PENGARUH CORPORATE GOVERNANCE TERHADAP KEBIJAKAN DIVIDEN DENGAN KINERJA PROFITABILITAS SEBAGAI VARIABEL MEDIASI PADA PERUSAHAAN LQ45 YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

The purpose of this research was to analyze the influence of institusional ownership structure, independent commissioners, and audit comittee towards Dividend Payout Ratio (DPR) and return on assets as intervening. The population of this research were LQ45 companies listed in Bursa Efek Indonesia (BEI) from 2009-2013 and consistenly provided their Dividend Payout Ratio (DPR). The method of this research was purposive sampling, with a total of 22 companies used as an observation data. The technique of data analysis used was linier regression intervening variable with classical assumption. The results indicated that institusional ownership structure and return on assets have effects on Dividend Payout Ratio (DPR), while independent comissioners and audit comittee have no effects on Dividend Payout Ratio (DPR). Financial performance mediates institusional ownership structure toward Dividend Payout Ratio (DPR).
Keywords: Institusional Ownership Structure, Independent Commissioners, Audit Comittee, Return On Assets and Dividend Payout Ratio (DPR)