The purpose of this study is to prove the indirect effect of profitability measured by ROA
(X1), leverage measured by DER (X2), and growth as measured by the
growth of assets (X3) on dividend policy as measured by the dividend payout
ratio (Y) through good corporate governance as measured by scores
CGPI (X4). This research also adds control variables such as
age and type of industrial companies.
The population in this study are included in the rating companies CGPI 63 companies in
2006, 2007, and 2008 (pooled data). The sample selection is done with less use of purposive
sampling techniques and criteria used by 31 companies selected. Analysis of the data used is
multiple linear regression to identify independent variables that influence the dependent
variable and path analysis to detect whether an indirect relationship through good corporate
governance.
The test results showed that partially or simultaneously all the independent variables and
control variables didn’t have significant effect on dividend policy and the implementation of
good corporate governance. The implementation of good corporate governance is also not
proved influential as an intervening variable.