Analisis Pengaruh Kebijakan Deviden serta Leverage terhadap Keputusan Pendanaan
Abstract
This research examines and extents Kaaro' study (2001) that founded that there are
significant relationships between leverage and dividend in high uncertainty conditions, but the
association is disappear if business risk included in the model. This paper attempts to conduct
Kaaro' study by including period analysis both in less uncertainty conditions and in high
uncertainty conditions. Other attributes of pecking order theory also included in this study. This
study supports Kaaro findings that there are significant associations between dividend and
leverage in high uncertainty condition if business risk ignored. However, this study also finds that
there are no strong relationship between dividend and leverage in less uncertainty condition even
though the business risk variable is not included in the model. Other attributes that considered in
this study partially support pecking order theory.
significant relationships between leverage and dividend in high uncertainty conditions, but the
association is disappear if business risk included in the model. This paper attempts to conduct
Kaaro' study by including period analysis both in less uncertainty conditions and in high
uncertainty conditions. Other attributes of pecking order theory also included in this study. This
study supports Kaaro findings that there are significant associations between dividend and
leverage in high uncertainty condition if business risk ignored. However, this study also finds that
there are no strong relationship between dividend and leverage in less uncertainty condition even
though the business risk variable is not included in the model. Other attributes that considered in
this study partially support pecking order theory.
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