Daftar Isi PENGARUH STRUKTUR MODAL DAN STRUKTUR KEPEMILIKAN TERHADAP FREE CASH FLOW SERTA DAMPAKNYA TERHADAP DIVIDEN (Studi Empiris Pada PerusahaanPerusahaan Yang Go Public Di Bursa Efek Indonesia)
DAFTAR ISI
LEMBAR PENGESAHAN
LEMBAR PERNYATAAN
ABSTRAK
KATA PENGANTAR
DAFTAR ISI
DAFTAR TABEL
DAFTAR GAMBAR
DAFTAR GRAFIK
DAFTAR LAMPIRAN
BAB I
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ii
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viii
xi
xii
xiii
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PENDAHULUAN .................................................................................... 1
1.1 Latar Belakang ................................................................................. 1
1.2 Rumusan Masalah ............................................................................ 13
1.3 Tujuan Penelitian .............................................................................. 14
1.4 Manfaat Penelitian............................................................................ 14
BAB II KAJIAN PUSTAKA, KERANGKA PEMIKIRAN DAN
HIPOTESIS .............................................................................................................. 15
2.1 Kajian Pustaka .................................................................................. 15
2.1.1 Dividen .................................................................................. 15
2.1.1.1 Jenis-Jenis Dividen ................................................. 16
2.1.1.2 Prosedur Pembayaran Dividen ............................... 17
2.1.1.3 Kebijakan Dividen .................................................. 19
2.1.1.4 Dividen Payout Ratio .............................................. 21
2.1.1.5 Teori Kebijakan Dividen ........................................ 22
2.1.1.6 Faktor-Faktor yang Mempengaruhi Kebijakan
Dividen .................................................................... 24
2.1.2 Teori Pengisyaratan (Signaling Theory) ............................... 25
2.1.3 Teori Keagenan (Agency Theory).......................................... 28
2.1.3.1 Konflik Keagenan ................................................... 29
2.1.3.2 Biaya keagenan (Agency Cost)............................... 31
2.1.4 Aliran Kas Bebas (Free Cash Flow) ..................................... 32
2.1.5 Struktur Modal ........................................................................ 36
2.1.6 Struktur Kepemilikan ............................................................. 39
2.2 Kerangka Pemikiran ............................................................................ 42
2.2.1 Pengaruh Struktur Modal Terhadap Free Cash Flow.......... 46
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2.2.2 Pengaruh Struktur Kepemilikan terhadap Free Cash Flow 48
2.2.3 Pengaruh Struktur Modal Terhadap Dividen ....................... 49
2.2.4 Pengaruh Struktur Kepemilikan Terhadap Dividen............. 51
2.2.5 Pengaruh Free Cash Flow Terhadap Dividen ...................... 53
2.3 Hipotesis ................................................................................................ 54
BAB III METODE PENELITIAN .................................................................. 56
3.1 Objek Penelitian ................................................................................... 56
3.2 Operasionalisasi Variabel Penelitian ................................................... 56
3.3 Prosedur Pengumpulan Data ................................................................ 61
3.3.1
Jenis Data................................................................................ 61
3.3.2
Populasi dan Sampel Penelitian ............................................ 61
3.3.3
Metode Pengumpulan Data ................................................... 62
3.4 Metode Analisis Data ........................................................................... 63
3.4.1
Statistik Deskriptif ................................................................. 63
3.4.2
Uji Asumsi Klasik .................................................................. 63
3.4.2.1 Uji Multikolinieritas .................................................. 63
3.4.2.2 Uji Normalitas ........................................................... 64
3.4.2.3 Uji Autokolerasi ........................................................ 65
3.4.2.4 Uji Heteroskedastisitas .............................................. 66
3.4.3
Pengujian Model (Pengujian Kesesuaian Model) ................ 66
3.4.4
Analisis Jalur .......................................................................... 69
3.4.5
Penarikan Kesimpulan ........................................................... 81
BAB IV HASIL PENELITIAN DAN PEMBAHASAN .................................... 82
4.1 Hasil Penelitian ...................................................................................... 82
4.1.1
Deskripsi Objek Penelitian .................................................... 82
4.1.2
Analisis Deskriptif ................................................................. 82
4.1.3
Hasil Uji Asumsi Klasik ........................................................ 89
4.1.3.1 Hasil Uji Multikolinieritas ........................................ 89
4.1.3.2 Hasil Uji Normalitas.................................................. 91
4.1.3.3 Hasil Uji Autokolerasi............................................... 95
4.1.3.4 Hasil Uji Heteroskedastisitas .................................... 96
4.1.4
Pengujian Kesesuaian Model ................................................ 98
4.1.4.1 Hasil Pengujian Metode Triming ............................. 98
4.1.4.2 Hasil Uji Sub-Struktur 1 dan Sub-Struktur 2.........100
4.1.4.3 Analisis Efek Langsung, Efek Tidak
Langsung dan Efek Total ......................................102
4.1.5 Pengujian Hipotesis .............................................................. 103
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4.2
Pembahasan......................................................................................... 105
4.2.1 Pengaruh Struktur Modal terhadap Free Cash Flow .......... 105
4.2.2 Pengaruh Struktur Kepemilikan terhadap Free
Cash Flow.............................................................................. 107
4.2.3 Pengaruh Struktur Modal terhadap Dividen........................ 109
4.2.4 Pengaruh Struktur Kepemilikan terhadap Dividen ............. 113
4.2.4 Pengaruh Free Cash Flow terhadap Dividen ...................... 116
4.3 Implikasi Hasil Penelitian ................................................................... 119
BAB V SIMPULAN DAN SARAN ................................................................... 121
5.1 Simpulan .............................................................................................. 121
5.2 Saran ..................................................................................................... 122
DAFTAR PUSTAKA
LAMPIRAN
x
LEMBAR PENGESAHAN
LEMBAR PERNYATAAN
ABSTRAK
KATA PENGANTAR
DAFTAR ISI
DAFTAR TABEL
DAFTAR GAMBAR
DAFTAR GRAFIK
DAFTAR LAMPIRAN
BAB I
i
ii
iii
v
viii
xi
xii
xiii
xiv
PENDAHULUAN .................................................................................... 1
1.1 Latar Belakang ................................................................................. 1
1.2 Rumusan Masalah ............................................................................ 13
1.3 Tujuan Penelitian .............................................................................. 14
1.4 Manfaat Penelitian............................................................................ 14
BAB II KAJIAN PUSTAKA, KERANGKA PEMIKIRAN DAN
HIPOTESIS .............................................................................................................. 15
2.1 Kajian Pustaka .................................................................................. 15
2.1.1 Dividen .................................................................................. 15
2.1.1.1 Jenis-Jenis Dividen ................................................. 16
2.1.1.2 Prosedur Pembayaran Dividen ............................... 17
2.1.1.3 Kebijakan Dividen .................................................. 19
2.1.1.4 Dividen Payout Ratio .............................................. 21
2.1.1.5 Teori Kebijakan Dividen ........................................ 22
2.1.1.6 Faktor-Faktor yang Mempengaruhi Kebijakan
Dividen .................................................................... 24
2.1.2 Teori Pengisyaratan (Signaling Theory) ............................... 25
2.1.3 Teori Keagenan (Agency Theory).......................................... 28
2.1.3.1 Konflik Keagenan ................................................... 29
2.1.3.2 Biaya keagenan (Agency Cost)............................... 31
2.1.4 Aliran Kas Bebas (Free Cash Flow) ..................................... 32
2.1.5 Struktur Modal ........................................................................ 36
2.1.6 Struktur Kepemilikan ............................................................. 39
2.2 Kerangka Pemikiran ............................................................................ 42
2.2.1 Pengaruh Struktur Modal Terhadap Free Cash Flow.......... 46
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2.2.2 Pengaruh Struktur Kepemilikan terhadap Free Cash Flow 48
2.2.3 Pengaruh Struktur Modal Terhadap Dividen ....................... 49
2.2.4 Pengaruh Struktur Kepemilikan Terhadap Dividen............. 51
2.2.5 Pengaruh Free Cash Flow Terhadap Dividen ...................... 53
2.3 Hipotesis ................................................................................................ 54
BAB III METODE PENELITIAN .................................................................. 56
3.1 Objek Penelitian ................................................................................... 56
3.2 Operasionalisasi Variabel Penelitian ................................................... 56
3.3 Prosedur Pengumpulan Data ................................................................ 61
3.3.1
Jenis Data................................................................................ 61
3.3.2
Populasi dan Sampel Penelitian ............................................ 61
3.3.3
Metode Pengumpulan Data ................................................... 62
3.4 Metode Analisis Data ........................................................................... 63
3.4.1
Statistik Deskriptif ................................................................. 63
3.4.2
Uji Asumsi Klasik .................................................................. 63
3.4.2.1 Uji Multikolinieritas .................................................. 63
3.4.2.2 Uji Normalitas ........................................................... 64
3.4.2.3 Uji Autokolerasi ........................................................ 65
3.4.2.4 Uji Heteroskedastisitas .............................................. 66
3.4.3
Pengujian Model (Pengujian Kesesuaian Model) ................ 66
3.4.4
Analisis Jalur .......................................................................... 69
3.4.5
Penarikan Kesimpulan ........................................................... 81
BAB IV HASIL PENELITIAN DAN PEMBAHASAN .................................... 82
4.1 Hasil Penelitian ...................................................................................... 82
4.1.1
Deskripsi Objek Penelitian .................................................... 82
4.1.2
Analisis Deskriptif ................................................................. 82
4.1.3
Hasil Uji Asumsi Klasik ........................................................ 89
4.1.3.1 Hasil Uji Multikolinieritas ........................................ 89
4.1.3.2 Hasil Uji Normalitas.................................................. 91
4.1.3.3 Hasil Uji Autokolerasi............................................... 95
4.1.3.4 Hasil Uji Heteroskedastisitas .................................... 96
4.1.4
Pengujian Kesesuaian Model ................................................ 98
4.1.4.1 Hasil Pengujian Metode Triming ............................. 98
4.1.4.2 Hasil Uji Sub-Struktur 1 dan Sub-Struktur 2.........100
4.1.4.3 Analisis Efek Langsung, Efek Tidak
Langsung dan Efek Total ......................................102
4.1.5 Pengujian Hipotesis .............................................................. 103
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4.2
Pembahasan......................................................................................... 105
4.2.1 Pengaruh Struktur Modal terhadap Free Cash Flow .......... 105
4.2.2 Pengaruh Struktur Kepemilikan terhadap Free
Cash Flow.............................................................................. 107
4.2.3 Pengaruh Struktur Modal terhadap Dividen........................ 109
4.2.4 Pengaruh Struktur Kepemilikan terhadap Dividen ............. 113
4.2.4 Pengaruh Free Cash Flow terhadap Dividen ...................... 116
4.3 Implikasi Hasil Penelitian ................................................................... 119
BAB V SIMPULAN DAN SARAN ................................................................... 121
5.1 Simpulan .............................................................................................. 121
5.2 Saran ..................................................................................................... 122
DAFTAR PUSTAKA
LAMPIRAN
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