PENGARUH INSTITUTIONAL OWNERSHIP DAN MANAGERIAL OWNERSHIP TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN NON KEUANGAN YANG LISTING DI BEI PADA TAHUN 2005 – 2010

ABSTRACT Achmad Sahlan, 2012: The Effect of Institutional Ownership and Manajerial Ownership on Dividend Policy: Evidence From non-financial companies listed on the Indonesian Stock Exchange in 2005-2010. Skripsi, Jakarta: Concentration of Financial Management, Study Program of Management, Department of Management, Faculty of Economics, State University of Jakarta. This study aims to determine the effect of institutional ownership and managerial ownership on dividend policy. The research sample consists of 125 non-financial companies listed on the Indonesia Stock Exchange. Data is obtained from the Indonesian Capital Market Directory. Methodological techniques used in this study is the panel data regression. The results show that institutional ownership has a positive effect but not significant on dividend policy in equation I and has negative not significant in equation II, while managerial ownership has a negative and significant on dividend policy for equation I and negative but significant in equation III. For the control variables, in equation I and III only the liquidity of the stock that has a significant effect but for equation II profitability, growth, and leverage have significant effect. Key words: Dividend Policy, Institutional Ownership, Managerial Ownership, Profitability, Growth, Stock Liquidity, Size, Leverage