PENGARUH KEPEMILIKAN MANAJERIAL DAN LEVERAGE TERHADAP KEBIJAKAN DIVIDEN DENGAN GROWTH OPPORTUNITY SEBAGAI VARIABEL MODERASI YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2013-2017
This study aims to obtain empirical evidence about the effect managerial ownership and leverage on dividend policy with growth opportunity as a moderating variable in manufacturing companies listed on the Indonesia stock exchange in 2013-2017. Independent variables used are managerial ownership and leverage. The dependent variable is dividend policy. The moderating variable is growth opportunity. The method sampling in this study was purposive sampling ang 9 samples were obtained that met the criteria of 159 companies that became observational data. The analys technique used in this study is moderated regression analys. The result of this study indicate that managerial ownership, leverage , growth opportunity partially influence dividend policy. Growth opportunity insignificantly weakens the effect of managerial ownership on dividend policy and insignificantly strengthens the effect of leverage on dividend policy. Determination test result show that the independent variables , moderating variables from the interaction of the two variables are only able to explain the dependent variable by 25,8% while 74,2% is explained by other variables not explained in this study.