiyah Riau
  • Siti Rodiah Universitas Muhammadiyah Riau
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Abstract

The research objective is to determine the influence of agency and investment on dividend policy in state-owned companies, to see the effect of agency, dividend, and investment policies on the capital structure of state-owned companies during 2015-2018. Hypothesis testing in this study will use the Partial Least Square (PLS) technique with the application used is WarpPLS 6.0. PLS aims to predict the effect of independent dan dependent variable and explain the theoretical relationship between the second variable. This study found that 1) Agency costs have an impact but insignificant on dividend policy in state-owned companies; 2) Investment quality has an effect but minor on dividend policy in state-owned companies; 3) Agency costs have an impact but minor on capital structure in state-owned companies; 4) Investment quality has a significant effect on the capital structure of state-owned companies; 5) Dividend policy has a substantial impact on the capital structure of state-owned companies; 6) Dividend policy is not able to mediate the effects of agency costs on capital in state-owned companies, and 7) Dividend policy is not able to moderate the influence of investment quality on the capital structure of state-owned.


Tujuan penelitian ini adalah untuk mengetahui pengaruh biaya keagenan dan investasi terhadap kebijakan dividen pada perusahaan BUMN, untuk mengetahui pengaruh biaya keagenan, kebijakan dividen dan investasi terhadap struktur modal pada perusahaan BUMN selama 2015-2018. Pengujian hipotesis dalam penelitian ini akan menggunakan teknik Partial Least Square (PLS) dengan aplikasi yang digunakan adalah WarpPLS 6.0. PLS bertujuan memprediksi pengaruh variabel independen pada dependen dan menjelaskan hubungan teoritikal di antara kedua variabel. Penelitian ini menemukan bahwa 1) Biaya keagenan berpengaruh signifikan terhadap kebijakan dividen pada perusahaan BUMN; 2) Kualitas Investasi berpengaruh namun tidak signifian terhadap kebijakan dividen pada perusahaan BUMN; 3) Biaya keagenan berpengaruh namun tidak signifikan terhadap struktur modal pada perusahaan BUMN; 4) Kualitas Investasi berpengaruh signifikan terhadap struktur modal pada perusahaan BUMN; 5) Kebijakan dividen berpengaruh signifikan terhadap struktur modal pada perusahaan BUMN; 6) Kebijakan dividen tidak mampu memediasi pengaruh biaya keagenan terhadap struktur modal pada perusahaan BUMN; dan 7) Kebijakan dividen tidak mampu memediasi pengaruh kualitas investasi terhadap struktur modal pada perusahaan BUMN.

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Published
2020-12-30
How to Cite
BINANGKIT, Intan Diane; RODIAH, Siti. DETERMINAN KEBIJAKAN DIVIDEN DAN STRUKTUR MODAL PADA PERUSAHAAN BUMN DI INDONESIA TAHUN 2015-2018. Kurs : Jurnal Akuntansi, Kewirausahaan dan Bisnis, [S.l.], v. 5, n. 2, p. 188-201, dec. 2020. ISSN 2527-8215. Available at: <http://www.ejournal.pelitaindonesia.ac.id/ojs32/index.php/KURS/article/view/907>. Date accessed: 17 jan. 2021.

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