PENGARUH PROFITABILITAS DAN STRUKTUR KEPEMILIKAN TERHADAP KEBIJAKAN DIVIDEN DAN NILAI PERUSAHAAN.
!
"
"
#
$
%
&
'
'
#
"
#
$
%
%
$
'
&
'#
%
%
" '
#
(
( "
!2
(1
*1
1
!3
#( "
)
* #
+ ,
-. (/0
1
3 #" /
"
2
!
4
2 56 7 /!8! 1 7 7 ! /
! 1 4
15
6 / ( 1*5
8 6
(1 58 6
077/
1 218 /! 5 8 101 ! /7 18!
:
(
!
/
(1 2 56 ( 70!*
*1 6 / ( 1 !4
!
8 : /
(1 2 56
* ! ! ;
**!*5/1
/ :
2
/
9 , .
(/0 1
#
!;!* 8 /
8* 5 *5
1(1 !;!
/! !/1 /
!; ! (1 58 6
!(
< :
1/! !;!* 8 )1;1 !*< 1 /7 81 / <
/
/ 3 1 188 *1 6 / (
3
#
#
"
: %
%
$
.+ ,
1
+,
(/0 1
/
> 8
65 5 2
*1
/1 2
(1 !; 5 (1
1/!* /! 7* /1 (
3 : 8
(
7
#
"
#5
: %
.,
!8*! /1 72 0! /
5
(7! * 13
8
8
/
. (/0
/ "
"
" / "
0
" "
+9 ,
: / %
(
#*
; :
:
(
"
"
:
*
8 8
9 , .
(/0 1
#
/
%
! 0; 8! /
2 8 6
. ,
(/0 1
/
"
8
$
,
"
1
: ! : "
2 <
* ?
1(1 ! (!
=
#
.,
(/0
1
#
(/0
#
' :
#
:
,
1
# ""
9 (/0
#
2 56 ( 70!* !;!* 8 /
8* 5 *5
*1 6 / ( 8* 5 *5
7/ ; /
! 1 4
0
8! < 2 *1 / 0*
/! 5 8 101
1!
% ; #2
8
,0
#*
/ :8
#'
, +(/0 1
#
1
(1 2 56 85 5 5 2 8 ! !; ! *5
! /1 8 /73 47 18 *1 6 / ( ! /1 8 6
2 5 2
/! 1!
/ % 8
!'
)
;!8!8 (1
1(1 !;!
(1 58 6
! /7 18!
!3 :
#
2 < 6!/5(
/
*5
$ * #
3 #: ( "
#
/ %
(*>
3
5 " / % !2
(
(
/
/
=
8 :
1
!3 :
(/0
#
2
:
*
#
807
+- (/0
#
#
8!7
;
7*!
8! 1 4
+9 ,
9-
/
/!8!(;!
< 3
!/ %
1 4 81
( "
2 ! ( 1/! *7
(
! 1 4
: 8
(/0 1
#
(1 2 56 8* 18 1 4 ;! 2 5> 2
> 1 4 0!8! /
7 (1 8 8! 0!
8!! ;> *
*1 6 / ( ! 1 4
< 3
<
*
3$ : 2
:
8
:
(1 2 56 1(1 ! (!
7 (1 8 8! 0!
*1 6 / ( 1(5 8
1 4 81 * /
(
! 1 4
< 3
: ;
3$ :
8
99 ,
1
8! ;
< *1 6 / (
(1 2 56 7 (1 8 8! 0
0!
8! ; 1(1 ! (!
( *!8!( *!0 /
;! 2 5 2
1 4 0!8! *1 6 / (
! 1 4
< 3
( / /<
!;; 8 /! 81 ! <
!2
<
:8 %
8 : #
(
#2 :
""
*
" " 7
* #
;
6
! : " <
* :
!
? "
8 "
# 3
!
$
!*
*
1 21
1/
! 2 7 /1
5 8 101
(
:
%
'
%
#
$
& (
)* $* +
* * - (,+
)
/
85 5 ) /
#
#
+, +
(/0 1
#
8185/ 6
++ , 9
27 (5 ;!)
!) /! (/0 1
#
+- , 9
(/0
1
#
7
2( /
9 ,
1
=9 (/0
#
2
& ) ""
! " #! $
$!
!
% "' %
,
.- ,
(/0 1
+,
(/0 1
/
*# 8
/! !/1 / (
$
5 &
"$!
"
#
$ #
$ #
#
5 :
"
$
"
"
#
#
"
$
#
#
:
:
#
"
> +-
#
"
>(
"
" " # "
#
$
#
>
"
"
$
&
#
" "
&
>*
&
#
$
"
# #
# #
"
!
#
>
-
?
:
: &
'
?
#
?
1?
?
?
?
?
#
!
%
&
#
(
" " :
$
$
$
:
"
#
"#$
%
'
#
:
" "
" "
$
#
#
"
>* $
>* $
6
"
"
#
#
(
$
$
$ #
$
-@ + >
" >
3195
(
"
#
$ "
# >
# # :
8
(
"
#
#
"
"
:
$
#
: :
&
"
#% " $
" " ?
: >;
"
" "
#
:
"
"
$
:
#
#
#8 D
$
$
$
>
:
"
"
#
&
:
:
&
>
#1
%
:
"
&
"
>*
.
"
"
# "
" :
&
"
#
"
# "
"
" "
" #
%
@
>8
#
" "
:
,
> ( ?
" "
8
E
:
=>
' :
#
#
#
&
>
5 :
8 $
9 " $
#%
#
?
>( ?
#
$
"
&
" "
#
#
#
# "
7 %
#
"
" "
" :
#
. >( " :
#
:
#
#
&
#
?
" "
" "
#
#
$
&
?
:
"
# : &
:
:
#
?
#
" ' "
:
# >(
&
! &
:
" $
#
#
#
>;
#
"
#
#
&
"
"
:
$
#
&
#
$ #
#
#
$
"
# ">
"
&
"
#
"
' %
>
#
:
&
# >8 "
#" "
#"
:
"
"
"
#
"
&
"
#
>
(
"
"
#
#
" ?
" "
"
:
"
>
" ?
"
:
#
"
&
" $
#
?
:
:
# ":
"
" "
"
"
!
"
:
#
' %
>
>
#%
"
# "
"
?
?
"
$
>(
&
1?
#
"
#
"
#
:
:
"
3197
#
" "
(
*
"
" $
$
#
#
"
"
?
#
>
,#
"
""
:
$
=
$
:
?
1?
!
&
#
>
.,
>
! .
"*
2 ,( ,
5
* 1
3
, & ,* 2 *
/
/ , 0
(
!
* 1
34
,/ (
* 1
, & ,* 2 * (
>*
; "
*
= 9+
>2
2 " * -+ 9+ 9+ 9+
>
7
* 9+
9+ =9
>2 $ #*
*
+ 9+
9
+> !
' (
* 9+ +- 9+
-> 5
* ' *
9+ 9+ 9+
9> * " 8' ( ? ' *
+
9+ 9+
=>
"!
*
9 9+
8 "
*
@/
"
( "
$
?
:
:
"
/
#
#%
#
#
.,
#
#
&
& !
(
>/ #
?
#
!
1?
:
.,
?> (
#
#
&
"
?:
#
" ?
.,
:
>(
>
=
#
#
" "
:
?
:
1?
#
"
"
"
"
"
" " #
:
>
*
$
$
#
&
#
#
#
:
&
&
&
$#
&"
*7 %
$
"
*
6
6
*
:
#
?
"
#
6
$
"
##
*7 %
2& (
&
( ?
8
"
-
@/
,3
( "
8 >
!0
&
2
$
$
"
" "
"
"
! .
(
$
>
>
..-
$
?
>
#
#
8 "
"
#!
"
/
!
#
#
#
:
!
:
" "
"
$
$
"
/
#
)
7
# :
>
"
+-
! .
6
*7 %
(
( ?
8
2& (
)
% (*
&
"
/&
$
=
=
=
8 "
@/
( "
/
#
99
99
/
!
,3
8 >
!0
9 .
+-.
-+
9+9
9 +
9 +
9 +
3199
99
9=
.
-.
+-
"
(
&
+> (
"
!0 F
"
H +9
/
$
#
:
"
"
#
"
,3
:
"
"
=
!
" "
"
G
-+
"
"
.
"
"
H
,
"
"
$
,
! .
"
$
>
,
"
)
"
:
#,
"
,"
"
$ #
" ) ,(
>
8 >
$
>
8 >
+:
#
"
#
$
2 / *
,
?
( ?
8
)
#
#,
" ) ,( & (
)
" ) ,( & (
)
7
8 >
"
+.
, +
+
.+
0#
8
?
0
H
.=
0H
H
8 " @/
! . 8
2 / *
&)
( *
H
( "
/
$
H
.
#
,
?
( ?
8
H
+ &)
-..
)
#
#,
% (*
8 >
"
/&
+
+.
9.9
, +
, .
- .
0#
H + ++
8
?
0H
0
H .
,
8 "
@/
&)
H 9
( *
+ &)
H 9
( "
/
H
9
#
9
=9
+.
9
*
" "
#
#
$
&
$
( ?
* #
#
*
&
#
?
+" "
?
&
&
>
,)*6 , /
#
$
"
# #
"
#
&
?
?
>
#
:
#
+
+F
$
6
&
-..
>
&
$ #
"
$
8 >
#
#
""
#
>
#
#%
#
"
"
#
" "
$
#:
#
?
?
$
&
>!
#
#
:
#
.+
"
-F
#
5$ #
#
-..
:
# '
+ >6
$
&
>
:
" " '
#
?
>/
?
8 >:
"
&
# "
#
:
"
+ H +I
#
$
?
#%
?
#
:
#
'
+ F 9
?
:
" "
# >
?
?
+I H +
"" #
#
#
+ >6
" "
+.
" "
#
3201
8
"
:
#
?
#
#
#
#
,
'
. F 9
?
"
"
#
*
"
$
#
#
:
9
" "
#
+ H+I> 6
" "
#
>
$
&
# :
#
#
>!
#
#
:
-
:
:
.
9
?
#
$
#
"
#
&
*
?
>5
#
! . 9
2 / *
!
,) *1
:
?
&
#
&
"
*
,) *1
:
#
&
"
+ H +I>
?
>
$
#
->
,) *1 # ,) *,)
.
8 >:
#:
$
#
" "
#
#
#
" "
#
,) *1
5$
&
"
'
&
>
#
:
"
#
*
+
,) *1 ! ( 2 # ,) *,) ( ,
#
"
#
,) *1
# ,) *,)
,) *1 ! ( 2
# ,) *,)
( ?
8
"
( ?
8
"
$
/&
8 "
@/
$
/&
$
#
(
(
(
( "
/
+. , ,
/&
,,
+
9 - =
#
, +.
#
9.9 , ,
99
#
,) *1
!
:
+
9.9 H
#
#
?
9 >/
#
"
?
#
#
"
$& #
$ 7/* ,
( ?
&
( ?
#
$
?
>
$ ,
#
-> /
#
"
9.9 H
"
:
9
#
&
H - =
$
&
:
#
# H , +. C
? #
#
#
"
#
?
?
?
#,
#H
&
- H
#
&
"
#
#
"
# :
#
#
"
$
#
"
#
$
>
"
?
>
# :
#
#
# :
#
$
&
>
"
#
&
" "
" $
?
#
>
3203
?
"
"
$
:
#
:
#
#
#
"
#
&
>
$
3> >
> 1> 7 %
( ': ? K
) "
=
@ =+, >
:
>
=>
(
7%
# ! & " 7
$
/&
8
1"
1? !
(
* #
>
.>
>,
1"
-
' 8
J
?
:
#
"
#
+.
H
$
#
:
#
&
$
:
+ C
# >
#
"
#H
+.
99
"
#
:
J
#
#
: ?/&
&
&
#) #
/
1L :
: 8 !78
( ?
: #
(
(
#
" & /
, - >!
/
>
!
>
5 &
/
1
% 6 " #>
/&
* #
6
8 "
>
.> (
#8
"
/
(
#
/
$
6
8
(
(
#
/
> &!(%. &
( $
1>
-> /
*
0
(
" >< :
@ 5(( 8*! < ( >
>(
1
0
>1
" ><
8>
" )
% 8>
;
:>
8
>
>
7
:8
/&
( :
4
>!
/
5 : 8
>
; &
0
!
*
(
7
8
#
"
/
$
>1
:
@
$
! & "
1L :
* #
(
8 # " ;K + /
1?
8 "
@5 &
/
>
8 $
>
9> (
#8
"
8 # "
0
1
#
(
# >
0
.
@ , =>
"
"
#
$
%
&
'
'
#
"
#
$
%
%
$
'
&
'#
%
%
" '
#
(
( "
!2
(1
*1
1
!3
#( "
)
* #
+ ,
-. (/0
1
3 #" /
"
2
!
4
2 56 7 /!8! 1 7 7 ! /
! 1 4
15
6 / ( 1*5
8 6
(1 58 6
077/
1 218 /! 5 8 101 ! /7 18!
:
(
!
/
(1 2 56 ( 70!*
*1 6 / ( 1 !4
!
8 : /
(1 2 56
* ! ! ;
**!*5/1
/ :
2
/
9 , .
(/0 1
#
!;!* 8 /
8* 5 *5
1(1 !;!
/! !/1 /
!; ! (1 58 6
!(
< :
1/! !;!* 8 )1;1 !*< 1 /7 81 / <
/
/ 3 1 188 *1 6 / (
3
#
#
"
: %
%
$
.+ ,
1
+,
(/0 1
/
> 8
65 5 2
*1
/1 2
(1 !; 5 (1
1/!* /! 7* /1 (
3 : 8
(
7
#
"
#5
: %
.,
!8*! /1 72 0! /
5
(7! * 13
8
8
/
. (/0
/ "
"
" / "
0
" "
+9 ,
: / %
(
#*
; :
:
(
"
"
:
*
8 8
9 , .
(/0 1
#
/
%
! 0; 8! /
2 8 6
. ,
(/0 1
/
"
8
$
,
"
1
: ! : "
2 <
* ?
1(1 ! (!
=
#
.,
(/0
1
#
(/0
#
' :
#
:
,
1
# ""
9 (/0
#
2 56 ( 70!* !;!* 8 /
8* 5 *5
*1 6 / ( 8* 5 *5
7/ ; /
! 1 4
0
8! < 2 *1 / 0*
/! 5 8 101
1!
% ; #2
8
,0
#*
/ :8
#'
, +(/0 1
#
1
(1 2 56 85 5 5 2 8 ! !; ! *5
! /1 8 /73 47 18 *1 6 / ( ! /1 8 6
2 5 2
/! 1!
/ % 8
!'
)
;!8!8 (1
1(1 !;!
(1 58 6
! /7 18!
!3 :
#
2 < 6!/5(
/
*5
$ * #
3 #: ( "
#
/ %
(*>
3
5 " / % !2
(
(
/
/
=
8 :
1
!3 :
(/0
#
2
:
*
#
807
+- (/0
#
#
8!7
;
7*!
8! 1 4
+9 ,
9-
/
/!8!(;!
< 3
!/ %
1 4 81
( "
2 ! ( 1/! *7
(
! 1 4
: 8
(/0 1
#
(1 2 56 8* 18 1 4 ;! 2 5> 2
> 1 4 0!8! /
7 (1 8 8! 0!
8!! ;> *
*1 6 / ( ! 1 4
< 3
<
*
3$ : 2
:
8
:
(1 2 56 1(1 ! (!
7 (1 8 8! 0!
*1 6 / ( 1(5 8
1 4 81 * /
(
! 1 4
< 3
: ;
3$ :
8
99 ,
1
8! ;
< *1 6 / (
(1 2 56 7 (1 8 8! 0
0!
8! ; 1(1 ! (!
( *!8!( *!0 /
;! 2 5 2
1 4 0!8! *1 6 / (
! 1 4
< 3
( / /<
!;; 8 /! 81 ! <
!2
<
:8 %
8 : #
(
#2 :
""
*
" " 7
* #
;
6
! : " <
* :
!
? "
8 "
# 3
!
$
!*
*
1 21
1/
! 2 7 /1
5 8 101
(
:
%
'
%
#
$
& (
)* $* +
* * - (,+
)
/
85 5 ) /
#
#
+, +
(/0 1
#
8185/ 6
++ , 9
27 (5 ;!)
!) /! (/0 1
#
+- , 9
(/0
1
#
7
2( /
9 ,
1
=9 (/0
#
2
& ) ""
! " #! $
$!
!
% "' %
,
.- ,
(/0 1
+,
(/0 1
/
*# 8
/! !/1 / (
$
5 &
"$!
"
#
$ #
$ #
#
5 :
"
$
"
"
#
#
"
$
#
#
:
:
#
"
> +-
#
"
>(
"
" " # "
#
$
#
>
"
"
$
&
#
" "
&
>*
&
#
$
"
# #
# #
"
!
#
>
-
?
:
: &
'
?
#
?
1?
?
?
?
?
#
!
%
&
#
(
" " :
$
$
$
:
"
#
"#$
%
'
#
:
" "
" "
$
#
#
"
>* $
>* $
6
"
"
#
#
(
$
$
$ #
$
-@ + >
" >
3195
(
"
#
$ "
# >
# # :
8
(
"
#
#
"
"
:
$
#
: :
&
"
#% " $
" " ?
: >;
"
" "
#
:
"
"
$
:
#
#
#8 D
$
$
$
>
:
"
"
#
&
:
:
&
>
#1
%
:
"
&
"
>*
.
"
"
# "
" :
&
"
#
"
# "
"
" "
" #
%
@
>8
#
" "
:
,
> ( ?
" "
8
E
:
=>
' :
#
#
#
&
>
5 :
8 $
9 " $
#%
#
?
>( ?
#
$
"
&
" "
#
#
#
# "
7 %
#
"
" "
" :
#
. >( " :
#
:
#
#
&
#
?
" "
" "
#
#
$
&
?
:
"
# : &
:
:
#
?
#
" ' "
:
# >(
&
! &
:
" $
#
#
#
>;
#
"
#
#
&
"
"
:
$
#
&
#
$ #
#
#
$
"
# ">
"
&
"
#
"
' %
>
#
:
&
# >8 "
#" "
#"
:
"
"
"
#
"
&
"
#
>
(
"
"
#
#
" ?
" "
"
:
"
>
" ?
"
:
#
"
&
" $
#
?
:
:
# ":
"
" "
"
"
!
"
:
#
' %
>
>
#%
"
# "
"
?
?
"
$
>(
&
1?
#
"
#
"
#
:
:
"
3197
#
" "
(
*
"
" $
$
#
#
"
"
?
#
>
,#
"
""
:
$
=
$
:
?
1?
!
&
#
>
.,
>
! .
"*
2 ,( ,
5
* 1
3
, & ,* 2 *
/
/ , 0
(
!
* 1
34
,/ (
* 1
, & ,* 2 * (
>*
; "
*
= 9+
>2
2 " * -+ 9+ 9+ 9+
>
7
* 9+
9+ =9
>2 $ #*
*
+ 9+
9
+> !
' (
* 9+ +- 9+
-> 5
* ' *
9+ 9+ 9+
9> * " 8' ( ? ' *
+
9+ 9+
=>
"!
*
9 9+
8 "
*
@/
"
( "
$
?
:
:
"
/
#
#%
#
#
.,
#
#
&
& !
(
>/ #
?
#
!
1?
:
.,
?> (
#
#
&
"
?:
#
" ?
.,
:
>(
>
=
#
#
" "
:
?
:
1?
#
"
"
"
"
"
" " #
:
>
*
$
$
#
&
#
#
#
:
&
&
&
$#
&"
*7 %
$
"
*
6
6
*
:
#
?
"
#
6
$
"
##
*7 %
2& (
&
( ?
8
"
-
@/
,3
( "
8 >
!0
&
2
$
$
"
" "
"
"
! .
(
$
>
>
..-
$
?
>
#
#
8 "
"
#!
"
/
!
#
#
#
:
!
:
" "
"
$
$
"
/
#
)
7
# :
>
"
+-
! .
6
*7 %
(
( ?
8
2& (
)
% (*
&
"
/&
$
=
=
=
8 "
@/
( "
/
#
99
99
/
!
,3
8 >
!0
9 .
+-.
-+
9+9
9 +
9 +
9 +
3199
99
9=
.
-.
+-
"
(
&
+> (
"
!0 F
"
H +9
/
$
#
:
"
"
#
"
,3
:
"
"
=
!
" "
"
G
-+
"
"
.
"
"
H
,
"
"
$
,
! .
"
$
>
,
"
)
"
:
#,
"
,"
"
$ #
" ) ,(
>
8 >
$
>
8 >
+:
#
"
#
$
2 / *
,
?
( ?
8
)
#
#,
" ) ,( & (
)
" ) ,( & (
)
7
8 >
"
+.
, +
+
.+
0#
8
?
0
H
.=
0H
H
8 " @/
! . 8
2 / *
&)
( *
H
( "
/
$
H
.
#
,
?
( ?
8
H
+ &)
-..
)
#
#,
% (*
8 >
"
/&
+
+.
9.9
, +
, .
- .
0#
H + ++
8
?
0H
0
H .
,
8 "
@/
&)
H 9
( *
+ &)
H 9
( "
/
H
9
#
9
=9
+.
9
*
" "
#
#
$
&
$
( ?
* #
#
*
&
#
?
+" "
?
&
&
>
,)*6 , /
#
$
"
# #
"
#
&
?
?
>
#
:
#
+
+F
$
6
&
-..
>
&
$ #
"
$
8 >
#
#
""
#
>
#
#%
#
"
"
#
" "
$
#:
#
?
?
$
&
>!
#
#
:
#
.+
"
-F
#
5$ #
#
-..
:
# '
+ >6
$
&
>
:
" " '
#
?
>/
?
8 >:
"
&
# "
#
:
"
+ H +I
#
$
?
#%
?
#
:
#
'
+ F 9
?
:
" "
# >
?
?
+I H +
"" #
#
#
+ >6
" "
+.
" "
#
3201
8
"
:
#
?
#
#
#
#
,
'
. F 9
?
"
"
#
*
"
$
#
#
:
9
" "
#
+ H+I> 6
" "
#
>
$
&
# :
#
#
>!
#
#
:
-
:
:
.
9
?
#
$
#
"
#
&
*
?
>5
#
! . 9
2 / *
!
,) *1
:
?
&
#
&
"
*
,) *1
:
#
&
"
+ H +I>
?
>
$
#
->
,) *1 # ,) *,)
.
8 >:
#:
$
#
" "
#
#
#
" "
#
,) *1
5$
&
"
'
&
>
#
:
"
#
*
+
,) *1 ! ( 2 # ,) *,) ( ,
#
"
#
,) *1
# ,) *,)
,) *1 ! ( 2
# ,) *,)
( ?
8
"
( ?
8
"
$
/&
8 "
@/
$
/&
$
#
(
(
(
( "
/
+. , ,
/&
,,
+
9 - =
#
, +.
#
9.9 , ,
99
#
,) *1
!
:
+
9.9 H
#
#
?
9 >/
#
"
?
#
#
"
$& #
$ 7/* ,
( ?
&
( ?
#
$
?
>
$ ,
#
-> /
#
"
9.9 H
"
:
9
#
&
H - =
$
&
:
#
# H , +. C
? #
#
#
"
#
?
?
?
#,
#H
&
- H
#
&
"
#
#
"
# :
#
#
"
$
#
"
#
$
>
"
?
>
# :
#
#
# :
#
$
&
>
"
#
&
" "
" $
?
#
>
3203
?
"
"
$
:
#
:
#
#
#
"
#
&
>
$
3> >
> 1> 7 %
( ': ? K
) "
=
@ =+, >
:
>
=>
(
7%
# ! & " 7
$
/&
8
1"
1? !
(
* #
>
.>
>,
1"
-
' 8
J
?
:
#
"
#
+.
H
$
#
:
#
&
$
:
+ C
# >
#
"
#H
+.
99
"
#
:
J
#
#
: ?/&
&
&
#) #
/
1L :
: 8 !78
( ?
: #
(
(
#
" & /
, - >!
/
>
!
>
5 &
/
1
% 6 " #>
/&
* #
6
8 "
>
.> (
#8
"
/
(
#
/
$
6
8
(
(
#
/
> &!(%. &
( $
1>
-> /
*
0
(
" >< :
@ 5(( 8*! < ( >
>(
1
0
>1
" ><
8>
" )
% 8>
;
:>
8
>
>
7
:8
/&
( :
4
>!
/
5 : 8
>
; &
0
!
*
(
7
8
#
"
/
$
>1
:
@
$
! & "
1L :
* #
(
8 # " ;K + /
1?
8 "
@5 &
/
>
8 $
>
9> (
#8
"
8 # "
0
1
#
(
# >
0
.
@ , =>