ANALISIS HUBUNGAN ANTARA KEPEMILIKAN SAHAM MINORITAS DAN DIVIDEND PAY OUT RATIO DENGAN LABA DAN INVESTMENT OPPORTUNITY SET SEBAGAI VARIABEL MODERASI [JURNAL]

ABSTRACT
This research investigates issue of protection for minority
shareholders of Indonesian public companies. Specifically, the research
examines relationship between minority shareholders and dividend pay
out ratio with earnings and investment opportunity as moderating
variables.
Research population includes non monetary companies listed on JSX
in 2002, 2003, and 2004. Sample is gathered by purposive sampling
method, that is companies distributing dividend in 2002 (55 companies),
2003 (67 companies), and 2004 (75 companies). Multiple regression and
logistic regression model are used to analyze data.
The result reveals that positive impact of minority shareholders on
DPR is due to their interests is unwell protected. Further more, they are
also not able to influence dividend distribution decision when companies
earn profit.

Keywords: minority shareholders, corporate governance, dividend pay out
ratio.

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