Investment Opportunity, Institutional Ownership, Cash Flow, Company Life Cycle Terhadap Kebijakan Dividen Dan Return Saham (original) (raw)

The objective of this research was to examine and to analyze the infl uences of investment opportunity, cash fl ow, company institutional ownership, and company life cycle stages to dividend policy; and the infl uences of dividend policy to investment opportunity, cash fl ow, institutional ownership, and company life cycle stages to share return. The samples used in this research were manufacturing companies registered at Indonesia Stock Exchange (ISX), who paid dividend regularly within the period of 2003-2006. Path Analysis was used as technical analysis in this research. The research result indicated that, the investment opportunity negatively infl uenced the dividend policy, while the cash fl ow did not infl uence the dividend policy determination; ownership structure did not infl uence dividend policy determination; the company life cycle stages infl uenced the dividend policy determination; dividend policy determination infl uenced company share return; investment opportunity ...