x

DAFTAR ISI

ABSTRAK ............................................................................................................ iii

ABSTRACT ........................................................................................................... iv

LEMBAR PENGESAHAN SKRIPSI ................................................................. v

PERNYATAAN ORISINALITAS ...................................................................... vi

KATA PENGANTAR ......................................................................................... vii

DAFTAR ISI .......................................................................................................... x

DAFTAR TABEL .............................................................................................. xiv

DAFTAR GAMBAR ........................................................................................... xv

DAFTAR LAMPIRAN ...................................................................................... xvi

BAB I PENDAHULUAN ...................................................................................... 1

A. Latar Belakang Masalah ......................................................................... 1

B. Rumusan Masalah .................................................................................. 8

C. Tujuan Penelitian .................................................................................... 9

D. Manfaat Penelitian .................................................................................. 9

BAB II KAJIAN TEORI, KERANGKA PEMIKIRAN DAN HIPOTESIS .. 11

A. Kajian Pustaka ...................................................................................... 11

1. Teori Keagenan (Agency Theory) .................................................... 11

2. Kebijakan Dividen ........................................................................... 13

a. Pengertian Dividen ....................................................................... 13

b. Jenis-Jenis Dividen ...................................................................... 15

c. Pola Pembayaran Dividen ............................................................ 17

d. Prosedur Pembayaran Dividen ..................................................... 18

e. Pengertian Kebijakan Dividen...................................................... 19

f. Teori Kebijakan Dividen .............................................................. 22

g. Pengukuran Kebijakan Dividen ................................................... 25

h. Faktor-Faktor yang Mempengaruhi Kebijakan Dividen .............. 27

3. Corporate Governance .................................................................... 32

xi

a. Pengertian Corporate Governance ............................................... 32

b. Asas-Asas Corporate Governance ............................................... 33

c. Struktur Corporate Governance ................................................... 36

4. Diversitas Gender ............................................................................ 40

a. Pengertian Diversitas Gender ....................................................... 40

b. Peraturan terkait Diversitas Gender di Indonesia ........................ 42

c. Diversitas Gender dalam Dewan Direksi dan Dewan Komisaris 43

5. Struktur Modal ................................................................................. 47

6. Ukuran Dewan ................................................................................. 49

7. Ukuran Perusahaan .......................................................................... 51

8. Profitabilitas ..................................................................................... 53

B. Penelitian Terdahulu ............................................................................. 56

C. Kerangka Pemikiran ............................................................................. 67

1. Pengaruh Proporsi Direksi Wanita terhadap Kebijakan Dividen .... 67

2. Pengaruh Proporsi Komisaris Wanita terhadap Kebijakan Dividen 68

3. Pengaruh Struktur Modal dalam Memoderasi Hubungan Proporsi

Direksi Wanita terhadap Kebijakan Dividen ................................... 69

4. Pengaruh Struktur Modal dalam Memoderasi Hubungan Proporsi

Komisaris Wanita Terhadap Kebijakan Dividen ............................. 70

D. Hipotesis ............................................................................................... 71

BAB III OBJEK DAN METODOLOGI PENELITIAN ................................. 73

A. Objek dan Ruang Lingkup Penelitian ................................................... 73

1. Objek Penelitian ............................................................................... 73

2. Ruang Lingkup Penelitian ............................................................... 73

B. Metode Penelitian ................................................................................. 73

C. Operasionalisasi Variabel Penelitian .................................................... 74

1. Variabel Terikat (Dependent Variable) ........................................... 74

2. Variabel Bebas (Independent Variable) .......................................... 75

3. Variabel Moderasi (Moderating Variable) ...................................... 77

4. Variabel Kontrol (Control Variable) ............................................... 77

D. Metode Pengumpulan Data .................................................................. 80

xii

1. Pengumpulan Data Sekunder ........................................................... 80

2. Penelitian Kepustakaan (Library Research) .................................... 81

E. Metode Penentuan Populasi dan Sampel .............................................. 81

1. Populasi ............................................................................................ 81

2. Sampel ............................................................................................. 82

F. Metode Analisis .................................................................................... 83

1. Statistik Deskriptif ........................................................................... 83

2. Analisis Model Regresi Data Panel ................................................. 84

a. Common Effect Model .................................................................. 86

b. Fixed Effect Model ....................................................................... 86

c. Random Effect Model ................................................................... 86

3. Analisis Model Regresi Moderasi

(Moderated Regression Analysis) .................................................... 87

4. Penentuan Model Estimasi Regresi Data Panel ............................... 89

a. Uji Chow ...................................................................................... 89

b. Uji Hausman ................................................................................ 90

c. Uji Lagrange Multiplier (LM) ..................................................... 90

5. Uji Asumsi Klasik ............................................................................ 91

a. Uji Normalitas .............................................................................. 91

b. Uji Multikolinearitas .................................................................... 92

6. Uji Hipotesis .................................................................................... 93

a. Uji Parsial (Uji Statistik t) ............................................................ 93

b. Uji Moderasi ................................................................................ 94

7. Koefisien Determinasi (R2) .............................................................. 95

BAB IV HASIL DAN PEMBAHASAN ............................................................ 97

A. Statistik Deskriptif ............................................................................ 97

B. Hasil Uji Regresi Data Panel ........................................................... 107

C. Hasil Uji Regresi dan Pembahasan.................................................. 111

D. Uji Multikolinearitas ....................................................................... 114

E. Hasil Uji Hipotesis ........................................................................... 115

1. Uji Parsial (Uji Statistik t) ........................................................... 115

xiii

2. Uji Moderasi ................................................................................ 123

F. Koefisien Determinasi ..................................................................... 127

BAB V KESIMPULAN, IMPLIKASI DAN SARAN .................................... 129

A. Kesimpulan ....................................................................................... 129

B. Implikasi ........................................................................................... 131

C. Saran ................................................................................................. 132

DAFTAR PUSTAKA ........................................................................................ 133

LAMPIRAN ....................................................................................................... 140

RIWAYAT HIDUP ........................................................................................... 156

xiv

DAFTAR TABEL

Tabel Judul Halaman

II.1 Penelitian Terdahulu 64

III.1 Operasionalisasi Variabel Penelitian 80

III.2 Proses Pemilihan Sampel 83

IV.1 Statistik Deskriptif 97

IV.2 Hasil Uji Chow tanpa Variabel Moderasi 108

IV.3 Hasil Uji Chow dengan Variabel Moderasi 109

IV.4 Hasil Uji Hausman tanpa Variabel Moderasi 110

IV.5 Hasil Uji Hausman dengan Variabel Moderasi 111

IV.6 Hasil Uji Regresi tanpa Variabel Moderasi 112

Fixed Effect Model

IV.7 Hasil Uji Regresi dengan Variabel Moderasi 113

Fixed Effect Model

IV.8 Hasil Uji Multikolinearitas 115

IV.9 Hasil Uji Parsial (Uji Statistik t) 116

xv

DAFTAR GAMBAR

Gambar Judul Halaman

I.1 Persentase Wanita dalam Dewan Perusahaan

di Kawasan Asia Pasifik Periode 2012-2016 2

II.1 One Tier System 36

II.2 Two Tiers System 37

II.3 Two Tiers System di Indonesia 38

II.4 Kerangka Pemikiran Teoritis 71

xvi

DAFTAR LAMPIRAN

Lampiran Judul Halaman

1 Daftar Perusahaan Non-Finansial yang 140

Terpilih sebagai Sampel Penelitian

2 Data Variabel Sampel Perusahaan 142

Non-Finansial

3 Statistik Deskriptif 147

4 Hasil Uji Chow tanpa Variabel Moderasi 148

5 Hasil Uji Chow dengan Variabel Moderasi 149

6 Hasil Uji Hausman tanpa Variabel Moderasi 150

7 Hasil Uji Hausman dengan Variabel Moderasi 151

8 Hasil Uji Regresi tanpa Variabel Moderasi 153

Fixed Effect Model

9 Hasil Uji Regresi dengan Variabel Moderasi 154

Fixed Effect Model

10 Hasil Uji Multikolinearitas 155