Pengaruh Pertumbuhan Penjualan di Setiap Siklus Hidup pada Hubungan Ios dengan Dividen Tunai

Kebijakan dividen menjadi hal yang penting karena akan memenuhi harapan investor, disisi lain kebijakan tersebut jangan sampai menghambat pertumbuhan Perusahaan. Penelitian ini bertujuan untuk mengetahui pengaruh investment opportunity set pada kebijakan dividen di tahap ekspansi awal, ekspansi akhir, dan maturiti serta pengaruh rata-rata pertumbuhan penjualan pada ketiga tahap tersebut pada hubungan antara investment opportunity set dengan kebijakan dividen tunai. Data penelitian diperoleh dari Indonesian Capital Market Directory tahun 2007-2010 dan www.idx.co.id. Penelitian ini menggunakan common factor analysis untuk membentuk proksi gabungan investment opportunity set. Pengujian hipotesis penelitian menggunakan moderated regression analysis. Hasil penelitian menunjukkan bahwa 1) investment opportunity set berpengaruh negatif terhadap kebijakan dividen tunai pada tahap ekspansi awal dan ekspansi akhir. Sedangkan pada tahap maturiti, investment opportunity set berpengaruh positif terhadap kebijakan dividen tunai. 2) Rata-rata pertumbuhan penjualan pada tahap ekspansi awal, memperlemah hubungan antara investment opportunity set dengan kebijakan dividen tunai. 3) Rata-rata pertumbuhan penjualan pada tahap ekspansi akhir, memperlemah hubungan antara investment opportunity set dengan kebijakan dividen tunai. 4) Rata-rata pertumbuhan penjualan pada tahap maturiti, memperlemah hubungan antara investment opportunity set dengan kebijakan dividen tunai. ABSTRACT Dividend policy is important because it will meet the expectations of investors, on the other hand the policy is not to inhibit the growth of the company. This study aims to determine the effect on the investment opportunity set on dividend policy in the early phase of expansion, end of expansion, and maturity as well as the influence of the average of sales growth on these phase on the relationship between the investment opportunity set with the cash dividend policy. The research data obtained from the Indonesian Capital Market Directory in 2007-2010 and www.idx.co.id . This study uses a common factor analysis to form a joint proxy for investment opportunity set. Testing research hypotheses using moderated regression analysis. The results of this study are : 1) investment opportunity set negatively affect the cash dividend policy in the early phase of expansion and end of expansion. Investment opportunity set positively affect the cash dividend policy in maturity phase. 2) Average of sales growth on early phase of expansion, weaken the relationship between the investment opportunity set with the cash dividend policy. 3) Average of sales growth on end of expansion phase, weaken the relationship between the investment opportunity set with the cash dividend policy. 4) Average of sales growth on maturiti phase, weaken the relationship between the investment opportunity set with the cash dividend policy