STUDI TENTANG KEBIJAKAN DIVIDEN DAN FAKTOR-FAKTOR YANG MEMPENGARUHINYA

The purpose of this research are to review dividend policy and the influence of profitability, investment opportunity set, growth of the company, and liquidity to the dividend policy. The sample is taken from LQ45 index constituent company during the period 2009 - 2012. By using purposive sampling, the sample of this research are 13 company. To review dividend policy, use descriptive analysis on the value of dividend payout ratio and dividend per share. On the other hand, to analysis influenced of the independent variable on the dependent variable use multiple regression analysis. The results of the research are shows that dividend policy of the firm LQ45 index is constant payout ratio based on overall average the value of dividend payout ratio, and shows that variable profitability, investment opportunity set, growth of the company, and liquidity have significant influence to the dividend policy. There was positive effect significant profitability, negative effect not significant investment opportunity set, negative effect significant growth of the company, and negative effect not significant liquidity to the dividend policy. Key words: dividend policy, dividend payout ratio, dividend per share, profitability, investment opportunity set, growth of the company, and liquidit