PENGARUH LEVERAGE DAN GROWTH OPPORTUNITIES TERHADAP KEBIJAKAN DEVIDEN PERUSAHAAN MANUFAKTUR YANG GO PUBLIC DI BURSA EFEK INDONESIA PERIODE 2009-2011

Abstract

This study aims to see the effect of leverage as measured using the debt to total asset of the companys and the
effect of growth opportunity of companys as measured by price earing ratio to companys devidend policy. This study
uses secondary data by the number of samples used by 35 manufacturing companies listed on the Indonesia Stock
Exchange during the three-year period 2009-2011 and has met certain criteria.
The result showed that the debt to total asset negatively affect the devidend policy. This can be explained that
the higher debt, it will be able to increasing the expenses of earning after tax that should be able to be paid for cash
devidend. While the results of subsequent research found that the price earning ratio aslo has a negative effect on
corporate devidend policy. This can be explained that the bigger chance of companys growth will make their manager
to buy an investment rather than pay the cash devidend.