ANALISIS KEBIJAKAN PENDANAAN DAN DIVIDEN PADA PERUSAHAAN TUMBUH DAN TIDAK TUMBUH DI INDONESIA DAN SINGAPURA DENGAN PENDEKATAN INVESTMENT OPPORTUNITY SET

Abstract

The aim from this research is to know the differences of financing and dividend policy between growth and non growth firm In Indonesia and Singapore. Growth potention shows from IOS proxies which are MVABVA,MVEBVE, PER, CAPBVA and CAPMVA. This research is quantitatif research. Sample of this research are 52 manufacture firms which is go public and listed in IDX and 30 manufacture firm which is go public and listed in SGX, the period ofthis research is 2011 until 2013. Factor analysis we used in this study to separate growth and non growth firm, the extraction of factor analysis will be ranked, which is 40% above for growth and 40% below for non growth firm. Then it will used the independent sample t-test or mann whitney  to test it. Then it will look forward the differencess in financing and dividend policy. Result of this research shows that there is no differences in book debt to equity between growth and non growth firm in Indonesia and Singapura. Market debt to equity shows growth firm have lower tahn non growth firm in Indonesia and Singapore. Dividend payout ratio in Indonesia shows growth firm have lower than non growth firm, in Singapore shows growth firm have lower tahn non growth firm. Dividend yield shows that in growth firm have lower than non growth firm wheather in Indonesia or Singapore. Finally, hope this research will give knowledge about financing and dividend policy between growth and non growth firm in Indonesia and Singapore.

Keywords: Investment Opportunity Set, Book debt to Equity, Market Debt to Equity, Dividend Payout Ratio, Dividend Yield, Indonesia, Singapore, manufacturing company.