%PDF-1.4 %?? 1 0 obj<> endobj 2 0 obj<> stream /P <> BDC 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica_Bold 12.000000 Tf 100.000000 Tz 0.000000 Tw 161.000000 720.136719 Td (KEBIJAKAN DIVIDEN DI BURSA EFEK INDONESIA) Tj ET EMC endstream endobj 3 0 obj<> stream BT /FNT_Helvetica_Bold 12.000000 Tf 100.000000 Tz 0.000000 Tw 190.000000 707.136719 Td (PADA PERUSAHAAN KELOMPOK LQ 45) Tj ET EMC endstream endobj 4 0 obj<> stream BT /FNT_Helvetica_Bold 12.000000 Tf 100.000000 Tz 0.000000 Tw 290.000000 681.136719 Td (Oleh:) Tj ET EMC endstream endobj 5 0 obj<> stream BT /FNT_Helvetica_Bold 12.000000 Tf 100.000000 Tz 0.000000 Tw 266.000000 668.136719 Td (Sri Hasnawati) Tj ET EMC endstream endobj 6 0 obj<> stream BT /FNT_Helvetica_Bold 12.000000 Tf 100.000000 Tz 0.000000 Tw 158.000000 655.136719 Td (Fakultas Ekonomi dan Bisnis, Universitas Lampung) Tj ET EMC endstream endobj 7 0 obj<> stream 0.000000 0.000000 1.000000 rg BT /FNT_Helvetica_Bold 12.000000 Tf 100.000000 Tz 0.000000 Tw 230.000000 642.136719 Td (Sri.hasna2015@gmail.com) Tj ET EMC endstream endobj 8 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica_Bold 12.000000 Tf 100.000000 Tz 0.000000 Tw 283.000000 616.136719 Td (Abstrak) Tj ET EMC endstream endobj 9 0 obj<> endobj 10 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 92.000000 603.136719 Td (Kebijakan dividen merupakan hal penting dalam manajemen keuangan. Namun ) Tj ET EMC endstream endobj 11 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 590.136719 Td (sampai saat ini konsep kebijakan dividen masih menjadi pro dan kontra, apakah laba ) Tj ET EMC endstream endobj 12 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 577.136719 Td (yang dihasilkan akan dibagikan atau ditahan untuk mengembangkan usaha perusahaan) Tj ET EMC endstream endobj 13 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 564.136719 Td ( Untuk menjelaskan perdebatan tersebut maka dilakukan penelitian pada perusahaan ) Tj ET EMC endstream endobj 14 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 551.136719 Td (publik yang terdaftar di BEI kelompok perusahaan yang masuk dalam LQ 45 selama ) Tj ET EMC endstream endobj 15 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 538.136719 Td (tahun 2005-2014. Penelitian menggunakan model regresi berganda untuk menjelaskan ) Tj ET EMC endstream endobj 16 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 525.136719 Td (faktor apa saja yang dipertimbangkan dalam menjalankan kebijakan dividen ) Tj ET EMC endstream endobj 17 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 512.136719 Td (perusahaan. Hasil penelitian menyimpulan bahwa yang dipertimbangkan dalam ) Tj ET EMC endstream endobj 18 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 499.136719 Td (pembagian dividen kas perusahaan adalah investasi dan leverage berdampak ) Tj ET EMC endstream endobj 19 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 486.136719 Td (terhadap pengurangan dividen sedangkan profitabilitas berdampak pada peningkatan ) Tj ET EMC endstream endobj 20 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 473.136719 Td (dividen kas. Variabel size dan likwiditas tidak mempengaruhi kebijakan dividen. ) Tj ET EMC endstream endobj 21 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 460.136719 Td (Dikaitkan dengan agency theory, tampak perusahaan dalam kelompok LQ 45 ) Tj ET EMC endstream endobj 22 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 447.136719 Td (mengurangi konflik keagenan dengan meningkatkan investasi yang dibiayai dari ) Tj ET EMC endstream endobj 23 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 434.136719 Td (sumber internal dan eksternal. Sumber eksternal untuk menambah kontrol manajemen ) Tj ET EMC endstream endobj 24 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 421.136719 Td (oleh pihak kreditor dan dividen dibagikan untuk memberikan ) Tj ET EMC endstream endobj 25 0 obj<> endobj 26 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 399.000000 421.136719 Td (return) Tj ET EMC endstream endobj 27 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 431.000000 421.136719 Td ( atas dana yang ) Tj ET EMC endstream endobj 28 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 408.136719 Td (ditanamkan pemegang saham.) Tj ET EMC endstream endobj 29 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 382.136719 Td (Kata kunci: Dividen, Investasi, profitabilitas, leverage, size, likwiditas.) Tj ET EMC endstream endobj 30 0 obj<> endobj 31 0 obj<> stream BT /FNT_Helvetica_BoldOblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 281.000000 356.136719 Td (Abstract) Tj ET EMC endstream endobj 32 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 83.000000 330.136719 Td (Dividend policy is very important in Finance Management. But until now the concept of ) Tj ET EMC endstream endobj 33 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 292.136719 Td (dividend policy remains a debatable issue: should corporate profits be distributed or ) Tj ET EMC endstream endobj 34 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 254.136719 Td (should they be kept as return earnings? In order to address the issue, research on ) Tj ET EMC endstream endobj 35 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 216.136719 Td (public companies listed on the Indonesian stock exchange on LQ 45 companies is ) Tj ET EMC endstream endobj 36 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 178.136719 Td (conducted. A model of multiple regression is used to explain what factors should be ) Tj ET EMC endstream endobj 37 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 140.136719 Td (considered in carrying out the companys dividend policy. The result of this study ) Tj ET EMC endstream endobj 38 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 102.136719 Td (shows that main factors that should be considered in distributing the cash dividend are ) Tj ET EMC endstream endobj 39 0 obj<> /Resources <> >> /Contents [ 2 0 R 3 0 R 4 0 R 5 0 R 6 0 R 7 0 R 8 0 R 10 0 R 11 0 R 12 0 R 13 0 R 14 0 R 15 0 R 16 0 R 17 0 R 18 0 R 19 0 R 20 0 R 21 0 R 22 0 R 23 0 R 24 0 R 26 0 R 27 0 R 28 0 R 29 0 R 31 0 R 32 0 R 33 0 R 34 0 R 35 0 R 36 0 R 37 0 R 38 0 R ] >> endobj 40 0 obj<> stream /P <> BDC 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 720.136719 Td (investment and leverage that may have an impact on the reduction of dividend. Size ) Tj ET EMC endstream endobj 41 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 682.136719 Td (and liquidity variables do not affect dividend policy. When this study is related to ) Tj ET EMC endstream endobj 42 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 644.136719 Td (agency theory, it seems that the companies in the LQ 45 have reduced agency conflict ) Tj ET EMC endstream endobj 43 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 606.136719 Td (by increasing investment from internal and external sources. The creditors supplied ) Tj ET EMC endstream endobj 44 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 568.136719 Td (external sources to increase management control. The dividends were distributed in ) Tj ET EMC endstream endobj 45 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 530.136719 Td (order to give a return on shareholders.) Tj ET EMC endstream endobj 46 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 479.136719 Td (Keywords: Dividend, Investment, profitability, leverage, size, liquidity.) Tj ET EMC endstream endobj 47 0 obj<> stream BT /FNT_Helvetica_Bold 12.000000 Tf 100.000000 Tz 0.000000 Tw 256.000000 453.136719 Td (1. Latar Belakang) Tj ET EMC endstream endobj 48 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 427.136719 Td (Kebijakan dividen masih merupakan masalah yang mengundang perdebatan karena ) Tj ET EMC endstream endobj 49 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 414.136719 Td (ada beberapa pendapat mengenai dividen) Tj ET EMC endstream endobj 50 0 obj<> stream BT /FNT_Helvetica_Bold 12.000000 Tf 100.000000 Tz 0.000000 Tw 297.000000 414.136719 Td (. ) Tj ET EMC endstream endobj 51 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 304.000000 414.136719 Td (Pertama, pendapat yang mengatakan ) Tj ET EMC endstream endobj 52 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 401.136719 Td (dividen dibagi sebesar-besarnya \() Tj ET EMC endstream endobj 53 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 253.000000 401.136719 Td (dividend relevant) Tj ET EMC endstream endobj 54 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 344.000000 401.136719 Td (\); Kedua, kebijakan dividen tidak ) Tj ET EMC endstream endobj 55 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 388.136719 Td (relevan; dan ketiga perusahaan membagi dividen sekecil mungkin) Tj ET EMC endstream endobj 56 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 423.000000 388.136719 Td (, Hasnawati \(2005\).) Tj ET EMC endstream endobj 57 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 375.136719 Td (Manajer keuangan dalam menetapkan kebijakan dividen harus mempertimbangkan ) Tj ET EMC endstream endobj 58 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 362.136719 Td (seberapa jauh kebutuhan sumber pembiayaan internal yang dibutuhkan dalam ) Tj ET EMC endstream endobj 59 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 349.136719 Td (membiayai operasional. Hal ini harus diperhitungkan dengan tepat dan dapat ) Tj ET EMC endstream endobj 60 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 336.136719 Td (dipertanggungjawabkan, mengingat laba yang ditanamkan kembali untuk kegiatan ) Tj ET EMC endstream endobj 61 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 323.136719 Td (operasional adalah hak para pemegang saham yang tidak dibagikan sebagai dividen. ) Tj ET EMC endstream endobj 62 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 310.136719 Td (Atas dasar itulah manajemen harus mempertimbangkan risiko dan hasil yang akan ) Tj ET EMC endstream endobj 63 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 297.136719 Td (diperoleh saat memutuskan tidak membagi dividen. ) Tj ET EMC endstream endobj 64 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 284.136719 Td (Laba ditahan merupakan salah satu sumber dana internal. Rasio pembayaran dividen \() Tj ET EMC endstream endobj 65 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 535.000000 284.136719 Td (d) Tj ET EMC endstream endobj 66 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 271.136719 Td (ividend pay) Tj ET EMC endstream endobj 67 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 133.000000 271.136719 Td ( ) Tj ET EMC endstream endobj 68 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 137.000000 271.136719 Td (out ratio\)) Tj ET EMC endstream endobj 69 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 185.000000 271.136719 Td ( menentukan jumlah laba yang ditahanKarena laba ditahan akan ) Tj ET EMC endstream endobj 70 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 258.136719 Td (dijadikan sumber pembiayaan dan investasi yang diharapkan dapat memaksimumkan ) Tj ET EMC endstream endobj 71 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 245.136719 Td (nilai perusahaan ) Tj ET EMC endstream endobj 72 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 164.000000 245.136719 Td (Ozuomba et al \(2016\); Hasnawati \(2005\). Wheelen & Hanger \(2014\) ) Tj ET EMC endstream endobj 73 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 232.136719 Td (mengatakan bahwa manajemen dividen bagi ) Tj ET EMC endstream endobj 74 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 317.000000 232.136719 Td (shareholders) Tj ET EMC endstream endobj 75 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 387.000000 232.136719 Td ( merupakan salah satu ) Tj ET EMC endstream endobj 76 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 219.136719 Td (bagian penting) Tj ET EMC endstream endobj 77 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 151.000000 219.136719 Td ( dalam strategi keuangan perusahaan. Perusahaan pada industri dengan) Tj ET EMC endstream endobj 78 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 206.136719 Td (pertumbuhan yang tinggi seperti ) Tj ET EMC endstream endobj 79 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 247.000000 206.136719 Td (computer&software) Tj ET EMC endstream endobj 80 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 351.000000 206.136719 Td ( ) Tj ET EMC endstream endobj 81 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 355.000000 206.136719 Td (computer ) Tj ET EMC endstream endobj 82 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 409.000000 206.136719 Td (sering tidak ) Tj ET EMC endstream endobj 83 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 193.136719 Td (mengumumkan/membagikan dividen. Mereka menggunakan uang yang merupakan ) Tj ET EMC endstream endobj 84 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 180.136719 Td (dividen ) Tj ET EMC endstream endobj 85 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 117.000000 180.136719 Td (shareholders ) Tj ET EMC endstream endobj 86 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 190.000000 180.136719 Td (untuk mendanai pertumbuhan perusahaan yang tinggi tersebut. ) Tj ET EMC endstream endobj 87 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 167.136719 Td (Kesuksesan perusahaan dalam pertumbuhan penjualan dan keuntungan, akan ) Tj ET EMC endstream endobj 88 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 154.136719 Td (tercermin pada tingginya harga saham yang pada akhirnya menghasilkan c) Tj ET EMC endstream endobj 89 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 472.000000 154.136719 Td (apital gain) Tj ET EMC endstream endobj 90 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 527.000000 154.136719 Td ( ya) Tj ET EMC endstream endobj 91 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 141.136719 Td (ng besar ketika ) Tj ET EMC endstream endobj 92 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 157.000000 141.136719 Td (shareholders ) Tj ET EMC endstream endobj 93 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 230.000000 141.136719 Td (menjual sahamnya. Sebaliknya, perusahaan seperti ) Tj ET EMC endstream endobj 94 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 509.000000 141.136719 Td (electri) Tj ET EMC endstream endobj 95 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 128.136719 Td (c utilities) Tj ET EMC endstream endobj 96 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 119.000000 128.136719 Td ( tidak memiliki pertumbuhan yang tinggi, sehingga mereka harus mendukung ) Tj ET EMC endstream endobj 97 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 115.136719 Td (peningkatan nilai perusahaan dengan menawarkan sejumlah besar dividen dan ) Tj ET EMC endstream endobj 98 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 102.136719 Td (dibayarkan secara konsisten. Untuk itu, meskipun perusahaan memperoleh ) Tj ET EMC endstream endobj 99 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 89.136719 Td (keuntungan yang besar belum tentu akan membagikan dividen. Hal ini dilakukan untuk ) Tj ET EMC endstream endobj 100 0 obj<> /Resources <> >> /Contents [ 40 0 R 41 0 R 42 0 R 43 0 R 44 0 R 45 0 R 46 0 R 47 0 R 48 0 R 49 0 R 50 0 R 51 0 R 52 0 R 53 0 R 54 0 R 55 0 R 56 0 R 57 0 R 58 0 R 59 0 R 60 0 R 61 0 R 62 0 R 63 0 R 64 0 R 65 0 R 66 0 R 67 0 R 68 0 R 69 0 R 70 0 R 71 0 R 72 0 R 73 0 R 74 0 R 75 0 R 76 0 R 77 0 R 78 0 R 79 0 R 80 0 R 81 0 R 82 0 R 83 0 R 84 0 R 85 0 R 86 0 R 87 0 R 88 0 R 89 0 R 90 0 R 91 0 R 92 0 R 93 0 R 94 0 R 95 0 R 96 0 R 97 0 R 98 0 R 99 0 R ] >> endobj 101 0 obj<> stream /P <> BDC 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 720.136719 Td (menjaga likuiditas. Pernyataan ini didukung oleh ) Tj ET EMC endstream endobj 102 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 333.000000 720.136719 Td (Sartono \(2008\) yang) Tj ET EMC endstream endobj 103 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 443.000000 720.136719 Td ( menyatakan ) Tj ET EMC endstream endobj 104 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 707.136719 Td (bahwa likuiditas perusahaan merupakan pertimbangan utama dalam kebijakan ) Tj ET EMC endstream endobj 105 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 694.136719 Td (pembayaran dividen karena pembayaran dividen bagi perusahaan merupakan kas ) Tj ET EMC endstream endobj 106 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 681.136719 Td (keluar. Semakin besar posisi kas dan likuiditas perusahaan, semakin besar ) Tj ET EMC endstream endobj 107 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 668.136719 Td (kemampuan perusahaan untuk membayar dividen. ) Tj ET EMC endstream endobj 108 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 655.136719 Td (Perusahaan yang sedang mengalami pertumbuhan dan menginginkan profitabilitas ) Tj ET EMC endstream endobj 109 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 642.136719 Td (tinggi akan memerlukan dana yang cukup besar guna membiayai investasinya, dengan ) Tj ET EMC endstream endobj 110 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 629.136719 Td (demikian ada kemungkinan kurang likuid dan pembayaran dividen dapat ditunda, ) Tj ET EMC endstream endobj 111 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 616.136719 Td (karena banyak dana yang diperoleh digunakan untuk investasi. ) Tj ET EMC endstream endobj 112 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 603.136719 Td (Studi yang dilakukan ) Tj ET EMC endstream endobj 113 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 187.000000 603.136719 Td (Harahap & Wardhani \(2013\) ) Tj ET EMC endstream endobj 114 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 341.000000 603.136719 Td (menyimpulkan bahwa pemegang ) Tj ET EMC endstream endobj 115 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 590.136719 Td (saham dengan tarif pajak yang berbeda tidak sepenuhnya menyetujui investasi/dividen ) Tj ET EMC endstream endobj 116 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 577.136719 Td (perusahaan. Pemegang saham dengan tarif pajak tinggi akan lebih menyukai bila ) Tj ET EMC endstream endobj 117 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 564.136719 Td (perusahaan melakukan lebih banyak investasi. Sebaliknya pemegang saham dengan ) Tj ET EMC endstream endobj 118 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 551.136719 Td (tarif pajak rendah lebih menyukai pelaksanaan investasi yang sedikit. Bila dikaitkan ) Tj ET EMC endstream endobj 119 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 538.136719 Td (dengan penelitian tersebut, maka kebijakan dividen dapat berdampak terhadap ) Tj ET EMC endstream endobj 120 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 525.136719 Td (meningkatkan atau menurunkan nilai perusahaan apabila kebijakan dividen yang ) Tj ET EMC endstream endobj 121 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 512.136719 Td (diambil tidak memenuhi keinginan pemegang saham yang memiliki ) Tj ET EMC endstream endobj 122 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 435.000000 512.136719 Td (clientile) Tj ET EMC endstream endobj 123 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 476.000000 512.136719 Td ( yang ) Tj ET EMC endstream endobj 124 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 499.136719 Td (berbeda.) Tj ET EMC endstream endobj 125 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 473.136719 Td (Selain alasan investasi pembagian dividen diberikan karena dapat dijadikan alat ) Tj ET EMC endstream endobj 126 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 460.136719 Td (monitoring sekaligus bonding bagi manajemen dan pengurangi masalah keagenan ) Tj ET EMC endstream endobj 127 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 515.000000 460.136719 Td (Jens) Tj ET EMC endstream endobj 128 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 447.136719 Td (en & Meckling \(1976\)) Tj ET EMC endstream endobj 129 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 186.000000 447.136719 Td (; Harahap & Wardhani \(2013\).) Tj ET EMC endstream endobj 130 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 350.000000 447.136719 Td ( ) Tj ET EMC endstream endobj 131 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 354.000000 447.136719 Td (Pembagian dividen akan ) Tj ET EMC endstream endobj 132 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 434.136719 Td (membuat pemegang saham mendapat tambahan ) Tj ET EMC endstream endobj 133 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 339.000000 434.136719 Td (return) Tj ET EMC endstream endobj 134 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 371.000000 434.136719 Td ( selain ) Tj ET EMC endstream endobj 135 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 410.000000 434.136719 Td (capital gain) Tj ET EMC endstream endobj 136 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 471.000000 434.136719 Td (. Dividen ) Tj ET EMC endstream endobj 137 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 421.136719 Td (juga dapat membuat pemegang saham mempunyai kepastian pendapatan dan dapat ) Tj ET EMC endstream endobj 138 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 408.136719 Td (mengurangi) Tj ET EMC endstream endobj 139 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 136.000000 408.136719 Td ( agency cost of equity ) Tj ET EMC endstream endobj 140 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 256.000000 408.136719 Td (karena tindakan ) Tj ET EMC endstream endobj 141 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 345.000000 408.136719 Td (perquisties) Tj ET EMC endstream endobj 142 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 404.000000 408.136719 Td ( yang dilakukan ) Tj ET EMC endstream endobj 143 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 395.136719 Td (manajemen terhadap ) Tj ET EMC endstream endobj 144 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 189.000000 395.136719 Td (cash flow) Tj ET EMC endstream endobj 145 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 240.000000 395.136719 Td ( perusahaan seiring dengan menurunnya biaya ) Tj ET EMC endstream endobj 146 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 382.136719 Td (monitoring akibat kepercayaan pemegang saham akan kebijakan manajemen yang ) Tj ET EMC endstream endobj 147 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 369.136719 Td (menguntungkan pemegang saham.) Tj ET EMC endstream endobj 148 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 356.136719 Td (Danis & Igor \(2007\)) Tj ET EMC endstream endobj 149 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 177.000000 356.136719 Td ( mengemukakan beberapa alasan mengapa dividen tetap ) Tj ET EMC endstream endobj 150 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 343.136719 Td (dibagikan meskipun pada saat yang sama perusahaan memiliki kesempatan investasi ) Tj ET EMC endstream endobj 151 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 330.136719 Td (yang menarik, dan perusahaan mendanai perusahaan dari sumber eksternal. Pertama, ) Tj ET EMC endstream endobj 152 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 317.136719 Td (pembayaran dividen kas merupakan suatu yang lazim. Artinya kegagalan melakukan ) Tj ET EMC endstream endobj 153 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 304.136719 Td (pembayaran dividen dapat dianggap suatu aib yang memalukan. Selain itu ) Tj ET EMC endstream endobj 154 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 291.136719 Td (pembayaran dividen dapat memberikan sinyal tentang masa depan perusahaan ) Tj ET EMC endstream endobj 155 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 278.136719 Td (Kedua, dividen menyajikan ) Tj ET EMC endstream endobj 156 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 219.000000 278.136719 Td (sales point) Tj ET EMC endstream endobj 157 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 277.000000 278.136719 Td ( bagi investment banking, karena beberapa ) Tj ET EMC endstream endobj 158 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 265.136719 Td (investor institusional hanya akan membeli saham perusahaan yang membayar dividen. ) Tj ET EMC endstream endobj 159 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 252.136719 Td (Ketiga, ) Tj ET EMC endstream endobj 160 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 113.000000 252.136719 Td (shareholders) Tj ET EMC endstream endobj 161 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 183.000000 252.136719 Td ( sering minta dividen, walaupun perusahaan memiliki kesempatan ) Tj ET EMC endstream endobj 162 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 239.136719 Td (untuk melakukan investasi kembali dari seluruh dana yang mungkin cukup besar. ) Tj ET EMC endstream endobj 163 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 226.136719 Td (Keempat, ada suatu keyakinan yang tersebar luas, bahwa pembayaran dividen akan ) Tj ET EMC endstream endobj 164 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 213.136719 Td (mengakibatkan harga saham yang lebih tinggi. Sejalan dengan pendapat Pearce & ) Tj ET EMC endstream endobj 165 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 200.136719 Td (Robinson \(2008\) bahwa stabilitas ) Tj ET EMC endstream endobj 166 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 253.000000 200.136719 Td (earnings) Tj ET EMC endstream endobj 167 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 300.000000 200.136719 Td ( dan dividen sering memberi kontribusi ) Tj ET EMC endstream endobj 168 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 187.136719 Td (positif kepada harga pasar saham perusahaan. ) Tj ET EMC endstream endobj 169 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 327.000000 187.136719 Td (Selanjutnya Priya) Tj ET EMC endstream endobj 170 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 421.000000 187.136719 Td ( ) Tj ET EMC endstream endobj 171 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 425.000000 187.136719 Td (&) Tj ET EMC endstream endobj 172 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 434.000000 187.136719 Td ( Mohanasundari) Tj ET EMC endstream endobj 173 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 521.000000 187.136719 Td ( ) Tj ET EMC endstream endobj 174 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 525.000000 187.136719 Td (\() Tj ET EMC endstream endobj 175 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 529.000000 187.136719 Td (20) Tj ET EMC endstream endobj 176 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 174.136719 Td (16) Tj ET EMC endstream endobj 177 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 86.000000 174.136719 Td (\)) Tj ET EMC endstream endobj 178 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 90.000000 174.136719 Td (; Lintner \(1962\)) Tj ET EMC endstream endobj 179 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 172.000000 174.136719 Td ( memberikan alasan rasional bahwa perusahaan enggan untuk ) Tj ET EMC endstream endobj 180 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 161.136719 Td (menurunkan dividen. Karena jika perusahaan menurunkan dividen, akan dianggap ) Tj ET EMC endstream endobj 181 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 148.136719 Td (sebagai sinyal yang buruk dan dianggap perusahaan memiliki risiko yang tinggi dan ) Tj ET EMC endstream endobj 182 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 135.136719 Td (prospek yang kurang menguntungkan. Berdasarkan pada hasil studi sebelumnya dan ) Tj ET EMC endstream endobj 183 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 122.136719 Td (konsep yang masih diperdebatkan bagaimana sebaiknya kebijakan dividen yang dapat ) Tj ET EMC endstream endobj 184 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 109.136719 Td (meningkatkan memaksimumkan kemakmuran pemegang saham , maka penulis ) Tj ET EMC endstream endobj 185 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 96.136719 Td (tertarik untuk mengetahui faktor apa sajakah yang mempengaruhi kebijakan dividen ) Tj ET EMC endstream endobj 186 0 obj<> /Resources <> >> /Contents [ 101 0 R 102 0 R 103 0 R 104 0 R 105 0 R 106 0 R 107 0 R 108 0 R 109 0 R 110 0 R 111 0 R 112 0 R 113 0 R 114 0 R 115 0 R 116 0 R 117 0 R 118 0 R 119 0 R 120 0 R 121 0 R 122 0 R 123 0 R 124 0 R 125 0 R 126 0 R 127 0 R 128 0 R 129 0 R 130 0 R 131 0 R 132 0 R 133 0 R 134 0 R 135 0 R 136 0 R 137 0 R 138 0 R 139 0 R 140 0 R 141 0 R 142 0 R 143 0 R 144 0 R 145 0 R 146 0 R 147 0 R 148 0 R 149 0 R 150 0 R 151 0 R 152 0 R 153 0 R 154 0 R 155 0 R 156 0 R 157 0 R 158 0 R 159 0 R 160 0 R 161 0 R 162 0 R 163 0 R 164 0 R 165 0 R 166 0 R 167 0 R 168 0 R 169 0 R 170 0 R 171 0 R 172 0 R 173 0 R 174 0 R 175 0 R 176 0 R 177 0 R 178 0 R 179 0 R 180 0 R 181 0 R 182 0 R 183 0 R 184 0 R 185 0 R ] >> endobj 187 0 obj<> stream /P <> BDC 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 720.136719 Td (perusahaan go publik di Indonesia khususnya perusahaan yang dikatakan aktif ) Tj ET EMC endstream endobj 188 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 707.136719 Td (\(likwiditas yang tinggi\) dalam transaksi selama tahun 2005 sampai dengan 2014? ) Tj ET EMC endstream endobj 189 0 obj<> stream BT /FNT_Helvetica_Bold 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 681.136719 Td (2. Rumusan Masalah) Tj ET EMC endstream endobj 190 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 668.136719 Td (Berdasarkan pada latar belakang tersebut di atas maka masalah penelitian ini dapat ) Tj ET EMC endstream endobj 191 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 655.136719 Td (dirumuskan sebagai berikut: ) Tj ET EMC endstream endobj 192 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 642.136719 Td ( ) Tj ET EMC endstream endobj 193 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 176.000000 616.136719 Td (I. ) Tj ET EMC endstream endobj 194 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 190.000000 616.136719 Td ( ) Tj ET EMC endstream endobj 195 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 207.000000 616.136719 Td (Faktor apakah yang mempengaruhi kebijakan dividen perusahaan publik di ) Tj ET EMC endstream endobj 196 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 603.136719 Td (Indonesia?) Tj ET EMC endstream endobj 197 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 108.000000 590.136719 Td ( ) Tj ET EMC endstream endobj 198 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 125.000000 590.136719 Td (b.Teori kebijakan dividen apakah yang berlaku di Pasar Modal Indonesia?) Tj ET EMC endstream endobj 199 0 obj<> stream BT /FNT_Helvetica_Bold 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 564.136719 Td (3. Tujuan Penelitian) Tj ET EMC endstream endobj 200 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 538.136719 Td (Tujuan dari penelitian ini adalah mengetahui faktor apa sajakah yang mempengaruhi ) Tj ET EMC endstream endobj 201 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 525.136719 Td (kebijakan dividen, dan akan mengkaji teori kebijakan dividen apakah yang berlaku di ) Tj ET EMC endstream endobj 202 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 512.136719 Td (pasar modal indonesia. Secara umum penelitian ini bertujuan untuk menambah dan ) Tj ET EMC endstream endobj 203 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 499.136719 Td (mengembangkan konsep ) Tj ET EMC endstream endobj 204 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 211.000000 499.136719 Td (manajemen keuangan, terutama teori ) Tj ET EMC endstream endobj 205 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 418.000000 499.136719 Td (kebijakan dividen di ) Tj ET EMC endstream endobj 206 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 486.136719 Td (pasar modal Indonesia dalam kaitannya dengan pelaksanaan kebijakan usaha dalam ) Tj ET EMC endstream endobj 207 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 473.136719 Td (rangka menciptakan iklim usaha yang sehat bagi perusahaan publik. Diharapkan ) Tj ET EMC endstream endobj 208 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 460.136719 Td (penelitian ini akan memberikan kontribusi teoritis dan empiris. Kontribusi teoritis akan ) Tj ET EMC endstream endobj 209 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 447.136719 Td (diberikan dari hasil penelitian ini sebagai bahan tambahan untuk proses belajar dan ) Tj ET EMC endstream endobj 210 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 434.136719 Td (sebagai acuan dalam merumuskan hipotesis pada penelitian selanjutnya. Kontribusi ) Tj ET EMC endstream endobj 211 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 421.136719 Td (empiris dapat diperoleh dari studi ini, yang bermanfaat untuk pengambilan keputusan ) Tj ET EMC endstream endobj 212 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 408.136719 Td (bagi perusahaan, manajemen, kreditur, investor, dan pihak lain yang berkepentingan. ) Tj ET EMC endstream endobj 213 0 obj<> stream BT /FNT_Helvetica_Bold 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 382.136719 Td (4. Kajian Pustaka ) Tj ET EMC endstream endobj 214 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 356.136719 Td (Kebijakan dividen relevan menjelaskan, bahwa pembayaran dividen dapat menurunkan ) Tj ET EMC endstream endobj 215 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 343.136719 Td (nilai perusahaan. Pemikiran ini didasari adanya pajak dividen yang lebih tinggi dari ) Tj ET EMC endstream endobj 216 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 330.136719 Td (pada pajak ) Tj ET EMC endstream endobj 217 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 135.000000 330.136719 Td (capital gain) Tj ET EMC endstream endobj 218 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 196.000000 330.136719 Td (. Juga tidak benar kalau perusahaan harus membagikan ) Tj ET EMC endstream endobj 219 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 317.136719 Td (semua laba sebagai dividen, hanya karena perusahaan harus membagikan dividen ) Tj ET EMC endstream endobj 220 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 304.136719 Td (sebesar-besarnya. Laba dibenarkan untuk ditahan jika dana tersebut bisa ) Tj ET EMC endstream endobj 221 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 291.136719 Td (diinvestasikan dan menghasilkan tingkat keuntungan yang lebih besar dari biaya ) Tj ET EMC endstream endobj 222 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 278.136719 Td (modalnya \(memberi ) Tj ET EMC endstream endobj 223 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 185.000000 278.136719 Td (net present value) Tj ET EMC endstream endobj 224 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 278.000000 278.136719 Td ( positif\), dengan harapan dividen di masa yang ) Tj ET EMC endstream endobj 225 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 265.136719 Td (akan datang akan naik sebagai hasil dari investasi yang dilakukan. Harapan investor ) Tj ET EMC endstream endobj 226 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 252.136719 Td (untuk memperoleh dividen secepatnya dapat direalisasikan dengan kesediaannya ) Tj ET EMC endstream endobj 227 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 239.136719 Td (untuk membayar harga atas saham p) Tj ET EMC endstream endobj 228 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 271.000000 239.136719 Td (erusahaan dengan lebih tinggi. ) Tj ET EMC endstream endobj 229 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 439.000000 239.136719 Td (Pada pasar modal ) Tj ET EMC endstream endobj 230 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 226.136719 Td (sempurna dan efisien, investor dapat setiap saat menjual atau menginvestasikan ) Tj ET EMC endstream endobj 231 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 213.136719 Td (kembali dividen yang diterima, sehingga untuk jangka panjang dividen tetap ) Tj ET EMC endstream endobj 232 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 200.136719 Td (memberikan suatu pendapatan yang tidak berbeda dengan dividen yang tidak ) Tj ET EMC endstream endobj 233 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 187.136719 Td (dibagikan tapi diinvestasikan oleh perusahaan. ) Tj ET EMC endstream endobj 234 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 174.136719 Td (Kelompok lain menganggap dividen tidak relevan \() Tj ET EMC endstream endobj 235 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 341.000000 174.136719 Td (the irrelevant of dividend) Tj ET EMC endstream endobj 236 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 472.000000 174.136719 Td (\). ) Tj ET EMC endstream endobj 237 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 483.000000 174.136719 Td (Modigliani ) Tj ET EMC endstream endobj 238 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 161.136719 Td (& Miller \(1961\); Priya & Mohanasundari, 2016; Ozuomba et al, 2016,) Tj ET EMC endstream endobj 239 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 437.000000 161.136719 Td ( mengatakan ) Tj ET EMC endstream endobj 240 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 148.136719 Td (bahwa kebijakan dividen tidak mempunyai pengaruh terhadap nilai perusahaan. Nilai ) Tj ET EMC endstream endobj 241 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 135.136719 Td (perusahaan ditentukan oleh keputusan pembiayaan dan investasi serta struktur modal ) Tj ET EMC endstream endobj 242 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 122.136719 Td (yang optimal dan bukan oleh kebijakan dividen atau besarnya laba ditahan. ) Tj ET EMC endstream endobj 243 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 109.136719 Td (Selanjutnya dikatakan bahwa perusahaan bisa saja membagikan dividen yang besar ) Tj ET EMC endstream endobj 244 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 96.136719 Td (ataupun kecil, asalkan dimungkinkan menutup kekurangan dana dari sumber eksternal. ) Tj ET EMC endstream endobj 245 0 obj<> /Resources <> >> /Contents [ 187 0 R 188 0 R 189 0 R 190 0 R 191 0 R 192 0 R 193 0 R 194 0 R 195 0 R 196 0 R 197 0 R 198 0 R 199 0 R 200 0 R 201 0 R 202 0 R 203 0 R 204 0 R 205 0 R 206 0 R 207 0 R 208 0 R 209 0 R 210 0 R 211 0 R 212 0 R 213 0 R 214 0 R 215 0 R 216 0 R 217 0 R 218 0 R 219 0 R 220 0 R 221 0 R 222 0 R 223 0 R 224 0 R 225 0 R 226 0 R 227 0 R 228 0 R 229 0 R 230 0 R 231 0 R 232 0 R 233 0 R 234 0 R 235 0 R 236 0 R 237 0 R 238 0 R 239 0 R 240 0 R 241 0 R 242 0 R 243 0 R 244 0 R ] >> endobj 246 0 obj<> stream /P <> BDC 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 720.136719 Td (Jadi yang penting adalah apakah investasi yang tersedia diharapkan akan memberikan ) Tj ET EMC endstream endobj 247 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 539.000000 720.136719 Td (n) Tj ET EMC endstream endobj 248 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 707.136719 Td (et present value) Tj ET EMC endstream endobj 249 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 158.000000 707.136719 Td ( yang positif, tidak perduli apakah dana yang digunakan diperoleh ) Tj ET EMC endstream endobj 250 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 694.136719 Td (dengan menahan laba ataukah dari luar perusahaan dengan menerbitkan saham baru. ) Tj ET EMC endstream endobj 251 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 681.136719 Td (Dampak dari pilihan keputusan tersebut sama saja terhadap nilai perusahaan. Jadi ) Tj ET EMC endstream endobj 252 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 668.136719 Td (keputusan dividen adalah tidak relevan \() Tj ET EMC endstream endobj 253 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 287.000000 668.136719 Td (the irrelevant of dividend) Tj ET EMC endstream endobj 254 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 418.000000 668.136719 Td (\).) Tj ET EMC endstream endobj 255 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 655.136719 Td (Ozuomba et al, 2016 melanjutkan) Tj ET EMC endstream endobj 256 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 252.000000 655.136719 Td ( penjelasanya tentang konsep risidual dividen, ) Tj ET EMC endstream endobj 257 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 642.136719 Td (mendasarkan pada keputusan membagikan laba pada kebutuhan investasi di masa ) Tj ET EMC endstream endobj 258 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 629.136719 Td (yang akan datang dan sisanya sebagai dividen. Dengan demikian perusahaan ) Tj ET EMC endstream endobj 259 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 616.136719 Td (mempertahankan semua kelebihan penghasilan untuk investasi pada proyek dengan ) Tj ET EMC endstream endobj 260 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 603.136719 Td (NPV positif dan sisa kelebihan laba untuk membayar dividen. Dengan cara tersebut, ) Tj ET EMC endstream endobj 261 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 590.136719 Td (dividen dianggap sebagai kebijakan pasif dan tidak relevan dalam mempengaruhi nilai ) Tj ET EMC endstream endobj 262 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 577.136719 Td (perusahaan. Karena, pemegang saham tidak peduli hasil yang diperoleh atas investasi ) Tj ET EMC endstream endobj 263 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 564.136719 Td (mereka dalam bentuk dividen atau apresiasi nilai sahamnya.) Tj ET EMC endstream endobj 264 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 551.136719 Td (Kelompok berikutnya berpendapat agar dividen dibagi sekecil-kecilnya. Pendapat ) Tj ET EMC endstream endobj 265 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 538.136719 Td (sebelumnya mengatakan bahwa dividen tidak relevan mendasarkan diri atas pemikiran ) Tj ET EMC endstream endobj 266 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 525.136719 Td (bahwa membagikan dividen dan menggantikan dengan menerbitkan saham baru ) Tj ET EMC endstream endobj 267 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 512.136719 Td (mempunyai dampak yang sama terhadap harga saham. Sayangnya analisis tersebut ) Tj ET EMC endstream endobj 268 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 499.136719 Td (mengabaikan adanya biaya penerbitan saham baru/biaya emisi \() Tj ET EMC endstream endobj 269 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 417.000000 499.136719 Td (flotation cost\),) Tj ET EMC endstream endobj 270 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 492.000000 499.136719 Td ( yang ) Tj ET EMC endstream endobj 271 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 486.136719 Td (berkisar antara 2% sampai 4%. Dengan adanya biaya-biaya tersebut, berarti sebagian ) Tj ET EMC endstream endobj 272 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 473.136719 Td (kekayaan pemegang saham diberikan kepada berbagai pihak sebagai ) Tj ET EMC endstream endobj 273 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 449.000000 473.136719 Td (flotation cost.) Tj ET EMC endstream endobj 274 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 520.000000 473.136719 Td ( Jad) Tj ET EMC endstream endobj 275 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 460.136719 Td (i bila perusahaan memiliki dana untuk investasi mengapa dana tersebut dibagikan ) Tj ET EMC endstream endobj 276 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 447.136719 Td (sebagai dividen? Sehingga menimbulkan biaya ) Tj ET EMC endstream endobj 277 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 327.000000 447.136719 Td (flotation ) Tj ET EMC endstream endobj 278 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 373.000000 447.136719 Td (Easterbrook \(1984\).Oleh ) Tj ET EMC endstream endobj 279 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 434.136719 Td (sebab itu, mereka beranggapan dividen sebaiknya dibagi sekecil-kecilnya, sejauh dana ) Tj ET EMC endstream endobj 280 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 421.136719 Td (tersebut dapat digunakan untuk investasi yang menguntungkan atau memberi NPV ) Tj ET EMC endstream endobj 281 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 408.136719 Td (positif. ) Tj ET EMC endstream endobj 282 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 395.136719 Td (Pendapat dividen dibagi sekecil-kecilnya tampaknya bertentangan dengan pendapat ) Tj ET EMC endstream endobj 283 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 382.136719 Td (Mollah \(2014\)) Tj ET EMC endstream endobj 284 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 146.000000 382.136719 Td ( mengenai pembagian dividen di negara-negara berkembang. Mereka ) Tj ET EMC endstream endobj 285 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 369.136719 Td (mengatakan bahwa perusahaan di negara berkembang secara rata-rata melakukan ) Tj ET EMC endstream endobj 286 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 356.136719 Td (kebijakan pembayaran dividen dengan ) Tj ET EMC endstream endobj 287 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 281.000000 356.136719 Td (payout ratio) Tj ET EMC endstream endobj 288 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 344.000000 356.136719 Td ( sebesar dua pertiga dari laba ) Tj ET EMC endstream endobj 289 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 343.136719 Td (perusahaan-perusahaan di negara maju. Perusahaan di negara berkembang lebih ) Tj ET EMC endstream endobj 290 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 330.136719 Td (mementingkan kebijakan dividen berdasarkan ) Tj ET EMC endstream endobj 291 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 320.000000 330.136719 Td (payout ratio) Tj ET EMC endstream endobj 292 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 383.000000 330.136719 Td ( dibandingkan dengan ) Tj ET EMC endstream endobj 293 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 317.136719 Td (besaran-besaran moneternya.) Tj ET EMC endstream endobj 294 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 304.136719 Td (Menurut ) Tj ET EMC endstream endobj 295 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 120.000000 304.136719 Td (Clientele theory) Tj ET EMC endstream endobj 296 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 204.000000 304.136719 Td (, ) Tj ET EMC endstream endobj 297 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 211.000000 304.136719 Td (dividend puzzle) Tj ET EMC endstream endobj 298 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 294.000000 304.136719 Td ( \(perdebatan\) disebabkan oleh adanya ) Tj ET EMC endstream endobj 299 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 291.136719 Td (investor yang berbeda baik dilihat dari segi usia investor, kelompok investor, dan ) Tj ET EMC endstream endobj 300 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 278.136719 Td (golongan. Perbedaan tersebut telah menimbulkan preferensi yang berbeda terhadap ) Tj ET EMC endstream endobj 301 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 265.136719 Td (tinggi rendahnya dividen yang akan mereka terima. Investor individual dengan usia ) Tj ET EMC endstream endobj 302 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 252.136719 Td (lanjut dan penghasilannya hanya tergantung dari dividen mungkin lebih menyukai ) Tj ET EMC endstream endobj 303 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 509.000000 252.136719 Td (divide) Tj ET EMC endstream endobj 304 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 239.136719 Td (nd payout) Tj ET EMC endstream endobj 305 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 125.000000 239.136719 Td ( yang tinggi. Akan tetapi investor dengan penghasilan tinggi akan lebih ) Tj ET EMC endstream endobj 306 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 226.136719 Td (menyukai ) Tj ET EMC endstream endobj 307 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 127.000000 226.136719 Td (dividend payout) Tj ET EMC endstream endobj 308 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 212.000000 226.136719 Td ( rendah. ) Tj ET EMC endstream endobj 309 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 213.136719 Td (Bird in the hand Theory) Tj ET EMC endstream endobj 310 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 197.000000 213.136719 Td ( dari ) Tj ET EMC endstream endobj 311 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 224.000000 213.136719 Td (Lintner \(1962\)) Tj ET EMC endstream endobj 312 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 299.000000 213.136719 Td (; Bhattacharya \(1979\),) Tj ET EMC endstream endobj 313 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 418.000000 213.136719 Td ( ) Tj ET EMC endstream endobj 314 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 422.000000 213.136719 Td (menjelaskan bahwa ) Tj ET EMC endstream endobj 315 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 200.136719 Td (investor menyukai dividen untuk menghindari risiko dari pada capital gain yang belum ) Tj ET EMC endstream endobj 316 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 187.136719 Td (jelas. Karena dividen yang diterima seperti burung di tangan yang risikonya lebih kecil ) Tj ET EMC endstream endobj 317 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 174.136719 Td (atau mengurangi ketidakpastian dibandingkan dengan dividen yang tidak dibagikan. ) Tj ET EMC endstream endobj 318 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 161.136719 Td (Kelompok ini berpendapat bahwa peningkatan dividen akan meningkatkan harga ) Tj ET EMC endstream endobj 319 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 148.136719 Td (saham yang selanjutnya berdampak terhadap nilai perusahaan.) Tj ET EMC endstream endobj 320 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 135.136719 Td (Valipour et al \( 2009\); Ozuomba et al \(2016\) dan Vojtech, 2012) Tj ET EMC endstream endobj 321 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 407.000000 135.136719 Td (,) Tj ET EMC endstream endobj 322 0 obj<> stream BT /FNT_Helvetica_Bold 12.000000 Tf 100.000000 Tz 0.000000 Tw 411.000000 135.136719 Td ( ) Tj ET EMC endstream endobj 323 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 415.000000 135.136719 Td (asymmetry informasi ) Tj ET EMC endstream endobj 324 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 122.136719 Td (kaitannya antara manajer dan investor. Manajer memiliki) Tj ET EMC endstream endobj 325 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 373.000000 122.136719 Td ( lebih banyak informasi tentang) Tj ET EMC endstream endobj 326 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 109.136719 Td (perusahaan dibandingkan dengan investor. Dalam kondisi informasi yang tidak ) Tj ET EMC endstream endobj 327 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 96.136719 Td (seimbang \() Tj ET EMC endstream endobj 328 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 132.000000 96.136719 Td (asymmetric information) Tj ET EMC endstream endobj 329 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 257.000000 96.136719 Td (\) para manajer dapat menggunakan strategi dalam ) Tj ET EMC endstream endobj 330 0 obj<> /Resources <> >> /Contents [ 246 0 R 247 0 R 248 0 R 249 0 R 250 0 R 251 0 R 252 0 R 253 0 R 254 0 R 255 0 R 256 0 R 257 0 R 258 0 R 259 0 R 260 0 R 261 0 R 262 0 R 263 0 R 264 0 R 265 0 R 266 0 R 267 0 R 268 0 R 269 0 R 270 0 R 271 0 R 272 0 R 273 0 R 274 0 R 275 0 R 276 0 R 277 0 R 278 0 R 279 0 R 280 0 R 281 0 R 282 0 R 283 0 R 284 0 R 285 0 R 286 0 R 287 0 R 288 0 R 289 0 R 290 0 R 291 0 R 292 0 R 293 0 R 294 0 R 295 0 R 296 0 R 297 0 R 298 0 R 299 0 R 300 0 R 301 0 R 302 0 R 303 0 R 304 0 R 305 0 R 306 0 R 307 0 R 308 0 R 309 0 R 310 0 R 311 0 R 312 0 R 313 0 R 314 0 R 315 0 R 316 0 R 317 0 R 318 0 R 319 0 R 320 0 R 321 0 R 322 0 R 323 0 R 324 0 R 325 0 R 326 0 R 327 0 R 328 0 R 329 0 R ] >> endobj 331 0 obj<> stream /P <> BDC 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 720.136719 Td (kebijakan dividen untuk menangkal isu-isu yang tidak diharapkan oleh perusahaan di ) Tj ET EMC endstream endobj 332 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 707.136719 Td (masa yang akan datang. Oleh sebab itu dalam kebijakan dividen ini dapat terjadi suatu) Tj ET EMC endstream endobj 333 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 694.136719 Td (keadaan di mana besarnya dana sebagai keuntungan yang ditahan dapat digunakan ) Tj ET EMC endstream endobj 334 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 681.136719 Td (sebagai dasar untuk memberikan informasi yang akan ditangkap sebagai sinyal oleh ) Tj ET EMC endstream endobj 335 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 668.136719 Td (investor. ) Tj ET EMC endstream endobj 336 0 obj<> stream BT /FNT_Helvetica 11.000000 Tf 100.000000 Tz 0.000000 Tw 121.000000 668.041992 Td (Investor, yang merasa mempunyai informasi yang lebih sedikit akan berusha ) Tj ET EMC endstream endobj 337 0 obj<> stream BT /FNT_Helvetica 11.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 656.041992 Td (menginterpretasikan perilaku manajer. 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Dependent Variable: DPR) Tj ET EMC endstream endobj 1032 0 obj<> stream 0.500000 w [] 0 d 72.000000 247.000000 m 534.000000 247.000000 l 534.000000 236.000000 l 72.000000 236.000000 l h q 0.000000 0.000000 0.000000 RG S Q endstream endobj 1033 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 236 m 534.000000 236.000000 l 534.000000 225.000000 l 72.000000 225.000000 l 72.000000 236.000000 l f endstream endobj 1034 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 11.000000 Tf 100.000000 Tz 0.000000 Tw 79.000000 226.041992 Td (b. Predictors: \(Constant\), DTA, CR, EPR, Sales, ROI) Tj ET EMC endstream endobj 1035 0 obj<> stream 0.500000 w [] 0 d 72.000000 236.000000 m 534.000000 236.000000 l 534.000000 223.000000 l 72.000000 223.000000 l h q 0.000000 0.000000 0.000000 RG S Q endstream endobj 1036 0 obj<> stream 1.000000 1.000000 1.000000 rg 78 197 m 540.000000 197.000000 l 540.000000 185.000000 l 78.000000 185.000000 l 78.000000 197.000000 l f endstream endobj 1037 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 11.000000 Tf 100.000000 Tz 0.000000 Tw 78.000000 187.041992 Td ( ) Tj ET EMC endstream endobj 1038 0 obj<> stream BT /FNT_Helvetica 11.000000 Tf 100.000000 Tz 0.000000 Tw 94.000000 187.041992 Td ( ) Tj ET EMC endstream endobj 1039 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 185 m 540.000000 185.000000 l 540.000000 172.000000 l 72.000000 172.000000 l 72.000000 185.000000 l f endstream endobj 1040 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 185 m 515.000000 185.000000 l 515.000000 172.000000 l 72.000000 172.000000 l 72.000000 185.000000 l f endstream endobj 1041 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 174.136719 Td (Sejalan dengan investasi, variabel leverage berdampak negatif terhadap kebijakan ) Tj ET EMC endstream endobj 1042 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 172 m 540.000000 172.000000 l 540.000000 159.000000 l 72.000000 159.000000 l 72.000000 172.000000 l f endstream endobj 1043 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 172 m 533.000000 172.000000 l 533.000000 159.000000 l 72.000000 159.000000 l 72.000000 172.000000 l f endstream endobj 1044 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 161.136719 Td (dividen perusahaan. Hasil ini menunjukkan bahwa tingginya hutang telah menurunkan ) Tj ET EMC endstream endobj 1045 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 159 m 540.000000 159.000000 l 540.000000 146.000000 l 72.000000 146.000000 l 72.000000 159.000000 l f endstream endobj 1046 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 159 m 511.000000 159.000000 l 511.000000 146.000000 l 72.000000 146.000000 l 72.000000 159.000000 l f endstream endobj 1047 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 148.136719 Td (pembagian dividen kas perusahaan. Hal ini dapat disimpulkan bahwa perusahaan ) Tj ET EMC endstream endobj 1048 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 146 m 540.000000 146.000000 l 540.000000 133.000000 l 72.000000 133.000000 l 72.000000 146.000000 l f endstream endobj 1049 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 146 m 527.000000 146.000000 l 527.000000 133.000000 l 72.000000 133.000000 l 72.000000 146.000000 l f endstream endobj 1050 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 135.136719 Td (dalam kelompok LQ 45 pada umumnya membagi laba perusahaan untuk dividen kas ) Tj ET EMC endstream endobj 1051 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 133 m 540.000000 133.000000 l 540.000000 120.000000 l 72.000000 120.000000 l 72.000000 133.000000 l f endstream endobj 1052 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 133 m 529.000000 133.000000 l 529.000000 120.000000 l 72.000000 120.000000 l 72.000000 133.000000 l f endstream endobj 1053 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 122.136719 Td (dengan porsi tertentu tergantung besarnya investasi dan hutang perusahaan. Apabila ) Tj ET EMC endstream endobj 1054 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 120 m 540.000000 120.000000 l 540.000000 107.000000 l 72.000000 107.000000 l 72.000000 120.000000 l f endstream endobj 1055 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 120 m 503.000000 120.000000 l 503.000000 107.000000 l 72.000000 107.000000 l 72.000000 120.000000 l f endstream endobj 1056 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 109.136719 Td (kebutuhan investasi tinggi maka sebagian akan didanai dari sumber internal dan ) Tj ET EMC endstream endobj 1057 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 107 m 540.000000 107.000000 l 540.000000 94.000000 l 72.000000 94.000000 l 72.000000 107.000000 l f endstream endobj 1058 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 107 m 499.000000 107.000000 l 499.000000 94.000000 l 72.000000 94.000000 l 72.000000 107.000000 l f endstream endobj 1059 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 96.136719 Td (eksternal dengan menambah hutang. Hutang yang digunakan untuk membiayai ) Tj ET EMC endstream endobj 1060 0 obj<> /Resources <> >> /Contents [ 754 0 R 755 0 R 756 0 R 757 0 R 758 0 R 759 0 R 760 0 R 761 0 R 762 0 R 763 0 R 764 0 R 765 0 R 766 0 R 767 0 R 768 0 R 769 0 R 770 0 R 771 0 R 772 0 R 773 0 R 774 0 R 775 0 R 776 0 R 777 0 R 778 0 R 779 0 R 780 0 R 781 0 R 782 0 R 783 0 R 784 0 R 785 0 R 786 0 R 787 0 R 788 0 R 789 0 R 790 0 R 791 0 R 792 0 R 793 0 R 794 0 R 795 0 R 796 0 R 797 0 R 798 0 R 799 0 R 800 0 R 801 0 R 802 0 R 803 0 R 804 0 R 805 0 R 806 0 R 807 0 R 808 0 R 809 0 R 810 0 R 811 0 R 812 0 R 813 0 R 814 0 R 815 0 R 816 0 R 817 0 R 818 0 R 819 0 R 820 0 R 821 0 R 822 0 R 823 0 R 824 0 R 825 0 R 826 0 R 827 0 R 828 0 R 829 0 R 830 0 R 831 0 R 832 0 R 833 0 R 834 0 R 835 0 R 836 0 R 837 0 R 838 0 R 839 0 R 840 0 R 841 0 R 842 0 R 843 0 R 844 0 R 845 0 R 846 0 R 847 0 R 848 0 R 849 0 R 850 0 R 851 0 R 852 0 R 853 0 R 854 0 R 855 0 R 856 0 R 857 0 R 858 0 R 859 0 R 860 0 R 861 0 R 862 0 R 863 0 R 864 0 R 865 0 R 866 0 R 867 0 R 868 0 R 869 0 R 870 0 R 871 0 R 872 0 R 873 0 R 874 0 R 875 0 R 876 0 R 877 0 R 878 0 R 879 0 R 880 0 R 881 0 R 882 0 R 883 0 R 884 0 R 885 0 R 886 0 R 887 0 R 888 0 R 889 0 R 890 0 R 891 0 R 892 0 R 893 0 R 894 0 R 895 0 R 896 0 R 897 0 R 898 0 R 899 0 R 900 0 R 901 0 R 902 0 R 903 0 R 904 0 R 905 0 R 906 0 R 907 0 R 908 0 R 909 0 R 910 0 R 911 0 R 912 0 R 913 0 R 914 0 R 915 0 R 916 0 R 917 0 R 918 0 R 919 0 R 920 0 R 921 0 R 922 0 R 923 0 R 924 0 R 925 0 R 926 0 R 927 0 R 928 0 R 929 0 R 930 0 R 931 0 R 932 0 R 933 0 R 934 0 R 935 0 R 936 0 R 937 0 R 938 0 R 939 0 R 940 0 R 941 0 R 942 0 R 943 0 R 944 0 R 945 0 R 946 0 R 947 0 R 948 0 R 949 0 R 950 0 R 951 0 R 952 0 R 953 0 R 954 0 R 955 0 R 956 0 R 957 0 R 958 0 R 959 0 R 960 0 R 961 0 R 962 0 R 963 0 R 964 0 R 965 0 R 966 0 R 967 0 R 968 0 R 969 0 R 970 0 R 971 0 R 972 0 R 973 0 R 974 0 R 975 0 R 976 0 R 977 0 R 978 0 R 979 0 R 980 0 R 981 0 R 982 0 R 983 0 R 984 0 R 985 0 R 986 0 R 987 0 R 988 0 R 989 0 R 990 0 R 991 0 R 992 0 R 993 0 R 994 0 R 995 0 R 996 0 R 997 0 R 998 0 R 999 0 R 1000 0 R 1001 0 R 1002 0 R 1003 0 R 1004 0 R 1005 0 R 1006 0 R 1007 0 R 1008 0 R 1009 0 R 1010 0 R 1011 0 R 1012 0 R 1013 0 R 1014 0 R 1015 0 R 1016 0 R 1017 0 R 1018 0 R 1019 0 R 1020 0 R 1021 0 R 1022 0 R 1023 0 R 1024 0 R 1025 0 R 1026 0 R 1027 0 R 1028 0 R 1029 0 R 1030 0 R 1031 0 R 1032 0 R 1033 0 R 1034 0 R 1035 0 R 1036 0 R 1037 0 R 1038 0 R 1039 0 R 1040 0 R 1041 0 R 1042 0 R 1043 0 R 1044 0 R 1045 0 R 1046 0 R 1047 0 R 1048 0 R 1049 0 R 1050 0 R 1051 0 R 1052 0 R 1053 0 R 1054 0 R 1055 0 R 1056 0 R 1057 0 R 1058 0 R 1059 0 R ] >> endobj 1061 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 731 m 540.000000 731.000000 l 540.000000 718.000000 l 72.000000 718.000000 l 72.000000 731.000000 l f endstream endobj 1062 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 731 m 536.000000 731.000000 l 536.000000 718.000000 l 72.000000 718.000000 l 72.000000 731.000000 l f endstream endobj 1063 0 obj<> stream /P <> BDC 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 720.136719 Td (investasi pada dasarnya bisa dibayar dengan hutang baru, namun banyak perusahaan ) Tj ET EMC endstream endobj 1064 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 718 m 540.000000 718.000000 l 540.000000 705.000000 l 72.000000 705.000000 l 72.000000 718.000000 l f endstream endobj 1065 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 718 m 515.000000 718.000000 l 515.000000 705.000000 l 72.000000 705.000000 l 72.000000 718.000000 l f endstream endobj 1066 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 707.136719 Td (membayar hutang dengan laba perusahaan sehingga berdampak pada penurunan ) Tj ET EMC endstream endobj 1067 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 705 m 540.000000 705.000000 l 540.000000 692.000000 l 72.000000 692.000000 l 72.000000 705.000000 l f endstream endobj 1068 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 705 m 517.000000 705.000000 l 517.000000 692.000000 l 72.000000 692.000000 l 72.000000 705.000000 l f endstream endobj 1069 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 694.136719 Td (dividen. Bila dikaitkan dengan teori Signaling yang menyatakan bahwa perusahaan ) Tj ET EMC endstream endobj 1070 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 692 m 540.000000 692.000000 l 540.000000 679.000000 l 72.000000 679.000000 l 72.000000 692.000000 l f endstream endobj 1071 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 692 m 529.000000 692.000000 l 529.000000 679.000000 l 72.000000 679.000000 l 72.000000 692.000000 l f endstream endobj 1072 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 681.136719 Td (akan membagi dividen kepada pemegang saham untuk memberi signal positif bahwa ) Tj ET EMC endstream endobj 1073 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 679 m 540.000000 679.000000 l 540.000000 666.000000 l 72.000000 666.000000 l 72.000000 679.000000 l f endstream endobj 1074 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 679 m 513.000000 679.000000 l 513.000000 666.000000 l 72.000000 666.000000 l 72.000000 679.000000 l f endstream endobj 1075 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 668.136719 Td (perusahaan memiliki prospek investasi yang baik karena selain membayar dividen ) Tj ET EMC endstream endobj 1076 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 666 m 540.000000 666.000000 l 540.000000 653.000000 l 72.000000 653.000000 l 72.000000 666.000000 l f endstream endobj 1077 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 666 m 517.000000 666.000000 l 517.000000 653.000000 l 72.000000 653.000000 l 72.000000 666.000000 l f endstream endobj 1078 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 655.136719 Td (tunai tampaknya perusahaan juga melakukan investasi yang dibiayai sebagian dari ) Tj ET EMC endstream endobj 1079 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 653 m 540.000000 653.000000 l 540.000000 640.000000 l 72.000000 640.000000 l 72.000000 653.000000 l f endstream endobj 1080 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 653 m 512.000000 653.000000 l 512.000000 640.000000 l 72.000000 640.000000 l 72.000000 653.000000 l f endstream endobj 1081 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 642.136719 Td (sumber internal yaitu laba perusahaan. Selain itu temuan ini juga sejalan dengan ) Tj ET EMC endstream endobj 1082 0 obj<> stream 1.000000 1.000000 1.000000 rg 512 653 m 536.000000 653.000000 l 536.000000 640.000000 l 512.000000 640.000000 l 512.000000 653.000000 l f endstream endobj 1083 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 512.000000 642.136719 Td (bird ) Tj ET EMC endstream endobj 1084 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 640 m 540.000000 640.000000 l 540.000000 627.000000 l 72.000000 627.000000 l 72.000000 640.000000 l f endstream endobj 1085 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 640 m 169.000000 640.000000 l 169.000000 627.000000 l 72.000000 627.000000 l 72.000000 640.000000 l f endstream endobj 1086 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 629.136719 Td (in the hand theory) Tj ET EMC endstream endobj 1087 0 obj<> stream 1.000000 1.000000 1.000000 rg 169 640 m 509.000000 640.000000 l 509.000000 627.000000 l 169.000000 627.000000 l 169.000000 640.000000 l f endstream endobj 1088 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 169.000000 629.136719 Td ( dimana perusahaan akan membayarkan kepastian dividen kas ) Tj ET EMC endstream endobj 1089 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 627 m 540.000000 627.000000 l 540.000000 614.000000 l 72.000000 614.000000 l 72.000000 627.000000 l f endstream endobj 1090 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 627 m 540.000000 627.000000 l 540.000000 614.000000 l 72.000000 614.000000 l 72.000000 627.000000 l f endstream endobj 1091 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 616.136719 Td (kepada pemegang saham. Bila ditinjau dari teori struktur modal, maka temuan ini dapat ) Tj ET EMC endstream endobj 1092 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 614 m 540.000000 614.000000 l 540.000000 601.000000 l 72.000000 601.000000 l 72.000000 614.000000 l f endstream endobj 1093 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 614 m 139.000000 614.000000 l 139.000000 601.000000 l 72.000000 601.000000 l 72.000000 614.000000 l f endstream endobj 1094 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 603.136719 Td (mendukung ) Tj ET EMC endstream endobj 1095 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 139.000000 603.136719 Td (pecking order theory) Tj ET EMC endstream endobj 1096 0 obj<> stream 1.000000 1.000000 1.000000 rg 249 614 m 489.000000 614.000000 l 489.000000 601.000000 l 249.000000 601.000000 l 249.000000 614.000000 l f endstream endobj 1097 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 249.000000 603.136719 Td (, dimana perusahaan tampaknya membiayai ) Tj ET EMC endstream endobj 1098 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 601 m 540.000000 601.000000 l 540.000000 588.000000 l 72.000000 588.000000 l 72.000000 601.000000 l f endstream endobj 1099 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 601 m 527.000000 601.000000 l 527.000000 588.000000 l 72.000000 588.000000 l 72.000000 601.000000 l f endstream endobj 1100 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 590.136719 Td (investasinya dari sumber internal dan hutang.Walaupun pembiayaan sumber internal ) Tj ET EMC endstream endobj 1101 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 588 m 540.000000 588.000000 l 540.000000 575.000000 l 72.000000 575.000000 l 72.000000 588.000000 l f endstream endobj 1102 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 588 m 524.000000 588.000000 l 524.000000 575.000000 l 72.000000 575.000000 l 72.000000 588.000000 l f endstream endobj 1103 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 577.136719 Td (yang dilakukan tetap mempertimbangkan pembagian dividen kas kepada pemegang ) Tj ET EMC endstream endobj 1104 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 575 m 540.000000 575.000000 l 540.000000 562.000000 l 72.000000 562.000000 l 72.000000 575.000000 l f endstream endobj 1105 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 575 m 529.000000 575.000000 l 529.000000 562.000000 l 72.000000 562.000000 l 72.000000 575.000000 l f endstream endobj 1106 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 564.136719 Td (saham. Tampaknya perusahaan yang masuk dalam kelompok LQ 45 berusaha untuk ) Tj ET EMC endstream endobj 1107 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 562 m 540.000000 562.000000 l 540.000000 549.000000 l 72.000000 549.000000 l 72.000000 562.000000 l f endstream endobj 1108 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 562 m 530.000000 562.000000 l 530.000000 549.000000 l 72.000000 549.000000 l 72.000000 562.000000 l f endstream endobj 1109 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 551.136719 Td (memperkecil masalah keagenan dengan menjaga keseimbangan antara pembayaran ) Tj ET EMC endstream endobj 1110 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 549 m 540.000000 549.000000 l 540.000000 536.000000 l 72.000000 536.000000 l 72.000000 549.000000 l f endstream endobj 1111 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 549 m 331.000000 549.000000 l 331.000000 536.000000 l 72.000000 536.000000 l 72.000000 549.000000 l f endstream endobj 1112 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 538.136719 Td (dividen dan pembiayaan untuk investasi. Karena) Tj ET EMC endstream endobj 1113 0 obj<> stream 0.200000 0.200000 0.200000 rg BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 331.000000 538.136719 Td ( ) Tj ET EMC endstream endobj 1114 0 obj<> stream 0.200000 0.200000 0.200000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 338.000000 538.136719 Td (pada dasarnya) Tj ET EMC endstream endobj 1115 0 obj<> stream 0.200000 0.200000 0.200000 rg BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 418.000000 538.136719 Td ( ) Tj ET EMC endstream endobj 1116 0 obj<> stream 1.000000 1.000000 1.000000 rg 422 549 m 522.000000 549.000000 l 522.000000 536.000000 l 422.000000 536.000000 l 422.000000 549.000000 l f endstream endobj 1117 0 obj<> stream 0.200000 0.200000 0.200000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 422.000000 538.136719 Td (pemegang saham ) Tj ET EMC endstream endobj 1118 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 536 m 540.000000 536.000000 l 540.000000 523.000000 l 72.000000 523.000000 l 72.000000 536.000000 l f endstream endobj 1119 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 536 m 523.000000 536.000000 l 523.000000 523.000000 l 72.000000 523.000000 l 72.000000 536.000000 l f endstream endobj 1120 0 obj<> stream 0.200000 0.200000 0.200000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 525.136719 Td (mempunyai kepentingan untuk mendapatkan dividen sedangkan agen \(manajemen\) ) Tj ET EMC endstream endobj 1121 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 523 m 540.000000 523.000000 l 540.000000 510.000000 l 72.000000 510.000000 l 72.000000 523.000000 l f endstream endobj 1122 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 523 m 339.000000 523.000000 l 339.000000 510.000000 l 72.000000 510.000000 l 72.000000 523.000000 l f endstream endobj 1123 0 obj<> stream 0.200000 0.200000 0.200000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 512.136719 Td (lebih memilih untuk meningkatkan kesejahteraan. ) Tj ET EMC endstream endobj 1124 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 510 m 540.000000 510.000000 l 540.000000 497.000000 l 72.000000 497.000000 l 72.000000 510.000000 l f endstream endobj 1125 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 510 m 521.000000 510.000000 l 521.000000 497.000000 l 72.000000 497.000000 l 72.000000 510.000000 l f endstream endobj 1126 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 499.136719 Td (Salah satu aspek penting dari kegiatan perusahaan bagaimana mendapatkan profit. ) Tj ET EMC endstream endobj 1127 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 497 m 540.000000 497.000000 l 540.000000 484.000000 l 72.000000 484.000000 l 72.000000 497.000000 l f endstream endobj 1128 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 497 m 495.000000 497.000000 l 495.000000 484.000000 l 72.000000 484.000000 l 72.000000 497.000000 l f endstream endobj 1129 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 486.136719 Td (Profit yang dihasilkan dapat digunakan untuk menambah modal atau dibagikan ) Tj ET EMC endstream endobj 1130 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 484 m 540.000000 484.000000 l 540.000000 471.000000 l 72.000000 471.000000 l 72.000000 484.000000 l f endstream endobj 1131 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 484 m 529.000000 484.000000 l 529.000000 471.000000 l 72.000000 471.000000 l 72.000000 484.000000 l f endstream endobj 1132 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 473.136719 Td (sebagai dividen. Apabila profit digunakan untuk menambah modal dan diinvestasikan ) Tj ET EMC endstream endobj 1133 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 471 m 540.000000 471.000000 l 540.000000 458.000000 l 72.000000 458.000000 l 72.000000 471.000000 l f endstream endobj 1134 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 471 m 477.000000 471.000000 l 477.000000 458.000000 l 72.000000 458.000000 l 72.000000 471.000000 l f endstream endobj 1135 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 460.136719 Td (pada peluang investasi yang menghasilkan NPV positif diharapkan mampu ) Tj ET EMC endstream endobj 1136 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 458 m 540.000000 458.000000 l 540.000000 445.000000 l 72.000000 445.000000 l 72.000000 458.000000 l f endstream endobj 1137 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 458 m 524.000000 458.000000 l 524.000000 445.000000 l 72.000000 445.000000 l 72.000000 458.000000 l f endstream endobj 1138 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 447.136719 Td (meningkatkan nilai perusahaan dengan maksimum. Konsekwensi dari penggunaan ) Tj ET EMC endstream endobj 1139 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 445 m 540.000000 445.000000 l 540.000000 432.000000 l 72.000000 432.000000 l 72.000000 445.000000 l f endstream endobj 1140 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 445 m 540.000000 445.000000 l 540.000000 432.000000 l 72.000000 432.000000 l 72.000000 445.000000 l f endstream endobj 1141 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 434.136719 Td (laba untuk menambah modal adalah dividen yang dibagikan menjadi berkurang apabila ) Tj ET EMC endstream endobj 1142 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 432 m 540.000000 432.000000 l 540.000000 419.000000 l 72.000000 419.000000 l 72.000000 432.000000 l f endstream endobj 1143 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 432 m 522.000000 432.000000 l 522.000000 419.000000 l 72.000000 419.000000 l 72.000000 432.000000 l f endstream endobj 1144 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 421.136719 Td (sumber pembagian dividen adalah laba. Dalam penelitian ini ditemukan hasil bahwa ) Tj ET EMC endstream endobj 1145 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 419 m 540.000000 419.000000 l 540.000000 406.000000 l 72.000000 406.000000 l 72.000000 419.000000 l f endstream endobj 1146 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 419 m 519.000000 419.000000 l 519.000000 406.000000 l 72.000000 406.000000 l 72.000000 419.000000 l f endstream endobj 1147 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 408.136719 Td (profitabilitas mempengaruhi secara positif pembayaran dividen dan signifikan. Hasil ) Tj ET EMC endstream endobj 1148 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 406 m 540.000000 406.000000 l 540.000000 393.000000 l 72.000000 393.000000 l 72.000000 406.000000 l f endstream endobj 1149 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 406 m 518.000000 406.000000 l 518.000000 393.000000 l 72.000000 393.000000 l 72.000000 406.000000 l f endstream endobj 1150 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 395.136719 Td (temuan ini menunjukkan bahwa bila laba perusahaan meningkat maka dividen juga ) Tj ET EMC endstream endobj 1151 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 393 m 540.000000 393.000000 l 540.000000 380.000000 l 72.000000 380.000000 l 72.000000 393.000000 l f endstream endobj 1152 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 393 m 281.000000 393.000000 l 281.000000 380.000000 l 72.000000 380.000000 l 72.000000 393.000000 l f endstream endobj 1153 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 382.136719 Td (akan meningkat. Bila dikaitkan dengan ) Tj ET EMC endstream endobj 1154 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 281.000000 382.136719 Td (signaling theory) Tj ET EMC endstream endobj 1155 0 obj<> stream 1.000000 1.000000 1.000000 rg 366 393 m 525.000000 393.000000 l 525.000000 380.000000 l 366.000000 380.000000 l 366.000000 393.000000 l f endstream endobj 1156 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 366.000000 382.136719 Td (, maka saat laba perusahaan ) Tj ET EMC endstream endobj 1157 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 380 m 540.000000 380.000000 l 540.000000 367.000000 l 72.000000 367.000000 l 72.000000 380.000000 l f endstream endobj 1158 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 380 m 536.000000 380.000000 l 536.000000 367.000000 l 72.000000 367.000000 l 72.000000 380.000000 l f endstream endobj 1159 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 369.136719 Td (meningkat perusahaan akan memberikan signal positif dengan cara menaikan dividen ) Tj ET EMC endstream endobj 1160 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 367 m 540.000000 367.000000 l 540.000000 354.000000 l 72.000000 354.000000 l 72.000000 367.000000 l f endstream endobj 1161 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 367 m 411.000000 367.000000 l 411.000000 354.000000 l 72.000000 354.000000 l 72.000000 367.000000 l f endstream endobj 1162 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 356.136719 Td (yang akan atau sudah dihasilkan dari investasi yang dilakukan. ) Tj ET EMC endstream endobj 1163 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 354 m 540.000000 354.000000 l 540.000000 341.000000 l 72.000000 341.000000 l 72.000000 354.000000 l f endstream endobj 1164 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 354 m 501.000000 354.000000 l 501.000000 341.000000 l 72.000000 341.000000 l 72.000000 354.000000 l f endstream endobj 1165 0 obj<> stream 0.133333 0.133333 0.133333 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 343.136719 Td (Likuiditas perusahaan merupakan pertimbangan utama dalam banyak kebijakan ) Tj ET EMC endstream endobj 1166 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 341 m 540.000000 341.000000 l 540.000000 328.000000 l 72.000000 328.000000 l 72.000000 341.000000 l f endstream endobj 1167 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 341 m 532.000000 341.000000 l 532.000000 328.000000 l 72.000000 328.000000 l 72.000000 341.000000 l f endstream endobj 1168 0 obj<> stream 0.133333 0.133333 0.133333 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 330.136719 Td (dividen. Karena dividen bagi perusahaan merupakan kas keluar, maka semakin besar ) Tj ET EMC endstream endobj 1169 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 328 m 540.000000 328.000000 l 540.000000 315.000000 l 72.000000 315.000000 l 72.000000 328.000000 l f endstream endobj 1170 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 328 m 487.000000 328.000000 l 487.000000 315.000000 l 72.000000 315.000000 l 72.000000 328.000000 l f endstream endobj 1171 0 obj<> stream 0.133333 0.133333 0.133333 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 317.136719 Td (posisi kas dan likuiditas perusahaan secara keseluruhan akan semakin besar ) Tj ET EMC endstream endobj 1172 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 315 m 540.000000 315.000000 l 540.000000 302.000000 l 72.000000 302.000000 l 72.000000 315.000000 l f endstream endobj 1173 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 315 m 486.000000 315.000000 l 486.000000 302.000000 l 72.000000 302.000000 l 72.000000 315.000000 l f endstream endobj 1174 0 obj<> stream 0.133333 0.133333 0.133333 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 304.136719 Td (kemampuan perusahaan untuk membayar dividen. Perusahaan yang sedang ) Tj ET EMC endstream endobj 1175 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 302 m 540.000000 302.000000 l 540.000000 289.000000 l 72.000000 289.000000 l 72.000000 302.000000 l f endstream endobj 1176 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 302 m 229.000000 302.000000 l 229.000000 289.000000 l 72.000000 289.000000 l 72.000000 302.000000 l f endstream endobj 1177 0 obj<> stream 0.133333 0.133333 0.133333 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 291.136719 Td (mengalami pertumbuhan dan) Tj ET EMC endstream endobj 1178 0 obj<> stream 0.133333 0.133333 0.133333 rg BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 229.000000 291.136719 Td (profitable) Tj ET EMC endstream endobj 1179 0 obj<> stream 1.000000 1.000000 1.000000 rg 279 302 m 539.000000 302.000000 l 539.000000 289.000000 l 279.000000 289.000000 l 279.000000 302.000000 l f endstream endobj 1180 0 obj<> stream 0.133333 0.133333 0.133333 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 279.000000 291.136719 Td (akan memerlukan dana yang cukup besar untuk ) Tj ET EMC endstream endobj 1181 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 289 m 540.000000 289.000000 l 540.000000 276.000000 l 72.000000 276.000000 l 72.000000 289.000000 l f endstream endobj 1182 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 289 m 537.000000 289.000000 l 537.000000 276.000000 l 72.000000 276.000000 l 72.000000 289.000000 l f endstream endobj 1183 0 obj<> stream 0.133333 0.133333 0.133333 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 278.136719 Td (membiayai investasinya, oleh karena itu mungkin akan kurang likuid karena dana yang ) Tj ET EMC endstream endobj 1184 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 276 m 540.000000 276.000000 l 540.000000 263.000000 l 72.000000 263.000000 l 72.000000 276.000000 l f endstream endobj 1185 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 276 m 493.000000 276.000000 l 493.000000 263.000000 l 72.000000 263.000000 l 72.000000 276.000000 l f endstream endobj 1186 0 obj<> stream 0.133333 0.133333 0.133333 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 265.136719 Td (diperoleh lebih banyak diinvestasikan pada aktiva tetap dan aktiva lancar yang ) Tj ET EMC endstream endobj 1187 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 263 m 540.000000 263.000000 l 540.000000 250.000000 l 72.000000 250.000000 l 72.000000 263.000000 l f endstream endobj 1188 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 263 m 364.000000 263.000000 l 364.000000 250.000000 l 72.000000 250.000000 l 72.000000 263.000000 l f endstream endobj 1189 0 obj<> stream 0.133333 0.133333 0.133333 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 252.136719 Td (permanen. Penelitian ini menghasilkan temuan bahwa ) Tj ET EMC endstream endobj 1190 0 obj<> stream 1.000000 1.000000 1.000000 rg 364 263 m 487.000000 263.000000 l 487.000000 250.000000 l 364.000000 250.000000 l 364.000000 263.000000 l f endstream endobj 1191 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 364.000000 252.136719 Td (Likwiditas perusahaan ) Tj ET EMC endstream endobj 1192 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 250 m 540.000000 250.000000 l 540.000000 237.000000 l 72.000000 237.000000 l 72.000000 250.000000 l f endstream endobj 1193 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 250 m 507.000000 250.000000 l 507.000000 237.000000 l 72.000000 237.000000 l 72.000000 250.000000 l f endstream endobj 1194 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 239.136719 Td (berpengaruh negatif terhadap kebijakan dividen namun tidak signifikan. Masalah ) Tj ET EMC endstream endobj 1195 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 237 m 540.000000 237.000000 l 540.000000 224.000000 l 72.000000 224.000000 l 72.000000 237.000000 l f endstream endobj 1196 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 237 m 533.000000 237.000000 l 533.000000 224.000000 l 72.000000 224.000000 l 72.000000 237.000000 l f endstream endobj 1197 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 226.136719 Td (likwiditas bagi perusahaan dalam kelompok LQ 45 tampaknya bukan menjadi penentu ) Tj ET EMC endstream endobj 1198 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 224 m 540.000000 224.000000 l 540.000000 211.000000 l 72.000000 211.000000 l 72.000000 224.000000 l f endstream endobj 1199 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 224 m 507.000000 224.000000 l 507.000000 211.000000 l 72.000000 211.000000 l 72.000000 224.000000 l f endstream endobj 1200 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 213.136719 Td (utama dalam kebijakan dividen yang akan dibayarkan kepada pemegang saham. ) Tj ET EMC endstream endobj 1201 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 211 m 540.000000 211.000000 l 540.000000 198.000000 l 72.000000 198.000000 l 72.000000 211.000000 l f endstream endobj 1202 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 211 m 455.000000 211.000000 l 455.000000 198.000000 l 72.000000 198.000000 l 72.000000 211.000000 l f endstream endobj 1203 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 200.136719 Td (Perusahaan tetap konsisten akan membayar dividen perusahaan tanpa ) Tj ET EMC endstream endobj 1204 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 198 m 540.000000 198.000000 l 540.000000 185.000000 l 72.000000 185.000000 l 72.000000 198.000000 l f endstream endobj 1205 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 198 m 429.000000 198.000000 l 429.000000 185.000000 l 72.000000 185.000000 l 72.000000 198.000000 l f endstream endobj 1206 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 187.136719 Td (mempertimbangkan alasan likwiditas atau kebutuhan dana lainnya.) Tj ET EMC endstream endobj 1207 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 185 m 540.000000 185.000000 l 540.000000 172.000000 l 72.000000 172.000000 l 72.000000 185.000000 l f endstream endobj 1208 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 185 m 516.000000 185.000000 l 516.000000 172.000000 l 72.000000 172.000000 l 72.000000 185.000000 l f endstream endobj 1209 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 174.136719 Td (Size secara positif berpengaruh terhadap kebijakan dividen namun tidak signifikan. ) Tj ET EMC endstream endobj 1210 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 157 m 540.000000 157.000000 l 540.000000 144.000000 l 72.000000 144.000000 l 72.000000 157.000000 l f endstream endobj 1211 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 157 m 500.000000 157.000000 l 500.000000 144.000000 l 72.000000 144.000000 l 72.000000 157.000000 l f endstream endobj 1212 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 146.136719 Td (Artinya besarnya ukuran perusahaan akan memudahkan untuk mencari sumber ) Tj ET EMC endstream endobj 1213 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 129 m 540.000000 129.000000 l 540.000000 116.000000 l 72.000000 116.000000 l 72.000000 129.000000 l f endstream endobj 1214 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 129 m 495.000000 129.000000 l 495.000000 116.000000 l 72.000000 116.000000 l 72.000000 129.000000 l f endstream endobj 1215 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 118.136719 Td (pembiayaan eksternal melalui pasar modal baik dalam bentuk pinjaman jangka ) Tj ET EMC endstream endobj 1216 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 101 m 540.000000 101.000000 l 540.000000 88.000000 l 72.000000 88.000000 l 72.000000 101.000000 l f endstream endobj 1217 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 101 m 126.000000 101.000000 l 126.000000 88.000000 l 72.000000 88.000000 l 72.000000 101.000000 l f endstream endobj 1218 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 90.136719 Td (panjang \() Tj ET EMC endstream endobj 1219 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 126.000000 90.136719 Td (bond) Tj ET EMC endstream endobj 1220 0 obj<> stream 1.000000 1.000000 1.000000 rg 153 101 m 526.000000 101.000000 l 526.000000 88.000000 l 153.000000 88.000000 l 153.000000 101.000000 l f endstream endobj 1221 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 153.000000 90.136719 Td (\) maupun bentuk kepemilikan \(saham\). Di lain pihak, dividen kas juga ) Tj ET EMC endstream endobj 1222 0 obj<> /Resources <> >> /Contents [ 1061 0 R 1062 0 R 1063 0 R 1064 0 R 1065 0 R 1066 0 R 1067 0 R 1068 0 R 1069 0 R 1070 0 R 1071 0 R 1072 0 R 1073 0 R 1074 0 R 1075 0 R 1076 0 R 1077 0 R 1078 0 R 1079 0 R 1080 0 R 1081 0 R 1082 0 R 1083 0 R 1084 0 R 1085 0 R 1086 0 R 1087 0 R 1088 0 R 1089 0 R 1090 0 R 1091 0 R 1092 0 R 1093 0 R 1094 0 R 1095 0 R 1096 0 R 1097 0 R 1098 0 R 1099 0 R 1100 0 R 1101 0 R 1102 0 R 1103 0 R 1104 0 R 1105 0 R 1106 0 R 1107 0 R 1108 0 R 1109 0 R 1110 0 R 1111 0 R 1112 0 R 1113 0 R 1114 0 R 1115 0 R 1116 0 R 1117 0 R 1118 0 R 1119 0 R 1120 0 R 1121 0 R 1122 0 R 1123 0 R 1124 0 R 1125 0 R 1126 0 R 1127 0 R 1128 0 R 1129 0 R 1130 0 R 1131 0 R 1132 0 R 1133 0 R 1134 0 R 1135 0 R 1136 0 R 1137 0 R 1138 0 R 1139 0 R 1140 0 R 1141 0 R 1142 0 R 1143 0 R 1144 0 R 1145 0 R 1146 0 R 1147 0 R 1148 0 R 1149 0 R 1150 0 R 1151 0 R 1152 0 R 1153 0 R 1154 0 R 1155 0 R 1156 0 R 1157 0 R 1158 0 R 1159 0 R 1160 0 R 1161 0 R 1162 0 R 1163 0 R 1164 0 R 1165 0 R 1166 0 R 1167 0 R 1168 0 R 1169 0 R 1170 0 R 1171 0 R 1172 0 R 1173 0 R 1174 0 R 1175 0 R 1176 0 R 1177 0 R 1178 0 R 1179 0 R 1180 0 R 1181 0 R 1182 0 R 1183 0 R 1184 0 R 1185 0 R 1186 0 R 1187 0 R 1188 0 R 1189 0 R 1190 0 R 1191 0 R 1192 0 R 1193 0 R 1194 0 R 1195 0 R 1196 0 R 1197 0 R 1198 0 R 1199 0 R 1200 0 R 1201 0 R 1202 0 R 1203 0 R 1204 0 R 1205 0 R 1206 0 R 1207 0 R 1208 0 R 1209 0 R 1210 0 R 1211 0 R 1212 0 R 1213 0 R 1214 0 R 1215 0 R 1216 0 R 1217 0 R 1218 0 R 1219 0 R 1220 0 R 1221 0 R ] >> endobj 1223 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 731 m 540.000000 731.000000 l 540.000000 718.000000 l 72.000000 718.000000 l 72.000000 731.000000 l f endstream endobj 1224 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 731 m 516.000000 731.000000 l 516.000000 718.000000 l 72.000000 718.000000 l 72.000000 731.000000 l f endstream endobj 1225 0 obj<> stream /P <> BDC 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 720.136719 Td (tetap dibayarkan kepada pemegang saham. Bila perusahaan memiliki kemampuan ) Tj ET EMC endstream endobj 1226 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 703 m 540.000000 703.000000 l 540.000000 690.000000 l 72.000000 690.000000 l 72.000000 703.000000 l f endstream endobj 1227 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 703 m 531.000000 703.000000 l 531.000000 690.000000 l 72.000000 690.000000 l 72.000000 703.000000 l f endstream endobj 1228 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 692.136719 Td (untuk meminjam dengan mudah, maka dapat dikatakan perusahaan tersebut fleksibel ) Tj ET EMC endstream endobj 1229 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 675 m 540.000000 675.000000 l 540.000000 662.000000 l 72.000000 662.000000 l 72.000000 675.000000 l f endstream endobj 1230 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 675 m 515.000000 675.000000 l 515.000000 662.000000 l 72.000000 662.000000 l 72.000000 675.000000 l f endstream endobj 1231 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 664.136719 Td (secara keuangan.Semakin besar kemampuan perusahaan untuk meminjam, maka ) Tj ET EMC endstream endobj 1232 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 647 m 540.000000 647.000000 l 540.000000 634.000000 l 72.000000 634.000000 l 72.000000 647.000000 l f endstream endobj 1233 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 647 m 489.000000 647.000000 l 489.000000 634.000000 l 72.000000 634.000000 l 72.000000 647.000000 l f endstream endobj 1234 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 636.136719 Td (akan semakin besar fleksibilitasnya untuk meminjam, dan semakin besar pula ) Tj ET EMC endstream endobj 1235 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 619 m 540.000000 619.000000 l 540.000000 606.000000 l 72.000000 606.000000 l 72.000000 619.000000 l f endstream endobj 1236 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 619 m 520.000000 619.000000 l 520.000000 606.000000 l 72.000000 606.000000 l 72.000000 619.000000 l f endstream endobj 1237 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 608.136719 Td (kemampuannya untuk membayar dividen tunai. Dengan adanya akses yang mudah ) Tj ET EMC endstream endobj 1238 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 591 m 540.000000 591.000000 l 540.000000 578.000000 l 72.000000 578.000000 l 72.000000 591.000000 l f endstream endobj 1239 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 591 m 505.000000 591.000000 l 505.000000 578.000000 l 72.000000 578.000000 l 72.000000 591.000000 l f endstream endobj 1240 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 580.136719 Td (untuk berhutang, maka perusahaan tidak perlu terlalu khawatir dengan pengaruh ) Tj ET EMC endstream endobj 1241 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 563 m 540.000000 563.000000 l 540.000000 550.000000 l 72.000000 550.000000 l 72.000000 563.000000 l f endstream endobj 1242 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 563 m 235.000000 563.000000 l 235.000000 550.000000 l 72.000000 550.000000 l 72.000000 563.000000 l f endstream endobj 1243 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 552.136719 Td (dividen tunai dan likuiditasnya.) Tj ET EMC endstream endobj 1244 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 535 m 540.000000 535.000000 l 540.000000 522.000000 l 72.000000 522.000000 l 72.000000 535.000000 l f endstream endobj 1245 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 524.136719 Td (Kebijakan pembayaran dividen kas ini tampaknya dilakukan untuk mendukung ) Tj ET EMC endstream endobj 1246 0 obj<> stream 1.000000 1.000000 1.000000 rg 499 535 m 536.000000 535.000000 l 536.000000 522.000000 l 499.000000 522.000000 l 499.000000 535.000000 l f endstream endobj 1247 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 499.000000 524.136719 Td (bird in ) Tj ET EMC endstream endobj 1248 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 522 m 540.000000 522.000000 l 540.000000 509.000000 l 72.000000 509.000000 l 72.000000 522.000000 l f endstream endobj 1249 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 522 m 156.000000 522.000000 l 156.000000 509.000000 l 72.000000 509.000000 l 72.000000 522.000000 l f endstream endobj 1250 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 511.136719 Td (the hand theory) Tj ET EMC endstream endobj 1251 0 obj<> stream 1.000000 1.000000 1.000000 rg 156 522 m 471.000000 522.000000 l 471.000000 509.000000 l 156.000000 509.000000 l 156.000000 522.000000 l f endstream endobj 1252 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 156.000000 511.136719 Td ( karena investor lebih menyukai dividen yang sudah pasti ) Tj ET EMC endstream endobj 1253 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 509 m 540.000000 509.000000 l 540.000000 496.000000 l 72.000000 496.000000 l 72.000000 509.000000 l f endstream endobj 1254 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 509 m 147.000000 509.000000 l 147.000000 496.000000 l 72.000000 496.000000 l 72.000000 509.000000 l f endstream endobj 1255 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 498.136719 Td (dibandingkan ) Tj ET EMC endstream endobj 1256 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 147.000000 498.136719 Td (capital gain) Tj ET EMC endstream endobj 1257 0 obj<> stream 1.000000 1.000000 1.000000 rg 208 509 m 533.000000 509.000000 l 533.000000 496.000000 l 208.000000 496.000000 l 208.000000 509.000000 l f endstream endobj 1258 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 208.000000 498.136719 Td (. Terkait dengan teori tersebut tampaknya pemegang saham ) Tj ET EMC endstream endobj 1259 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 496 m 540.000000 496.000000 l 540.000000 483.000000 l 72.000000 483.000000 l 72.000000 496.000000 l f endstream endobj 1260 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 496 m 521.000000 496.000000 l 521.000000 483.000000 l 72.000000 483.000000 l 72.000000 496.000000 l f endstream endobj 1261 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 485.136719 Td (perusahaan dalam kelompok LQ 45 didominasi oleh investor institusional. Rata-rata ) Tj ET EMC endstream endobj 1262 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 483 m 540.000000 483.000000 l 540.000000 470.000000 l 72.000000 470.000000 l 72.000000 483.000000 l f endstream endobj 1263 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 483 m 540.000000 483.000000 l 540.000000 470.000000 l 72.000000 470.000000 l 72.000000 483.000000 l f endstream endobj 1264 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 472.136719 Td (jumlah pemegang saham institusional sebesar 49%, dengan nilai maksimum 100% dan ) Tj ET EMC endstream endobj 1265 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 470 m 540.000000 470.000000 l 540.000000 457.000000 l 72.000000 457.000000 l 72.000000 470.000000 l f endstream endobj 1266 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 470 m 537.000000 470.000000 l 537.000000 457.000000 l 72.000000 457.000000 l 72.000000 470.000000 l f endstream endobj 1267 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 459.136719 Td (terendah sebesar 0,01 %. Pemegang saham institusional lebih menyukai dividen tinggi ) Tj ET EMC endstream endobj 1268 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 457 m 540.000000 457.000000 l 540.000000 444.000000 l 72.000000 444.000000 l 72.000000 457.000000 l f endstream endobj 1269 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 457 m 519.000000 457.000000 l 519.000000 444.000000 l 72.000000 444.000000 l 72.000000 457.000000 l f endstream endobj 1270 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 446.136719 Td (karena pemegang saham institusi diatas 25% tidak dikenakan pajak \(bukan objek ) Tj ET EMC endstream endobj 1271 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 444 m 540.000000 444.000000 l 540.000000 431.000000 l 72.000000 431.000000 l 72.000000 444.000000 l f endstream endobj 1272 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 444 m 507.000000 444.000000 l 507.000000 431.000000 l 72.000000 431.000000 l 72.000000 444.000000 l f endstream endobj 1273 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 433.136719 Td (pajak pph pasal 23\). Oleh sebab itu perusahaan yang didominasi oleh pemegang ) Tj ET EMC endstream endobj 1274 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 431 m 540.000000 431.000000 l 540.000000 418.000000 l 72.000000 418.000000 l 72.000000 431.000000 l f endstream endobj 1275 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 431 m 496.000000 431.000000 l 496.000000 418.000000 l 72.000000 418.000000 l 72.000000 431.000000 l f endstream endobj 1276 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 420.136719 Td (saham institusi akan berusaha memberikan dividen secara kontinyu dan besar. ) Tj ET EMC endstream endobj 1277 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 418 m 540.000000 418.000000 l 540.000000 405.000000 l 72.000000 405.000000 l 72.000000 418.000000 l f endstream endobj 1278 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 418 m 498.000000 418.000000 l 498.000000 405.000000 l 72.000000 405.000000 l 72.000000 418.000000 l f endstream endobj 1279 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 407.136719 Td (Kebijakan perusahaan dengan pertimbangan kelompok pemegang saham lebih ) Tj ET EMC endstream endobj 1280 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 405 m 540.000000 405.000000 l 540.000000 392.000000 l 72.000000 392.000000 l 72.000000 405.000000 l f endstream endobj 1281 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 405 m 155.000000 405.000000 l 155.000000 392.000000 l 72.000000 392.000000 l 72.000000 405.000000 l f endstream endobj 1282 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 394.136719 Td (mengacu pada ) Tj ET EMC endstream endobj 1283 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 155.000000 394.136719 Td (clientele theory) Tj ET EMC endstream endobj 1284 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 236.000000 394.136719 Td (.) Tj ET EMC endstream endobj 1285 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 392 m 540.000000 392.000000 l 540.000000 379.000000 l 72.000000 379.000000 l 72.000000 392.000000 l f endstream endobj 1286 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica_Bold 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 381.136719 Td (9. Kesimpulan) Tj ET EMC endstream endobj 1287 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 379 m 540.000000 379.000000 l 540.000000 366.000000 l 72.000000 366.000000 l 72.000000 379.000000 l f endstream endobj 1288 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 368.136719 Td (Berdasarkan hasil analisis dan pembahasan maka dapat disimpulkan sebagai berikut:) Tj ET EMC endstream endobj 1289 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 366 m 540.000000 366.000000 l 540.000000 353.000000 l 72.000000 353.000000 l 72.000000 366.000000 l f endstream endobj 1290 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 144.000000 355.136719 Td ( ) Tj ET EMC endstream endobj 1291 0 obj<> stream 1.000000 1.000000 1.000000 rg 161 366 m 520.000000 366.000000 l 520.000000 353.000000 l 161.000000 353.000000 l 161.000000 366.000000 l f endstream endobj 1292 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 161.000000 355.136719 Td (1.Variabel yang secara signifikan mempengaruhi kebijakan dividen ) Tj ET EMC endstream endobj 1293 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 353 m 540.000000 353.000000 l 540.000000 340.000000 l 144.000000 340.000000 l 144.000000 353.000000 l f endstream endobj 1294 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 353 m 538.000000 353.000000 l 538.000000 340.000000 l 144.000000 340.000000 l 144.000000 353.000000 l f endstream endobj 1295 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 144.000000 342.136719 Td (kelompok perusahaan LQ 45 adalah investasi, profitabilitas, dan leverage ) Tj ET EMC endstream endobj 1296 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 340 m 540.000000 340.000000 l 540.000000 327.000000 l 144.000000 327.000000 l 144.000000 340.000000 l f endstream endobj 1297 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 340 m 215.000000 340.000000 l 215.000000 327.000000 l 144.000000 327.000000 l 144.000000 340.000000 l f endstream endobj 1298 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 144.000000 329.136719 Td (perusahaan. ) Tj ET EMC endstream endobj 1299 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 327 m 540.000000 327.000000 l 540.000000 314.000000 l 144.000000 314.000000 l 144.000000 327.000000 l f endstream endobj 1300 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 144.000000 316.136719 Td ( ) Tj ET EMC endstream endobj 1301 0 obj<> stream 1.000000 1.000000 1.000000 rg 161 327 m 486.000000 327.000000 l 486.000000 314.000000 l 161.000000 314.000000 l 161.000000 327.000000 l f endstream endobj 1302 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 161.000000 316.136719 Td (2. Variabel ukuran perusahaan dan likwiditas tidak signifikan ) Tj ET EMC endstream endobj 1303 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 314 m 540.000000 314.000000 l 540.000000 301.000000 l 144.000000 301.000000 l 144.000000 314.000000 l f endstream endobj 1304 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 314 m 487.000000 314.000000 l 487.000000 301.000000 l 144.000000 301.000000 l 144.000000 314.000000 l f endstream endobj 1305 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 144.000000 303.136719 Td (mempengaruhi kebijakan dividen. Artinya besar kecilnya ukuran ) Tj ET EMC endstream endobj 1306 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 301 m 540.000000 301.000000 l 540.000000 288.000000 l 144.000000 288.000000 l 144.000000 301.000000 l f endstream endobj 1307 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 301 m 535.000000 301.000000 l 535.000000 288.000000 l 144.000000 288.000000 l 144.000000 301.000000 l f endstream endobj 1308 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 144.000000 290.136719 Td (perusahaan dan tinggi rendahnya likwiditas tidak dapat dipertimbangkan ) Tj ET EMC endstream endobj 1309 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 288 m 540.000000 288.000000 l 540.000000 275.000000 l 144.000000 275.000000 l 144.000000 288.000000 l f endstream endobj 1310 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 288 m 409.000000 288.000000 l 409.000000 275.000000 l 144.000000 275.000000 l 144.000000 288.000000 l f endstream endobj 1311 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 144.000000 277.136719 Td (untuk menentukan dividen yang akan dibayarkan.) Tj ET EMC endstream endobj 1312 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 275 m 540.000000 275.000000 l 540.000000 262.000000 l 144.000000 262.000000 l 144.000000 275.000000 l f endstream endobj 1313 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 144.000000 264.136719 Td ( ) Tj ET EMC endstream endobj 1314 0 obj<> stream 1.000000 1.000000 1.000000 rg 161 275 m 514.000000 275.000000 l 514.000000 262.000000 l 161.000000 262.000000 l 161.000000 275.000000 l f endstream endobj 1315 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 161.000000 264.136719 Td (3. Dua variabel yang paling menentukan kebijakan dividen adalah ) Tj ET EMC endstream endobj 1316 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 262 m 540.000000 262.000000 l 540.000000 249.000000 l 144.000000 249.000000 l 144.000000 262.000000 l f endstream endobj 1317 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 262 m 528.000000 262.000000 l 528.000000 249.000000 l 144.000000 249.000000 l 144.000000 262.000000 l f endstream endobj 1318 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 144.000000 251.136719 Td (Investasi dan leverage dengan pengaruh negatif. Hasil ini menunjukkan ) Tj ET EMC endstream endobj 1319 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 249 m 540.000000 249.000000 l 540.000000 236.000000 l 144.000000 236.000000 l 144.000000 249.000000 l f endstream endobj 1320 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 249 m 495.000000 249.000000 l 495.000000 236.000000 l 144.000000 236.000000 l 144.000000 249.000000 l f endstream endobj 1321 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 144.000000 238.136719 Td (bahwa kegiatan investasi dan kebijakan leverage yang dilakukan ) Tj ET EMC endstream endobj 1322 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 236 m 540.000000 236.000000 l 540.000000 223.000000 l 144.000000 223.000000 l 144.000000 236.000000 l f endstream endobj 1323 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 236 m 481.000000 236.000000 l 481.000000 223.000000 l 144.000000 223.000000 l 144.000000 236.000000 l f endstream endobj 1324 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 144.000000 225.136719 Td (perusahaan dalam kelompok LQ 45 akan berdampak terhadap ) Tj ET EMC endstream endobj 1325 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 223 m 540.000000 223.000000 l 540.000000 210.000000 l 144.000000 210.000000 l 144.000000 223.000000 l f endstream endobj 1326 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 223 m 527.000000 223.000000 l 527.000000 210.000000 l 144.000000 210.000000 l 144.000000 223.000000 l f endstream endobj 1327 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 144.000000 212.136719 Td (pengurangan dividen. Peningkatan hutang berdampak pada penurunan ) Tj ET EMC endstream endobj 1328 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 210 m 540.000000 210.000000 l 540.000000 197.000000 l 144.000000 197.000000 l 144.000000 210.000000 l f endstream endobj 1329 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 210 m 496.000000 210.000000 l 496.000000 197.000000 l 144.000000 197.000000 l 144.000000 210.000000 l f endstream endobj 1330 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 144.000000 199.136719 Td (dividen karena harus membayar kewajiban yang diambil dari laba ) Tj ET EMC endstream endobj 1331 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 197 m 540.000000 197.000000 l 540.000000 184.000000 l 144.000000 184.000000 l 144.000000 197.000000 l f endstream endobj 1332 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 197 m 211.000000 197.000000 l 211.000000 184.000000 l 144.000000 184.000000 l 144.000000 197.000000 l f endstream endobj 1333 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 144.000000 186.136719 Td (perusahaan.) Tj ET EMC endstream endobj 1334 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 184 m 540.000000 184.000000 l 540.000000 171.000000 l 144.000000 171.000000 l 144.000000 184.000000 l f endstream endobj 1335 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 144.000000 173.136719 Td ( ) Tj ET EMC endstream endobj 1336 0 obj<> stream 1.000000 1.000000 1.000000 rg 161 184 m 515.000000 184.000000 l 515.000000 171.000000 l 161.000000 171.000000 l 161.000000 184.000000 l f endstream endobj 1337 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 161.000000 173.136719 Td (4.Teori kebijakan dividen yang umumnya terjadi di BEI khususnya ) Tj ET EMC endstream endobj 1338 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 171 m 540.000000 171.000000 l 540.000000 158.000000 l 144.000000 158.000000 l 144.000000 171.000000 l f endstream endobj 1339 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 171 m 377.000000 171.000000 l 377.000000 158.000000 l 144.000000 158.000000 l 144.000000 171.000000 l f endstream endobj 1340 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 144.000000 160.136719 Td (perusahaan dalam kelompok LQ 45 adalah ) Tj ET EMC endstream endobj 1341 0 obj<> stream BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 377.000000 160.136719 Td (signalling theory) Tj ET EMC endstream endobj 1342 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 464.000000 160.136719 Td ( dan ) Tj ET EMC endstream endobj 1343 0 obj<> stream 1.000000 1.000000 1.000000 rg 491 171 m 535.000000 171.000000 l 535.000000 158.000000 l 491.000000 158.000000 l 491.000000 171.000000 l f endstream endobj 1344 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 491.000000 160.136719 Td (clientile ) Tj ET EMC endstream endobj 1345 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 158 m 540.000000 158.000000 l 540.000000 145.000000 l 144.000000 145.000000 l 144.000000 158.000000 l f endstream endobj 1346 0 obj<> stream 1.000000 1.000000 1.000000 rg 144 158 m 178.000000 158.000000 l 178.000000 145.000000 l 144.000000 145.000000 l 144.000000 158.000000 l f endstream endobj 1347 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica_Oblique 12.000000 Tf 100.000000 Tz 0.000000 Tw 144.000000 147.136719 Td (theory) Tj ET EMC endstream endobj 1348 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 178.000000 147.136719 Td (.) Tj ET EMC endstream endobj 1349 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 119 m 540.000000 119.000000 l 540.000000 106.000000 l 72.000000 106.000000 l 72.000000 119.000000 l f endstream endobj 1350 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica_Bold 12.000000 Tf 100.000000 Tz 0.000000 Tw 250.000000 108.136719 Td (DAFTAR PUSTAKA) Tj ET EMC endstream endobj 1351 0 obj<> /Resources <> >> /Contents [ 1223 0 R 1224 0 R 1225 0 R 1226 0 R 1227 0 R 1228 0 R 1229 0 R 1230 0 R 1231 0 R 1232 0 R 1233 0 R 1234 0 R 1235 0 R 1236 0 R 1237 0 R 1238 0 R 1239 0 R 1240 0 R 1241 0 R 1242 0 R 1243 0 R 1244 0 R 1245 0 R 1246 0 R 1247 0 R 1248 0 R 1249 0 R 1250 0 R 1251 0 R 1252 0 R 1253 0 R 1254 0 R 1255 0 R 1256 0 R 1257 0 R 1258 0 R 1259 0 R 1260 0 R 1261 0 R 1262 0 R 1263 0 R 1264 0 R 1265 0 R 1266 0 R 1267 0 R 1268 0 R 1269 0 R 1270 0 R 1271 0 R 1272 0 R 1273 0 R 1274 0 R 1275 0 R 1276 0 R 1277 0 R 1278 0 R 1279 0 R 1280 0 R 1281 0 R 1282 0 R 1283 0 R 1284 0 R 1285 0 R 1286 0 R 1287 0 R 1288 0 R 1289 0 R 1290 0 R 1291 0 R 1292 0 R 1293 0 R 1294 0 R 1295 0 R 1296 0 R 1297 0 R 1298 0 R 1299 0 R 1300 0 R 1301 0 R 1302 0 R 1303 0 R 1304 0 R 1305 0 R 1306 0 R 1307 0 R 1308 0 R 1309 0 R 1310 0 R 1311 0 R 1312 0 R 1313 0 R 1314 0 R 1315 0 R 1316 0 R 1317 0 R 1318 0 R 1319 0 R 1320 0 R 1321 0 R 1322 0 R 1323 0 R 1324 0 R 1325 0 R 1326 0 R 1327 0 R 1328 0 R 1329 0 R 1330 0 R 1331 0 R 1332 0 R 1333 0 R 1334 0 R 1335 0 R 1336 0 R 1337 0 R 1338 0 R 1339 0 R 1340 0 R 1341 0 R 1342 0 R 1343 0 R 1344 0 R 1345 0 R 1346 0 R 1347 0 R 1348 0 R 1349 0 R 1350 0 R ] >> endobj 1352 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 718 m 540.000000 718.000000 l 540.000000 705.000000 l 72.000000 705.000000 l 72.000000 718.000000 l f endstream endobj 1353 0 obj<> stream /P <> BDC 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 707.136719 Td ( ) Tj ET EMC endstream endobj 1354 0 obj<> stream 1.000000 1.000000 1.000000 rg 89 718 m 536.000000 718.000000 l 536.000000 705.000000 l 89.000000 705.000000 l 89.000000 718.000000 l f endstream endobj 1355 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 89.000000 707.136719 Td (Abbas. Assd, Hashmi. Shujahat Haider, Christi. Anwar Fazal. 2016.Dividend Policy ) Tj ET EMC endstream endobj 1356 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 705 m 540.000000 705.000000 l 540.000000 692.000000 l 72.000000 692.000000 l 72.000000 705.000000 l f endstream endobj 1357 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 705 m 297.000000 705.000000 l 297.000000 692.000000 l 72.000000 692.000000 l 72.000000 705.000000 l f endstream endobj 1358 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 694.136719 Td (and Capital Structure: testing Endogeneity) Tj ET EMC endstream endobj 1359 0 obj<> stream BT /FNT_Helvetica 11.000000 Tf 100.000000 Tz 0.000000 Tw 297.000000 694.041992 Td ( ) Tj ET EMC endstream endobj 1360 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 691 m 540.000000 691.000000 l 540.000000 679.000000 l 72.000000 679.000000 l 72.000000 691.000000 l f endstream endobj 1361 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 11.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 681.041992 Td ( ) Tj ET EMC endstream endobj 1362 0 obj<> stream 0.000000 0.000000 1.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 88.000000 681.136719 Td (https://papers.ssrn.com/sol3/papers2.cfm?abstract_id=2745726) Tj ET EMC endstream endobj 1363 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 666 m 540.000000 666.000000 l 540.000000 653.000000 l 72.000000 653.000000 l 72.000000 666.000000 l f endstream endobj 1364 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 655.136719 Td ( ) Tj ET EMC endstream endobj 1365 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 89.000000 655.136719 Td ( ) Tj ET EMC endstream endobj 1366 0 obj<> stream BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 106.000000 655.136719 Td ( ) Tj ET EMC endstream endobj 1367 0 obj<> stream 1.000000 1.000000 1.000000 rg 123 666 m 512.000000 666.000000 l 512.000000 653.000000 l 123.000000 653.000000 l 123.000000 666.000000 l f endstream endobj 1368 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 123.000000 655.136719 Td (Ardestani. Hananeh Shahteimoori , Rasid. Siti Zaleha Abdul , Basiruddin ) Tj ET EMC endstream endobj 1369 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 628 m 540.000000 628.000000 l 540.000000 615.000000 l 72.000000 615.000000 l 72.000000 628.000000 l f endstream endobj 1370 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 628 m 499.000000 628.000000 l 499.000000 615.000000 l 72.000000 615.000000 l 72.000000 628.000000 l f endstream endobj 1371 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 617.136719 Td (Rohaida, Mehri. Mohammadghorban. 2013. Dividend Payout Policy, Investment ) Tj ET EMC endstream endobj 1372 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 590 m 540.000000 590.000000 l 540.000000 577.000000 l 72.000000 577.000000 l 72.000000 590.000000 l f endstream endobj 1373 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 590 m 535.000000 590.000000 l 535.000000 577.000000 l 72.000000 577.000000 l 72.000000 590.000000 l f endstream endobj 1374 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 579.136719 Td (Opportunity Set and Corporate Financing in the Industrial Products Sector of Malaysia. ) Tj ET EMC endstream endobj 1375 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 552 m 540.000000 552.000000 l 540.000000 539.000000 l 72.000000 539.000000 l 72.000000 552.000000 l f endstream endobj 1376 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 552 m 335.000000 552.000000 l 335.000000 539.000000 l 72.000000 539.000000 l 72.000000 552.000000 l f endstream endobj 1377 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 541.136719 Td (Journal of Applied Finance & Banking, Vol 3 No 1) Tj ET EMC endstream endobj 1378 0 obj<> stream 1.000000 1.000000 1.000000 rg 72 514 m 540.000000 514.000000 l 540.000000 501.000000 l 72.000000 501.000000 l 72.000000 514.000000 l f endstream endobj 1379 0 obj<> stream 0.000000 0.000000 0.000000 rg BT /FNT_Helvetica 12.000000 Tf 100.000000 Tz 0.000000 Tw 72.000000 503.136719 Td (Azhagaiah. R & Sabarai Priya N. 2008. 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