Pengaruh struktur kepemilikan terhadap kebijakan dividen perusahaan keuangan yang terdaftar di Bursa Efek Indonesia.
P enelitian ini bertujuan untuk mengetahui pengaruh kepemilikan manajerial, kepemilikan institusional, dan firm size terhadap kebijakan dividen. Sampel yang digunakan dalam penelitian ini adalah perusahaan keuangan yang terdaftar di Bursa Efek Indonesia periode 2013 – 2018. Variabel dependen yang digunakan dalam penelitian ini adalah kebijakan dividen yang diukur dengan dividend per share. Variabel independen ownership structure melalui managerial kepemilikan manajerial, kepemilikan institusional serta variabel kontrol firm size yang diukur dengan cumulative percentage of shares held by the members of the board of directors, cumulative percentage of shares held by institutions with more than 5 per cent shareholding, natural log of total assets. Jumlah sampel penelitian adalah sebanyak 15 perusahaan keungan dengan menggunakan teknik purposive sampling. Model analisis menggunakan analisis regresi data panel yang diolah menggunakan software E-Views. Berdasarkan hasil penelitian menunjukkan bahwa kepemilikan manajerial dan kepemilikan institusional memiliki pengaruh negatif dan signifikan terhadap kebijakan dividen sedangkan firm size berpengaruh positif terhadap kebijakan dividen. Hasil penelitian ini diharapkan dapat memberikan masukan bagi perusahaan dan investor agar mempertimbangkan firm size karena akan menggambarkan kondisi kinerja keuangan perusahaan untuk mendapatkan profit.
T his research aims to determine the effect of managerial ownership, institutional ownership, and firm size on dividend policy. The sample used in this research are financial company listed on Indonesia Stock Exchange (IDX) in the period 2013 – 2018. Dependent variable in this study are the dividend policy measured by dividend per share. Independent variables ownership structure through managerial ownership, institutional ownership and control variables are firm size measured by cumulative percentage of shares held by members of the board of directors, cumulative percentage of shares held by institutions with more than 5 per cent shareholding, and natural log of total assets. The number of research samples were 15 financial companies using purposive sampling techniques. Data analysis model used is panel regression using E-views software. Based on the results of the study indicate that managerial ownership and institutional ownership have a negative and significant effect on dividend policy, while firm size has a positive effect on dividend policy. The results of this research are expected to be the reference for companies and investors to pay attention about firm size because it describes the condition financial performance for profit.