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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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GNJ\MX) GNJ\MX SNKE IFITFKENXV@C LCWCLFK
\VKNC TNLN TFXVRN@NNK INKVGNJ\VX SNKE\FXLNG\NX LC HVXRN FGFJ CKLMKFRCN
Lcnovjnk Maf` ?
KMWCNK\S TNACKM
N 8>> 40 4>8
OVXVRNK INKNOFIFK
GNJVA\NR FJMKMIC LNK HCRKCR
VKCWFXRC\NR @NRNKVLLCK
INJNRRNX
84>8
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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TFXKSN\NNK
Lfkenk ckc rnsn ifksn|njnk hn`un rjxctrc ckc nlnan` jnxsn rnsn rfklcxc! |clnj
|fxlntn| jnxsn snke tfxkn` lcnovjnk vk|vj ifitfxmaf` efanx jfrnxonknnk lc rvn|v
Tfxevxvnk \ckeec! lnk rftnkonke tfkef|n`vnk rnsn oven |clnj |fxlntn| jnxsn n|nv
tfklntn| snke tfxkn` lc|vacr n|nv lc|fxhc|jnk maf` mxnke anck! jfbvnac snke |fx|vacr
lcnbv lnani knrjn` ckc lnk lcrfhv|jnk lnani lng|nx tvr|njn+
Ntnhcan lc jfivlcnk `nxc |fxhvj|c hn`un tfxksn|nnk rnsn |clnj hfknx! injn
rjxctrc lnk efanx snke lctfxmaf`! hn|na lfic `vjvi+
Injnrrnx! Onkvnxc 84>8
Tfksvrvk
Kmwcnk|s Tnackm
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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JN\N TFKENK\NX
Tvoc lnk rsvjvx tfkvacr tnkon|jnk jf `nlcxn| \v`nk Snke In`n Jvnrn
jnxfkn jnrc` lnk xn`in|)Ksn rf`ckeen tfkvacr lntn| ifksfafrncjnk rjxctrc ckc
lfkenk hncj+
Tnln jfrfitn|nk ckc tfkvacr ifksnitncjnk vbntnk |fxcin jnrc` snke
rfhfrnx)hfrnxksn jftnln?
>+ Txmg+ Lx+ @+ Iv`niinl Nac! RF+! IR rfanjv Lfjnk Gnjva|nr Fjmkmic!
Tfihnk|v Lfjnk C Hntnj Lx+ Lnxucr Rncl! RF+! I+RN+! NJ ! Tfihnk|v
Lfjnk CC Hntnj Lxr+ @+ N+ Hnrm Rcrunl`nxin! I+Rc lnk Tfihnk|v Lfjnk CCC
Chv Lx+ Xcn Inxlcnkn! I+Rc+
8+ Hntnj Lx+ Rvinxlc! RF+! I+Rc lnk Chv @o+ Nklc Xn|kn Rnxc Lfuc! RF+! I+Rc
rfanjv lmrfk tfihcihcke snke |fan` ifavnkejnk unj|v! lnk caivksn lnani
ifihfxcjnk hcihckenk rnitnc |fxrfafrncksn rjxctrc ckc+
2+ Hntnj Txmg+ Lx+ Kvxlck Hxnrc|! RF+! I+Rc rfanjv tfknrf`n| njnlficj n|nr
unj|v! hcihckenk lnk knrf`n|)knrf`n|ksn rfanin tfkvacr ifkfitv`
tfklclcjnk lc Gnjva|nr Fjmkmic VK@NR rnitnc |fxrfafrncjnkksn rjxctrc ckc+
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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7+ Nsn` |fxbck|n Sm`nkcr Tnackm Tnanaam lnk Chv |fxbck|n Facrnhf|` Xnkln rfx|n
rnvlnxn)rnvlnxnjv Rxc! Nack! Lfawc snke |fan` ifihfxcjnk rfinken|!
lvjvkenk! jnrc` rnsnke! lnk bck|n snke |cnln `nhcrksn+
5+ \fink) |fink rftfxovnkenkjv lnani tfksvrvknk rjxctrc snke rnken| hnksnj
ifihnk|v! rfanav ifihfxcjnk lvjvkenk! lnk rfanav ifklfkenx bvx`n|jv
Jnkln Nrsxcn` Nxcgvllck lnk Xmincln Rnxnec`+
0+ Rtfbcna |`nkjr hvn| Uvank rfanav ifkenk|nxjv jf tfihcihckejv# lnk
jnkln) jnklnjv Jnj Bmxkfa! Jnj Kn|n! Jnj Cxfk! Jnj Lmkn! Jnj Rmgsnk!
Jnj Vbmj! Jnj Nlf snke rfanav ifihfxcjnk rvttmx|ksn lnk ifkonlc
im|cwn|mxjv lnani tfksvrvknk rjxctrc ckc+ Jnacnk snke |fxhncj vk|vjjv+
\`nkjsv rm ivb`
3+ \fink) |fink TIJM jv rtfbcna vk|vj chv jf|vnjv ksmksn macwf! svaxcr!
mxkcr! jc||s rtfbcna 40# rfx|n nlfj) nlfjjv 8443)84>> |fxanav hnksnj vk|vj
ifksfhv|ksn rn|v tfx rn|v# snke rfanav ifklmnjnk lnk |cnln `fk|cksn
ifihfxcjnk rfinken|ksn+
Nj`cx jn|n tfkvacr ifksnlnxc hn`un lnani tfkvacrnk rjxctrc ckc inrc`
onv` lnxc jfrfitvxknnk! ifrjctvk tfkvacrnk |fan` hfxvrn`n rfinjrcina ivkejck
lnani ifksnocjnkksn+ Lfkenk rfenan jfxfkln`nk `n|c! tfkvacr ifkenonj
rfivnksn vk|vj hfxrnin)rnin rnacke ifitfxhncjc lnk ifafkejntc! rnxnk lnk
jxc|cj snke ifihnkevk njnk tfkvacr |fxcin lfkenk rfknke `n|c+ Rn|v `nxntnk
tfkvacr rfimen rjxctrc ckc hfxinkgnn| hnec tnxn tfihnbn+
Injnrrnx! 84>8
Kmwcnk|s Tnackm
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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NHR\XNJ
Tfkfac|cnk snke lcanjvjnk lnani tfksvrvknk rjxctrc ckc hfx|vovnk vk|vj
ifkef|n`vc ntnjn` wnxcnhfa cklftfklfk! snc|v Bvxxfk| Xn|cm BX#! Xf|vxk Mk
Ckwfr|ifk| XMC#! \m|na Nrrf|r \vxk Mwfx \N\M#! lnk Fnxkcke Tfx R`nxf FTR#
rfbnxn hfxrnin)rnin ifitvksnc tfkenxv` snke rcekcgcjnk |fx`nlnt wnxcnhfa
lftfklfkksn! snc|v bnr` lcwclfkl+ Nlntvk ofkcr tfkfac|cnk ckc nlnan` r|vlc
ac|fxn|vx+ Lnani `na ckc snke ifkonlc mhsfj tfkfac|cnk nlnan` rfovian`
tfxvrn`nnk inkvgnj|vx snke |fxlng|nx lc Hvxrn Fgfj Cklmkfrcn HFC# rfanin
tfxcmlf |n`vk 8446 rnitnc |n`vk 8443 snke lctcac` hfxlnrnxjnk jxc|fxcn |fx|fk|v+
Ln|n snke lcevknjnk nlnan` ln|n rfjvklfx snke lctfxmaf` lnxc antmxnk jfvnkenk
tfxvrn`nnk inkvgnj|vx tnln Hvxrn Fgfj Cklmkfrcn snke lctfxmaf` lnxc
Cklmkfrcnk Bntc|na Inxjf| Lcxfb|mxs+ Nknacrcr lcanjvjnk lfkenk ifkeevknjnk
if|mlf jvnk|c|n|cg+ If|mlf jvnk|c|n|cg lcanjvjnk lfkenk ifkeevknjnk |fjkcj
r|n|cr|cj lfkenk ifkeman` ln|n)ln|n snke rvln` nln vk|vj ifihvj|cjnk `ctm|frcr
tfkfac|cnk snke lcnovjnk rfhfaviksn! snc|v gnj|mx)gnj|mx gvklnifk|na tfxvrn`nnk
inkvgnj|vx snke lconlcjnk rnitfa+ Lnk nan| nknacrcr snke lcevknjnk lfkenk
ifkeevknjnk if|mlf xfexfrc ackcfx hfxenkln+
Lnani tfkfac|cnk ckc lntn| lcrcitvajnk hn`un wnxcnhfa cklftfklfk rfbnxn
hfxrnin)rnin ifitvksnc tfkenxv` snke rcekcgcjnk |fx`nlnt wnxcnhfa lftfklfk+
Jn|n jvkbc? Bvxxfk| Xn|cm! Xf|vxk Mk Ckwfr|ifk|! \m|na Nrrf|r \vxk Mwfx!
Fnxkcke Tfx R`nxf! lnk Bnr` Lcwclfkl
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
8/83
NHR\XNB\
Xfrfnxb` bmklvb|fl ck |`f txftnxn|cmk mg |`cr tntfx ncir |m lf|fxickf
u`f|`fx |`f cklftfklfk| wnxcnhafr! |`f Bvxxfk| Xn|cm BX#! Xf|vxk Mk Ckwfr|ifk|
XMC#! \m|na Nrrf|r \vxk Mwfx |n||mm#! nkl Fnxkcke Tfx R`nxf FTR# |mef|`fx
`nwf |`f fggfb| rcekcgcbnk| fggfb| mk |`f lftfklfk| wnxcnhaf! knifas |`f bnr`
lcwclfkl+ \`f |stf mg xfrfnxb` cr |`f r|vls mg ac|fxn|vxf+ Ck |`cr bnrf |`n| |`f mhofb|
mg xfrfnxb` cr |`f kvihfx mg inkvgnb|vxcke bmitnkcfr acr|fl mk |`f Cklmkfrcn
R|mbj Fpb`nkef CLP# lvxcke |`f tfxcml mg 8446 |`xmve` 8443 nxf rfafb|fl hnrfl
mk rtfbcgcb bxc|fxcn+ \`f ln|n vrfl nxf rfbmklnxs ln|n mh|nckfl gxmi |`f
inkvgnb|vxcke bmitnks%r gcknkbcna r|n|fifk|r mk |`f Cklmkfrcn R|mbj Fpb`nkef
mh|nckfl gxmi |`f Cklmkfrcnk Bntc|na Inxjf| Lcxfb|mxs+ Nknasrfr ufxf tfxgmxifl
vrcke ~vnk|c|n|cwf if|`mlr+ ^vnk|c|n|cwf if|`mlr cr lmkf hs vrcke r|n|cr|cbna
|fb`kc~vfr |m txmbfrr |`f ln|n |`n| naxfnls fpcr|r |m txmwf |`f xfrfnxb` `stm|`frfr
txmtmrfl fnxacfx! knifas |`f gvklnifk|na gnb|mxr mg |`f rnitafl inkvgnb|vxcke
fk|fxtxcrfr+ Nkl nknasrcr |mmar |`n| nxf vrfl hs vrcke iva|ctaf ackfnx xfexfrrcmk
if|`ml+
Ck |`cr xfrfnxb` uf bnk bmkbavlf |`n| |`f cklftfklfk| wnxcnhafr omck|as `nwf n
rcekcgcbnk| ckgavfkbf mk |`f lftfklfk| wnxcnhaf+
Jfs umxlr? Bvxxfk| Xn|cm! Xf|vxk Mk Ckwfr|ifk|! \m|na \vxk Mwfx Nrrf|r!
Fnxkcke Tfx R`nxf! nkl Bnr` Lcwclfkl+
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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LNG\NX CRC
@nanink
JN\N TFKENK\NX+ +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++w
NHR\XNJ+ +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++wcc
NHR\XNB\+ +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++wccc
LNG\NX CRC+ ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++cp
LNG\NX \NHFA+ ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++pcc
LNG\NX ANITCXNK+ ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++pccc
HNH > TFKLN@VAVNK
>+> An|nx Hfanjnke ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++>
>+8 Xvivrnk Inrnan` ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++7
>+2 \vovnk Tfkfac|cnk +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 7
>+< Inkgnn| Tfkfac|cnk +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 7
>+6 Rcr|fin|cjn Tfkvacrnk ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 5
HNH CC \CKONVNK TVR\NJN
8+> Tfkefx|cnk Tnrnx Imlna +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 0
8+8 Gnj|mx) gnj|mx snke Ifitfkenxv`c Jfhfx`nrcank Tnrnx Imlna+ +++++++++ >8
8+2 Tfkefx|cnk Lcwclfkl +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ >6
8+< Jfhconjnk Lcwclfkl ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++>5
8+6 Bnr` Lcwclfkl ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 82
8+6+> @vhvkenk Bvxxfk| Xn|cm lnk Bnr` Lcwclfkl++++++++++++++++++++++++++++82
8+6+8 @vhvkenkXf|vxk mk Ckwfr|ifk|XMC# lnk Bnr` Lcwclfkl+++++8
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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8+6+2 @vhvkenk \m|na Nrrf|r \vxk Mwfxlnk Bnr` Lcwclfkl+++++++++++++86
8+6+< @vhvkenkFnxkcker Tfx R`nxf lnk Bnr` Lcwclfkl+++++++++++++++++++87
8+7 Tfkfac|cnk \fxln`vav ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++85
8+5 Jfxnkejn Tcjcx +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 2>
8+0 @ctm|frcr Tfkfac|cnk +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 2>
HNH CCC IF\MLF TFKFAC\CNK
2+> Lnfxn` Tfkfac|cnk ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 28
2+8 Tmtvanrc lnk Rnitfa Tfkfac|cnk ++++++++++++++++++++++++++++++++++++++++++++++++++++ 28
2+2 Rvihfx Ln|n +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 2 Rnitfa Tfkfac|cnk + ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 22
2+8 Jf|fk|vnk Kcanc Lvxhck) Un|rmk LU + +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
13/83
LNG\NX ANITCXNK
Anitcxnk @nanink
>+ Lng|nx Tfxvrn`nnk Rnitfa + ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 76
8+ @nrca Voc Lfrjxct|cg + +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 75
2+ @nrca Voc G rciva|nk#+ ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 75
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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>
HNH C
TFKLN@VAVNK
>+> An|nx Hfanjnke
Nj|cwc|nr ckwfr|nrc ifxvtnjnk nj|cwc|nr snke lc`nlntjnk tnln hfxhnenc
inbni xfrcjm lnk jf|clnjtnr|cnk snke rfxckejnac rvac| lctxflcjrcjnk maf` tnxn
ckwfr|mx+ Vk|vj ifkevxnkec jfivkejcknk xfrcjm lnk jf|clnjtnr|cnk snke njnk
|fxonlc! ckwfr|mx ififxavjnk hfxhnenc inbni ckgmxinrc! hncj ckgmxinrc snke
lctfxmaf` lnxc jckfxon tfxvrn`nnk invtvk ckgmxinrc anck snke xfafwnk rftfx|c
jmklcrc fjmkmic lnk tmac|cj lnani rvn|v kfenxn+ Ckgmxinrc snke lctfxmaf` lnxc
tfxvrn`nnk anzciksn lclnrnxjnk tnln jckfxon tfxvrn`nnk snke |fxbfxick lnani
antmxnk jfvnkenk+
Ckwfr|mx ifitvksnc |vovnk v|nin lnani ifknknijnk lnknksn jflnani
tfxvrn`nnk snc|v vk|vj ifkbnxc tfklntn|nk n|nv |ckejn| jfihnacnk ckwfr|nrc
xf|vxk# hncj hfxvtn tfklntn|nk lcwclfk lcwclfkl scfal# invtvk tfklntn|nk lnxc
rfacrc` `nxen ovna rn`ni |fx`nlnt `nxen hfacksn bntc|na enck#+ Lnani
`vhvkenkksn lfkenk tfklntn|nk lcwclfk! tnxn ckwfr|mx viviksn ifkeckeckjnk
tfihnecnk lcwclfk snke xfan|cg r|nhca! jnxfkn lfkenk r|nhcac|nr lcwclfk lntn|
ifkckejn|jnk jftfxbnsnnk ckwfr|mx |fx`nlnt tfxvrn`nnk rf`ckeen ifkevxnkec
jf|clnjtnr|cnk ckwfr|mx lnani ifknknijnk lnknksn jflnani tfxvrn`nnk+ Lc rcrc
anck! tfxvrn`nnk snke njnk ifihnecjnk lcwclfk lc`nlntjnk tnln hfxhnenc
inbni tfx|cihnkenk nk|nxn anck: tfxavksn ifkn`nk rfhnecnk anhn vk|vj xf)
ckwfr|nrc snke ivkejck afhc` ifkevk|vkejnk! jfhv|v`nk lnkn tfxvrn`nnk!
acjvclc|nr tfxvrn`nnk! rcgn| tfifenke rn`ni! |nxef| |fx|fk|v snke hfx`vhvkenk
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
15/83
8
lfkenk xnrcm tfihnsnxnk lcwclfk lnk gnj|mx anck snke hfx`vhvkenk lfkenk
jfhconjnk lcwclfk+
Hfrnxksn lcwclfk snke lchnecjnk njnk lctfkenxv`c maf` nln |clnjksn
jfrfitn|nk ckwfr|nrc snke ifkevk|vkejnk+ Rfonv` |fxlntn| jfrfitn|nk ckwfr|nrc
snke ifkevk|vkejnk! injn lnkn snke lctfxmaf` lnxc mtfxnrc tfxvrn`nnk njnk
lctfxevknjnk vk|vj ifkenihca ckwfr|nrc |fxrfhv|+ Jnanv |fxlntn| rcrn! hnxvan`
rcrn |fxrfhv| lchnecjnk rfhnenc lcwclfk+
Ntnhcan tfxvrn`nnk ifkckejn|jnk tfihnsnxnk lcwclfk! `na ckc ivkejck
lc|ngrcxjnk rfhnenc `nxntnk inknofifk njnk ifihncjksn jckfxon tfxvrn`nnk lc
inrn snke njnk ln|nke+ Lficjcnk tvan ntnhcan |fxonlc rfhnacjksn+ Lfkenk
lficjcnk inknofifk njnk fkeenk vk|vj ifkevxnkec tfihnecnk lcwclfk! jnanv
`na ckc lc|ngrcxjnk ifihvxvjksn jmklcrc tfxvrn`nnk lc inrn snke njnk ln|nke
rf`ckeen njnk ifkvxvkjnk nxen rn`ni#+
Tfihnsnxnk lcwclfk lnani hfk|vj |vknc afhc` hnksnj lcckeckjnk ckwfr|mx
lnxctnln lnani hfk|vj anck! jnxfkn tfihnsnxnk lcwclfk |vknc ifihnk|v
ifkevxnkec jf|clnjtnr|cnk ckwfr|mx lnani nj|cwc|nr ckwfr|nrcksn jflnani
tfxvrn`nnk+ Lficjcnk tvan r|nhcac|nr lcwclfk snke lchnsnxjnk oven njnk
ifkevxnkec jf|clnjtnr|cnk lnxc txmgc|nhcac|nr tfxvrn`nnk! rf`ckeen r|nhcac|nr
lcwclfk oven ifxvtnjnk gnj|mx tfk|cke snke hnxvr lctfx|cihnkejnk inknofifk
tfxvrn`nnk+ Tnx|`cke|mk >303# lnani tfkfac|cnkksn ifkvkovjjnk hfhfxntn
wnxcnhfa snke ifitfkenxv`c tfkfk|vnk lcwclfk snc|v? ># txmgc|nhcac|nr! 8#
r|nhcac|nr lcwclfk lnk fnxkcke! 2# acjvclc|nr lnk bnr` gamu!
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
16/83
2
Jfinitvnk tfxvrn`nnk lnani ifitfxmaf` anhn ifxvtnjnk cklcjn|mx
v|nin lnxc jfinitvnk tfxvrn`nnk vk|vj ifihnsnx lcwclfk! rf`ckeen
txmgc|nhcac|nr rfhnenc gnj|mx tfkfk|v |fxtfk|cke |fx`nlnt lcwclfk Ack|kfx! >367#+
Hvj|c fitcxcr snke ifke`vhvkejnk txmgc|nhcac|nr lfkenk lcwclfk lcanjvjnk maf`
Hxc||nck >377# lnani Tnx|`cke|mk! >303# ifkvkovjjnk hn`un txmgc| rfhnenc
tfkeenk|c wnxcnhfa bnr` gamu rfbnxn rcekcgcjnk hfxtfkenxv` |fx`nlnt lcwclfk+
Tnx|cke|mk >303# ifkvkovjjnk hvj|c hn`un r|nhcac|nr lcwclfk lnk fnxkcke
ifxvtnjnk wnxcnhfa snke tfk|cke hfxnx|c# ifitfkenxv`c txfgfxfkrc ckwfr|mx
vk|vj ifitfxmaf` lcwclfk lcinrn ifkln|nke tnln afwfa rcekcgcjnrc 4!44>
jvxnke lnxc >+ Rfifk|nxn wnxcnhfa acjvclc|nr lnk ckwfr|nrc hfxnln tnln
tfxckejn| lchnun`ksn rf|fan`# wnxcnhfa r|nhcac|nr lcwclfk lnk fnxkcke snke
hfxtfkenxv` |fx`nlnt tfklntn|nk lcwclfk lcinrn lftnk+ Rfifk|nxn wnxcnhfa bnr`)
gamu jnr hfxrc` snke lctfxmaf` lnxc Nj|cgc|nr Mtfxnrc! Nj|cgc|nr Ckwfr|nrc lnk
Nj|cgc|nr Tfklnknnk# hfxrcgn| rnacke ifkeenk|c jmitafifk|fx# lfkenk wnxcnhfa
txmgc| Hxc||nck! >377 lnani Tnx|cke|mk! >303#+ Rflnkejnk wnxcnhfa tfihcnsnnk
fp|fxkna gcknkbf# lcnkeent rfhnenc jfklnan tnxn inknofx |fx`nlnt tfihnsnxnk
lcwclfk! rf`ckeen tnxn inknofx bfklfxvke |clnj ifitfx|cihnkejnk tfihcnsnnk
tnln rnn| tfihnsnxnk lcwclfk+ Lfkenk jn|n anck wnxcnhfa tfihcnsnnk |clnj
rcekcgcjnk hfxtfkenxv` |fx`nlnt lcwclfk+
Ckwfr|mx ifke`nxntjnk vk|vj ifklntn|jnk |ckejn| jfihnacnk xf|vxk#
hncj hfxvtn lcwclfk invtvk bntc|na enck |clnj lclnrnxjnk tnln jfhconjnk
inknofifk ck|fxk# tfxvrn`nnk |f|ntc lclnrnxjnk tnln `nrca-jckfxon snke |fan`
lcbntnc maf` tfxvrn`nnk snke |fxbfxick lnani antmxnk jfvnkenk snke
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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+8 Xvivrnk Inrnan`
>+ Ntnjn` Bvxxfk| Xn|cm! XMC! \N\M lnk FTR rfbnxn rciva|nk hfxtfkenxv`
|fx`nlnt tfklntn|nk lcwclfk bnr` lcwclfkl# lc Hvxrn Fgfj Cklmkfrcn=
8+ Ntnjn` Bvxxfk| Xn|cm! XMC! \N\M lnk FTR rfbnxn tnxrcna hfxtfkenxv`
|fx`nlnt tfklntn|nk lcwclfk bnr` lcwclfkl# lc Hvxrn Fgfj Cklmkfrcn=
>+2 \vovnk Tfkfac|cnk
Nlntvk |vovnk lnxc tfkfac|cnk ckc nlnan` rfhnenc hfxcjv|?
>+ Vk|vj ifkef|n`vc tfkenxv` rciva|nk nk|nxn Bvxxfk| Xn|cm! XMC! \N\M lnk
FTR |fx`nlnt lcwclfk jnr tfxvrn`nnk inkvgnj|vx lc Hvxrn Fgfj Cklmkfrcn+
8+ Vk|vj ifkef|n`vc tfkenxv` tnxrcna nk|nxn Bvxxfk| Xn|cm! XMC! \N\M lnk
FTR|fx`nlnt lcwclfk jnrtfxvrn`nnk inkvgnj|vx lc Hvxrn Fgfj Cklmkfrcn+
>+< Inkgnn| Tfkfac|cnk
>+ Rfhnenc rnan` rn|v rsnxn| lnani vtnsn ifksfafrncjnk r|vlc tnln Gnjva|nr
Fjmkmic Vkcwfxrc|nr @nrnkvllck+
8+ Ckgmxinrc tfkfac|cnk ckc lc`nxntjnk lntn| lconlcjnk rfhnenc hn`nk
tfx|cihnkenk snke hfxinkgnn| vk|vj tfkenihcank jftv|vrnk ckwfr|nrc lc
tnrnx imlna j`vrvrksn ckr|xvifk rn`ni#+
2+ Vk|vj ifknihn` ununrnk hnec tfkvacr j`vrvrksn lnani `na gnj|mx) gnj|mx
snke ifitfkenxv`c lcwclfk jnr tnln Hvxrn Fgfj Cklmkfrcn+
>+6 Rcr|fin|cjn Tfkvacrnk
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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5
Hfxcjv| ckc tfkvacr rnocjnk vxncnk rckejn| in|fxc tmjmj snke njnk lchn`nr
tnln inrcke) inrcke Hnh! rf`ckeen lntn| ifihfxcjnk enihnxnk ifksfavxv`
|fk|nke tfkvacrnk ckc+
Hnh C ? Tfkln`vavnk
Hnh ckc hfxcrcjnk |fk|nke an|nx hfanjnke! inrnan` tmjmj! |vovnk
tfkfac|cnk! inkgnn| tfkfac|cnk! lnk rcr|fin|cjn tfkvacrnk+
Hnh CC ? \ckonvnk Tvr|njn
Hnh ckc hfxcrc |fk|nke |fmxc) |fmxc snke ifkonlc anklnrnk lnani
tfkfac|cnk ckc lnk ifkevxncjnk tficjcxnk tnxn n`ac snke
ifklvjvke tfihn`nrnk inrnan` rfx|n tfkenovnk `ctm|frcr
tfkfac|cnk+
Hnh CCC ? If|mlf Tfkfac|cnk
Hnh ckc ifkofanrjnk |fk|nke lnfxn` tfkfac|cnk! tmtvanrc lnk
rnitfa! rvihfx ln|n! wnxcnhfa! if|mlf tfkevitvank ln|n! lnk
nknacrcr ln|n+
Hnh CW ? @nrca Tfkfac|cnk lnk Tfihn`nrnk
Hnh ckc hfxcrc |fk|nke nknacrcr lnk tfihn`nrnk ln|n snke |fan`
lctfxmaf` rfrvnc lfkenk ankejn`) ankejn` snke |fan` lctfxrcntjnk
tnln Hnh CCC+
Hnh W ? Tfkv|vt
Hnh ckc hfxcrc |fk|nke jfrcitvank lnxc tfkfac|cnk lnk rnxnk vk|vj
tfkfac|cnk rfankov|ksn+
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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0
HNH CC
\CKONVNK TVR\NJN
8+> Tfkefx|cnk Tnrnx Imlna
Tnrnx imlna bntc|na inxjf|# ifxvtnjnk tfx|fivnk nk|nxn tc`nj snke
ificacjc jfafhc`nk lnkn lfkenk tc`nj snke ifihv|v`jnk lnkn lfkenk bnxn
ifitfxovnahfacjnk rfjvxc|nr snke viviksn ificacjc vivx afhc` lnxc rn|v |n`vk!
rftfx|c rn`ni lnk mhacenrc rflnkejnk |fitn| lcinkn |fxonlcksn ovna hfac rfjvxc|nr
lcrfhv| lfkenk hvxrn fgfj r|mbj fpb`nkef#+ N|nv rfbnxn vivi tfkefx|cnk tnrnx
imlna ifkvxv| Jftv|vrnk Ifk|fxc Jfvnkenk XC Km+ >6334 |fk|nke
tfxn|vxnk tnrnx imlna! nlnan` rvn|v rcr|fi jfvnkenk snke |fxmxenkcrnrc+
\fxinrvj lc lnaniksn nlnan` hnkj)hnkj jmifxrcna lnk rfivn afihnen tfxnk|nxn
lc hclnke jfvnkenk! rfx|n jfrfavxv`nk rvxn|)rvxn| hfx`nxen snke hfxflnx+
Rflnkejnk lnani nx|c rfitc| tnrnx imlna nlnan` rvn|v |fitn| lnani tfkefx|cnk
gcrcj snke ifkemxenkcrnrcjnk |xnkrnjrc tfkovnank fgfj n|nv lcrfhv| hvxrn fgfj+
Maf` jnxfkn c|v hvxrn fgfj ifxvtnjnk nx|c lnxc tnrnx imlna rfbnxn gcrcj+
Tfkefx|cnk hvxrn fgfj n|nv r|mbj fpb`nkef nlnan` rvn|v rcr|fi snke |fxmxenkcrcx
snke ifitfx|fivjnk nk|nxn tfkovna lnk tfihfac fgfj snke lcanjvjnk hncj rfbnxn
ankervke invtvk ifanavc unjca)unjcaksn+ Hvxrn fgfj ckc hfxgvkerc vk|vj
ifkonen jmk|ckvc|nr tnrnx lnk ifkbct|njnk `nxen fgfj snke unonx ifanavc
ifjnkcrif tfxick|nnk lnk tfknunxnk+ Tfkefx|cnk fgfj nlnan` rf|cnt rvxn|
hfx`nxen snke lc|fxhc|jnk maf` tfxvrn`nnk! icrnaksn ? rvxn| hfx`nxen jmifxrcna
bmiifxbcna tntfx#! rn`ni! mhacenrc! |nkln hvj|c v|nke! hvj|c xce`| xce`| crrvf#!
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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3
lnk unxxnk unxxnk|#+ Lc Cklmkfrcn |fxlntn| lvn hvxrn fgfj snc|v Hvxrn Fgfj
Onjnx|n HFO# lnk Hvxrn Fgfj Rvxnhnsn HFR#+
Lfgckcrc tnrnx imlna ifkvxv| Jnivr Hfrnx Tnrnx Vnke lnk Imlna nlnan`
tnrnx jmkjxc| n|nv nhr|xnj snke ifitfx|fivjnk tc`nj snke ifknunxjnk lnk
snke ififxavjnk lnkn onkejn tnkonke! snc|v onkejn rn|v |n`vk jf n|nr+
Viviksn snke |fxinrvj tc`nj tfknunx nlnan` tfxvrn`nnk nrvxnkrc! lnk
tfkrcvk! hnkj)hnkj |nhvkenk! rflnkejnk snke |fxinrvj tfickn| nlnan`
tfkevrn`n! tfifxck|n` lnk inrsnxnjn| vivi+ Rvrcam ? 8444#+
Tnrnx imlna hfxhfln lfkenk tnrnx vnke imkfs inxjf|#+ Tnrnx vnke
hfxjnc|nk lfkenk ckr|xvifk jfvnkenk onkejn tfklfj on|v` |fitm afhc` jfbca lnxc
rn|v |n`vk# lnk ifxvtnjnk tnrnx nhr|xnj+ Ckr|xvifk tnrnx vnke hcnrnksn |fxlcxc
lnxc hfxhnenc ofkcr rvxn| hfx`nxen onkejn tfklfj rftfx|c rfx|cgcjn| lftmrc|m!
bmiifxbcna tntfx! Rfx|cgcjn| Hnkj Cklmkfrcn RHC# lnk Rvxn| Hfx`nxen Tnrnx
Vnke RHTV#+
Tnrnx imlna ifivkejckjnk tfxvrn`nnk ifkfxhc|jnk rfjvxc|nr snke
hfxvtn rvxn| |nkln `v|nke macenrc# n|nvtvk rvxn| |nkln jftficacjnk rn`ni#+
Lfkenk lficjcnk! tfxvrn`nnk hcrn ifke`cklnxjnk lcxc lnxc jmklcrc lfh| |m f~vc|s
xn|cm snke |fxanav |ckeec rf`ckeen ovr|xv ifihvn| bmr| mg bntc|na |clnj anec
ickcina+ \fk|v rnon |clnj hfxnx|c hn`un tfxvrn`nnk njnk rfanav ifkfxhc|jnk
rn`ni lfkenk nlnksn tnrnx imlna+ \clnj hfxnx|c oven hn`un rn`ni! jnxfkn |clnj
ifke`nxvrjnk tfxvrn`nnk ifihnsnx hvken! ank|nr lc|ngrcx rfhnenc lnkn ivxn`+
Lnani |fmxc jfvnkenk lcofanrjnk hn`un rf|cnt rvihfx lnkn! hncj `v|nke invtvk
imlna rfklcxc ifitvksnc hcnsn lnkn bmr| mg bntc|na#+ @nksn vk|vj imlna rfklcxc
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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>4
hcnsn |fxrfhv| hfxrcgn| citacrc| n|nv mttmx|vkc|s! rflnkejnk vk|vj `v|nke hfxrcgn|
fjrtacrc| jnxfkn ifinke hfknx)hfknx lcjfavnxjnk maf` tfxvrn`nnk lnani hfk|vj
tfihnsnxnk hvken+
Nln hfhfxntn lnsn |nxcj tnrnx imlna rfjnacevr ifitvksnc gvkerc nk|nxn
anck?
>+ Rfhnenc Rvihfx tfke`citvk lnkn
Jfhv|v`nk lnkn tfxvrn`nnk hcrn lctfkv`c lnxc hfxhnenc rvihfx tfihcnsnnk+
Rnan` rn|v rvihfx lnkn snke hcrn lcinkgnn|jnk maf` tfxvrn`nnk nlnan` tnrnx
imlna rfanck rcr|fi tfxhnkjnk snke rfanin ckc lcjfkna rfhnenc iflcn
tfxnk|nxn jfvnkenk rfbnxn jmkwfkrcmkna+ Nln hfhfxntn jf|fxhn|nrnk ntnhcan
tfxvrn`nnk ifinkgnn|jnk hnkj rfhnenc rvihfx lnkn+ Jf|fxhn|nrnk |fxrfhv|
nlnan` ovian` lnkn snke hcrn lc|nxcj lnxc tfxhnkjnk |fxhn|nr! jnxfkn tnln
cklvr|xc tfxhnkjnk lcjfkna lfkenk nlnksn afena afklcke acic| n|nv hn|nr
injrcina tfihfxcnk jxflc| HITJ#+ Rf`ckeen hcan tfxvrn`nnk ckeck
ifkeenanke lnkn snke ovian`ksn xfancg hfrnx njnk |fx`nihn| lfkenk n|vxnk
tfxhnkjnk |fxrfhv|+ Maf` jnxfkn c|v tfxvrn`nnk hcrn inrvj jf tnrnx imlna
vk|vj ifkeenanke lnkn snke hfrnxksn rfrvnc lfkenk snke lc`nxntjnk |nktn
nln hn|nrnk hfrnxksn lnkn+
8+ Rfhnenc rnxnkn ckwfr|nrc
Tnln viviksn tfxvrn`nnk snke ifkovna rvxn| hfx`nxen rn`ni n|nv mhacenrc#
jf tnrnx imlna nlnan` tfxvrn`nnk snke rvln` ifitvksnc xftv|nrc hcrkcr snke
hncj lnk jxflchfa! rf`ckeen fgfj)fgfj snke lcjfavnxjnk njnk anjv lcovna
hfacjnk lc hvxrn+ Rfifk|nxn! tficacj lnkn n|nv ckwfr|mx ocjn |clnj nln tcac`nk
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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>>
anck ifxfjn njnk ifkeckwfr|nrcjnk tnln tfxhnkjnk snke km|nhfkf ifitvksnc
|ckejn| jfvk|vkenk snke xfan|cg jfbca+ Lfkenk nlnksn rvxn| hfx`nxen snke
ivln` lctfxovna hfacjnk! injn hnec ckwfr|mx ifxvtnjnk na|fxkn|cg ckr|xvifk
ckwfr|nrc+ Ckwfr|nrc lc tnrnx imlna afhc` gafjrchfa! rfhnh rf|cnt ckwfr|mx hcrn
lfkenk ivln` ifickln`jnk lnknksn lnxc rn|v tfxvrn`nnk jf tfxvrn`nnk
anckksn+ Maf` jnxfkn c|v tnrnx imlna rfhnenc rnan` rn|v na|fxkn|cg ckr|xvifk
tfkfitn|nk lnkn hnec ckwfr|mx rfanck lc tfxhnkjnk n|nv ckwfr|nrc ankervke
anckksn+
2+ Tfifxn|nnk tfklntn|nk
Tnln lnrnxksn ntnhcan tfxvrn`nnk |clnj ifanjvjnk em tvhacb! tficacj
tfxvrn`nnk |fxhn|nr tnln tfxrmkna)tfxrmkna tfklcxc tfxvrn`nnk snke
hfxrnkejv|nk+ Lfkenk em tvhacb)ksn tfxvrn`nnk ifihfxcjnk jfrfitn|nk
jftnln inrsnxnjn| avnr vk|vj cjv| rfx|n ificacjc tfxvrn`nnk |fxrfhv|+ Lfkenk
lficjcnk njnk ifihfxcjnk jfrfitn|nk jftnln inrsnxnjn| vk|vj cjv|
ifkcjin|c jfvk|vkenk lnxc tfxvrn`nnk hfxvtn hnecnk jfvkj|vkenk n|nv
lcwclfk! rf`ckeen rfivan `nksn lckcjin|c maf` hfhfxntn mxnke tficacj!
nj`cxksn hcrn lckcjin|c maf` inrsnxnjn| nx|cksn nln tfifxn|nnk tfklntn|nk
jftnln inrsnxnjn|+
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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>8
runr|n knrcmkna lnk nrcke+ Vk|vj ifklmxmke nenx tc`nj runr|n lnk nrcke inv
ifanjvjnk ckwfr|nrc hncj rfbnxn ankervke invtvk |clnj ankervke! tfifxck|n`
`nxvr initv ifkbct|njnk cjaci ckwfr|nrc snke jmklvrcg hnec ifxfjn+ Rnan`
rn|v cjaci ckwfr|nrc snke jmklvrcg nlnan` acjvclksn tnrnx imlna+ Rfinjck hncj
tnrnx imlna! rfinjck hnksnj tfxvrn`nnk snke njnk inrvj jf tnrnx imlna lnk
rfinjck hnksnj ckwfr|mx hncj knrcmkna invtvk nrcke snke hfxrflcn
ifkeckwfr|nrcjnk lnknksn jf Cklmkfrcn ifanavc tfihfacnk rvxn| hfx`nxen lc
tnrnx imlna+
8+8 Gnj|mx)gnj|mx snke Ifitfkenxv`c Jfhfx`nrcank Tnrnx Imlna
Rfbnxn xckbc gnj|mx)gnj|mx snke ifitfkenxv`c jfhfx`nrcank tnrnx imlna
nk|nxn anck nlnan`? @vrknk ?844>#
n+ Rvttas rfjvxc|nr
Gnj|mx ckc hfxnx|c `nxvr hnksnj tfxvrn`nnk snke hfxrflcn ifkfxhc|jnk
rfjvxc|nr lc tnrnx imlna+ Tfx|nksnnk snke tfxav lconunh nlnan` ntnhcan
|fxlntn| ovian` tfxvrn`nnk snke bvjvt hnksnj lc rvn|v kfenxn snke
ififxavjnk lnkn snke hcrn lcckwfr|nrcjnk lfkenk ifkevk|vkejnk= Lnk
ntnjn` ifxfjn hfxrflcn ififkv`c tfxrsnxn|nk gvaa lcrbamrvxf
ifkevkejntjnk jmklcrrc tfxvrn`nnk# snke lc|vk|v| maf` tnrnx imlna+
h+ Lfinkl njnk rfjvxc|nr
Gnj|mx ckc hfxnx|c hn`un `nxvr |fxlntn| nkeem|n inrsnxnjn| snke ificacjc
ovian` lnkn snke bvjvt hfrnx vk|vj lcevknjnk ifihfac rfjvxc|nr)rfjvxc|nr
snke lc|nunxjnk+
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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>2
b+ Jmklcrc tmac|cj lnk fjmkmic
Gnj|mx ckc hfxnx|c hn`un `nxvr |fxlntn| nkeem|n inrsnxnjn| snke ificacjc
ovian` lnkn snke bvjvt hfrnx vk|vj lcevknjnk ifihfac rfjvxc|nr)rfjvxc|nr
snke lc|nunxjnk+
l+ Inrnan` vjvi lnk tfxn|vxnk
Tfihfac rfjvxc|nr tnln lnrnxksn ifkenklnajnk lcxc tnln ckgmxinrc)ckgmxinrc
snke lcrflcnjnk maf` tfxvrn`nnk)tfxvrn`nnk snke ifkfxhc|jnk rfjvxc|nr+
Tfxn|vxnk snke ifacklvkec tfimlna lnxc ckgmxinrc snke |clnj hfknx njnk njnk
ifksfrn|jnk iv|anj lctfxavjnk+
f+ Jfhfxnlnnk afihnen snke ifken|vx lnk ifkenunrc tnrnx imlna lnk hfxhnenc
afihnen snke ifivkejckjnk lcanjvjnk |xnkrnjrc rfbnxn fgcrcfk+
Hfxhnenc afihnen lnk txmgfrc lctfxavjnk nenx jfecn|nk tnrnx imlna lntn|
hfxonank lfkenk hncj?
HNTFTNI Hnlnk Tfkenunr Tnrnx Imlna# nlnan` afihnen snke ifken|vx
lnk ifkenunrc jfecn|nk tnrnx imlna lc Cklmkfrcn+ Jfhfxnlnnkksn
lcinjrvljnk nenx lntn| ifuvovljnk jfecn|nk tnrnx imlna snke |fxn|vx
unonx lnk fgcrcfk! ifacklvkec jftfk|ckenk tfimlna lnk inrsnxnjn|ksn+
Hvxrn Fgfj nlnan` afihnen snke ifksfafkeenxnjnk tfxlnenkenk fgfj+ Lc
Cklmkfrcn hvxrn fgfj `nxvr hfxhfk|vj tfxrfxmnk+ Lc hvxrn ckcan` lcanjvjnk
ovna hfac rn`ni lfkenk ifkeevknjnk onrn tfxvrn`nnk fgfj snke ifkonlc
nkeem|n hvxrn |fxrfhv|+
Afihnen jacxcke lnk tfkonick! afihnen ckc ifksflcnjnk onrn jacxcke lnk
tfkonick tfksfafrncnk |xnkrnjrc hvxrn+ Rnin rftfx|c jnanv jc|n ifanjvjnk
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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>6
ifickcivijnk nenx jxflc| |clnj inbf| tfihfac mhacenrc tnln lnrnxksn
nlnan` jxflc|vx#! injn nln tc`nj snke ifunjcac tnxn tfihfac mhacenrc
lnani ifanjvjnk rfinbni tfkcancnk |fx`nlnt tfxvrn`nnk snke
ifkfxhc|jnk mhacenrc unac ninkn| ckcan` snke ifanjvjnk tfkcancnk |fx`nlnt
jfninknk mhacenrc snke lchfac maf` tnxn tfimlna+
Njvk|nk+ Tfxnkksn nlna` ififxcjrn jfvnkenk lnk ifihfxcjnk tfklntn|
|fx`nlnt antmxnk jfvnkenk+
Km|nxcr+ Onrn km|nxcr lctfxavjnk vk|vj ifihvn| hfxc|n nbnxn Xntn| Vivi
Tfifenke Rn`ni XVTR# lnk ifksvrvk tfxksn|nnk jftv|vrnk)jftv|vrnk
XVTR+
Jmkrva|nk @vjvi! lctfxanjvjnk onrnksn nenx onkenk rnitnc tfxvrn`nnk
snke ifkfxhc|jnk rfjvxc|nr lc tnrnx imlna |fxksn|n |fxachn| tfxrfkejf|nnk
`vjvi lfkenk tc`nj aninxnk+
Tfkcanc+ Tfkcanc ifxvtnjnk tfxvrn`nnk snke ifanjvjnk tfkcancnk |fx`nlnt
nj|cwn |f|nt tfxvrn`nnk! vk|vj ifitfxmaf` kcanc snke lctnklnke unonx+
8+2 Tfkefx|cnk Lcwclfk
Lcwclfk nlnan` lcr|xchvrc snke hcrn hfxhfk|vj jnr! nj|cwn anck! rvxn| n|nv
hvj|c anck snke ifksn|njnk v|nke tfxvrn`nnk! lnk rn`ni! jftnln tfifenke
rn`ni rvn|v tfxvrn`nnk rfhnenc txmtmxrc lnxc ovian` rn`ni snke lcicacjc maf`
tficacj+ Tfkevivink lcwclfk ifxvtnjnk rnan` rn|v ckgmxinrc snke njnk
lcxfrtmk maf` tnrnx+ Ifkvxv| Nxcgck >332#! tfkevivink lcwclfk lnk
tfkevivink anhn tnln tfxcmlf rfhfaviksn nlnan` lvn ofkcr tfkevivink snke
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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>7
tnacke rfxcke lcevknjnk maf` tnxn inknofx vk|vj ifkeckgmxinrcjnk txfr|nrc lnk
txmrtfj tfxvrn`nnk+ Ifkvxv| N`nxmks lnk Runxs >304# ifkefivjnjnk hn`un
ckgmxinrc snke lchfxcjnk tnln rnn| tfkevivink lcwclfk afhc` hfxnx|c lnxctnln
tfkevivink fnxkcke+ Hnec tnxn ckwfr|mx! lcwclfk ifxvtnjnk `nrca snke
lctfxmaf` lnxc rn`ni snke lcicacjc! rfanck bntc|na enck snke lclntn| ntnhcan `nxen
ovna rn`ni afhc` |ckeec lchnklcke `nxen hfacksn+ Lcwclfk |fxrfhv| lclntn| lnxc
tfxvrn`nnk rfhnenc lcr|xchvrc snke lc`nrcajnk lnxc mtfxnrc tfxvrn`nnk+
Lnani tfihnsnxnk lcwclfk! tfxvrn`nnk lntn| ifkeevknjnk hfk|vj)
hfk|vj |fx|fk|v tfihnsnxnk lcwclfk+ Lcwclfk lntn| lchnsnxjnk lnani hfk|vj
lcwclfk |vknc bnr` lcwclfkl#! lcwclfk lnani hfk|vj nj|cwn snke anck txmtfx|s
lcwclfkl#! lcwclfk lnani hfk|vj rvxn| v|nke km|fr#! n|nvtvk lcwclfk lnani
hfk|vj rn`ni r|mbj lcwclfkl#+
Nlntvk |vovnk lnxc tfihnecnk lcwclfk nlnan` rfhnenc hfxcjv|?
n+ Vk|vj ifinjrcivijnk jfinjivxnk hnec tnxn tfifenke rn`ni! jnxfkn
|ckeecksn lcwclfk snke lchnsnxjnk njnk ifitfkenxv`c nxen rn`ni+
h+ Vk|vj ifkvkovjjnk acjvclc|nr tfxvrn`nnk+ Lfkenk lchnsnxjnkksn lcwclfk!
lc`nxntjnk jckfxon tfxvrn`nnk lcin|n ckwfr|mx hnevr lnk lntn| lcnjvc hn`un
tfxvrn`nnk initv ifke`nlntc efomanj fjmkmic lnk initv ifihfxcjnk
`nrca jftnln ckwfr|mx+
b+ Rfhnecnk ckwfr|mx ifinklnke hn`un xfrcjm lcwclfk nlnan` afhc` xfkln`
lchnklcke xfrcjm bntc|na enck+
l+ Vk|vj ififkv`c jfhv|v`nk tnxn tfifenke rn`ni njnk tfklntn|nk |f|nt snke
lcevknjnk vk|vj jftfxavnk jmkrvirc+
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f+ Lcwclfk lntn| lcevknjnk rfhnenc nan| jmivkcjnrc nk|nxn inknofx lnk
tfifenke rn`ni+
8+< Jfhconjnk Lcwclfk
Jfhconjnk lfwclfk ifksnkejv| |fk|nke inrnan` tfkeevknnk anhn snke
ifkonlc `nj tnxn tfifenke rn`ni+ Tnln lnrnxksn! anhn |fxrfhv| hcrn lchnec
rfhnenc lfwclfk n|nv lc|n`nk vk|vj lcckwfr|nrcjnk jfihnac+
Jfhconjnk lfwclfk ifxvtnjnk jftv|vrnk tfihnsnxnk lfwclfk snke
ifitfx|cihnkejnk injrcinacrnrc `nxen rn`ni rnn| ckc lnk tfxcmlf ifkln|nke+
Lnani tfkfk|vnk hfrnx jfbcaksn lfwclfk snke njnk lchnsnxjnk tnln tfxvrn`nnk
snke rvln` ifxfkbnknjnk lfkenk ifkf|ntjnk |nxef| Lfwclfkl Tnsmv| Xn|cm
lclnrnxjnk n|nr tfx`c|vkenk jfvk|vkenk snke lctfxmaf` rf|fan` lcjvxnkec tnonj+
Vk|vj lntn| ifihnsnx lfwclfk lntn| lchvn| rvn|v xfkbnkn tfihnsnxnk rfhnenc
hfxcjv|?
>+ Tfxvrn`nnk ifitvksnc |nxef|Lfwclfkl Tnsmv| Xn|cmonkejn tnkonke+
8+ Inknofx ifigmjvrjnk tnln |ckejn| tfxvhn`nk lcwclfk lnxc tnln |ckejn|
nhrmav|+
2+ Tfxvhn`nk lcwclfk snke ifkckejn| lnani onkejn tnkonke! vk|vj ifkonen
tfke`nrcank+ Tfxvhn`nk tfke`nrcank snke rfifk|nxn |clnj vk|vj
ifitfkenxv`cLfwclfkl Tnsmv| Xn|cm+
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>0
jmitmkfk lnrnx+ Tfx|nin! xnrcm tfihnsnxnk lfwclfk ifkvkovjjnk ovian`
lfwclfk snke lchnsnxjnk xfan|cg |fx`nlnt tfklntn|nk tfxvrn`nnk! jmitmkfk
jflvn nlnan` r|nhcac|nr lfwclfk rftnkonke unj|v+ Lfkenk ifkenrvircjnk
inknofifk rvln` ifiv|vrjnk hfxntn hnksnj lcckwfr|nrc lnk ificac` tnlvnk
v|nke)imlnaksn vk|vj ifklnknc ckwfr|nrc ckc! jftv|vrnk vk|vj ifihnsnx
lfwclfk snke hfrnx hfxnx|c rfbnxn rciva|nk ifiv|vrjnk vk|vj ifkn`nk rflcjc|
anhn! ocjnanv nln: ckc knk|cksn ifke`nrcajnk jf|fxenk|vkenk snke afhc` hfrnx tnln
tfklnknnk imlna fjr|fxkna+ Rfhnacjksn! lfkenk ckwfr|nrc lnk jftv|vrnk
tfklnknnk tfxvrn`nnk! tfihnsnxnk lfwclfk snke jfbca njnk hfxnx|c tfkn`nknk
anhn snke |ckeec lfkenk afhc` rflcjc| jfhv|v`nk lnkn imlna snke lc`nrcajnk lnxc
avnx+
Ifkvxv| Hxce`ni >302# ifksfhv|jnk nln |cen |fmxc lnxc txfgfxfkrc
ckwfr|mx snc|v?
>+ Lfwclfkl cxxfafwnkbf |`fmxs nlnan` rvn|v |fmxc snke ifksn|njnk hn`un
jfhconjnk lfwclfk |clnj ifitvksnc tfkenxv` hncj |fx`nlnt kcanc tfxvrn`nnk
invtvk hcnsn imlnaksn+ \fmxc ckc ifkecjv|c tfklntn| Imlceacnkc lnk Icaafx
snke ifksn|njnk hn`un kcanc rvn|v tfxvrn`nnk |clnj lc|fk|vjnk maf` hfrnx
jfbcaksn Lfwclfkl Tnsmv| Xn|cm LTX# |f|ntc lc|fk|vjnk maf` anhn hfxrc`
rfhfavi tnonj FHC\# lnk xfrcjm hcrkcr+ Rfhnecnk hfrnx jmk|xmwfxrc
ifkefknc crv lfwclfk lclnrnxjnk tnln jf|clnjrninnk tnklnkenk nk|nxn
jmivkc|nr njnlficj lnk txmgfrcmkna+
Hfhfxntn txnj|crc snke hfxtfkenanink ifkenkeeent tfxvhn`nk `nxen rn`ni
lc`nrcajnk maf` tfkevivink lcwclfk lnk jnxfknksn ifkenkeent lfwclfk
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>3
tfk|cke+ Rfhnecnk hfrnx lnxc jmivkc|nr njnlficj snke ifklfhn| hn`un
lcwclfk |nj xfafwnk ifkenkeent jfhckevkenk lnani inrnan` ckc hfxnuna lnxc
jf|clnj`n|c)`n|cnk lnani ifklfgckcrcjnk ntn snke jc|n injrvl lfkenk
jfhconjnk lfwclfk+
Tfihnsnxnk lcwclfk maf` tfxvrn`nnk lntn| ifitfkenxv`c `nxen rn`ni ocjn
tfifenke rn`ni |nj ificacjc onank anck vk|vj ifkfxcin tfklntn|nk lnxc
ckwfr|nrc+ \ntc lfkenk ifkenrvircjnk tnrnx imlna xfan|cg fgcrcfk! tfifenke
rn`ni snke ifihv|v`jnk tfklntn|nk ankbnx rfanav lntn| ifkovna rn`ni+
Ocjn tfxvrn`nnk ifihnsnx lcwclfk! ckwfr|mx lntn| ifke`cankejnk lcwclfk
snke lc|fxcin! rfbnxn jfrfavxv`nk n|nv rfhnecnk! lfkenk ifkeevknjnk
lcwclfk vk|vj ifihfac rn`ni+ Ckwfr|mx jnxfknksn lntn| rfbnxn txchnlc
ifkbct|njnk nxvr lcwclfk snke lcckeckjnk! |nj ntn jfhconjnk lcwclfk snke
hfxankervke
8+ Hcxl)ck)|`f)`nkl |`fmxs snke ifksn|njnk hn`un hcnsn imlna rfklcxc njnk
kncj ocjn Lfwclfkl tnsmv| xn|cm LTX# xfkln`+ @na ckc lcjnxfknjnk ckwfr|mx
afhc` rvjn ifkfxcin lfwclfk lnxctnln bntc|na enck+
Jftfxbnsnnk hn`un jfhconjnk lfwclfk tfxvrn`nnk |nj tfk|cke rfbnxn |nj
ankervke ifkenrvircjnk hn`un ckwfr|mx `nxvr ifkeevknjnk |ckejn|
tfkefihnacnk snke lc`nxntjnk snke rnin ntnjn` tfklntn|nk ln|nke ifanavc
tfxmaf`nk imlna bntc|na enck# n|nv ifanavc lfwclfk+ \ntc! lfwclfk afhc` hcrn
lcxninajnk lnxctnln tfxmaf`nk imlna: inknofifk lntn| ifkemk|xma lcwclfk!
|ntc |nj lntn| ifklcj|f `nxen rn`ni+ Ckwfr|mx jvxnke snjck ifkfxcin
tfklntn|nk lnxc bntc|na enck lnxctnln lnxc lfwclfk+ Xfrcjm ckjxfifk|na lnxc
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bntc|na enck xfan|cg |fx`nlnt tfklntn|nk lcwclfk ifkvkovjjnk |ckejn|
lcrsnxn|jnk snke afhc` |ckeec vk|vj ifklcrjmk|m rn|v lmaanx bntc|na enck
lnxctnln ifklcrjmk|m rn|v lmaanx lcwclfk+ Lfkenk jn|n anck! jc|n njnk ifkcanc
rn|v lmaanx lcwclfk snke lc`nxntjnk afhc` |ckeec lnxctnln rn|v lmaanx bntc|na
enck snke lc`nxntjnk+ Tnklnkenk ckc snke ifken|njnk hn`un lcwclfk afhc`
tnr|c lnxctnln tfxmaf`nk imlna bntc|na enck#+
2+ \np txfgfxfkbf |`fmxs nlnan` rvn|v |fmxc snke ifken|njnk hn`un jnxfkn
nlnksn tnonj |fx`nlnt jfvk|vkenk lfwclfk lnk bntc|na enck injn tnxn
ckwfr|mx afhc` ifksvjnc bntc|na enck jnxfkn lntn| ifkvkln tfihnsnxnk
tnonj tfklntn|nk+ @na ckc lclnrnxjnk tnln tfxhflnnk tfxanjvnk tnonj n|nr
tfklntn|nk lcwclfk lnk tfxmaf`nk imlna+
@ckeen >305! |ckejn| tnonj fgfj|cg n|nr tfxmaf`nk lnxc tfkovnank rn`ni
hcnrnksn `nksn onkvnxc >305! VV tnonj
gflfxna ifke`ntvr tfxanjvnk tnonj j`vrvr n|nr tfxmaf`nk imlna rf`ckeen
tfxmaf`nk rftfx|c c|v rfjnxnke lctnonj tnln |ckejn| snke rnin lfkenk
tfklntn|nk lcwclfk+ Rfifk|nxn jfvk|vkenk |ckejn| tnonj xfan|cg snke |fxrflcn
vk|vj bntc|na enck |nj nln anec! jfvk|vkenk snke ksn|n inrc` nln vk|vj
tfxmaf`nk imlna lchnklckejnk lfkenk tfklntn|nk lcwclfk+ Tnonj tfklntn|nk
lcwclfk lchnsnxjnk tnln rnn| lfwclfk lc|fxcin! rfifk|nxn tnonj n|nr bntc|na
enck lc|vkln `ckeen rn`ni hfknx)hfknx lcovna+ Injn! lnani `na tfx|cihnkenk
tnonj! rfhnecnk hfrnx ckwfr|mx inrc` afhc` rvjn tfkn`nknk tfklntn|nk
tfxvrn`nnk lnxctnln tfihnsnxnk lfwclfk |vknc+ Ocjn tfklnttn|nk lc|n`nk
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lnani tfxvrn`nnk! `nxen rn`ni ifkckejn|! |ntc tfkckejn|nk |clnj lctnonj
`ckeen rn`ni lcovna+
Jfhconjnk lnk jftv|vrnk lcwclfk tnln `njfjn|ksn njnk ifkfk|vjnk tmxrc
jfvk|vkenk snke njnk lchnecjnk jftnln tfifenke rn`ni lnk rfhfxntn hnksnj
snke lc|n`nk rfhnenc xf|nckfl fnxkcke Rnxkn|!>334#+ Tfxhnklckenk nk|nxn lcwclfk
lnk jfvk|vkenk ifxvtnjnk xnrcm tfihnsnxnk lcwclfkl (Lcwclfkl Tnsmv| Xn|cm#
n|nv tfxrfk|nrf lnxc tfklntn|nk snke njnk lchnsnxjnk jftnln tfifenke rn`ni
rfhnenc bnr` lcwclfkl+ Rfinjck |ckeec |ckejn| lcwclfk snke njnk lchnsnxjnk
hfxnx|c rfinjck rflcjc| anhn snke lntn| lc|n`nk (xf|nckfl fnxkcke#+
Lnani jftv|vrnk tfihnecnk lcwclfk! tfxvrn`nnk `nxvr
ifitfx|cihnkejnk jfankervkenk `clvt lnk tfx|vihv`nk tfxvrn`nnkksn+ Anhn
snke lctfxmaf` tfxvrn`nnk tnln viviksn |clnj lchnecjnk rfavxv`ksn rfhnenc
lcwclfk jnxfkn rfhnecnk lcrcrc`jnk vk|vj lcckwfr|nrcjnk jfihnac n|nv rfhnecnk
lc|n`nk lnani xf|nckfl fnxkcke+ Hfrnx jfbcaksn lcwclfk snke lc hnsnxjnk jftnln
tfifenke rn`ni |fxenk|vke tnln jfhconjnk lcwclfk inrcke)inrcke tfxvrn`nnk
rf`ckeen tfx|cihnkenk inknofifk rnken| lctfxavjnk+
Jfhconjnk lcwclfk snke lcanjvjnk tfxvrn`nnk nln hfhfxntn inbni! snc|v
Wnk @mxkf!>307#?
>+ Jfhconjnk lcwclfk snke r|nhca
Nx|cksn ovian` lcwclfk tfx afihnx rn`ni LTR# snke lchnsnxjnk rf|cnt
|n`vkksn xfan|cg |f|nt rfanin onkejn unj|v |fx|fk|v ifrjctvk anhn tfx afihnx
rn`ni rf|cnt |n`vkksn hfxgavj|vnrc+ Hfhfxntn nanrnk snke ifklmxmke
tfxvrn`nnk ifkonankjnk jfhconjnk lcwclfk |fxrfhv| nk|nxn anck jnxfkn! n# njnk
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ifihfxcjnk jfrnk jftnln tnxn tfimlna hn`un tfxvrn`nnk ifitvksnc
txmrtfj snke hncj lc inrn ifkln|nke lnk h# nlnksn emamkenk tfimlna
|fx|fk|v snke ifkeckeckjnk jftnr|cnk lcwclfk snke njnk lchnsnxjnk+
8+ Jfhconjnk lcwclfk lfkenk tfkf|ntnk ovian` lcwclfk ickcina lc|nihn` lcwclfk
fjr|xn+
Jfhconjnk ckc ifkf|ntjnk ovian` xvtcn` ickcina lcwclfk tfx afihnx rn`ni
rf|cnt |n`vkksn! lnk ocjn |fxonlc tfkckejn|nk anhn rfbnxn lxnr|cr n|nv jfnlnnk
jfvnkenk snke afhc` hncj injn ovian` |fxrfhv| lc|nihn` anec lfkenk lcwclfk
fjr|xn+
2+ Jfhconjnk lcwclfk snke jmkr|nk+
Hfxnx|c ovian` lcwclfk tfx afihnx rn`ni snke lc hnsnxjnk rf|cnt |n`vkksn
njnk hfxgavj|vnrc rfrvnc lfkenk tfxjfihnkenk anhn hfxrc` snke lctfxmaf`
rf|cnt |n`vkksn+ @na ckc hfxnx|c lcwclfk lcnkeent ifitvksnc crc ckgmxinrc
rfhnenc cklcjn|mx txmrtfj tfxvrn`nnk ifihncj n|nv ifihvxvj#! injn
tfxvhn`nk jfhconjnk lcwclfk+
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8+6 Bnr` Lcwclfkl
Lcwclfk snke tnacke vivi lchnecjnk tfxvrn`nnk nlnan` hfk|vj jnr+ Snke
tfxav lctfx`n|cjnk tcitcknk tfxvrn`nnk rfhfavi ifihvn| tfkevivink nlnksn
lcwclfk jnr nlnan` ntnjn` ovian` jnr snke nln ifkbvjvtc vk|vj tfihnecnk
lcwclfk |fxrfhv|+
Xmhfx| Nke >335# ifksn|njnk hn`un lcwclfk |vknc bnr` lcwclfkl#
ifxvtnjnk lcwclfk snke lchnsnxjnk lnani hfk|vj vnke |vknc+ Rflnkejnk lcwclfk
rn`ni r|mbj lcwclfkl# ifxvtnjnk lcwclfk snke lc hnsnxjnk lnani hfk|vj rn`ni
lfkenk txmtmxrc |fx|fk|v+
Rnucloc Uclmnlimlom >337# oven ifksn|njnk hn`un lcwclfk nlnan`
hnecnk anhn snke lchfxcjnk fic|fk jftnln tnxn tfifenke rn`ni! hncj lnani
hfk|vj lcwclfk |vknc lnk lcwclfk rn`ni+
8+6+> @vhvkenk Bvxxfk| Xn|cm lnk Bnr` Lcwclfkl
Bvxxfk| xn|cm oven ifxvtnjnk rnan` rn|v vjvxnk xnrcm acjvclc|nr ac~vclc|s
xn|cmr# snke lc`c|vke lfkenk ifihnec nj|cwn ankbnx bvxfk| nrrf|r# lfkenk
`v|nke- jfunochnk ankbnx bvxxfk| acnhcac|s#+ Rfinjck hfrnx bvxxfk| xn|cm
ifkvkovjjnk rfinjck |ckeec jfinitvnk tfxvrn`nnk lnani ififkv`c jfunochnk
onkejn tfklfjksn |fxinrvj lc lnaniksn jfunochnk ifihnsnx lcwclfk jnr snke
|fxv|nke#+ Rfhnencinkn bnr` xn|cm! injn |ckeecksn bvxxfk| xn|cm oven
ifkvkovjjnk jfsnjcknk ckwfr|mx |fx`nlnt |fx`nlnt jfinitvnk tfxvrn`nnk
ifihnsnx lcwclfk snke lconkocjnk+
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8303# |clnj lcac`n| lnxc xnrcm
acjvclc|nrksn! |f|ntc lclnrnxjnk tnln tfk|cke |clnjksn inknofifk
ifitfx|cihnkejnk acjvclc|nr lnani jfhconjnk lcwclfk! rf`ckeen |clnj lntn|
lc|fivjnk hnencinkn `vhvkenk nk|nxn hfrnxksn bvxxfk| xn|cm lfkenk bnr`
lcwclfkl+ Rfifk|nxn Flc Rvrnk|m 8448# ifkvkovjjnk hn`un bvxxfk| xn|cm |clnj
rcekcgcjnk hfxtfkenxv` |fx`nlnt lcwclfk tnln tfxvrn`nnk snke acr|cke lc HFC+
Hfxlnrnxjnk |fmxc lnk vxncnk |fxrfhv| injn lntn| lcnovjnk `ctm|frcr
na|fxkn|cg tfx|nin @># rfhnenc hfxcjv|? (Nln tfkenxv` rcekcgcjnk tmrc|cg bvxxfk|
xn|cm |fx`nlnt bnr` lcwclfkl(+
8+6+8 @vhvkenk Xf|vxk mk Ckwfr|ifk| (XMC# lnk Bnr` Lcwclfkl
XMC ifxvtnjnk vjvxnk fgfj|cgc|nr tfxvrn`nnk lnani ifke`nrcajnk
jfvk|vkenk lfkenk ifinkgnn|jnk nj|cwn |f|nt snke lcevknjnk vk|vj mtfxnrc+
Rfinjck hfrnx XMC ifkvkovjjnk jckfxon tfxvrn`nnk snke rfinjck hncj! jnxfkn
|ckejn| jfihnacnk ckwfr|nrc xf|vxk# rfinjck hfrnx+ Rftfx|c lcvxncjnk rfhfaviksn!
hn`un xf|vxk snke lc|fxcin maf` ckwfr|mx lntn| hfxvtn tfklntn|nk lcwclfk lnk
bntc|na enck+ Lfkenk lficjcnk ifkckejn|ksn XMC oven njnk ifkckejn|jnk
tfklntn|nk lcwclfk |fxv|nin bnr` lcwclfkl#+ Rfhnencinkn anzciksn tfkevjvxnk
XMC lclntn| lnxc fnxkcker ng|fx |np FN\# lnk |m|na ckwfr|nrc nj|cwn mtfxnrc+
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Hfrnxksn FN\ lctfxmaf` lnxc antmxnk anhn xvec! rflnkejnk |m|na ckwfr|nrc snke
lcevknjnk lnani tfkfac|cnk ckc nlnan` |m|na nj|cwn |f|nt hfxrc`# snke lcevknjnk
vk|vj nj|cwc|nr mtfxnrc tfxvrn`nnk snke |fxbfxick lnani antmxnk kfxnbn rcrc
nj|cwn-nrrf|#+
Tnx|cke|mk >303# ifkvkovjjnk hn`un wnxcnhfa ckwfr|nrc snke lcvjvx lnxc
nj|cwn |f|nt hfxrc`# mtfxnrc lntn| lcevknjnk vk|vj ifitxflcjrcjnk jfhconjnk
lcwclfk jnr bnr` lcwclfkl#+ Knivk Gnin >35303#
ifkvkovjjnk hn`un jfhconjnk lcwclfk |clnj lctfkenxv`c maf` jftv|vrnk
ckwfr|nrc+ Lficjcnk tvan tfkfac|cnk snke lcanjvjnk maf` Flc Rvrnk|m 8448# oven
ifkvkovjjnk hn`un XMC |clnj rcekcgcjnk |fx`nlnt lcwclfk+
Hfxlnrnxjnk |fmxc lnk vxncnk |fxrfhv| injn lntn| lcnovjnk `ctm|frcr
na|fxkn|cg jflvn @8# rfhnenc hfxcjv|? (Nln tfkenxv` rcekcgcjnk tmrc|cg XMC
|fx`nlnt bnr` lcwclfkl(+
8+6+2 @vhvkenk \m|na Nrrf|r \vxk Mwfx lnk Bnr` Lcwclfkl
Tfxtv|nxnk |m|na nj|cwn! nlnan` xnrcm nk|nxn tfkovnank lfkenk |m|na nj|cwn
snke ifkevjvx fgcrcfkrc tfkeevknnk nj|cwn rfbnxn jfrfavxv`nk+ Xnrcm snke
xfkln` ifxvtnjnk cklcjnrc hn`un tfxvrn`nnk |clnj hfxmtfxnrc tnln wmavif snke
ifinlnc hnec jntnrc|nr ckwfr|nrcksn+
Injn rfinjck hfrnx tfxtv|nxnk nj|cwn rfinjck fgfj|cg tfxvrn`nnk
ifkefaman nj|cwnksn+
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Hfxlnrnxjnk |fmxc lnk vxncnk |fxrfhv| injn lntn| lcnovjnk `ctm|frcr
na|fxkn|cg jf|cen @2# rfhnenc hfxcjv|? (Nln tfkenxv` rcekcgcjnk tmrc|cg |m|na
nrrf|r |vxk mwfx|fx`nlnt bnr` lcwclfkl(+
8+6+< @vhvkenkFnxkcker Tfx R`nxf lnk Bnr` Lcwclfkl
Tfklntn|nk tfx afihnx rn`ni fnxkcke tfx r`nxf# ifxvtnjnk |m|na
jfvk|vkenk snke lctfxmaf` ckwfr|mx vk|vj rf|cnt afihnx rn`niksn+ \m|na
jfvk|vkenk |fxrfhv| lcvjvx lnxc xnrcm nk|nxn anhn hfxrc` rf|fan` tnonj fnxkcker
ng|fx |np ) FN\# |fx`nlnt ovian` afihnx rn`ni snke hfxflnx mv|r|nklcke r`nxf#+
Anhn hfxrc` snke lctfx`c|vkejnk |fxrfhv| rf|fan` lcjvxnkec lfkenk lcwclfk vk|vj
tnxn tfifenke rn`ni txcmxc|nr- ickmxc|nr txfggfxfl r|mbj#+
Rfinjck hfrnx fnxkcke ng|fx |np injn tfklntn|nk lcwclfk jnr tfx afihnx
rn`ni bnr` lcwclfkl tfx r`nxf# snke njnk lc|fxcin maf` tnxn tfifenke rn`ni
hcnrn bmiimk r|mbj# oven rfinjck hfrnx+ @na |fxrfhv| lfkenk nrvirc ocjn
lcwclfk hnec tnxn tfifenke rn`ni ickmxc|nr lnk ovian` rn`ni snke hfxflnx
rn`ni hcnrn# xfan|cg |f|nt+ \fmxc ckc oven lclvjvke maf` Rvxnric >330# snke
ifkvkovjjnk hn`un FTR hfxtfkenxv` rcekcgcjnk tmrc|cg |fx`nlnt lcwclfkl tfx
r`nxf tnln tfxvrn`nnk inkvgnj|vx snke acr|cke lc HFC+
Hfxlnrnxjnk |fmxc lnk vxncnk |fxrfhv| injn lntn| lcnovjnk `ctm|frcr
na|fxkn|cg jffitn| @
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8+7 Tfkfac|cnk \fxln`vav
Nln hfhfxntn r|vlc lnk tfkfac|cnk snke ifkfac|c `vhvkenk hfhfxntn
wnxcnhfa lfkenk lcwclfk+ Tfkfac|cnk |fxrfhv| nlnan` rfhnenc hfxcjv| ?
>+ Lfxinunk >335 snke hfxovlva Gnj|mx)gnj|mx Tfkfk|v Jfhconjnk
Tfihnsnxnk Lfwclfk tnln Tfxvrn`nnk snke Em Tvhacj lc Hvxrn Fgfj
Onjnx|n+ Lnani tfkfac|cnk |fxrfhv| lcevknjnk tvxtmrcwf rnitacke lfkenk
ovian` rnitfa rfhnksnj 75 tfxvrn`nnk snke acr|cke lc HFO rfanin |n`vk
>33> rnitnc >337+ Tfkfac|cnk |fxrfhv| ifkeevknjnk nknacrcr xfexfrc hfxenkln
|fx`nlnt 0 wnxcnhfa cklftfklfk! snc|v? xn|n)xn|n xnrcm tfihnsnxnk lfwclfk!
lfa|n bvxxfk| acnhcac|cfr! xf|vxk mk ckwfr|ifk| XMC#! fptfb|fl bntc|na
fptfklc|vxfr! nwfxnef exmu|` ck lcwclfklr! hnksnjksn tfifenke rn`ni! kf|
tank| lchnec |m|na nrrf|r! lnk bnr` gamu wnxcnhcac|s! rflnkejnk wnxcnhfa
lftfklfkksn nlnan` lcwclfkl tnsmv| xn|cm LTX#+ @nrca snke lctfxmaf`
lnani tfkfac|cnk ckc nlnan` `nksn xn|n)xn|n |ckejn| tfx|vihv`nk lcwclfk snke
hfxtfkenxv` |fx`nlnt xnrcm tfihnsnxnk lfwclfk+ Rfanck c|v `nrca snke anck
nlnan` gnj|mx)gnj|mx snke ifitfkenxv`c hfrnxksn xnrcm tfihnsnxnk lfwclfk
nk|nxn tfxvrn`nnk inkvgnj|vx hfrnx lnk tfxvrn`nnk inkvgnj|vx jfbca
hfxhfln+
8+ Uclsnk|mxm snke hfxomlva nknacrn Hfhfxntn Gnj|mx snke Hfxtfkenxv`
\fx`nlnt Jfhconjnk Lfwclfk tnln Hnlnk Vrn`n Icacj Kfenxn Hfk|vj
Tfxrfxm+ Tfkfac|cnk |fxrfhv| ifkeevknjnk rnitfa tvxtmrcwf rfhnksnj 0>
tfxvrn`nnk snke |fan` lcnvlc| tnln |n`vk >338+ lfkenk ifkenovjnk imlfa
xfexfrc hfxenkln lfkenk fitn| wnxcnhfa cklftfklfk! snc|v? xfkbnkn
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tfihnsnxnk `v|nke! xfkbnkn ckwfr|nrc! xfkbnkn tfknihn`nk imlna jfxon! lnk
|ckejn| jfrfon`|fxnnk tfxvrn`nnk! rfx|n wnxcnhfa lftfklfkksn nlnan` lfwclfk
vk|vj tfifxck|n`+ @nrca snke lctfxmaf` lnani tfkfac|cnk nlnan` `nksn gnj|mx
xfkbnkn ckwfr|nrc lnk gnj|mx xfkbnkn tfknihn`nk imlna jfxon rnon snke
hfxtfkenxv` |fxenlnt jfhconjnk lfwclfk+
2+ Xniac >33< lfkenk ovlva Nknacrn Gnj|mx)gnj|mx snke Ifitfkenxv`c
Jfhconjnk Lfwclfk Cklvr|xc Inkvgnj|vx lc Hvxrn Fgfj Onjnx|n+ Lnani
tfkfac|cnk ckc lcevknjnk 72 rnitfa tfxvrn`nnk lnxc |n`vk >338 rnitnc >33
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tfkvxvknk anhn |fxinrcj gnj|mx snke rnken| tfk|cke snke lctfx|cihnkejnk
inknofifk lnani jfhconjnk tfihnecnk lfwclfk jnr+
\nhfa 8+>
Tfkfac|cnk \fxln`vav
Km+ Tfkfac|c Wnxcnhfa
Imlfa
Nknacrcr
@nrca
>+ Lfxinunk
>335#
Xn|n) xn|n xnrcm tfihnsnxnk lcwclfk ! lfa|n
bvxxfk| acnhcac|cfr! xf|vxk mk ckwfr|ifk|!
fptfb|fl bntc|na fptfklc|vxfr! nwfxnef exmu|`
ck lcwclfkl! hnksnjksn tfifenke rn`ni! kf|
tank| lchnec |m|na nrrf|r! bnr` gamu wnxcnhcac|s
Nknacrcr
Xfexfrc
Hfxenkln
@nrca snke lctfxmaf` lnani tfkfac|cnk ckc
nlnan` `nksn xn|n) xn|n |ckejn|
tfx|vihv`nk lcwclfk snke hfxtfkenxv`
|fx`nlnt xnrcm tfihnsnxnk lcwclfk+
Rfanck c|v `nrca snke anck gnj|mx) gnj|mx
snke ifitfkenxv`c hfrnxksn xnrcm
tfihnsnxnk lcwclfk nk|nxn tfxvrn`nnk
inkvgnj|vx hfrnx lnk tfxvrn`nnk jfbca
hfxhfln+
8+ Uclsnk|mxm Xfkbnkn tfihnsnxnk tcv|nke! xfkbnkn
ckwfr|nrc! xfkbnkn tfknihn`nk imlna jfxon!
lnk |ckejn| jfrfon`|fxnnk tfxvrn`nnk+
Nknacrcr
Xfexfrc
Hfxenkln
@nksn gnj|mx xfkbnkn ckwfr|nrc lnk gnj|mx
xfkbnkn tfknihn`nk imlna jfxon rnon
snke hfxtfkenxv` |fx`nlnt jfhconjnk
lcwclfk+
2+ Xniac
>33
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Nlntvk tfxhflnnk nk|nxn tfkfac|cnk ckc lfkenk tfkfac|cnk |fxln`vav nlnan`
lnani tfkfac|cnk ckc wnxcnhfa snke lcevknjnk rfhnenc wnxcnhfa cklftfklfk nlnan`
bvxxfk| xn|cm! xf|vxk mk ckwfr|ifk|! |m|na nrrf|r |vxk mwfx! lnk fnxkcke tfx r`nxf+
Rflnkejnk wnxcnhfa lftfklfk snke lcevknjnk nlnan` bnr` lcwclfkl+
Nanrnk tficac`nk wnxcnhfa)wnxcnhfa |fxrfhv| nlnan` lnani tfkfac|cnk)
tfkfac|cnk rfhfaviksn! wnxcnhfa)wnxcnhfa |fxrfhv| |fan` lcvoc |f|ntc lnani jvxvk
unj|v snke hfxhfln)hfln lnk lcvoc lfkenk wnxcnhfa)wnxcnhfa snke hfxhfln)hfln
tvan+ Tfkfac|cnk ckc oven ifkeevknjnk tfxcmlf unj|v lnk rnitfa tfkfac|cnk snke
hfxhfln lfkenk tfkfac|cnk rfhfaviksn+ Maf` jnxfkn c|v! tfkfac|cnk ckc lcanjvjnk
vk|vj ifkef|n`vc ntnjn` `nrca snke njnk lctfxmaf` knk|cksn lntn| ifklfjn|c
`nrca n|nv hfxhfln nrca lfkenk tfkfac|cnk)tfkfac|cnk rfhfaviksn+
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8+5 Jfxnkejn Tcjcx
Nlntvk jfxnkejn tcjcx lnani tfkfac|cnk ckc nlnan` rfhnenc hfxcjv|?
8+0 @ctm|frcr Tfkfac|cnk
Hfxlnrnxjnk tfxinrnan`nk snke rvln` lcxvivrjnk! injn `ctm|frcr
tfkfac|cnk snke njnk lcvoc nlnan` ?
>+ Lclven bvxxfk| xn|cm! XMC! \N\M lnk FTR rfbnxn rciva|nk ifitvksnc
tfkenxv` tmrc|cg lnk rcekcgcjnk |fx`nlnt bnr` lcwclfkl tnln tfxvrn`nnk
inkvgnj|vx lc HFC+
8+ Lclven bvxxfk| xn|cm! XMC! \N\M lnk FTR rfbnxn tnxrcna ifitvksnc
tfkenxv` tmrc|cg lnk rcekcgcjnk |fx`nlnt bnr` lcwclfkl tnln tfxvrn`nnk
inkvgnj|vx lc HFC+
Bvxxfk| Xn|cm
(P>#
Xf|vxk Mk Ckwfr|ifk|
(P8#
\m|na Nrrf|r \vxk Mwfx
(P2#
Fnxkcke Tfx R`nxf
(P
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HNH CCC
IF\MLF TFKFAC\CNK
2+> Lnfxn` Tfkfac|cnk
Lnani tfkfac|cnk ckc! tfkvacr ifanjvjnk tfkfac|cnk lc Tvrn| Ckgmxinrc
Tnrnx Imlna TCTI# Injnrrnx Tfxunjcank Hvxrn Fgfj Onjnx|n HFO#! Onank
N+T+Tf||nxnkc Hamj N)24! Eflvke Nk|nxn+ Tmtvanrc lnxc tfkfac|cnk ckc snc|v lnxc
Tfxvrn`nnk Inkvgnj|vx \n`vk 8446) 8443+
2+8 Tmtvanrc lnk Rnitfa Tfkfac|cnk
Lclnani tfkfac|cnk ckc snke ifkonlc tmtvanrc tfkfac|cnk nlnan` tfxvrn`nnk snke
|fxlng|nx lc Hvxrn Fgfj Cklmkfrcn |n`vk 8446)8443+ \f`kcj tfkfk|vnk rnitfa
lnani tfkfac|cnk ckc ifkeevknjnk tvxtmrcwf rnitacke! snke nx|cksn tfxvrn`nnk
snke lcwclfk jnrksn njnk lconlcjnk rnitfa tfkfac|cnk ckc lctcac` ifkeevknjnk
tfx|cihnkenk lfkenk ifinrvjjnk vkrvx)vkrvx |fx|fk|v snke lcnkeent ificacjc
jxc|fxcn rfhnenc hfxcjv|?
n+ Tfxvrn`nnk snke |fxlng|nx lc HFC snke |fan` ifksnitncjnk antmxnk jfvnkenk
tfx 2> lfrfihfx rfbnxn xv|ck rfanin |cen |n`vk rfrvnc lfkenk tfxcmlf
tfkfac|cnk snke lctfxavjnk! snc|v 8446! 8447! 8445! 8440! lnk 8443 snke
ifksnitncjnk ln|nksn rfbnxn afkejnt rfrvnc lfkenk ckgmxinrc snke
lctfxavjnk! snc|v Bvxxfk| Xn|cm BX#! Xf|vxk mk Ckwfr|ifk| XMC#! \m|na
Nrrf|r \vxk Mwfx\N\M#!Fnxkcke Tfx R`nxf FTR#!lnk lcwclfk jnr+
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h+ Tfxvrn`nnk snke |fxlng|nx lc HFC snke rfbnxn jmkrcr|fk ifihnecjnk lcwclfk
jnr rfanin |n`vk tfkfac|cnk snc|v |n`vk 8446! 8447! 8445! 8440! 8443+
Ovian` rnitfa snke ififkv`c jxc|fxcn lnani tfkfac|cnk ckc nlnan`
rfovian` >5 tfxvrn`nnk+Tnln |nhfa 2+8 hfxcjv| nlnan` knin tfxvrn`nnk snke
ifkonlc rnitfa tfkfac|cnk ?
\nhfa 2+>
Rnitfa Tfkfac|cnk
Km+ Knin Tfxvrn`nnk
>+ T\+ Iva|c Hck|nke Cklmkfrcn! \hj
8+ T\+ Gnr| Gmml Cklmkfrcn! \hj
2+ T\+ Evlnke Enxni! \hj
4+ T\+ Ifxbj! \hj
>>+ T\+ \fitm Rbnk Tnbcgcb! \hj
>8+ T\+ Ivr|cjn Xn|v! \hj
>2+ T\+ Bmamxtnb Cklmkfrcn! \hj
>6+ T\+ Cklmgmml Rvjrfr Injivx! \hj
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27+ T\+ Insmxn Ckln`! \hj
>5+ T\+ N~vn Emalfk Icrrcrrctc! \hj
2+2 Rvihfx Ln|n
Ln|n snke lctfxavjnk nlnan` ln|n rfjvklfx snc|v ln|n snke rvln` lcman`
tc`nj tfxvrn`nnk lnk rvln` lc|fxhc|jnk lnani hfk|vj antmxnk jfvnkenk n|nv
lfkenk jn|n anck ln|n snke |clnj rfbnxn ankervke lcnihca lnxc tfxvrn`nnk snke
hfxrnkejv|nk snc|v ifanavcCklmkfrcnk Bntc|na inxjf| Lcxfb|mxs (CBIL# 84>4+
2+< Wnxcnhfa Tfkfac|cnk
Nlntvk wnxcnhfa lnani tfkfac|cnk ckc?
n+ Wnxcnhfa hfhnr Cklftfklfk| Wnxcnhfa#+ Wnxcnhfa ckc lchfxc rcihma P+
h+ Wnxcnhfa |fxcjn| Lftfklfk| Wnxcnhaf#+ Wnxcnhfa ckc lchfxc rcihma S+
2+6 If|mlf Tfkevitvank Ln|n
Lnani xnkejn tfkevitvank ln|n snke lcevknjnk rfhnenc tfkvkonke
lnani tfihn`nrnk ckc! injn tfkvacr ifkeevknjnk if|mlf tfkevitvank ln|n
snc|v?
>+ If|mlf Lmjvifk|nrc! snc|v if|mlf snke lcevknjnk rfhnenc lnrnx vk|vj
ifkenknacrcr ln|n lnani tfkfac|cnk ckc lfkenk ifkevitvajnk ln|n! hncj snke
hfxrcgn| jvnac|n|cg invtvk jvnk|c|n|cg+
8+ If|mlf Jftvr|njnnk! snc|v if|mlf tfkevitvank ln|n snke hfxrcgn| |fmxc|cr
ifkefknc tfxinrnan`nk snke hfxjnc|nk lfkenk tfkfac|cnk ckc+ If|mlf ckc
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lcanjvjnk lfkenk ifihnbn hvjv) hvjv tvr|njn! xfgfxfkrc lnk hfxhnenc
ac|fxn|vx anck snke hfx`vhvkenk lfkenk tfkfac|cnk+
2+7 Nknacrcr Ln|n
2+7+> Nknacrcr Xfexfrc Ackfnx Hfxenkln
++++++++++++++++++++++++++++++++++++++++++ >#
Lcinkn?
S 9 bnr` lcwclfkl
n
9 jmkr|nk|n
h>!
h8!
h2!
h
9 Bvxxfk| Xn|cm
P8
9 Xf|vxk Mk Ckwfr|ifk| XMC#
P2
9 \m|na Nrrf| \vxk Mwfx \N\M#
P+ Tfkevocnk rfbnxn cklcwclv Voc)|#
\vovnk lcanjvjnk tfkevocnk |fx`nlnt jmfgcrcfk xfexfrc rfbnxn cklcwclv ckc
nlnan` vk|vj ifkef|n`vc ntnjn` rfbnxn cklcwclv nk|nxn wnxcnhfa cklftfklfk
S 9 n* h
>P
>* h
8P
8* h
2P
2* h
h8
4 (nln tfkenxv` rfbnxn rcekcgcjnk nk|nxn Bvxxfk| Xn|cm! XMC!
\N\M lnk FTR |fx`nlnt Bnr` lcwclfkl#
X8
- J)>
G`c|vke9 +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++2#
>)X8# - k)J#
Lcinkn ?
X8
9 jmfgcrcfk lf|fxicknrc
k 9 hnksnjksn mhrfxwnrc
J 9 hnksnjksn wnxcnhfa
h+ ifkfk|vjnk |ckejn| jfsnjcknk 9 6&
b+ jxc|fxcn tfkevocnk
@m lc|fxcin ocjn G`c|vke
G|nhfa
snke hfxnx|c wnxcnhfa cklftfklfk Bvxxfk|
Xn|cm! XMC! \N\M lnk FTR# rfbnxn hfxrnin)rnin |clnj ifitfkenxv`c
wnxcnhfa lftfklfk bnr` lcwclfkl#+
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@m lc|manj ocjn G`c|vke
; G|nhfa
snke hfnx|c wnxcnhfa cklftfklfk Bvxxfk| Xn|cm!
XMC! \N\M lnk FTR# rfbnxn hfxrnin)rnin ifitfkenxv`c wnxcnhfa
lftfklfk bnr` lcwcl
2+7+2 Voc Nrvirc Janrcj
Ifkvxv| Nagcenxc! imlfa xfexfrc snke lctfxmaf` lnxc if|mlf jvnlxn|
|fxjfbca hcnrn Mxlcknxs Afnr| R~vnxf-MAR# ifxvtnjnk if|mlf xfexfrc snke
ifke`nrcajnk fr|cin|mx ackcfx |clnj hcnr Hfr| Ackcfx Vkhcnr Fr|cin|mx-HAVF#+
Jmklcrc ckc njnk |fxonlc ocjn lctfkv`c hfhfxntn nrvirc! snke lcrfhv| nrvirc
janrcj! rfhnenc hfxcjv|?
n+Kmxinac|nr! voc ckc lcanjvjnk vk|vj ifac`n| ntnjn` nln ln|n snke lctnjnc
lnani tfkfac|cnk |fxlcr|xchvrc rfbnxn kmxina n|nv |clnj+ Imlfa xfexfrc snke
hncj nlnan` snke ificacjc lcr|xchvrc ln|n kmxina n|nv ifklfjn|c kmxina+
Tflmink tfkenihcank jftv|vrnk?
Kcanc rcekcgcjnk n|nv txmhnhcac|nr 1 4!46+ Lcr|xchvrc nlnan` |clnj kmxina+
Kcanc rcekcgcjnk n|nv txmhnhcac|nr ; 4!46+ Lcr|xchvrc nlnan` kmxina+
h+Iva|cjmafkcnxc|nr! nx|cksn nk|nx wnxcnhfa cklftfklfk snke rn|v lfkenk cklftfk
snke anckksn lnani imlfa xfexfrc |clnj rnacke hfx`vhvkenk rfbnxn rfitvxkn
n|nv ifklfjn|c rfitvxkn+ Ifkvxv| Xn`nsv 844
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|mafxnkbf wnavf lcn|nr kcanc 4!>4 injn |clnj |fxonlc iva|cjmafkcnxc|nr rf`ckeen
imlfa xfacnhaf rfhnenc lnrnx nknac|cr+
b+@f|fxmrjflnr|crc|nr! nx|cksn wnxcnkr rfivn wnxcnhfa nlnan` jmkr|nk rnin#+
@f|fxmrjflnr|crc|nr lcanjvjnk vk|vj ifkenin|c nln |clnjksn tfxvhn`nk wnxcnk
xfrclv lnxc rn|v rnitfa jf rnitfa snke anck! lf|fjrc nlnksn `f|fxmrjflnr|crc|nr
lfkenk ifac`n| jvxwn `f|fxmrjflnr|crc|nr n|nv lcnexni tfkbnx b`nx|#! lfkenk
lnrnx tficjcxnk rfhnenc hfxcjv|?
Ocjn |c|cj)|c|cj |fxcjn| ifksfhnx rfbnxn nbnj ifihfk|vj tman |fx|fk|v snke
hfxn|vxnk hfxefamihnke#! ifafhnx jfivlcnk ifksfitc| injn |fxonlc
`f|fxmrjflmr|crc|nr +
Ocjn |clnj nln tman snke ofanr rfx|n |c|cj) |c|cj ifksfhnx hncj lc hnun` n|nv
lc n|nr 4 nln rvihv S injn `na ckc |clnj |fxonlc `f|fxmrjflmr|crc|nr+
l+Nv|mjmxfanrc! nx|cksn |clnj |fxlntn| tfkenxv` lnxc wnxcnhfa lnani imlfa
ifanavc |fkeenke unj|v |cif ane#+ Icrnaksn! kcanc rvn|v wnxcnhfa rnn| ckc njnk
hfxtfkenxv` |fx`nlnt kcanc wnxcnhfa anck tnln inrn snke njnk ln|nke+ Ifkvxv|
if|mlf janrcj ckc |clnj ivkejck |fxonlc+ Nv|mjmxfanrc ifkvkovjjnk nlnksn
jmklcrc snke hfxvxv|nk nk|nxn enkeevnk n|nv lcr|xchvrc snke inrvj jf lnani
gvkerc xfexfrc+Nv|mjmxfanrc lntn| lcnx|cjnk rfhnenc jmxfanrc snke |fxonlc nk|nxn
nkeem|n mhrfxwnrc snke |fxaf|nj hfxlfxf|nk rfbnxn rfxcna lnani hfk|vj unj|v
n|nv jmxfanrc nk|nxn |fitn| snke hfxlfjn|nk hcan ln|nksn bxmrr rfxcfr+ Voc snke
lcevknjnk vk|vj ifkevoc nlnksn nv|mjmxfanrc lnani rvn|v imlfa xfexfrc lntn|
lcanjvjnk ifanavc tfkevocnk |fx`nlnt kcanc Lvxhck)Un|rmk lfkenk jf|fk|vnk
rfhnenc hfxcjv|?
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Tfkovnank Hfxrc`
\m|na Nrrf|r \vxk Mwfx9 ++++++++++++++++++++++++++++++++++++++++++ 7#
\m|na Nj|cwn
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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#
xnrcm vk|vj ifkevjvx jfinitvnk
tfxvrn`nnk lnani ififkv`c jfunochnk
onkejn tfklfj ifanavc ovian` nj|cwn
ankbnxksn
Nj|cwn Ankbnx
BX 9 V|nke Onkejn Tfklfj
Xnrcm
Xf|vxk Mk Ckwfr|ifk|
P8#
xnrcm vk|vj ifkevjvx jfinitvnk
tfxvrn`nnk lnani ifke`nrcajnk anhn
rf|fan` tnonj lnxc |m|na ckwfr|nrc snke
lcevknjnk maf` tfxvrn`nnk+
Fnxkcke Ng|fx \np
XMC 9 \m|na Ckwfr|nrc
Xnrcm
\m|na Nrrf|r \vxk
Mwfx
P2#
xnrcm nk|nxn tfkovnank lfkenk |m|na
nj|cwn snke ifkevjvx fgcrcfkrc
tfkeevknnk nj|cwn rfbnxn jfrfavxv`nk+
Xnrcm snke xfkln` ifxvtnjnk cklcjnrc
hn`un tfxvrn`nnk |clnj hfxmtfxnrc
tnln wmavif snke ifinlnc hnec
jntnrc|nr ckwfr|nrcksn+
Tfkovnank Hfxrc`
\N\M 9
\m|na Nj|cwnXnrcm
Fnxkcke Tfx R`nxf
P
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+ Ln|n antmxnk jfvnkenk |fxrflcn vk|vj rfavxv` unj|v tfkenin|nk snke |fxlcxc
lnxc 6 |n`vk snc|v |n`vk 8446! 8447! 8445! 8440! 8443+
8+ Jfofanrnk lnk jfafkejntnk ln|n lnxc |n`vk jf |n`vk+
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5 Tfxvrn`nnk Inkvgnj|vx snke
lctcac` hfxlnrnxjnk jxc|fxcn snke |fan` lc|f|ntjnk+
Nlntvk >5 tfxvrn`nnk |fxrfhv| nlnan` rfhnenc hfxcjv|?
\nhfa
Lng|nx Tfxvrn`nnk Rnitfa! Bvxxfk| Xn|cm !Xf|vxk Mk Ckwfr|ifk|!\m|na Nrrf|r
\vxk Mwfx! Fnxkcke Tfx R`nxf lnk Bnr` Lfwclfk Tfxvrn`nnk
\n`vk 8445! 8440 lnk 8443
Km+ Knin Tfxvrn`nnk \n`vk BX XMC \N\M FTR BL
>+ T\+ Iva|c Hck|nke Cklmkfrcn! \hj
8446 4!70 >6!>8 >!!0!64
8447 4!62 >8!46 >!!86 >0!2!65 >!65 >!23 >0!87
8440 4!3< 82!7> >! 8!27 >0!>0
8+ T\+ Gnr| Gmml Cklmkfrcn! \hj
8446 >!>< >4!32 8!58 6!03
8447 >!45 >7!44
8445 >!80 >7!83 8!62 6!7!
8440 >!28 >6!37 8!60 6!7< >7!07
8443 >!6< >5! >5!46
2+ T\+ Evlnke Enxni! \hj 8446 >!52 0!6< >!>8 7!03 84!70
8447 >!03 !8> 7!87 84!70
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!36 7!45 >!>6 7!78 >3!33
8440 8!88 5!0> >!87 7!00 >3!33
8443 8!8!73 >!8> 4!63 84!22
!32 0!8 >!7!50
8447 8!3 5!!60 4!6!77
8445 8!83 >4! >!7!76
8440 8!>7 23!8 >!2< 8!7!76
8443 8!26 >8!5> >!!5!48
6+ T\+ Rfifk Exfrcj! \hj
8446 >!52 >2!52 >!42 4!68 >0!07
8447 8!0< >5!80 >!>7 4!50 >3!20
8445 2!7< 84!06 >!>2 6!54 84!83
8440 2!23 82!0 >!>6 7!46 84!748443 2!60 86!70 >!>> 7!22 8>!84
7+ T\+ Rvic Cklm Jnhfa! \hj
8446 >!55 !8445 2!43 >2!>6 8!5 6!62 82!43
8440 >6!26 8!63 6!55 80 6!>> >!62
5+ T\+ If|xmln|n Fafj|xmkcj! \hj
8446 >!5 8!
8447 >!68 8!0 8!8> 8!22 88!2!80 8!!2< 8!28 8!77 8!5> 88!! >!7> 8>!!8 !62 7!06
8447 >!>6 4!50 >!27 8!55 >5!43
8445 >!>6 6!75 >!28 >0!>7
8440 >! 7!0< >!6< 6!>5 >3!85
8443 >!26 >5!62 8!57 6!0!!66 3!00 >!86 6!3> >0!
8447 >!2< 0!85 >!88 6!53 >3!34
8445 >!2< >>!!< 7!87 >3!3>
8440 >!7< >>!76 >!88 7!70 84!!77 >6!7< >!8 4!>< 84!00
>4+ T\+ Ifxbj! \hj
8446 !55 4!36 >5!87
8447 6! >!58 >!26 >5!87
8445 7!>5 85!42 >!76 >!23 >5!78
8440 5!55 87!83 >!5 >!5!57
8443 6!4< 22!0 >!52 >!00 >0!74
>>+ T\+ \fitm Rbnk Tnrcgcb! \hj 8446 2!0 >8!76 >!47 3 86!3>
8447 4!33 >!> > 86!78
8445 4!4< >!>2 2 86!
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4!0> >!88
8443 2!>!42 >!20
>8+ T\+ Ivr|cjn Xn|v! \hj
8446 5!48 8!32 4!58 2!44 8>!8 4!50 2!4< 8>!!4 7!80 4!05 2!36 8>!68
8443 5!>0 6!56 4!36 2!03 88!2+ T\+ Bmamxtnb Cklmkfrcn! \hj
8446 8!42 5!2 >!35 2!87 8>!20
8447 >!05 6!56 8!>3 2!88 8>!20
8445 >!7< 6!08 8!80 2!!>6
8440 >!!36 3 8>!53
8443 >!3> > 8!4<
>4!!87 88!!40 82!57
8440 2!53 >>!33 4!37 >!76 82!02
8443 7!7< 4!35 8!45 8
>6+T\+ Cklmgmml Rvjrfr Injivx!
\hj
8446 >!!85 4!67 >3!83
8447 >!>3 >!27 0!08
8445 4!38 2!2 4!3< 3!23
8440 4!00 8!7> 4!30 3!58
8443 >!>7 6!>< 4!38 6!3!07+ T\+ Insmxn Ckln`! \hj
8446 2!6< 2!>2 >!>5
8447 2!3> 7!48 >!85
8445 >!00 5!!
8440 8!>3 7!5> >!2< 6!66 86
8443 8!83 >>!!0 8
>5+ T\+ N~vn Emalfk Icrrcrrctc! \hj
8446 5!> 0!53 8!>2 >!63 82!0 7!>< 8!43 >!2> 82!>>
8445 5!43 5!23 8!>3 >!7> 88!0 8!28 >!02 82!24
8443 7!2< 0!27 8!20 >!33 82!
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233 !04475
ak\N\M 06 )!25 >!>0 !2352 !25065
akFTR 06 )>!35 >!32 >!48>5 !50733
akBL 06 8!56 2!85 2!4888 !>22 lfkenk lfwcnrc r|nklnx
rfhfrnx 4!73704+ @na ckc ifkvkovjjnk jfinitvnk tfxvrn`nnk lnani ififkv`c
jfunochnk onkejn tfklfjksn ifanavc ovian` nj|cwn ankbnxksn rfhfrnx 4!076>&
lfkenk lfwcnrc rfhfrnx 4!73704&+
Xf|vxk Mk Ckwfr|fifk| ifkvkovjjnk jckfxon tfxvrn`nnk snke rfinjck
hncj ntnhcan |ckejn| jfihnacnk ckwfr|nrc xf|vxk# rfinjck hfrnx+ Hfrnxksn kcanc
Xf|vxk Mk Ckwfr|fifk|tnln rnitaf tfkenin|nk snc|v rfhfrnx 8!>233& lfkenk
kcanc r|nklnx lfwcnrc rfhfrnx 4!04475&+
Hfrnxksn kcanc \m|na Nrrf|r \vxk Mwfx ifkvkovjjnk jfinitvnk
tfxvrn`nnk lnani ifkefgcrcfkrcjnk tfkeevknnk nj|cwn rfbnxn jfrfavxv`nk+
Nlnksn kcanc xnrcm snke xfkln` ifxvtnjnk cklcjnrc hn`un tfxvrn`nnk |clnj
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5 rnitfa tfkenin|nk
tfxvrn`nnk inkvgnj|vx lctfxmaf` kcanc Fnxkcke Tfx R`nxf rfhfrnx >!48>5&
lfkenk |ckejn| tfksfhnxnk rfhfrnx 4!50733&+
@nrca tfxhnklckenk lnxc lfrjxctrc wnxcnhfa ckc lcanjvjnk vk|vj
ifihfxcjnk enihnxnk n|nr wnxcnhfa)wnxcnhfa snke lc|fac|c! snke lntn|
ifihfxcjnk cklcjnrc |fx`nlnt tfkevocnk rfbnxn fitcxcr+ @nrca tfxhnklckenk
lfrjxctrc r|nr|cr|cj ckc lntn| lcevknjnk vk|vj ifklvjvke lnani tfkenihcank
rvn|v jfrcitvank+
3 lntn|
lcac`n| tnln \nhfa
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64
\nhfa Xfexfrrcmk !>5 3!422 !444n
Xfrclvna >!423 04 !4>2
\m|na >!640 0
3 |fxac`n| lc hnun` ckc?
\nhfa (Bmkr|nk|# 8!335 !43 !akXMC !4 !4>7 !88
ak\N\M !482 !42< !477 !732 !4>5
akFTR !47 !825 8!68> !4>+ @nrca tfkevocnk tnln wnxcnhfa cklftfklfk Bvxxfk| Xn|cm BX#
Tnln `ctm|frcr snke tfx|nin (@># snke ifksn|njnk hn`un Bvxxfk| Xn|cm
rcekcgcjnkrc hfxtfkenxv` |fx`nlnt Bnr` Lcwclfkl |fxhvj|c+ @nrca ckc
lc|vkovjjnk lfkenk hfrnxksn rcekcgcjnkrc | rce+|# rfhfrnx 4!444 lcinkn
rcekcgcjnkrc ckc onv` afhc` jfbca lnxc afwfa rcekcgcjnkrc snke lcevknjnk 4!46#+
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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68
@nrca ckc ifkecklcjnrcjnk hn`un BX lctfx|cihnkejnk maf` inknofifk
tfxvrn`nnk lnani tfihnsnxnk hfrnxksn lcwclfk jnr! rf`ckeen tnxn tfifenke
rn`ni tfk|cke vk|vj ifitfx|cihnkejnk BX jf|cjn tfifenke rn`ni |fxrfhv|
ifke`nxntjnk hfrnxksn lcwclfk jnr snke njnk lchnsnxjnk maf` tfxvrn`nnk+
8+ @nrca tfkevocnk tnln wnxcnhfa cklftfklfkXf|vxk Mk Ckwfr|ifk|XMC#
Tnln `ctm|frcr jflvn (@8# snke ifksn|njnk hn`un Xf|vxk Mk Ckwfr|ifk|
rcekcgcjnkrc hfxtfkenxv` tmrc|cg |fx`nlnt Bnr` Lcwclfkl |fxhvj|c+ @nrca ckc
lc|vkovjjnk lfkenk hfrnxksn rcekcgcjnkrc rfhfrnx 4!4>8 lcinkn rcekcgcjnkrc ckc
onv` afhc` jfbca lnxc afwfa rcekcgcjnkrc snke lcevknjnk 4!46#+ Injn `nrca ckc
ifkecklcjnrcjnk hn`un XMC lctfx|cihnkejnk maf` inknofifk tfxvrn`nnk
lnani tfihnsnxnk hfrnxksn lcwclfk jnr! rf`ckeen tnxn tfifenke rn`ni
tfk|cke vk|vj ifitfx|cihnkejnk XMC jf|cjn tfifenke rn`ni |fxrfhv|
ifke`nxntjnk hfrnxksn lcwclfk jnr snke njnk lchnsnxjnk maf` tfxvrn`nnk+
2+ @nrca tfkevocnk tnln wnxcnhfa cklftfklfk \m|na Nrrf|r \vxk Mwfx\N\M#
Tnln `ctm|frcr snke jf|cen (@2# snke ifksn|njnk hn`un \m|na Nrrf|r \vxk
Mwfx rcekcgcjnk hfxtfkenxv` |fx`nlnt Bnr` lcwclfkl |fxhvj|c+ @nrca ckc
lc|vkovjjnk lfkenk hfrnxksn rcekcgcjnk | rce+|# rfhfrnx 4!4>5 lcinkn
rcekcgcjnkrc ckc onv` afhc` hfrnx lnxc afwfa rcekcgcjnkrc snke lcevknjnk 4!46#+
@nrca ckc ifkecklcjnrcjnk hn`un \N\M lctfx|cihnkejnk maf` inknofifk
tfxvrn`nnk lnani tfihnsnxnk hfrnxksn lcwclfk jnr+
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62
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63!7>0 >!>>4
Bvxxfk| Xn|cm !685
Xf|vxk Mk Ckwfr|ifk| )!>45 !428
\m|na Nrrf|r \vxk Mwfx )!>73 !20
n+Lftfklfk| Wnxcnhaf? Bnr` Lcwclfk
Tnln |nhfa lc n|nr snke lcck|fxtxf|nrcjnk nlnan` kcanc lnani jmami H! hnxcr
tfx|nin ifkvkovjjnk jmkr|nk|n n# lnk hnxcr rfankov|ksn ifkvkovjjnk jmkr|nk|n
wnxcnhfa cklftfklfk+ Lfkenk ifac`n| |nhfa |fxrfhv| lntn| lcrvrvk tfxrninnk
xfexfrc ackfnx hfxenkln rfhnenc hfxcjv|?
S 9 >3!7>0 * 4!6 ) 4!>45 P84!>73 P2* 4!87< P+ Injkn jmfgcrcfk xfexfrc hfxenkln Bvxxfk| Xn|cm BX# rfhfrnx 4!645 |fxrfhv| ifitvksnc nx|c hn`un hcan
Xf|vxk Mk Ckwfr|ifk| kncj rfhfrnx > tmck injn Bnr` Lcwclfkl njnk |vxvk
rfhfrnx 4!>45 lfkenk nrvirc wnxcnhfa cklftfklfk anckksn BX! \N\M! lnk
FTR# nlnan` jmkr|nk+
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66
2+ Injkn jmfgcrcfk xfexfrc \m|na Nrrf|r \vxk Mwfx\N\M# rfhfrnx4!>73+
Nkejn jmfgcrcfk xfexfrc rfhfrnx 4!>73 |fxrfhv| ifitvksnc nx|c hn`un hcan
\m|na Nrrf|r \vxk Mwfx\N\M# kncj rfhfrnx > tmck injn Bnr` Lcwclfklnjnk
|vxvk rfhfrnx 4!>73 lfkenk nrvirc wnxcnhfa anckksn BX! XMC! lnk FTR# nlnan`
jmkr|nk+
3
lntn| lcrcitvajnk hn`un `ctm|frcr snke lcnovjnk maf` tfkfac|c |clnj rfrvnc jnxfkn
wnxcnhfa XMC lnk \N\M hfxtfkenxv` kfen|cg+ @na ckc hcnrnksn lcrfhnhjnk lc
lnani ln|n |fxlntn| ln|n snke mv|acfx ln|n snke |fxanav fjr|xci#+ Mv|acfx
ifxvtnjnk ln|n snke ificacjc jnxnj|fxcr|cj vkcj snke |fxac`n| rnken| hfxhfln
onv` lnxc mhrfxwnrc) mhrfxwnrc anckksn lnk ivkbva lnani hfk|vj kcanc fjr|xci
E`mznac!8443#+ Ln|n) ln|n mv|acfx |fxrfhv| njnk ifkenjchn|jnk |clnj kmxinaksn
lcr|xchvrc ln|n+
Ankejn` tfxhncjjnk snke lcanjvjnk nenx lcr|xchvrc ln|n ifkonlc kmxina!
rnan` rn|vksn nlnan` lfkenk ifanjvjnk |xnkrgmxinrc Amenxc|in Kn|vxna ak#
rfhnenc hfxcjv|?
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67
\nhfa (Bmkr|nk|# 8!335 !43
akXMC !4 !4>7
ak\N\M !482 !42 * 4!4 P8 * 4!82 P2* 4! tmck! injn Bnr` Lcwclfkl njnk kncj rfhfrnx 4!4 lfkenk
nrvirc hn`un wnxcnhfa anckksn BX! \N\M! lnk FTR# nlnan` jmkr|nk+
Lficjcnk tvan lfkenk jmfgcrcfk xfexfrc \N\M rfhfrnx 4!482 ifitvksnc
nx|c hn`un hcan \N\M kncj rfhfrnx > tmck! injn Bnr` Lcwclfklnjnk kncj rfhfrnx
4!482 lfkenk nrvirc hn`un wnxcnhfa anckksn BX! XMC!lnk FTR# nlnan` jmkr|nk+
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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65
@nrca voc kmxinac|nr rfbnxn r|n|cr|cj Jmamimexnw)Ricxkmw ifkeevknjnk
hnk|vnk RTRR wfxrc >3 lntn| lcac`n| ifanavc |nhfa233 !2352 >!48>5 2!4888
R|l+
Lfwcn|cmk
!73704 !04475 !25065 !50733 !>258 !457
Tmrc|cwf !436 !46< !456 !>8< !475
Kfen|cwf )!458 )!40< )!408 )!>58 )!457
Jmaimemxmw)Ricxkmw _ !057 !554 !562 >!60> !548
Nrsit+ Rce+ (8)|ncafl# ! !62> !540
n+ \fr| lcr|xchv|cmk cr Kmxina+
h+ Bnabvan|fl gxmi ln|n+
Ln|n snke |fxlcr|xchvrc kmxina lc|vkovjjnk kcanc rcekcgcjnkrc lcn|nr 4!46+
@nrca tfkevocnk kmxinac|nr tnln 06 rnitfa ln|n `nrcaksn |fxac`n| lnani |nhfa : 4!540 |fxlcr|xchvrc kmxina+
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60
hfhnr anckksn+ Onlc kcanc |mafxnkbf xfkln` rnin lfkenk kcanc WCG |ckeec jnxfkn
WCG 9 >-|mafxnkbf# lnk ifkvkovjjnk nlnksn jmackfnxc|nr snke |ckeec+
Kcanc bv|mgg snke vivi lctnjnc nlnan` kcanc |mafxnkbf lc n|nr 4!>4 n|nv
rnin lfkenk kcanc WCG lc hnun` >4+
\nhfa (Bmkr|nk|#
akBX !386 >!40>
akXMC !30> >!484
ak\N\M !3!47>
akFTR !350 >!482
@nrca voc iva|cjmamkcfxc|nr lfkenk ifkeevknjnk hnk|vnk RTRR wfxrc >3
`nrcaksn |fxac`n| lnani |nhfa 4 lnk kcanc |mafxnkbf lc n|nr 4!>4+
Lfkenk lficjcnk lntn| lcrcitvajnk imlfa xfexfrc |fxrfhv| |clnj |fxlntn|
inrnan` iva|cjmackcfxc|nr+ Injn imlfa xfexfrc snke nln ansnj vk|vj lctnjnc+
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63
`f|fxmrjflnr|crc|nr+ Imlfa xfexfrc snke hncj nlnan` imlfa snke |clnj |fxonlc
`f|fxmrjflnr|crc|nr+
Vk|vj ifkef|n`vc nln |clnjksn `f|fxmrjflnr|crc|nr nk|nx wnxcnhfa
cklftfklfk lntn| lcac`n| lnxc exngcj tam| nk|nxn kcanc txflcjrc wnxcnhfa |fxcjn|
lfkenk xfrclvnaksn+ Nlntvk exngcj `nrca tfkevocnk `f|fxmjfrlnr|crc|nr
ifkeevknjnk RTRR wfxrc >3 lntn| lcac`n| lc hnun` ckc?
Hfxlnrnxjnk exngcj lc n|nr lntn| lcjf|n`vc hn`un ln|n |c|cj) |c|cj#
ifksfhnx rfbnxn ifxn|n lcn|nr lnk lc hnun` enxcr kma! |clnj hfxjvitva lcrvn|v
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74
|fitn|! rfx|n |clnj ifihfk|vj tman |fx|fk|v rf`ckeen lntn| lcrcitvajnk hn`un
tnln voc xfexfrc ckc |clnj |fxonlc inrnan` `f|fxmrjflnr|crc|nr+
>237 >!704
n+ Txflcb|mxr? (Bmkr|nk|#! Fnxkcke Tfx R`nxf! \m|na Nrrf|r \vxk Mwfx! Xf|vxk Mk Ckwfr|ifk|!
Bvxxfk| Xn|cm
h+ Lftfklfk| Wnxcnhaf? Bnr` Lcwclfkl
Tnln `nrca voc xfexfrc ifanavc RTRR wfxrc >3 snke |fxac`n| tnln |nhfa 4
ifke`nrcajnk kcanc Lvxhck) Un|rmk rfhfrnx >!704 lcrcitvajnk hn`un |clnj
|fxonlc inrnan` nv|mjmxfanrc+
Km Kcanc LU Jfrcitvank
>+ >!76 1 LU 1 8!26 \clnj Nln Nv|mjmxfanrc
8+ >!8> 1LU 1 >!76\clnj lntn| lcrcitvajnk
2+ 8!26 1 LU 1 8!53
!8>\fxonlc Nv|mjmxfanrc
6+ LU ; 8!53
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7>
HNH W
TFKV\VT
6+> Jfrcitvank
Hfxlnrnxjnk `nrca nknacrcr ln|n lnk tfihn`nrnk snke |fan` lcjfivjnjnk
tnln Hnh CW! lntn| lcnihca hfhfxntn jfrcitvank rfhnenc hfxcjv|?
>+ Bvxxfk| Xn|cm BX#! Xf|vxk Mk Ckwfr|ifk| XMC#! \m|na Nrrf|r \vxk Mwfx
\N\M# lnk Fnxkcke Tfx R`nxf FTR# rfbnxn rciva|nk ificacjc tfkenxv`
tmrc|cg lnk rcekcgcjnk |fx`nlnt Bnr` Lcwclfkl+
8+ Rfbnxn tnxrcna BX! XMC! \N\M! lnk FTR ificacjc tfkenxv` |fx`nlnt Bnr`
Lcwclfklhfxlnrnxjnk nrca tfkfac|cnk rfhnenc hfxcjv|?
n+ Bvxxfk| Xn|cm BX# hfxtfkenxv` tmrc|cg lnk rcekcgcjnk |fx`nlnt Bnr`
Lcwclfkl+
h+Xf|vxk Mk Ckwfr|ifk| XMC# hfxtfkenxv` tmrc|cg lnk rcekcgcjnk |fx`nlnt
Bnr` Lcwclfk+
b+ \m|na Nrrf|r \vxk Mwfx\N\M# hfxtfkenxv` tmrc|cg lnk rcekcgcjnk |fx`nlnt
Bnr` Lcwclfk++
l+Fnxkcke Tfx R`nxf FTR# hfxtfkenxv` tmrc|cg lnk rcekcgcjnk |fx`nlnt Bnr`Lcwclfk
6+8 Rnxnk
>+ Rfhncjksn tfxvrn`nnk ifihnec lcwclfk snke afhc` hfrnx rf`ckeen jxflchcac|nr
rn`ni lc Hvxrn Fgfj Cklmkfrcn lntn| lctfx|n`nkjnk+ Ocjntvk `nxvr ifihnec
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78
lcwclfk jfbca jnxfkn afhc` hnksnj anhn lc|n`nk xf|nckfl fnxkcke#! rfhncjksn
lcjmivkcjnrcjnk lfkenk ofanr jftnln ckwfr|mx tfifenke rn`ni#+
8+ Rnitfa inrc` |fxhn|nr tnln tfxvrn`nnk inkvgnj|vx lc Hvxrn Fgfj Cklmkfrcn!
lcivkejckjnk ifkeenk|c lfkenk tfxvrn`nnk anck snke afhc` avnr vk|vj
ifac`n| tfkenxv` rfbnxn rcekcgcjnk |fx`nlnt lcwclfk jnr+
2+ Tfxav nlnksn tfkfac|cnk rfofkcr lfkenk ck|fxwna unj|v lnk ln|n snke hfxhfln!
rfx|n rnitfa snke afhc` hfrnx ifkecken| tfxjfihnkenk lvkcn tnrnx imlna lc
Cklmkfrcn+
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8/2/2019 FAKTOR- FAKTOR YANG MEMPENGARUHI DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BUR
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72
LNG\NX TVR\NJN
Hxce`ni+ Gvklnifk|na Gcknkbcna Inknefifk|+ Ib+ Exnu)@caa+ Tfkfxhc| T\ HFO+
Onjnx|n+ 844335
Rfjnxnk Vin+ If|mlmamec Tfkfac|cnk Vk|vj Hcrkcr+ \fxofin`nk taf` Junk Ifk
Smk+ Tfkfxhc| Rnafihn Fitn|+ Onjnx|n+ 8447
Rvancink Un`cl+ Nknacrcr Xfexfrc Ifkeevknjnk RTRR Bmk|m` Jnrvr lnk
Tfifbn`nkksn+ Tfkfxhc| NKLC MGGRF\+ Smesnjnx|n+844
Lng|nx Tfxvrn`nk Rnitfa
Km+ Knin Tfxvrn`nnk \n`vk BX XMC \N\M FTR BL
>+ T\+ Iva|c Hck|nke Cklmkfrcn! \hj
8446 4!70 >6!>8 >!!0!64
8447 4!62 >8!46 >!!86 >0!2!65 >!65 >!23 >0!87
8440 4!3< 82!7> >! 8!27 >0!>0
8+ T\+ Gnr| Gmml Cklmkfrcn! \hj
8446 >!>< >4!32 8!58 6!03
8447 >!45 >7!44
8445 >!80 >7!83 8!62 6!7!
8440 >!28 >6!37 8!60 6!7< >7!07
8443 >!6< >5! >5!46
2+ T\+ Evlnke Enxni! \hj
8446 >!52 0!6< >!>8 7!03 84!70
8447 >!03 !8> 7!87 84!70
8445 >!36 7!45 >!>6 7!78 >3!33
8440 8!88 5!0> >!87 7!00 >3!33
8443 8!8!73 >!8> 4!63 84!22
!32 0!8 >!7!50
8447 8!3 5!!60 4!6!77
8445 8!83 >4! >!7!76
8440 8!>7 23!8 >!2< 8!7!76
8443 8!26 >8!5> >!!5!48
6+ T\+ Rfifk Exfrcj! \hj
8446 >!52 >2!52 >!42 4!68 >0!07
8447 8!0< >5!80 >!>7 4!50 >3!20
8445 2!7< 84!06 >!>2 6!54 84!83
8440 2!23 82!0 >!>6 7!46 84!74
8443 2!60 86!70 >!>> 7!22 8>!84
7+ T\+ Rvic Cklm Jnhfa! \hj
8446 >!55 !6 8!5 6!62 82!43
8440 >6!26 8!63 6!55 80 6!>> >!62
5+ T\+ If|xmln|n Fafj|xmkcj! \hj
8446 >!5 8!
8447 >!68 8!0 8!8> 8!22 88!2!80 8!!2< 8!28 8!77 8!5> 88!! >!7> 8>!!8 !62 7!06
8447 >!>6 4!50 >!27 8!55 >5!43
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77
8445 >!>6 6!75 >!28 >0!>7
8440 >! 7!0< >!6< 6!>5 >3!85
8443 >!26 >5!62 8!57 6!0!!66 3!00 >!86 6!3> >0!
8447 >!2< 0!85 >!88 6!53 >3!34
8445 >!2< >>!!< 7!87 >3!3>
8440 >!7< >>!76 >!88 7!70 84!!77 >6!7< >!8 4!>< 84!00
>4+ T\+ Ifxbj! \hj
8446 !55 4!36 >5!87
8447 6! >!58 >!26 >5!87
8445 7!>5 85!42 >!76 >!23 >5!78
8440 5!55 87!83 >!5 >!5!578443 6!4< 22!0 >!52 >!00 >0!74
>>+T\+ \fitm Rbnk Tnrcgcb! \hj
8446 2!0 >8!76 >!47 3 86!3>
8447 4!33 >!> > 86!78
8445 4!4< >!>2 2 86!4!0> >!88
8443 2!>!42 >!20
>8+ T\+ Ivr|cjn Xn|v! \hj
8446 5!48 8!32 4!58 2!44 8>!8 4!50 2!4< 8>!!4 7!80 4!05 2!36 8>!68
8443 5!>0 6!56 4!36 2!03 88!2+ T\+ Bmamxtnb Cklmkfrcn! \hj
8446 8!42 5!2 >!35 2!87 8>!20
8447 >!05 6!56 8!>3 2!88 8>!20
8445 >!7< 6!08 8!80 2!!>6
8440 >!!36 3 8>!53
8443 >!3> > 8!4<
>4!!87 88!!40 82!57
8440 2!53 >>!33 4!37 >!76 82!02
8443 7!7< 4!35 8!45 8
>6+T\+ Cklmgmml Rvjrfr Injivx!
\hj
8446 >!!85 4!67 >3!83
8447 >!>3 >!27 0!08
8445 4!38 2!2 4!3< 3!23
8440 4!00 8!7> 4!30 3!58
8443 >!>7 6!>< 4!38 6!3!07+ T\+ Insmxn Ckln`! \hj 8446 2!6< 2!>2 >!>5
8447 2!3> 7!48 >!85
8445 >!00 5!!
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75
8440 8!>3 7!5> >!2< 6!66 86
8443 8!83 >>!!0 8
>5+ T\+ N~vn Emalfk Icrrcrrctc! \hj
8446 5!> 0!53 8!>2 >!63 82!0 7!>< 8!43 >!2> 82!>>
8445 5!43 5!23 8!>3 >!7> 88!0 8!28 >!02 82!24
8443 7!2< 0!27 8!20 >!33 82! !73704
akXMC 06 )!86 2!75 8!>233 !04475
ak\N\M 06 )!25 >!>0 !2352 !25065
akFTR 06 )>!35 >!32 >!48>5 !50733
akBL 06 8!56 2!85 2!4888 !>2 Xfexfrrcmk !>5 3!422 !444n
Xfrclvna >!423 04 !4>2
\m|na >!640 0
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70
Anitcxnk (Bmkr|nk|# 8!335 !43 !akXMC !4 !4>7 !88
ak\N\M !482 !42< !477 !732 !4>5
akFTR !47 !825 8!68> !4> (Bmkr|nk|# >3!7>0 >!>>4
Bvxxfk| Xn|cm !685
Xf|vxk Mk Ckwfr|ifk| )!>45 !428
\m|na Nrrf|r \vxk Mwfx )!>73 !20
h+ @nrca Voc Nknacrcr Xfexfrc Ackfnx Hfxenkln(rf|fan` |xnkrgmxinrc Ak#
Imlfa
Vkr|nklnxlczfl Bmfggcbcfk|r
H R|l+ Fxxmx
> (Bmkr|nk|# 8!335 !43
akXMC !4 !4>7
ak\N\M !482 !42 8!>233 !2352 >!48>5 2!4888
R|l+
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!73704 !04475 !25065 !50733 !>258 !457
Tmrc|cwf !436 !46< !456 !>8< !475
Kfen|cwf )!458 )!40< )!408 )!>58 )!457
Jmaimemxmw)Ricxkmw _ !057 !554 !562 >!60> !548
Nrsit+ Rce+ (8)|ncafl# ! !62> !540
Anitcxnk 5
@nrca Voc Iva|cjmamkcfxc|nr
Imlfa
Bmaackfnxc|s R|n|cr|cbr
\mafxnkbf WCG
> (Bmkr|nk|#
akBX !386 >!40>
akXMC !30> >!484
ak\N\M !3!47>
akFTR !350 >!482
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54
Anitcxnk 0
@nrca Voc @f|fxmrjflnr|crc|nr
Anitcxnk 3
@nrca Voc Nv|mjmxfanrc
Imlfa Rviinxsh
Imlfa X X R~vnxf
Nlovr|fl X
R~vnxf
R|l+ Fxxmx mg |`f
Fr|cin|f Lvxhck)Un|rmk
> !660n
!22> !855 !>>237 >!704
