Dividend Policy In Indonesia State Owned Enterprises

This study is an explanatory study to determine the effect of independent variables on the dependent variable. As the dependent variable is the dividend payout ratio. Meanwhile the independent variable is the variable that is measured by the growth of the companys capital expenditure ratio proxy state ownership firm size profitability cash flow and the ratio of dividends last year as a control variable. The study uses panel data with a sample of 46 state-owned companies in the form of a limited liability company engaged non-financial sector with the financial period 2005-2009. The sample selection was purposive sampling that samples deposited SOE dividends during the study period. Hypothesis testing using a fixed-effect regression analysis models. As for overcoming heteroskedasticity and autocorrelation using the method of generalized least squares GLS. The results found that the companys growth variables and firm characteristics variables simultaneously significant effect on dividend policy. To model the dividend policy partial variable capital expenditures capital structure firm size and cash-flow negative and significant to dividend payout ratio while profitability and state ownership variables having an positive and significant to dividend payout ratio. The study also found that non-listed state-owned companies have an average dividend payout ratio lower than the listed SOEs.