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What is dividend Policy ? ,[object Object],[object Object],[object Object],[object Object]

Do investors prefer high or low dividend payouts? ,[object Object],[object Object],[object Object],[object Object]

Bird-in-the hand theory ,[object Object],[object Object]

[object Object],Bird in the hand MM: Ketidakrelevanan Preferensi pajak Pembayaran Harga Saham, Po ($) 50% 100% 30 20 10 0 40

[object Object],Preferensi pajak MM : Ketidakrelevanan Bird in the hand Pembayaran Biaya Ekuitas = Ks (%) 11,25 15 22,5 50% 100%

Alternatif kebijakan pembagian dividen Persentase pembagian Persentase yang ditahan DPS g 0% 100% $ 0 15% 50% 50% $ 2,25 7,5% 100% 0% $ 4,5 0%

Kemungkinan situasi (hanya satu yg bisa direalisasikan) Catatan: Nilai buku=nilai pasar awal=$30 persaham ROE=15%,EPS=$30(0,15)=$4,5,g=(%yg ditahan)(ROE)=(% yg ditahan)(15%),contoh pada pembagian 50% g=0,5(15%)=7,5% k s = Hasil dividen+laju pertumbuhan. MM:Ketidakrelevanan Bird-in-the hand Preferensi Pajak P 0 D/P 0 ks P 0 D/P 0 ks P 0 D/P 0 ks $30 0,0% 15% $30 0,00% 15% $30 0,0% 15% $30 7,5% 15% $35 6,43 13,93 25 9% 16,5% $30 15% 15% $40 11,25 11,25 20 22,5 22,5%

Which theory is most correct ? ,[object Object],[object Object],[object Object]

What`s the “information content,” or signaling Hypothesis ? ,[object Object],[object Object]

What is the “residual dividend model”? ,[object Object],[object Object],[object Object]

Residual dividend model ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],target equity ratio Total capital budget Net Income x -

Residual dividend model : Calculating dividends paid ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

What`s a”dividend reinvesment plan (DRIP)”? ,[object Object],[object Object],[object Object],[object Object]

Setting Dividend Policy ,[object Object],[object Object],[object Object],[object Object],[object Object]

Stock Repurchases ,[object Object],[object Object],[object Object],[object Object],[object Object]

Advantages of Repurchases ,[object Object],[object Object],[object Object],[object Object],[object Object]

Pengaruh dari Pembelian Kembali Saham ,[object Object],[object Object],[object Object],[object Object],[object Object]

Stock dividends vs Stock Splits ,[object Object],[object Object],[object Object]

Stock dividends vs Stock Splits ,[object Object],[object Object]

Faktor-faktor yang mempengaruhi kebijakan dividen ,[object Object],[object Object],[object Object],[object Object],[object Object]

EPS,Cash Flow,DPS DPS EPS CFPS Dollar Year

[object Object],[object Object],[object Object],[object Object],[object Object]

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