Pengaruh dividend payout terhadap earnings growth dengan variabel kontrol : ukuran perusahaan ROA earnings yield. debt to asset ratio, past earnings growth, dan asset growth kelompok perusahaan industri manufaktur periode 2005 - 2007

Deskripsi

According to generally accepted theory about dividend, there is a negative correlation between dividend payout ratio and earnings growth, because lower dividend level indicates higher available fund for investments, hence greater earnings growth. However, several previous researchers, such as Zhou - Ruland (2006) and Arnot ? Asness (2003), found the opposite. This paper is designed to further scrutinize the relationship between the two variables by replicating the model employed by Zhou ? Ruland (2006) onto the sample of data from the Indonesia Stock Exhange (IDX), in particular the manufacturing companies stocks. The model also comprise of six control variables which presumeably affecting the earnings growth. The results shown that dividend payout ratio have a significant positive relationship with earnings growth. Meanwhile the six control variable is proved to be insignificant.Ada tabel