Pengaruh Asimetri Informasi Pada Kebijakan Dividen Dengan Investment Opportunity Set Sebagai Variabel Pemoderasi

Abstract

The purpose of this study is to obtain empirical evidence of investment opportunity
capability sets to moderate the influence of information asymmetry on dividend
policy. This research was conducted at a manufacturing company listed on
Indonesia Stock Exchange 2014-2016. Sampling method used is purposive
sampling. The sample size is 30 with 72 observations. Technique Data analysis
used is test of Moderated Regression Analysis (MRA). Based on the results of the
analysis, it is known that the investment opportunity set is not as a moderator of
the influence of information asymmetry on the dividend policy. This suggests that
when firms have high investment opportunities with high levels of asymmetry, it is
not necessarily that the company will pay low dividends or not share them to the
shareholders, since management will manage earnings annually as reserves to be
reinvested without reducing the proportion of dividend payout to investors. This
study provides implications for investors as a consideration in investing in a
company to see how the bid ask and dividend payout ratio of the company's
shares.
Keywords: Asymmetry of information, investment opportunity set, dividend policy