Thursday, August 22, 2013

HAPPY HOLIDAY ^^

Hay hay blogwalker, udah lama banget kayanya ga nyentuh blog, udah lama gak sharing pengalaman gue disini, kangeeeeeeen my blog :*

Semenjak sibuk sama skripsi, kayanya udah jenuh banget buka laptop buat nulis di blog, karena nulis skripsi aja udah makan banyak waktu dan pikiran, tapi berhubung skripsi gue udah kelar (alhamdulillah) jadi lebih semangat buat nulis disini.

Taraaaaa, gue mau cerita tentang liburan gue seminggu ini, lebih tepatnya liburan yang tak terencanakan, kadang emang sesuatu yang gak direncanakan lebih sering terealisasinya sih hehe,

Jadi liburan gue kali ini diawali bersama keluarga, sebenernya ini acara perayaan ulang tahun keponakan gue yang tua ini dan dia minta dirayain di puncak, coba anak 5 tahun minta rayain ultahnya di puncak -_-". tiba-tiba abang gue (ayahnya Bila) telfon kalo hari rabu kita mau ke puncak, awalnya simpang siur ini anak mau rayain ultahnya di rumah, bogor atau puncak, ya untungnya gue udah siapin kado jadi dimanapun siap lah yah. kita di puncak 2 hari, oiya nginepnya di ever green, recomended banget tempatnya, dapet free breakfast dan makanannya enyak lho, ada kolam renang, ada taman bermain sebangsa ayunan, jungkat jungkit, asik lah pokoknya :D (lah saya jadi promosi kan). Seru banget bisa kumpul bareng keluarga besar, apalagi kakak gue yang tinggal di jambi juga lagi pulang ke rumah, hem temu kangen deh pokoknya. Berhubung gue adalah tante yang paling muda dan cantik, haha yaa udeh tuh bocah-bocah pitik pada ngintilin gue yee, kita berenang bareng (walopun gue cuma bisa diem di pojokan kolam), main ayunan dan jungkat jungkit bareng, yang lucu sih main jungkat jungkitnya, secara berat gue gak sebanding sama bocah 5 tahun haha. Tapi sayangnya kita ga poto-poto disana, you know what? karena alasan gue sering berantem sama Bila adalah REBUTAN HP, hp gue selalu aja diincer sama dia karena ada foto om rifki yang bisa dia dandanin pake bando, bulu mata palsu, blush on dan lipstik :D. Entah udah berapa kali HP gue jatoh kalo keponakan gue yang megang :(. Dan Kamis siang kita udah balik lagi ke Jakarta bersama kebahagiaan yang tak tertandingi :))

Next, Bandung.... sebenernya ini juga dadakan, berhubung di bandung ada rumah sodara Nia, gue sama dewi diajak Nia ke bandung sekalian berkunjung ke rumah sodaranya, awalnya rencana kita ke bandung gagal karena dewi mau ketemu sama Dospem nya, kalo dewi ga bisa ikut, gue juga gak ikut, biar Nia aja sendiri yang kesana hihi. Tapi akhirnya Tuhan melancarkan semuanya, malam kamis dia ngabarin kita kalo dia bisa ikut, di saat itu juga kita langsung packing, karena paginya kita harus ngejar bis ke bandung. Baru pertama kali naik bis bertiga tanpa pendamping orang tua haha, tapi ini adalah awal dari keseruan kita. Kita naik bis primajasa (Rp 35.000) jurusan jakarta-garut, itu sebabnya kenapa harga tiketnya murah, terpaksa kita diturunin di kopo dan itu adalah pinggir jalan besar, untuk ke jalan utama itu kita harus turun jembatan lewat turunan yang lumayan curam dan licin (menegangkan). Kebetulan uni nya Nia udah sewa-in wisma buat kita di Jalan Riau (pusatnya kawasan Gahol gitu haha), untuk ke wisma kita harus naik angkot 2 kali. Dan kalo ga pake nyasar dulu sih bukannya nge-bolang namanya yah :D. Sampe Wisma, gue sama dewi istirahat karena kecapean, tapi Nia langsung cus ke rumah sodaranya buat setor muka. nah malemnya Uni Nina ngajak kita makan di nasi kalong, dan itu enak banget, nasi ter-enak yang pernah gue makan, jadi nasinya nasi merah dan itu dibumbuin gurih, kalo gak ada lauk pun gue rasa enak makan nasi doang. Dan di tempatnya itu ditempelin banner gede yang isinya poto-poto si owner sama para artis yang pernah makan disitu.Sebelum pulang ke Wisma kita sempet jalan2 dulu kelilingin Jalan Riau yang emang pusatnya resto dan cafe.

hari kedua, pagi-pagi kita udah siap-siap, karena uda Ai mau jemput kita jam 8 Pagi, kita mau ke......... Kawah Putih, yeay ^^. excited banget gue mau kesana, apalagi kalo bukan mau poto-poto, perajalanan kesana makan waktu 4 jam, itu karena dimana-mana jalanan macet sama arak-arakan 17 agustus, tapi akhirnya sampe jugaaaaa, alhamdulillah. Untuk sampe ke kawah putihnya kita memutuskan buat naik ontang anting, karena kasian Uda Ai udah 4 jam nyetir, itu sejenis mobil odong2 yang kanan-kiri nya gak ada pintu dan supirnya ngebut ga ketolongan di jalan yang naik turun dan meliuk2, rasanya beneran kaya naik ontang-anting -_- dan itu seru banget walaupun gue tegang setengah mati. Sampe di Kawah Putih gausah nunggu lama lagi, gue langsung keluarin HP dan kita puas banget poto2. cekidot...













jam 2 siang kita turun ke bawah, niat hati mau ke lembang, tapi sebelum bisa sampe kesana, ternyata lembang cuma buka sampe jam 5 sore, hiks. Yaudah kita putuskan buat balik ke Wisma, tapi sebelum ke Wisma uda Ai ngajak kita makan di Roemah Enak Enak, konsep restonya unik...


malemnya kita nongkrong di jajanan pinggir jalan di Gazibu, dan emang yah Bandung, surganya kuliner dan gak pernah sepi yang namanya resto atau tempat makan sama orang2 yang kelaperan :D

hari ketiga, sebelum pulang, kita jalan-jalan pagi dulu ke pasar gembrong di deket gedung sate, dan itu dari ujung jalan ke ujung jalan lagi penuh sama pedagang, hampir semua pedagang kita datengin, ya maklumlah perempuan :D




Jam 10 pagi kita udah cauw dari wisma ke terminal leuwipanjang, yaaa seperti biasa pake nyasar dulu haha, sebelum pulang beli oleh-oleh dulu buat keluarga dan pacar. Dan bis nya ngebut banget, jadi gak sampe 2 jam kita udah sampe pasar rebo, nunggu si pacar jemput sampe setengah jam, pulangnya diajak makan dulu di hokben biar gak ngambek :p

terima kasih buat Uni Nina dan Uda Ai yang udah ngurusin kita selama di bandung, merepotkan sekali :))

inilah pengalaman liburan gue selama seminggu, sangat menyenangkan, seru dan unforgetable :D :*



Monday, June 24, 2013

EFFECT OF LEVERAGE AND PROFITABILITY OF DIVIDEND PAYOUT RATIO IN AUTOMOTIVE AND COMPONENTS IN INDONESIA STOCK EXCHANGE

I    INTRODUCTION
1.      Background
In the Indonesian economy is uncertain, we should think how to allocate the funds we receive for the current and future consumption in order to get a better life in the future. One way is to make an investment, which invest funds at this time in order to gain an advantage in the future.
The capital market is a meeting between the parties who have surplus funds to those who need the funds by way of trade in securities. In addition, the stock market can encourage the efficient allocation of funds, due to the presence of capital market then the excess funds (investors) can choose investment alternatives that provide the most optimal return (Eduardus Tandelilin, 2010).
The main objective of the investors to invest their funds into the company that is to earn income or rate of return of investment (return) in the form of dividends (dividend yield) as well as income from the difference between the selling price of the stock on the purchase price (capital gain). In conjunction with dividend income, investors generally want stable dividends, thereby reducing investor uncertainty in invest their funds into the company. On the other hand, companies that will pay dividends faced with a variety of considerations, among others: the need to hold the most profit for re-investment may be more profitable, financing needs, the liquidity of the company, the nature of the shareholders, certain targets relating to the dividend payout ratio and Another factor related to dividend policy (Brigham and Gapenski, 1996).
For investors, information about a company is required as one of the basis for decision-making, whether they would invest their funds in the company or not to achieve their main goal is the return. Information is presented through the company's financial statements are prepared in accordance with accounting principles and reflect the issuer's financial performance shown by the financial ratios (Maslyzon Simbolon, 2009). Return On Assets (ROA) is a profitability ratio that affects the size of the dividend to be distributed and used as an indicator to judge whether a company is able to increase its profits.
The next factor to be taken into consideration in determining the dividend policy is leverage. Brigham and Houston (2001), argues that the debt contracts usually restrict dividends from profits generated after the loan is given. The company's ability to meet its financial obligations will affect the profits to be distributed as dividends to shareholders. There are several ratios that are included in one of which is the leverage ratio Debt to Equity Ratio (DER) which shows a part of every dollar of equity capital as collateral for the entire debt held.
Research conducted Nuriningsih (2005) reveals the relationship between managerial ownership, debt policy, return on assets (ROA), and the size of the companies with dividend policy. The study resulted in the conclusion that managerial ownership and significant positive effect on dividend policy, debt policy variable has a negative and significant effect, firm size variable has a positive and significant effect, and the variable ROA has a negative and significant impact on dividend policy.
Conceptually, if the company's return on assets has increased in each year, then it is likely the company will pay dividends greater. Return on Assets addition, other factors that could affect the company's dividend distribution is payable.

2.      Problem
Based on the above, the main issues to be discussed in this paper can be formulated as follows:
1.      Is the leverage effect on the Dividend Payout Ratio (DPR) on the Automotive and Components Company in Indonesia Stock Exchange?.
2.      What is the effect on the profitability of Dividend Payout Ratio (DPR) on the Automotive and Components Company in Indonesia Stock Exchange?.

3.      Purpose of Research
Based on the above formulation of the problem, the purpose of this study is :
1.      To determine and analyze the effect of leverage on Dividend Payout Ratio (DPR) on the Company's Automotive and Components listed on the Indonesia Stock Exchange.
2.      To determine and analyze the influence of profitability on Dividend Payout Ratio (DPR) on the Company's Automotive and Components listed on the Indonesia Stock Exchange.

4.      Academic Benefits
Academically this research is expected a certain contribution to the development of the theory and science primarily to enrich the concepts and theories of science which underpins financial management, particularly with regard to the influence of Leverage and Profitability of the Dividend Payout Ratio (DPR) of a company.

5.      Practical Benefits
In this pragmatic study is expected to provide useful input to the company concerned in the use of sources of loan funds that have a fixed load to increase the level of profits.

6.      Data Collections Methods
Methods of data collection in this study through two stages, namely :
1.      The first stage is done with the literature, namely the collection of data in the form of supporting literature and previous research to get an idea of the problems to be studied.
2.      The second stage is done by collecting secondary data from financial data and ratios firms obtained from the website www.idx.co.id.


II   DISCUSSION                
1.       Theory
·         Dividend Payout Ratio
Dividend policy (dividend policy) is a decision to determine how large a part of the company's revenue will be reinvested (reinvestment) or retained (retained) in the company (Riyanto, 2001). The larger the less earnings retained earnings allocated to the payment of dividends. Determining the allocation of profits as retained earnings and dividend payments are a key aspect in dividend policy (Waschowicz, 1997). Of understanding, the dividend payout ratio is based on consideration of the range between the interests of the shareholders on the one hand, and corporate interests on the other.
The determination of the Dividend Payout Ratio will determine the size of retained earnings. Every addition of retained earnings means that no additional equity capital in the company at a low cost. Dividend rights of holders of common stock are to get a share of company profits. If the company decides to split the profits in dividends, all holders of common stock equal rights. Distribution of dividends to common stock may be made if the company has paid dividends for preferred stock (Jogiyanto, 1998: 58).

·         This study will focus on the factors most influential in determining the dividend policy include:
1.       Debt to Equity Ratio (DER)
Debt to Equity Ratio (DER) is used to measure the level of leverage (use of debt) to total equity of the company shareholders'e (Robbert Ang, 1997). Debt to equity ratio (DER) can be used as a proxy for solvency ratio (Syahib Natarsyah, 2000). DER illustrates the comparison between the total debt to total equity of the company are used as a source of business funding. Modigliani and Miller (1968) states that a company's value will increase with increasing DER because of the effect of corporate tax shield. So by using the debt companies will pay less income tax, the value companies using debt will be greater.
The greater the capital structure of the business DER signaling utilizing more debt relative to equity. Larger dividend payment increases the opportunity to increase capital from external sources. Sources of external capital is one of them is through debt. Management gave a positive signal through dividends, so investors know that there are investment opportunities in a promising future for the value of the company (Jogiyanto Hartono, 1998). In addition to the high dividend means that companies will be more likely to use debt to finance its investment. Empirically found that the debt policy has a positive effect on dividend policy (Jogiyanto Hartono, 2000; Jogiyanto PA Mahadwartha and Hartono, 2002).

2.       Return on Assets (ROA)
Corporate profitability indicated by profit. According to Gitman (2003: 599): "Profitability is the relationship between revenues and costs generated by using the firm's assets - both current and fixed - in productive activities". Profitability is the relationship between revenues and costs by using the company's assets in the form of current assets and fixed assets. While Brigham and Houston (2001: 89) says that profitability is the net result of a series of policies and decisions. In this study, the ratio used to measure profitability is return on assets ratio, which measures the effectiveness of management in generating profits with the use of assets owned by the company.
Profitability is the net outcome of various policy and management decisions. Profitability ratios will provide an overview and a final answer about the effectiveness of corporate governance. The maximum profit is the goal of every company is generally short term and is the most important element to be a continuation of the company can be assured. In addition to a long-term goal is the ability to compete, the ability to grow and the ability to evolve.
To achieve the company's goals it is necessary to process the effective and efficient management. Efficient level not only in terms of profits obtained by comparing it with the profits derived by wealth or capital owned by a company to generate such profits. Condition of the company can be known strengths and weaknesses through a profitability ratio. Profitability ratios used relate to the assessment of the performance of the company in generating profits. There are several measures of profitability or profitability of a company, each of which is connected with the total assets, equity and value of sales achieved.

table 4.6
Test table T in the Company and Automotive Components
Coefficients
a
Model
Unstandardized Coefficients
Standardized Coefficients
t
Sig.
B
Std. Error
Beta
1
(Constant)
-254.592
63.286

-4.023
.057
debt to equity ratio
369.592
65.796
.973
5.617
.030
return on assets
-1.407
2.243
-.109
-.627
.594
a. Dependent Variable: dividend payout ratio


Table 4.6 shows the results of a statistical test that t for variable debt to equity ratio of 5.617 while the table t at 95% confidence level is where 5.617 4.30265> 4.30265 and because the value of t count> t table then Ho is rejected, which means that the debt-to-equity ratio (X1) affect the dividend payout ratio (Y). Positive t value indicates that the variable X1 has a direct relationship with the Y value increases DER in general will increase the House. The result is in contrast to research conducted by Ayu Ditya Liestyorini (2012), entitled "Effect of Profitability, Liquidity and Leverage on Dividend Policy on Manufacturing Industry in Indonesia Stock Exchange 2008-2010 which states that the debt-to-equity ratio does not affect dividend payout ratio.
Results of statistical tests also showed that t for variable return on assets of -0.627 while the t table at the 95% confidence level is where -0.627 4.30265 <4.30265 and because the value of table-t ≤ t ≤ t table (-4 , 30265 <-0.627 <4.30265) then Ho is accepted, which means that the return on assets (X2) does not affect the dividend payout ratio (Y). Negative t value indicates that the X2 has a relationship with the opposite direction of Y means declining ROA values ​​will generally lead to an increase in the House. This ratio indicates and describes the composition or structure of the capital ratio of total debt to total equity (capital) of the company are used as a source of business funding. If DER affect the dividend payout ratio, the use of debt to generate profit is maximized, thus affecting the dividend payout ratio. The result is in contrast to research conducted by I Gede Anandtha Wicaksana in 2012 under the title "The Effect of Cash Ratio, Debt To Equity Ratio and Return on Assets of the Dividend Policy In Manufacturing Companies In Indonesia Stock Exchange" which states that the return on assets influential positive and significant.
Coefficient Debt to Equity Ratio for variable X1 for 369.592. it means that every one unit increase in the variable DER Parliament (Y) will increase by 369.592 with the assumption that the other independent variables of the regression models are fixed.
Return on Assets coefficient for the variable of 1.407 and X2 are negative, this indicates that the return on assets have a relationship in the opposite direction to the Dividend Payout Ratio. This implies that every one unit increase in the variable ROA Parliament (Y) decreased by 1,407 with the assumption that the other independent variables from the regression model is fixed.
Means the use of assets made ​​by the company are not used optimally to generate profits, it also affects the dividend payout ratio. However, ROA variables that do not affect the dividend payout ratio should be considered from another point of view that occur during the observation period lasted, like expansion, debt or economic changes. Based on these results, that the debt to equity ratio and return on assets does not significantly affect the dividend payout ratio, the correlation between variables with the variable dividend payout ratio debt to equity ratio and return on assets are not real.

III   CONCLUSION
Based on the analysis of data and discussion presented in chapter IV some conclusions can be drawn as follows:
1.      Variable Debt to Equity Ratio (DER) partial effect on the dividend payout ratio and the automotive companies in Indonesia Stock Exchange component. It can be seen from the results of the t test variable Debt to Equity Ratio (DER) is the probability value (p) is smaller than α (p <0,05).
2.      Variable Return on assets (ROA) is not a partial influence the dividend payout ratio and the automotive companies in Indonesia Stock Exchange component. It can be seen from the results of the t test variable Return on Assets is the value of the probability (p) over α (p> 0,05).
3.      Variable Debt to Equity Ratio (DER) and Return on Assets (ROA) has no effect together (simultaneously) the dividend payout ratio and the automotive companies in Indonesia Stock Exchange component. It can be seen from the test results of variable f Debt to Equity Ratio (DER) and Return on Assets (ROA) the probability to get the value of (p) over α (p> 0,05).


IV   BIBLIOGRAPHY

Arif, Ryanda. 2011. Analisis Pengaruh Return On Asset, Current Ratio, Debt To    Equity Ratio, Sales Growth dan Total Asset terhadap Dividen Payout Ratio. Semarang : Universitas Gunadarma.

Keown, Arthur J. 2004. Manajemen Keuangan:Prinsip-prinsip dan Aplikasi.          Jakarta : PT. INDEKS Kelompok Gramedia.

Liestyorini, D.A. 2012. Pengaruh Profitabilitas, Likuiditas dan Leverage terhadap Kebijakan Dividen. Semarang : Universitas Stikubank.

Mulyono, Budi. 2009. Pengaruh Debt to Equity Ratio, Insider Ownership, Size dan Investment Opportunity Set terhadap Kebijakan Dividen. Semarang : Universitas Diponegoro.

Simbolon, Maslyzon. 2009. Pengaruh Likuiditas, Profitabilitas dan Leverage          terhadap Dividen Payout Ratio Pada BUMN di Bursa Efek Indonesia. Medan : Universitas Sumatera Utara.

Tandelin, Eduardus. 2010. Portofolio dan Investasi. Edisi Pertama. Yogyakarta :    Kanisius.

Wicaksana, I.G.E. 2012. Pengaruh Cash Ratio, Debt To Equity Ratio, dan Return On Asset terhadap Kebijakan Dividen pada Perusahaan Manufaktur di       Bursa Efek Indonesia.  Denpasar : Universitas Udayana.

Wijaya, Tony. 2011. Step By Step Cepat Menguasai SPSS 19 Untuk Olah dan         Interpretasi. Jogjakarta : Cahaya Utama.

Article Economy

ECONOMIC ARTICLE

EFFECT OF LEVERAGE AND PROFITABILITY OF DIVIDEND PAYOUT RATIO IN AUTOMOTIVE AND COMPONENTS IN INDONESIA STOCK EXCHANGE



Name :  Nur Annisa
Class  :  4EA01
NPM  :  16209855




FACULTY OF ECONOMICS
GUNADARMA UNIVERSITY
JAKARTA
2013

I    INTRODUCTION
1.      Background
In the Indonesian economy is uncertain, we should think how to allocate the funds we receive for the current and future consumption in order to get a better life in the future. One way is to make an investment, which invest funds at this time in order to gain an advantage in the future.
The capital market is a meeting between the parties who have surplus funds to those who need the funds by way of trade in securities. In addition, the stock market can encourage the efficient allocation of funds, due to the presence of capital market then the excess funds (investors) can choose investment alternatives that provide the most optimal return (Eduardus Tandelilin, 2010).
The main objective of the investors to invest their funds into the company that is to earn income or rate of return of investment (return) in the form of dividends (dividend yield) as well as income from the difference between the selling price of the stock on the purchase price (capital gain). In conjunction with dividend income, investors generally want stable dividends, thereby reducing investor uncertainty in invest their funds into the company. On the other hand, companies that will pay dividends faced with a variety of considerations, among others: the need to hold the most profit for re-investment may be more profitable, financing needs, the liquidity of the company, the nature of the shareholders, certain targets relating to the dividend payout ratio and Another factor related to dividend policy (Brigham and Gapenski, 1996).
For investors, information about a company is required as one of the basis for decision-making, whether they would invest their funds in the company or not to achieve their main goal is the return. Information is presented through the company's financial statements are prepared in accordance with accounting principles and reflect the issuer's financial performance shown by the financial ratios (Maslyzon Simbolon, 2009). Return On Assets (ROA) is a profitability ratio that affects the size of the dividend to be distributed and used as an indicator to judge whether a company is able to increase its profits.
The next factor to be taken into consideration in determining the dividend policy is leverage. Brigham and Houston (2001), argues that the debt contracts usually restrict dividends from profits generated after the loan is given. The company's ability to meet its financial obligations will affect the profits to be distributed as dividends to shareholders. There are several ratios that are included in one of which is the leverage ratio Debt to Equity Ratio (DER) which shows a part of every dollar of equity capital as collateral for the entire debt held.
Research conducted Nuriningsih (2005) reveals the relationship between managerial ownership, debt policy, return on assets (ROA), and the size of the companies with dividend policy. The study resulted in the conclusion that managerial ownership and significant positive effect on dividend policy, debt policy variable has a negative and significant effect, firm size variable has a positive and significant effect, and the variable ROA has a negative and significant impact on dividend policy.
Conceptually, if the company's return on assets has increased in each year, then it is likely the company will pay dividends greater. Return on Assets addition, other factors that could affect the company's dividend distribution is payable.

2.      Problem
Based on the above, the main issues to be discussed in this paper can be formulated as follows:
1.      Is the leverage effect on the Dividend Payout Ratio (DPR) on the Automotive and Components Company in Indonesia Stock Exchange?.
2.      What is the effect on the profitability of Dividend Payout Ratio (DPR) on the Automotive and Components Company in Indonesia Stock Exchange?.

3.      Purpose of Research
Based on the above formulation of the problem, the purpose of this study is :
1.      To determine and analyze the effect of leverage on Dividend Payout Ratio (DPR) on the Company's Automotive and Components listed on the Indonesia Stock Exchange.
2.      To determine and analyze the influence of profitability on Dividend Payout Ratio (DPR) on the Company's Automotive and Components listed on the Indonesia Stock Exchange.

4.      Academic Benefits
Academically this research is expected a certain contribution to the development of the theory and science primarily to enrich the concepts and theories of science which underpins financial management, particularly with regard to the influence of Leverage and Profitability of the Dividend Payout Ratio (DPR) of a company.

5.      Practical Benefits
In this pragmatic study is expected to provide useful input to the company concerned in the use of sources of loan funds that have a fixed load to increase the level of profits.

6.      Data Collections Methods
Methods of data collection in this study through two stages, namely :
1.      The first stage is done with the literature, namely the collection of data in the form of supporting literature and previous research to get an idea of the problems to be studied.
2.      The second stage is done by collecting secondary data from financial data and ratios firms obtained from the website www.idx.co.id.


II   DISCUSSION                
1.       Theory
·         Dividend Payout Ratio
Dividend policy (dividend policy) is a decision to determine how large a part of the company's revenue will be reinvested (reinvestment) or retained (retained) in the company (Riyanto, 2001). The larger the less earnings retained earnings allocated to the payment of dividends. Determining the allocation of profits as retained earnings and dividend payments are a key aspect in dividend policy (Waschowicz, 1997). Of understanding, the dividend payout ratio is based on consideration of the range between the interests of the shareholders on the one hand, and corporate interests on the other.
The determination of the Dividend Payout Ratio will determine the size of retained earnings. Every addition of retained earnings means that no additional equity capital in the company at a low cost. Dividend rights of holders of common stock are to get a share of company profits. If the company decides to split the profits in dividends, all holders of common stock equal rights. Distribution of dividends to common stock may be made if the company has paid dividends for preferred stock (Jogiyanto, 1998: 58).

·         This study will focus on the factors most influential in determining the dividend policy include:
1.       Debt to Equity Ratio (DER)
Debt to Equity Ratio (DER) is used to measure the level of leverage (use of debt) to total equity of the company shareholders'e (Robbert Ang, 1997). Debt to equity ratio (DER) can be used as a proxy for solvency ratio (Syahib Natarsyah, 2000). DER illustrates the comparison between the total debt to total equity of the company are used as a source of business funding. Modigliani and Miller (1968) states that a company's value will increase with increasing DER because of the effect of corporate tax shield. So by using the debt companies will pay less income tax, the value companies using debt will be greater.
The greater the capital structure of the business DER signaling utilizing more debt relative to equity. Larger dividend payment increases the opportunity to increase capital from external sources. Sources of external capital is one of them is through debt. Management gave a positive signal through dividends, so investors know that there are investment opportunities in a promising future for the value of the company (Jogiyanto Hartono, 1998). In addition to the high dividend means that companies will be more likely to use debt to finance its investment. Empirically found that the debt policy has a positive effect on dividend policy (Jogiyanto Hartono, 2000; Jogiyanto PA Mahadwartha and Hartono, 2002).

2.       Return on Assets (ROA)
Corporate profitability indicated by profit. According to Gitman (2003: 599): "Profitability is the relationship between revenues and costs generated by using the firm's assets - both current and fixed - in productive activities". Profitability is the relationship between revenues and costs by using the company's assets in the form of current assets and fixed assets. While Brigham and Houston (2001: 89) says that profitability is the net result of a series of policies and decisions. In this study, the ratio used to measure profitability is return on assets ratio, which measures the effectiveness of management in generating profits with the use of assets owned by the company.
Profitability is the net outcome of various policy and management decisions. Profitability ratios will provide an overview and a final answer about the effectiveness of corporate governance. The maximum profit is the goal of every company is generally short term and is the most important element to be a continuation of the company can be assured. In addition to a long-term goal is the ability to compete, the ability to grow and the ability to evolve.
To achieve the company's goals it is necessary to process the effective and efficient management. Efficient level not only in terms of profits obtained by comparing it with the profits derived by wealth or capital owned by a company to generate such profits. Condition of the company can be known strengths and weaknesses through a profitability ratio. Profitability ratios used relate to the assessment of the performance of the company in generating profits. There are several measures of profitability or profitability of a company, each of which is connected with the total assets, equity and value of sales achieved.

table 4.6
Test table T in the Company and Automotive Components
Coefficients
a
Model
Unstandardized Coefficients
Standardized Coefficients
t
Sig.
B
Std. Error
Beta
1
(Constant)
-254.592
63.286

-4.023
.057
debt to equity ratio
369.592
65.796
.973
5.617
.030
return on assets
-1.407
2.243
-.109
-.627
.594
a. Dependent Variable: dividend payout ratio


Table 4.6 shows the results of a statistical test that t for variable debt to equity ratio of 5.617 while the table t at 95% confidence level is where 5.617 4.30265> 4.30265 and because the value of t count> t table then Ho is rejected, which means that the debt-to-equity ratio (X1) affect the dividend payout ratio (Y). Positive t value indicates that the variable X1 has a direct relationship with the Y value increases DER in general will increase the House. The result is in contrast to research conducted by Ayu Ditya Liestyorini (2012), entitled "Effect of Profitability, Liquidity and Leverage on Dividend Policy on Manufacturing Industry in Indonesia Stock Exchange 2008-2010 which states that the debt-to-equity ratio does not affect dividend payout ratio.
Results of statistical tests also showed that t for variable return on assets of -0.627 while the t table at the 95% confidence level is where -0.627 4.30265 <4.30265 and because the value of table-t ≤ t ≤ t table (-4 , 30265 <-0.627 <4.30265) then Ho is accepted, which means that the return on assets (X2) does not affect the dividend payout ratio (Y). Negative t value indicates that the X2 has a relationship with the opposite direction of Y means declining ROA values ​​will generally lead to an increase in the House. This ratio indicates and describes the composition or structure of the capital ratio of total debt to total equity (capital) of the company are used as a source of business funding. If DER affect the dividend payout ratio, the use of debt to generate profit is maximized, thus affecting the dividend payout ratio. The result is in contrast to research conducted by I Gede Anandtha Wicaksana in 2012 under the title "The Effect of Cash Ratio, Debt To Equity Ratio and Return on Assets of the Dividend Policy In Manufacturing Companies In Indonesia Stock Exchange" which states that the return on assets influential positive and significant.
Coefficient Debt to Equity Ratio for variable X1 for 369.592. it means that every one unit increase in the variable DER Parliament (Y) will increase by 369.592 with the assumption that the other independent variables of the regression models are fixed.
Return on Assets coefficient for the variable of 1.407 and X2 are negative, this indicates that the return on assets have a relationship in the opposite direction to the Dividend Payout Ratio. This implies that every one unit increase in the variable ROA Parliament (Y) decreased by 1,407 with the assumption that the other independent variables from the regression model is fixed.
Means the use of assets made ​​by the company are not used optimally to generate profits, it also affects the dividend payout ratio. However, ROA variables that do not affect the dividend payout ratio should be considered from another point of view that occur during the observation period lasted, like expansion, debt or economic changes. Based on these results, that the debt to equity ratio and return on assets does not significantly affect the dividend payout ratio, the correlation between variables with the variable dividend payout ratio debt to equity ratio and return on assets are not real.

III   CONCLUSION
Based on the analysis of data and discussion presented in chapter IV some conclusions can be drawn as follows:
1.      Variable Debt to Equity Ratio (DER) partial effect on the dividend payout ratio and the automotive companies in Indonesia Stock Exchange component. It can be seen from the results of the t test variable Debt to Equity Ratio (DER) is the probability value (p) is smaller than α (p <0,05).
2.      Variable Return on assets (ROA) is not a partial influence the dividend payout ratio and the automotive companies in Indonesia Stock Exchange component. It can be seen from the results of the t test variable Return on Assets is the value of the probability (p) over α (p> 0,05).
3.      Variable Debt to Equity Ratio (DER) and Return on Assets (ROA) has no effect together (simultaneously) the dividend payout ratio and the automotive companies in Indonesia Stock Exchange component. It can be seen from the test results of variable f Debt to Equity Ratio (DER) and Return on Assets (ROA) the probability to get the value of (p) over α (p> 0,05).

IV   BIBLIOGRAPHY

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