Pengaruh Kebijakan Pendanaan Investasi pada Penilaian Investor terhadap Perusahaan yang Diintermediasi dengan Kebijakan Dividen dan Implikasinya pada Pengembangan Materi Pembelajaran Ekonomi Makro

Bambang Pranowo


Investors’ reactions are reflected on their evaluation to the firms, and it can be seen from Price Earning Ratio (PER) level showing shares’ performance. Moreover, firms’ investment policy can be seen from its investment financing, either using internal or external financial resources. Internal financial policy can be checked from level of Retained Earning Ratio (RER) showing dividend policy taken, while external financial policy is indicated by the Degree of Financial Leverage (DFL) of the firms showing level of long-range debt. It is predicted that DFL and RER will influence PER. This research look for the significance effects of DFL and RER to PER either controlled by intermediation of Dividend Policy (DP) or not. To find out the answer, researcher has traced financial reports for the year 1999 up to 2002 publicly published at Jakarta Stock Exchange from 193 companies taken by using stratified proportional random sampling. Research findings reveal that long-range debt influence capability of firms to pay its dividend. It can be concluded and predicted that the bigger the debt, the worse its capability to pay. Then, the level of long-range debt also influence price performance of firms’ shares, and it can be concluded and predicted that the higher the debt, the worse its performance. Furthermore, retained earning is an internal financial resource for firms’ expansion influenced by its capability in obtaining profits. As a consequence that the profits reached will be used to pay dividends for shareholders, so it can be concluded and predicted that the bigger retained earning, the better firms’ performance and the bigger its possibility to obtain profits. Related to usefulness of research findings for teaching and learning in economic, it can be pointed that the problems of investment can be used by teachers and students of leaning materials for predicting national macro-economic conditions.


price earning ratio, retained earning ratio, kebijakan dividen, hutang jangka panjang, kinerja perusahaan, investasi, pengembangan materi pembelajaran ekonomi makro

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