Kepemilikan Manajerial, Kepemilikan Institusional dan Kebijakan Dividen serta Free Cash Flow sebagai Pemoderasi
Abstract
This study aims to determine the effect of managerial ownership and institutional ownership on dividend policy with free cash flow as a moderating variable. This research was conducted at manufacturing companies listed on the Indonesia Stock Exchange (BEI) in 2015-2019. The sample was selected by means of a purposive sampling method with 42 companies as samples and 210 observations. The analysis technique used in this research is Moderated Regression Analysis (MRA). The results of this study indicate that the higher the managerial ownership, the higher the dividend policy, especially in companies that have high free cash flow, and the higher the institutional ownership, the higher the dividend policy, especially in companies with high free cash flow.
Keywords: Managerial Ownership; Institutional Ownership; Free Cash Flow; Dividend Policy.
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References
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Sakawa, H., & Watanabel, N. (2019). Family control and ownership monitoring in Stakeholder-oriented corporate governance. Management Decision, 57(7), 1712–1728. https://doi.org/10.1108/MD-04-2018-0480
Sugiyono. (2019). Metode Penelitian Kuantitatif Kualitatif dan R&D. In Metode Penelitian Kuantitatif Kualitatif dan R&D. CV. Alfabeta.
Thanatawee, Y. (2011). Life-Cycle Theory and Free Cash Flow Hypothesis: Evidence from Dividend Policy in Thailand. International Journal of Financial Research, 2(2), 52–60. https://doi.org/10.5430/ijfr.v2n2p52
Wayan, N., Andini, Lady, Gusti, N., & Wirawati, P. (2014). Pengaruh Cash Flow Pada Kinerja Keuangan. 1, 107–121.
Widiastuti, Marselina, dkk. (2013). Dividend Policy and Foreign Ownership. In Jurnal Simposium Nasional Akuntansi XVI, (pp. 3401–3423).
Wuisan, F., Randa, F., & Lukman, L. (2018). Pengaruh Struktur Kepemilikan Terhadap Kebijakan Dividen Perusahaan. Simak, 16(02), 119–141. https://doi.org/10.35129/simak.v16i02.39
Yunisari, N. W., & Ratnadi, N. M. D. (2018). Pengaruh Profitabilitas dan Kepemilikan Manajerial Pada Kebijakan Dividen dengan Likuiditas Sebagai Variabel Moderasi. E-Jurnal Akuntansi, 23, 379. https://doi.org/10.24843/eja.2018.v23.i01.p15
Cao, L., Du, Y., & Ørding, J. (2017). Foreign institutional investors and dividend policy : Evidence from China. International Business Review, 26(5), 816–827. https://doi.org/10.1016/j.ibusrev.2017.02.001
Chang, K., Kang, E., & Li, Y. (2016). Effect of institutional ownership on dividends: An agency-theory-based analysis. Journal of Business Research, 69(7), 2551–2559. https://doi.org/10.1016/j.jbusres.2015.10.088
Dewi, S. C. (2008). Pengaruh Kepemilikan Managerial, Kepemilikan Institusional, Kebijakan Hutang, Profitabilitas Dan Ukuran Perusahaan Terhadap Kebijakan Dividen. 10(1), 47–58.
Edison, A. (2017). Struktur Kepemilikan Asing, Kepemilikan Institusional Dan Kepemilikan Manajerial Pengaruhnya Terhadap Luas Pengungkapan Corporate Social Responsibility (Csr). Bisma, 11(2), 164. https://doi.org/10.19184/bisma.v11i2.6311
Flow, F. C. (2011). Dividend Payout Ratio. SpringerReference, 4(1), 387–401. https://doi.org/10.1007/springerreference_1309
Gede, I. D., Mahariana, P., & Ramantha, I. W. (2014). Pengaruh kepemilikan manajerial dan kepemilikan institusional terhadap manajemen laba. 3, 688–699.
Ghozali, H. I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23 (Edisi Kede). Badan Penerbit Universitas Diponegoro.
Ghozali, I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 2.Edisi 8. In Semarang: Badan Penerbit Universitas Diponegoro.
Ghozali, Imam. (2016). Aplikasi Analisis Multivariete dengan Program (IBM. SPSS). In Aplikasi Analisis Multivariete dengan Program (IBM. SPSS). (8th ed.). Badan Penerbit Universitas Diponegoro.
Giuli, A. Di, Karmaziene, E., & Sekerci, N. (2020). Common ownership and firm dividend policies. Finance Research Letters, 101779. https://doi.org/10.1016/j.frl.2020.101779
Guizani, M. (2018). The mediating effect of dividend payout on the relationship between internal governance and free cash flow. Corporate Governance (Bingley), 18(4), 748–770. https://doi.org/10.1108/CG-01-2018-0011
Hauser, R., & Thornton, J. H. (2017). Dividend policy and corporate valuation. Managerial Finance, 43(6), 663–678. https://doi.org/10.1108/MF-05-2015-0157
Kilincarslan, E., & Ozdemir, O. (2018). Institutional investment horizon and dividend policy: An empirical study of UK firms. Finance Research Letters, 24, 199–220. https://doi.org/10.1016/j.frl.2017.09.016
Kim, W. S., Kiymaz, H., & Oh, S. (2020). Jo l P. Pacific-Basin Finance Journal, 101457. https://doi.org/10.1016/j.pacfin.2020.101457
Linda Yasmita, N. P., & Widanaputra, A. A. G. P. (2018). Pengaruh Asimetri Informasi Pada Kebijakan Dividen Dengan Investment Opportunity Set Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi, 22, 2040. https://doi.org/10.24843/eja.2018.v22.i03.p15
Ngo, A., Duong, H., Nguyen, T., & Nguyen, L. (2020). The effects of ownership structure on dividend policy: Evidence from seasoned equity offerings (SEOs). Global Finance Journal, 44(2017), #pagerange#. https://doi.org/10.1016/j.gfj.2018.06.002
Nijhof, Andre HJ Jeurissen, R. J. (2017). 기사 (Article) 와 안내문 (Information) [. The Eletronic Library, 34(1), 1–5.
Nisa, H. (2017). Pengaruh Kepemilikan Institusional dan Leverage Terhadap Kebijakan Dividen Dengan Free Cash Flow Sebagai Variabel Moderasi Pada Perusahaan Manufaktur di BEI Periode 2011-2015. JOM Fekon, 4(1), 387–401.
Nugraheni, N. P., & Mertha, M. (2019). Pengaruh Likuiditas Dan Kepemilikan Institusional Terhadap Kebijakan Dividen Perusahaan Manufaktur. E-Jurnal Akuntansi, 26, 736. https://doi.org/10.24843/eja.2019.v26.i01.p27
Nyoman, N., & Widiari, O. (2017). Pengaruh Kepemilikan Manajerial Dan Kepemilikan Institusional Pada Kebijakan Dividen Dengan Free Cash Flow Sebagai Pemoderasi. E-Jurnal Akuntansi, 20(3), 2303–2332.
Pranata, D., & Pujiati, D. (2015). The effect of liquidity , profitability , sales growth , and dividend policy on stock prices after the implementation of IFRS. 5(2), 169–178. https://doi.org/10.14414/tiar.v5i2.559
Purnama Sari, N., & Budiasih, I. (2016). Pengaruh Kepemilikan Managerial, Kepemilikan Institusional, Free Cash Flow Dan Profitabilitas Pada Kebijakan Dividen. E-Jurnal Akuntansi, 15(3), 2439–2466.
Putra, I. W. (2017). Free Cash Flow Sebagai Pemoderasi Pengaruh Earnings Management Dan Kebijakan Dividen Pada Nilai Perusahaan. E-Jurnal Akuntansi, 0(0), 1259–1285.
Rosdini, D. (2010). Pengaruh Free Cash Flow terhadap Dividend Payout Ratio. Journal Accounting and Finance Universitas Padjajaran.
Rossi, F., Boylan, R., Cebula, R. J., Rossi, F., Boylan, R., & Cebula, R. J. (2018). Financial decisions and ownership structure as control mechanisms of agency problems : evidence from Italy. https://doi.org/10.1108/CG-01-2017-0014
Sakawa, H., & Watanabel, N. (2019). Family control and ownership monitoring in Stakeholder-oriented corporate governance. Management Decision, 57(7), 1712–1728. https://doi.org/10.1108/MD-04-2018-0480
Sugiyono. (2019). Metode Penelitian Kuantitatif Kualitatif dan R&D. In Metode Penelitian Kuantitatif Kualitatif dan R&D. CV. Alfabeta.
Thanatawee, Y. (2011). Life-Cycle Theory and Free Cash Flow Hypothesis: Evidence from Dividend Policy in Thailand. International Journal of Financial Research, 2(2), 52–60. https://doi.org/10.5430/ijfr.v2n2p52
Wayan, N., Andini, Lady, Gusti, N., & Wirawati, P. (2014). Pengaruh Cash Flow Pada Kinerja Keuangan. 1, 107–121.
Widiastuti, Marselina, dkk. (2013). Dividend Policy and Foreign Ownership. In Jurnal Simposium Nasional Akuntansi XVI, (pp. 3401–3423).
Wuisan, F., Randa, F., & Lukman, L. (2018). Pengaruh Struktur Kepemilikan Terhadap Kebijakan Dividen Perusahaan. Simak, 16(02), 119–141. https://doi.org/10.35129/simak.v16i02.39
Yunisari, N. W., & Ratnadi, N. M. D. (2018). Pengaruh Profitabilitas dan Kepemilikan Manajerial Pada Kebijakan Dividen dengan Likuiditas Sebagai Variabel Moderasi. E-Jurnal Akuntansi, 23, 379. https://doi.org/10.24843/eja.2018.v23.i01.p15
Published
2021-07-25
How to Cite
DEWI, Ni Made Ari Trisna; WIDANAPUTRA, Anak Agung Gde Putu.
Kepemilikan Manajerial, Kepemilikan Institusional dan Kebijakan Dividen serta Free Cash Flow sebagai Pemoderasi.
E-Jurnal Akuntansi, [S.l.], v. 31, n. 7, p. 1710-1719, july 2021.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/70932>. Date accessed: 02 dec. 2024.
doi: https://doi.org/10.24843/EJA.2021.v31.i07.p08.
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