• Hengky Sulaiman Universitas Katolik Indonesia Atma Jaya
  • Sumani Sumani Universitas Katolik Indonesia Atma Jaya



Dividend Payout Ratio, Likuiditas, Leverage, Aktivitas, Profitabilitas, Growth, Panel Data Analysis, Random Effect Model


Dividend is component of return that investor gain on stock investment. On other side, dividend policy is
major cash outlay for the company. The research goal is to reveal the factor that significantly influence the
dividend policy, which can be used to maximize the investor’s return and provides guidance for the
company in determining dividend policy.
The research used sixteen company listed on LQ-45 Indexes during 2011-2013 by using panel data
analysis. The research shows that activity and growth significantly affect the dividend policy while
liquidity, leverage, and profitability insignificantly affect the dividend policy.


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