Anteseden dan Dampak Dari kebijakan Dividen Beberapa Perusahaan Manufaktur

In general, purpose of the companies not only achieve to maximizes profit, but more emphasized at maximization of company value. One of the financial policy that can influence maximization of the company value is dividen policy. At the manufacturing companies which go public in BEJ indicate fluctuation of dividen policy, at least during the year 1998-2003. This policy estimated affects negativity at company value. Meanwhile, change of dividen policy depend on financial condition of the companies (liquidity & profitability). This research aim to analyze liquidity and profitability influence to dividen policy, also impact of dividen policy to company value. Secondary data applied in this research. These data analyzed by SEM approach through AMOS program. Population of this research are the manufacturing companies which listing in Jakarta Stock Exchange, where these companies still be active in market regularly trade and still paying dividen to the shareholders. From these identifications there are 26 manufacturing companies, and entirely applied as sample.Result of research indicates that : a) there is positive influence of liquidity factor to dividend policy factor, b) profitability factor influential positivity to dividend policy factor, c) but dividend policy factor influential negativity to company value factor. Detail about result of research will be studied at explanation of hereinafter.Keywords: Liquidity, Profitability, Dividen Policy, Company Valu