Pengaruh Kebijakan Dividen terhadap Laba di Masa Depan
Abstract
This study uses Lintner's (1956) dividend policy estimation model to examine the effect of earnings and earnings. Leverage on dividend policies. The population in this study were manufacturing companies listed on the Indonesia Stock Exchange between 2014 and 2016. Sampling was carried out by purposive sampling technique, which then took 52 sample companies with 139 observations for the first stage analysis and 46 sample companies with 79 observations. for analysis at the second stage. This study fulfills the classical assumption test which is required as a condition for conducting multiple linear regression analysis. The results of the analysis show that dividend policy has no positive effect on future earnings.This study uses Lintner's (1956) dividend policy estimation model to examine the effect of earnings and earnings. Leverage on dividend policies. The population in this study were manufacturing companies listed on the Indonesia Stock Exchange between 2014 and 2016. Sampling was carried out by purposive sampling technique, which then took 52 sample companies with 139 observations for the first stage analysis and 46 sample companies with 79 observations. for analysis at the second stage. This study fulfills the classical assumption test which is required as a condition for conducting multiple linear regression analysis. The results of the analysis show that dividend policy has no positive effect on future earnings.
Keywords: Estimation Model; Dividend Policy; Profit; Leverage; Future Profits.
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References
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Baker, M., Mendel, B., & Wurgler, J. (2016). Dividends as Reference Points: A Behavioral Signaling Approach. Review of Financial Studies, 29(3), 697–738.
Baker, M., & Wurgler, J. (2004). A Catering Theory of Dividends. The Journal of Finance, 59(3), 1125–1165.
Batabyal, S., & Robinson, R. (2016). Capital Change and Stability When Dividends Convey Signals. Quarterly Review of Economics and Finance, 65, 158–167.
Benartzi, S., Michaely, R., & Thaler, R. (1997). Do Changes in Dividends Signal the Future or the Past? The Journal of Finance, 52(3), 1007–1034.
Bhattacharya, S. (1979). Imperfect Information,Dividend Policy, and “The Bird in the Hand” Fallacy. The Bell Journal of Economics, 10(1), 259–270.
Black, F. (1976). The Dividend Puzzle. The Journal of Portfolio Management, 2(Winter), 8–12.
Brennan, M. (1970). Taxes, Market Valuation and Corporate Financial Policy. The National Tax Journal, 23(4), 417–27.
Budiman, S., & Harnovinsah. (2016). Analisis Pengaruh Arus Kas, Leverage, Tingkat Pertumbuhan, Ukuran Perusahaan, Dan Profitabilitas Terhadap Kebijakan Dividen (Studi Pada Industri Manufaktur Yang Tercatat Pada Bursa Efek Indonesia Periode 2011-2013). TEKUN, VII(1), 49–61.
Charitou, A., & Vafeas, N. (1998). The Association Between Operating Cash Flows and Dividend Changes: An Empirical Investigation. Journal of Business Finance and Accounting, 25(1–2), 225–249.
Crutchley, C. E., & Hansen, R. S. (1989). A Test of the Agency Theory of Managerial.
DeAngelo, H., DeAngelo, L., & Skinner, D. J. (1996). Reversal of Fortune Dividend Signaling and the Disappearance of Sustained Earnings Growth. Journal of Financial Economics, 40, 341–371.
DeAngelo, H., DeAngelo, L., & Skinner, D. J. (2008). Corporate payout policy. Foundations and Trends in Finance. https://doi.org/10.1561/0500000020.
Dechow, P. M. (1994). Accounting Earnings and Cash Flows as Measures of Firm Perfomance; The Role of Accounting Accruals. Journal of Accounting and Economics, 18, 3–42.
Deeptee, P. R., & Roshan, B. (2009). Signalling Power of Dividend on Firms’ Future Profits A Literature Review. EvergreenEnergy - International Interdisciplinary Journal, (March), 1–9.
Deitiana, T. (2009). Faktor-Faktor Yang Mempengaruhi Kebijakan Pembayaran Dividen Kas. Jurnal Bisnis Dan Akuntansi, 11(1), 57–64.
Easterbrook, F. H. (1984). Two Agency-Cost Explanations of Dividends. The American Economic Review, 74(4), 650–659.
Eisenhardt, K. M. (1989). Agency Theory: An Assessment and Review. The Academy of Management Review, 14(1), 57–74.
Ekawati, G., & Siswoyo, B. B. (2015). The Effects of Current Ratio and Debt to Equity Ratio on Dividend Policy through Net Profit Margin (A Study on Manufacturing Companies Listed in Indonesia Stock Exchange in the Period of 2013 ). Research Journal of Finance and Accounting, 6(24), 31–37.
Elton, E. J., & Gruber, M. J. (1970). Marginal Stockholder Tax Rates and the Clientele Effect. The Review of Economics and Statistics, 52(1), 68–74.
Fama, E. F., & Babiak, H. (1968). Dividend Policy: An Empirical Analysis. Journal of the American Statistical Association, 63(324), 1132–1161.
Fama, E. F., & French, K. R. (2002). Testing Trade-Off and Pecking Order Predictions about Dividends and Debt. The Review of Financial Studies, 15(1), 1–
Financial Accounting Standards Board. (2010). Statement of Financial Accounting Concepts No. 8: Conceptual Framework for Financial Reporting. Norwalk: Financial Accounting Standards Board of the Financial Accounting Foundation.
Francis, J., & Schipper, K. (1999). Have Financial Statements Lost Their Relevance? Journal of Accounting Research, 37(2), 319–352.
Gordon, M. J. (1963). Optimal Investment and Financing Policy. Journal of Finance, 2(May), 264–272.
Grullon, G., Michaely, R., Benartzi, S., & Thaler, R. H. (2005). Dividend Changes Do Not Signal Changes in Future Profitability*. The Journal of Business, 78(5), 1659–1682.
Haryanto, M. Y. D. (2015). Pengaruh Faktor-Faktor Keuangan Perusahaan Terhadap Kebijakan Dividen. Jurnal Ekonomi dan Bisnis (OPTIMUM), 5(1), 95–107. Hendrikson, E. S. 2006. Teori Akuntansi (4 ed.). Jakarta: Erlangga.
Ikatan Akuntan Indonesia. (2015). Standar Akuntansi Keuangan. Jakarta: Salemba Empat.
Irawan, D., & Nurdhiana. (2012). Pengaruh Laba Bersih dan Arus Kas Operasi Terhadap Kebijakan Dividen Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Periode 2009-2010. Jurnal Kajian Akuntansi dan Bisnis, 1(1), 1–17.
Jagannathan, M., Stephens, C. P., & Weisbach, M. S. (2000). Financial flexibility and the choice between dividends and stock repurchases. Journal of Financial Economics, 57(3), 355–384.
Jensen, G. R., Solberg, D. P., & Zorn, T. S. (1992). Simultaneous Determination of Insider Ownership , Debt , and Dividend Policies. Journal of Financial and Quantitative Analysis, 27(2), 247–263.
Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76(2), 323–329.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360.
Kalay, A. (1982). Stockholder-Bondholder Conflict And Dividend Constraints. Journal of Financial Economics, 10(2), 211–233.
Kamaruddin, A. (2004). Dasar-Dasar Manajemen Investasi Dan Portofolio. Jakarta: Mediasoft Indonesia.
Kao, C., & Wu, C. (1994). Tests of Dividend Signaling Using The Marsh-Merton Model: A Generalized Friction Approach. Journal of Business, 67(1), 45–68.
Koch, P. D., & Shenoy, C. (1999). The Information Content of Dividend and Capital Structure Policies. Financial Management, 28(4), 16–35.
Kuncoro, M. (2001). Teori Dan Aplikasi Untuk Bisnis Dan Ekonomi. Yogyakarta: AMP YKPN.
Lee, S. P., Isa, M., & Lim, W. L. (2012). Dividend Changes and Future Profitability: Evidence From Malaysia. Asian Academy of Management Journal of Accounting and Finance, 8(2), 93–110.
Levy, H., & Sarnat, M. (1990). Capital Investment And Financial Decisions (4 ed.). Prentice Hall Inc.
Lintner, J. (1956). Distribution of Incomes of Corporations Among Dividens , Retained Earnings , and Taxes. The American Economic Review, 46(2), 97–113.
McCabe, G. M. (1979). The Empirical Relationship Between Investment and Financing : A New Look. The Journal of Financial and Quantitative Analysis, 14(1), 119–135.
Miller, M. H., & Modigliani, F. (1958). The Cost of Capital , Corporation Finance and the Theory of Investment. Finance, 48(3), 261–297.
Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares, 34(4), 411–433.
Miller & Rock, K. (1985). Dividend Policy under Asymmetric Information. The Journal of Finance, 40(4), 1031–1051.
Nissim, D., & Ziv, A. (2001). Dividend Changes and Future Profitability. Journal of Finance, 56(6), 2111–2133.
Nur, T., & Karnen, K. A. (2014). Searching for Determinants of Pay or Not to Pay Cash Dividend in Indonesia. Indonesian Capital Market Review, 6(1), 19–37.
Nuringsih, K. (2005). Analisis Pengaruh Kepemilikan Manajerial, Kebijakan Utang, ROA Dan Ukuran Perusahaan Terhadap Kebijakan Dividen: Studi 1995-1996.
Jurnal Akuntansi dan Keuangan Indonesia, 2(2), 103–123.
Oktaviani, L., & Basana, S. R. (2015). Analisa Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen (Studi Kasus Perusahaan Manufaktur 2009-2014). Journal of Research in Economics and Management, 15(2), 361–370.
Pandey, I. M. (2003). Corporate Dividend Policy And Behaviour : The Malaysian Evidence. Asian Academy of Management Journal, 8(1), 17–32.
Pontoh, W. (2015). Signaling, Bird In The Hand, and Catering Effect in Indonesia. Journal of Life Economics (JLECON), 2(3), 1–24.
Prahara, M. S. B. (2016). Pengaruh Laba Bersih Dan Arus Kas Operasi Terhadap Perubahan Dividen Tunai. Universitas Gadjah Mada.
Preinreich, G. A. D. (1932). Stock Yields, Stock Dividends and Inflation. Accounting Review, 7(4), 273–289.
Prihantoro. (2003). Estimasi Pengaruh Dividen Payout Ratio Pada Perusahaan Publik Di Indonesia. Ekonomi dan Bisnis, 1(8), 7–14.
Riahi, A., & Belkaoui. (2006). Accounting Theory (Teori Akuntansi) (4 ed.). Jakarta: Salemba Empat.
Rizqia, D. A., Aisjah, S., & Sumiati. (2013). Effect of Managerial Ownership , Financial Leverage , Profitability , Firm Size , and Investment Opportunity on Dividend Policy and Firm Value. Research Journal of Finance and Accounting, 4(11), 120–130.
Rozeff, M. S. (1982). Growth, Beta and Agency Costs As Determinants of Dividend Payout Ratios. Journal of Financial Research, 5(3), 249–259.
Sartono, A. (2001). Manajemen Keuangan: Teori Dan Aplikasi (4 ed.). Yogyakarta: BPFE.
Savov, S. (2006). Dividend Changes, Signaling, and Stock Price Performance. SSRN Working Paper Series, (July), 1–43.
Schipper, K., & Vincent, L. (2003). Earnings Quality. Accounting Horizons, 17, 97–110.
Skinner, D. J. (2008). The Evolving Relation Between Earnings, Dividends, and Stock Repurchases. Journal of Financial Economics, 87(3), 582–609.
Sugiyono. (2008). Metode Penelitian Bisnis (11 ed.). Bandung: Alfabeta.
Sumiadji. (2011). Analisis Variabel Keuangan Yang Mempengaruhi Kebijakan Deviden. Jurnal Dinamika Akuntansi, 3(2), 129–138.
Tran, Q. T., & Nguyen, T. T. H. (2014). Dividend Policy Behavior in Emerging Stock Markets: Evidence from Vietnamese Stock Market. International Journal of Financial Research, 5(4), 85–89.
Utama, I. M. S. (2009). Aplikasi Analisis Kuantitatif (3 ed.). Denpasar: Sastra Utama.
Vieira, E., & Raposo, C. (2007). Signalling With Dividends? The Signalling Effects Of Dividend Change Announcements: New Evidence From Europe. SSRN Electronic Journal, (August), 1–73.
Vo, D. H., & Nguyen, V. T.-Y. (2014). Managerial Ownership , Leverage and Dividend Policies: Empirical Evidence from Vietnam’s Listed Firms. International Journal of Economics and Finance, 6(5), 274–284.
Watts, R. (1973). The Information Content of Dividends. Journal of Business, 46(2), 191–211.
Watts, R. L., & Zimmerman, J. L. (1990). Positive Accounting Theory: A Ten Year Perspective. The Accounting Review, 65(1), 131–156.
Wirawan, N. (2002). Statistik 2 (Statistik Inferensia) (2 ed.). Denpasar: Keraras Emas.
Baker, M., Mendel, B., & Wurgler, J. (2016). Dividends as Reference Points: A Behavioral Signaling Approach. Review of Financial Studies, 29(3), 697–738.
Baker, M., & Wurgler, J. (2004). A Catering Theory of Dividends. The Journal of Finance, 59(3), 1125–1165.
Batabyal, S., & Robinson, R. (2016). Capital Change and Stability When Dividends Convey Signals. Quarterly Review of Economics and Finance, 65, 158–167.
Benartzi, S., Michaely, R., & Thaler, R. (1997). Do Changes in Dividends Signal the Future or the Past? The Journal of Finance, 52(3), 1007–1034.
Bhattacharya, S. (1979). Imperfect Information,Dividend Policy, and “The Bird in the Hand” Fallacy. The Bell Journal of Economics, 10(1), 259–270.
Black, F. (1976). The Dividend Puzzle. The Journal of Portfolio Management, 2(Winter), 8–12.
Brennan, M. (1970). Taxes, Market Valuation and Corporate Financial Policy. The National Tax Journal, 23(4), 417–27.
Budiman, S., & Harnovinsah. (2016). Analisis Pengaruh Arus Kas, Leverage, Tingkat Pertumbuhan, Ukuran Perusahaan, Dan Profitabilitas Terhadap Kebijakan Dividen (Studi Pada Industri Manufaktur Yang Tercatat Pada Bursa Efek Indonesia Periode 2011-2013). TEKUN, VII(1), 49–61.
Charitou, A., & Vafeas, N. (1998). The Association Between Operating Cash Flows and Dividend Changes: An Empirical Investigation. Journal of Business Finance and Accounting, 25(1–2), 225–249.
Crutchley, C. E., & Hansen, R. S. (1989). A Test of the Agency Theory of Managerial.
DeAngelo, H., DeAngelo, L., & Skinner, D. J. (1996). Reversal of Fortune Dividend Signaling and the Disappearance of Sustained Earnings Growth. Journal of Financial Economics, 40, 341–371.
DeAngelo, H., DeAngelo, L., & Skinner, D. J. (2008). Corporate payout policy. Foundations and Trends in Finance. https://doi.org/10.1561/0500000020.
Dechow, P. M. (1994). Accounting Earnings and Cash Flows as Measures of Firm Perfomance; The Role of Accounting Accruals. Journal of Accounting and Economics, 18, 3–42.
Deeptee, P. R., & Roshan, B. (2009). Signalling Power of Dividend on Firms’ Future Profits A Literature Review. EvergreenEnergy - International Interdisciplinary Journal, (March), 1–9.
Deitiana, T. (2009). Faktor-Faktor Yang Mempengaruhi Kebijakan Pembayaran Dividen Kas. Jurnal Bisnis Dan Akuntansi, 11(1), 57–64.
Easterbrook, F. H. (1984). Two Agency-Cost Explanations of Dividends. The American Economic Review, 74(4), 650–659.
Eisenhardt, K. M. (1989). Agency Theory: An Assessment and Review. The Academy of Management Review, 14(1), 57–74.
Ekawati, G., & Siswoyo, B. B. (2015). The Effects of Current Ratio and Debt to Equity Ratio on Dividend Policy through Net Profit Margin (A Study on Manufacturing Companies Listed in Indonesia Stock Exchange in the Period of 2013 ). Research Journal of Finance and Accounting, 6(24), 31–37.
Elton, E. J., & Gruber, M. J. (1970). Marginal Stockholder Tax Rates and the Clientele Effect. The Review of Economics and Statistics, 52(1), 68–74.
Fama, E. F., & Babiak, H. (1968). Dividend Policy: An Empirical Analysis. Journal of the American Statistical Association, 63(324), 1132–1161.
Fama, E. F., & French, K. R. (2002). Testing Trade-Off and Pecking Order Predictions about Dividends and Debt. The Review of Financial Studies, 15(1), 1–
Financial Accounting Standards Board. (2010). Statement of Financial Accounting Concepts No. 8: Conceptual Framework for Financial Reporting. Norwalk: Financial Accounting Standards Board of the Financial Accounting Foundation.
Francis, J., & Schipper, K. (1999). Have Financial Statements Lost Their Relevance? Journal of Accounting Research, 37(2), 319–352.
Gordon, M. J. (1963). Optimal Investment and Financing Policy. Journal of Finance, 2(May), 264–272.
Grullon, G., Michaely, R., Benartzi, S., & Thaler, R. H. (2005). Dividend Changes Do Not Signal Changes in Future Profitability*. The Journal of Business, 78(5), 1659–1682.
Haryanto, M. Y. D. (2015). Pengaruh Faktor-Faktor Keuangan Perusahaan Terhadap Kebijakan Dividen. Jurnal Ekonomi dan Bisnis (OPTIMUM), 5(1), 95–107. Hendrikson, E. S. 2006. Teori Akuntansi (4 ed.). Jakarta: Erlangga.
Ikatan Akuntan Indonesia. (2015). Standar Akuntansi Keuangan. Jakarta: Salemba Empat.
Irawan, D., & Nurdhiana. (2012). Pengaruh Laba Bersih dan Arus Kas Operasi Terhadap Kebijakan Dividen Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Periode 2009-2010. Jurnal Kajian Akuntansi dan Bisnis, 1(1), 1–17.
Jagannathan, M., Stephens, C. P., & Weisbach, M. S. (2000). Financial flexibility and the choice between dividends and stock repurchases. Journal of Financial Economics, 57(3), 355–384.
Jensen, G. R., Solberg, D. P., & Zorn, T. S. (1992). Simultaneous Determination of Insider Ownership , Debt , and Dividend Policies. Journal of Financial and Quantitative Analysis, 27(2), 247–263.
Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76(2), 323–329.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360.
Kalay, A. (1982). Stockholder-Bondholder Conflict And Dividend Constraints. Journal of Financial Economics, 10(2), 211–233.
Kamaruddin, A. (2004). Dasar-Dasar Manajemen Investasi Dan Portofolio. Jakarta: Mediasoft Indonesia.
Kao, C., & Wu, C. (1994). Tests of Dividend Signaling Using The Marsh-Merton Model: A Generalized Friction Approach. Journal of Business, 67(1), 45–68.
Koch, P. D., & Shenoy, C. (1999). The Information Content of Dividend and Capital Structure Policies. Financial Management, 28(4), 16–35.
Kuncoro, M. (2001). Teori Dan Aplikasi Untuk Bisnis Dan Ekonomi. Yogyakarta: AMP YKPN.
Lee, S. P., Isa, M., & Lim, W. L. (2012). Dividend Changes and Future Profitability: Evidence From Malaysia. Asian Academy of Management Journal of Accounting and Finance, 8(2), 93–110.
Levy, H., & Sarnat, M. (1990). Capital Investment And Financial Decisions (4 ed.). Prentice Hall Inc.
Lintner, J. (1956). Distribution of Incomes of Corporations Among Dividens , Retained Earnings , and Taxes. The American Economic Review, 46(2), 97–113.
McCabe, G. M. (1979). The Empirical Relationship Between Investment and Financing : A New Look. The Journal of Financial and Quantitative Analysis, 14(1), 119–135.
Miller, M. H., & Modigliani, F. (1958). The Cost of Capital , Corporation Finance and the Theory of Investment. Finance, 48(3), 261–297.
Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares, 34(4), 411–433.
Miller & Rock, K. (1985). Dividend Policy under Asymmetric Information. The Journal of Finance, 40(4), 1031–1051.
Nissim, D., & Ziv, A. (2001). Dividend Changes and Future Profitability. Journal of Finance, 56(6), 2111–2133.
Nur, T., & Karnen, K. A. (2014). Searching for Determinants of Pay or Not to Pay Cash Dividend in Indonesia. Indonesian Capital Market Review, 6(1), 19–37.
Nuringsih, K. (2005). Analisis Pengaruh Kepemilikan Manajerial, Kebijakan Utang, ROA Dan Ukuran Perusahaan Terhadap Kebijakan Dividen: Studi 1995-1996.
Jurnal Akuntansi dan Keuangan Indonesia, 2(2), 103–123.
Oktaviani, L., & Basana, S. R. (2015). Analisa Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen (Studi Kasus Perusahaan Manufaktur 2009-2014). Journal of Research in Economics and Management, 15(2), 361–370.
Pandey, I. M. (2003). Corporate Dividend Policy And Behaviour : The Malaysian Evidence. Asian Academy of Management Journal, 8(1), 17–32.
Pontoh, W. (2015). Signaling, Bird In The Hand, and Catering Effect in Indonesia. Journal of Life Economics (JLECON), 2(3), 1–24.
Prahara, M. S. B. (2016). Pengaruh Laba Bersih Dan Arus Kas Operasi Terhadap Perubahan Dividen Tunai. Universitas Gadjah Mada.
Preinreich, G. A. D. (1932). Stock Yields, Stock Dividends and Inflation. Accounting Review, 7(4), 273–289.
Prihantoro. (2003). Estimasi Pengaruh Dividen Payout Ratio Pada Perusahaan Publik Di Indonesia. Ekonomi dan Bisnis, 1(8), 7–14.
Riahi, A., & Belkaoui. (2006). Accounting Theory (Teori Akuntansi) (4 ed.). Jakarta: Salemba Empat.
Rizqia, D. A., Aisjah, S., & Sumiati. (2013). Effect of Managerial Ownership , Financial Leverage , Profitability , Firm Size , and Investment Opportunity on Dividend Policy and Firm Value. Research Journal of Finance and Accounting, 4(11), 120–130.
Rozeff, M. S. (1982). Growth, Beta and Agency Costs As Determinants of Dividend Payout Ratios. Journal of Financial Research, 5(3), 249–259.
Sartono, A. (2001). Manajemen Keuangan: Teori Dan Aplikasi (4 ed.). Yogyakarta: BPFE.
Savov, S. (2006). Dividend Changes, Signaling, and Stock Price Performance. SSRN Working Paper Series, (July), 1–43.
Schipper, K., & Vincent, L. (2003). Earnings Quality. Accounting Horizons, 17, 97–110.
Skinner, D. J. (2008). The Evolving Relation Between Earnings, Dividends, and Stock Repurchases. Journal of Financial Economics, 87(3), 582–609.
Sugiyono. (2008). Metode Penelitian Bisnis (11 ed.). Bandung: Alfabeta.
Sumiadji. (2011). Analisis Variabel Keuangan Yang Mempengaruhi Kebijakan Deviden. Jurnal Dinamika Akuntansi, 3(2), 129–138.
Tran, Q. T., & Nguyen, T. T. H. (2014). Dividend Policy Behavior in Emerging Stock Markets: Evidence from Vietnamese Stock Market. International Journal of Financial Research, 5(4), 85–89.
Utama, I. M. S. (2009). Aplikasi Analisis Kuantitatif (3 ed.). Denpasar: Sastra Utama.
Vieira, E., & Raposo, C. (2007). Signalling With Dividends? The Signalling Effects Of Dividend Change Announcements: New Evidence From Europe. SSRN Electronic Journal, (August), 1–73.
Vo, D. H., & Nguyen, V. T.-Y. (2014). Managerial Ownership , Leverage and Dividend Policies: Empirical Evidence from Vietnam’s Listed Firms. International Journal of Economics and Finance, 6(5), 274–284.
Watts, R. (1973). The Information Content of Dividends. Journal of Business, 46(2), 191–211.
Watts, R. L., & Zimmerman, J. L. (1990). Positive Accounting Theory: A Ten Year Perspective. The Accounting Review, 65(1), 131–156.
Wirawan, N. (2002). Statistik 2 (Statistik Inferensia) (2 ed.). Denpasar: Keraras Emas.
Published
2020-09-27
How to Cite
WAHYU PURNA ANGGARA, I Wayan Gde.
Pengaruh Kebijakan Dividen terhadap Laba di Masa Depan.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 9, p. 2428 - 2443, sep. 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/63772>. Date accessed: 26 apr. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i09.p20.
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