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Abstrak :
[ABSTRAK
Penelitian ini bertujuan untuk melihat pengaruh dari penerbitan obligasi terhadap performa perusahaan yang diukur dari nilai pasarnya. Penggunaan utang publik akan mempengaruhi struktur modal perusahaan dan berdampak pada perubahan harga saham. Investor dapat merespon penggunaan obligasi tersebut dan melihat sinyal yang diberikan oleh perusahaan. Penelitian ini berlandaskan kepada penelitian-penelitian sebelumnya yang menyebutkan bahwa penggunaan obligasi dapat menggambarkan perusahaan memiliki prospek yang baik kedepannya. Hasil dari penelitian ini menunjukkan bahwa terdapat hubungan (pengaruh) yang signifikan dan positif antara variabel penerbitan obligasi dengan performa perusahaan. Sampel yang digunakan dalam penelitian ini adalah seluruh perusahaan non-keuangan yang tercatat di Bursa Efek Indonesia selama periode 2010-2014. Setelah melakukan kontrol terhadap perbedaan karakteristik perusahaan, dapat disimpulkan jika perusahaan yang juga mengandalkan utang public memiliki performa yang lebih baik dibandingkan dengan perusahaan yang hanya mengandalkan utang bank saja. ABSTRACT
The purpose of this study is to look at the effect of bonds issuance to company?s performance as measured by it?s market value. The use of public debt will affect the company?s capital structure and make made an impact on the stock price changes. Investor can respond to the public debt issuance and see the signals given by the company. This study is based on the previous literature that says the issuance of bonds is information to the market that the company has good prospect in the future. Results from this study indicate that there is a significant and positive relationship between the variables of public debt and firm performance. The sample of this study is all non-financial companies listed in Indonesia Stock Exchange during the period 2010-2014. After controlling for differences in the characteristic of the firm, it can be concluded that firms which rely on public debt had a better stock market valuation than firms with other sources of debt financing. ;The purpose of this study is to look at the effect of bonds issuance to company?s performance as measured by it?s market value. The use of public debt will affect the company?s capital structure and make made an impact on the stock price changes. Investor can respond to the public debt issuance and see the signals given by the company. This study is based on the previous literature that says the issuance of bonds is information to the market that the company has good prospect in the future. Results from this study indicate that there is a significant and positive relationship between the variables of public debt and firm performance. The sample of this study is all non-financial companies listed in Indonesia Stock Exchange during the period 2010-2014. After controlling for differences in the characteristic of the firm, it can be concluded that firms which rely on public debt had a better stock market valuation than firms with other sources of debt financing. , The purpose of this study is to look at the effect of bonds issuance to company’s performance as measured by it’s market value. The use of public debt will affect the company’s capital structure and make made an impact on the stock price changes. Investor can respond to the public debt issuance and see the signals given by the company. This study is based on the previous literature that says the issuance of bonds is information to the market that the company has good prospect in the future. Results from this study indicate that there is a significant and positive relationship between the variables of public debt and firm performance. The sample of this study is all non-financial companies listed in Indonesia Stock Exchange during the period 2010-2014. After controlling for differences in the characteristic of the firm, it can be concluded that firms which rely on public debt had a better stock market valuation than firms with other sources of debt financing. ]

Abstrak :
[ABSTRAK Dividen merupakan pembayaran bagian laba secara rutin oleh perusahaan kepada pemegang saham. Penelitian ini bertujuan untuk menguji pengaruh Pertumbuhan Utang Bank, Laba Bersih, Pertumbuhan Aset Tak Berwujud, Leverage, Total Aset, dan Utang Obligasi Terhadap Kebijakan Pembayaran Dividen Perusahaan. Sampel penelitian terdiri dari 25 perusahaan yang terdaftar di Bursa Efek Indonesia selama periode tahun 2009 sampai dengan 2013. Hasil penelitian dengan menggunakan analisis regresi linear berganda menunjukkan bahwa variabel pertumbuhan utang bank, laba bersih, pertumbuhan aset tak berwujud, leverage, dan total aset berpengaruh secara signifikan terhadap rasio pembayaran dividen, namun variabel utang obligasi tidak memiliki pengaruh signifikan terhadap rasio pembayaran dividen.

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ABSTRACT , Dividend is an amount to be paid out from company’s earnings to the shareholders. The objective of this research is to analyze the effect of bank loan growth, net income, intangible asset growth, leverage, total asset, and bond to dividend payout policy. Sample of this research consist of 25 companies listed on Indonesian Stock Exchange since 2009 until 2013 period. This research result based on multiple regression analysis indicates that bank loan growth, net income, intangible asset growth, leverage, and total asset have significant effect on company’s dividend payout ratio, while bond has no significant effect at any significant level. ]