Struktur Kepemilikan, Profitability, Investment Opportunity, dan Kebijakan Dividen Perusahaan Non-Keuangan di Indonesia
Abstract
The research aims to determine the relationship between ownership structure, profitability ratios and investment opportunities on dividend policy. The research sample includes companies listed on the Indonesian Stock Exchange and meeting the criteria. Testing was carried out on 350 secondary data from the period 2018 to 2022. Panel regression data was applied as a testing method with the best Random Effect Model (REM) regression model. The research results indicate that there is a significant positive influence between profitability on dividend policy and a significant negative influence between investment opportunity on dividend policy.
Keywords: Dividend Policy; Ownership Structure; Profitability; Investment Opportunity
Downloads
Download data is not yet available.
References
Abubakar, N., Umar, J., Yero, J. I., & Saidu, S. (2020). Ownership Structure and Dividend Policy in Listed Industrial and Consumer Goods Firms in Nigeria: Heckman’s Two-Stage Approach. Journal of Business and Economic Analysis, 03(03), 288–308. https://doi.org/10.36924/sbe.2020.3304
Akbar, M. A., & Bustaman, Y. (2019). Firm Profitability, Ownership Structure and Dividend Policy on the Indonesian Manufacturing Companies. Pertanika J. Soc. Sci. & Hum, 27(S2), 1–16.
Aleqedat, H. Q., & Zakaria Al-Rawash, S. (2020). The Impacts of Hofstede’s Cultural Dimensions and Ownership Structure on Dividend Policy of Financial Sectors in Jordan. International Journal of Business and Social Research, 5(1), 7–25. https://doi.org/10.18533/job.v5i1.137
Ali, N. Y., Mohamad, Z., & Baharuddin, N. S. (2018). The Impact of Ownership Structure on Dividend Policy : Evidence of Malaysian Listed Firms. Journal of Global Business and Social Entrepreneurship (GBSE), 4(10), 35–44. www.gbse.com.my
Anggoro, H. D., & Yulianto, A. (2019). Agency Theory: Ownership Structure and Capital Structure as Determinants of Dividend Policy. Management Analysis Journal, 8(4), 379–387. http://maj.unnes.ac.id
Asir, M. (2021). Rantai Pasok Kakao Karakteristik & Peran Stakeholder (M. Nasrudin, Ed.; 1st ed.). PT Nasya Expanding Management.
Bataineh, H. (2021). The Impact of Ownership Structure on Dividend Policy of Listed Firms in Jordan. Cogent Business and Management, 8(1), 1–18. https://doi.org/10.1080/23311975.2020.1863175
Chandra, B., & Junita, N. (2021). Tata Kelola Perusahaan dan Manajemen Laba terhadap Kebijakan Dividen di Indonesia. Jurnal Ekonomi Modernisasi, 17(1), 15–26. https://doi.org/10.21067/jem.v17i1.5188
Darmadi, S. (2016). Ownership Concentration, Family Control, and Auditor Choice: Evidence from an Emerging Market. Asian Review of Accounting, 24(1), 19–42. https://doi.org/10.1108/ARA-06-2013-0043
Dhuhri, R., & Diantimala, Y. (2018). The Influence of Institutional Ownership, Individual Ownership, and Managerial Ownership Toward Dividend Payout Ratio at Non-Financial Companies Registered in Indonesia Stock Exchange in 2012-2016. International Journal of Social Science and Economic Research, 3(3), 786–801. www.ijsser.org
Duygun, M., Guney, Y., & Moin, A. (2018). Dividend Policy of Indonesian Listed Firms: The Role of Families and The State. Economic Modelling, 75, 336–354. https://doi.org/10.1016/j.econmod.2018.07.007
Effendi, H. R. T., Latiefa, F. A., & Lestari, H. S. (2021). Pengaruh Struktur Kepemilikan Terhadap Kebijakan Dividen Perusahaan Manufaktur yang Terdaftar di BEI. Jurnal Ekonomi, 26(3), 345. https://doi.org/10.24912/je.v26i3.795
Fatima, U., Sohail, S., & Bashir, U. (2021). Financing Decision, Ownership Structure and Dividend Policy (an Empirical Analysis of the Banking Sector of Pakistan). Journal of Economics Organization Science, 1(2), 28–43.
Gennusi, R. S. A., & Maharani, K. N. (2021). The Effect of Investment Opportunity Set, Lagged Dividend and Managerial Ownership on Dividend Policy. JURNAL PAPATUNG, 4(1), 112–120. www.investasi.kontan.co.id
Gimba, J. T., Nwala, M., & Dauda, M. (2022). Effect of Ownership Structure on Dividend Policy of Listed Oil and Gas Firms in Nigeria. Baze University Journal of Entrepreneurship and Interdisciplinary Studies (BUJEIS), 1(1), 128–135.
Gitayuda, M. B. S. (2022). Analisis Investment Opportunity Set, Likuiditas, Profitabilitas, Leverage dan Ukuran Perusahaan Terhadap Kebijakan Pembayaran Dividen. Eco-Entrepreneur, 8(1), 1–15. https://doi.org/10.21107/ee.v8i1.16464`Citation
Gravelle, J. G. (2022). Capital Gains Taxes: An Overview of the Issues. https://crsreports.congress.gov
Gunawan, F. S., & Tobing, W. R. L. (2018). The Effect of Profitability, Liquidity and Investment Opportunities on Dividend Policy. South East Asia Journal of Contemporary Business, Economics and Law, 15(5), 189–195.
Hanim, S., & Nuzula, N. F. (2018). The Effect of Capital Structure and Ownership Structure on Financial Performance and Dividend Policy on Manufacturing Companies in the Indonesia Stock Exchange. Wacana, 21(3). http://www.idx.co.id
Hidayah, N. (2015). Pengaruh Investment Opportunity Set (IOS) dan Kepemilikan Manajerial terhadap Nilai Perusahaan pada Perusahaan Property dan Real Estat di Bursa Efek Indonesia. Jurnal Akuntansi, 19(3), 420–432.
Hoang, L. D., Anh, N. T., Phuong, N. Q., & Phuong, T. T. (2020). Impact of Ownership Structure on Dividend Policy: Case Study of the Oil and Gas Companies in Vietnam. International Journal of Social Science and Economics Invention, 6(8), 330–338. https://doi.org/10.23958/ijssei/vol06-i08/225
Iqbal, M., Dzulkirom Ar, M., & Darmawan, A. (2018). The Effect of Share Ownership Structure to The Dividend Policy and Firm Value of The Manufacturing Company Listed in Indonesia Stock Exchange. Wacana, 21(3), 111–121.
Jaara, B., Alashhab, H., & Jaara, O. O. (2018). The Determinants of Dividend Policy for Non-financial Companies in Jordan. International Journal of Economics and Financial Issues, 8(2), 198–209. http:www.econjournals.com
Khan, M. K., Ali, R., & Tariq, S. (2018). Impact of Ownership Structure On Corporate Dividend Policy and Performance. KASBIT Business Journal (KBJ), 11, 110–130.
Madyan, M., Meidiaswati, H., Sasikirono, N., & Herlambang, M. H. (2019). Family Control, Institutional Ownership, dan Kebijakan Dividen Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Reviu Akuntansi Dan Keuangan, 9(1), 87–95. https://doi.org/10.22219/jrak.v9i1.47
Maharsi, A. V. N. (2017). Pengaruh Investment Opportunity Set terhadap Kebijakan Dividen dengan Firm Size sebagai Variabel Moderasi pada Perusahaan Manufaktur Tahun 2011-2013 di BEI. Jurnal Magisma , 5(2), 39–49.
Moin, A., Guney, Y., & El Kalak, I. (2020). The Effects of Ownership Structure, Sub-Optimal Cash Holdings and Investment Inefficiency on Dividend Policy: Evidence from Indonesia. Review of Quantitative Finance and Accounting, 55(3), 857–900. https://doi.org/10.1007/s11156-019-00862-z
Nasih, A. C., Gumilang, G., Alkhomah, Nurrohmah, S., & Endah, D. (2021). Ownership Structure and Dividend Policy at LQ45 Companies of the Indonesian Stock Exchange. Proceedings of the International Conference on Strategic Issues of Economics, Business and, Education (ICoSIEBE 2020), 163, 174–179. www.idx.go.id
Nusaputra, F., & Basana, S. R. (2021). The Effect of Agency Costs, Ownership Structure, Signaling, Investment Opportunities, Size, Financial Leverage and Profitability on Dividend Policy of Companies Listed in Indonesian Stock Exchange. International Journal of Financial and Investment Studies (IJFIS), 1(2), 109–120. https://doi.org/10.9744/ijfis.1.2.109-120
Obaidat, A. N. (2018). Ownership Structure and Dividends Policy: Emerging Market Evidence. International Business Research, 11(6), 65. https://doi.org/10.5539/ibr.v11n6p65
Oyedokun, G. E., Isah, S., & Awotomilusi, N. S. (2020). Ownership Structure and Firm Value of Quoted Consumers Goods Firms in Nigeria. Journal of Accounting and Strategic Finance, 3(2), 214–228. https://doi.org/10.33005/jasf.v3i2.65
Pamungkas, N., Rusherlistyani, & Janah, I. (2017). Pengaruh Return on Equity, Debt to Equity Ratio, Current Ratio, Earning per Share dan Investment Opportunity Set terhadap Kebijakan Dividen. Jurnal Analisa Akuntansi Dan Perpajakan, 1(1), 34–41.
Peerbhai, F., Gumede, B., Shabangu, N., Gumede, N., Ndhlovu, N., & Hlomela, T. (2021). The Impact of Ownership Structure on Firms’ Dividend Policy: Evidence from JSE Listed Firms. AUDOE, 17(5), 206–225.
Pieloch-Babiarz, A. (2019). Ownership Structure, Board Characteristics and Dividend Policy: Evidence from the Warsaw Stock Exchange. Ekonomia i Prawo, 18(3), 317–330. https://doi.org/10.12775/eip.2019.022
Prihatini, P., Rahmiat, & Susanti, D. (2018). Pengaruh Profitabilitas, Investment Opportunity Set, dan Kepemilikan Manajerial terhadap Kebijakan Dividen (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2016. EcoGen, 1(2), 298–307. www.idx.co.id
Putri, D. A. K., & Azzahra, K. (2022). The Effect of Free Cash Flow, Investment Opportunity Set and Institutional Ownership on Dividend Policy. Journal of Management, Accounting, General Finance and International Economics Issue (Marginal), 1(4), 155–168. https://ojs.transpublika.com/index.php/MARGINAL/
Putri, N. A., & Pratiwi, A. (2022). Dividend Policy and Capital Structure Decision in Family and Non-Family Firms: Evidence From Indonesia. Asian Journal of Management Entrepreneurship and Social Science, 2(3), 214–226. https://ajmesc.com/index.php/ajmesc
Putri, P. S. A., Kepramareni, P., & Yuliastuti, I. A. N. (2020). Pengaruh Investment Opportunity Set (IOS), Laba Bersih, Likuiditas dan Leverage terhadap Kebijakan Dividen. Jurnal Kharisma, 2(2), 209–227.
Rajeb, J. Ben, Brahmi, M., & Missaoui, I. (2022). Ownership Structure Management and its Effect on Dividend Policy in the Tunisian Stock Exchange Enterprises: an Empirical Study. International Journal of Technology Transfer and Commercialisation, 19(1), 83–96. https://doi.org/10.1504/ijttc.2022.10047644
Santoso, C., Salim, R. F., Pranoto, T., & Adelina, Y. E. (2021). Do Family and Institutional Ownerships Influence the Corporate Dividend Policy? EQUITY, 24(1), 15–34. https://doi.org/10.34209/equ.v24i1.2292
Setianto, R. H., & Sari, P. K. (2017). Perusahaan Keluarga dan Kebijakan Dividen di Indonesia. Jurnal Siasat Bisnis, 21(2), 107–118. https://doi.org/10.20885/jsb.vol21.iss2.art1
Setiawan, D., Bandi, B., Kee Phua, L., & Trinugroho, I. (2016). Ownership Structure and Dividend Policy in Indonesia. Journal of Asia Business Studies, 10(3), 230–252. https://doi.org/10.1108/JABS-05-2015-0053
Suartawan, I. G. N. P. A., & Yasa, G. W. (2017). Pengaruh Investment Opportunity Set dan Free Cash Flow Pada Kebijakan Dividen dan Nilai Perusahaan. Jurnal Ilmiah Akuntansi Dan Bisnis, 11(2), 63–74. https://doi.org/10.24843/jiab.2016.v11.i02.p01
Syafitri, F. (2013). Permasalahan BUMN di Indonesia. Biro Analisa Anggaran Dan Pelaksanaan APBN - SETJEN DPR RI.
Utami, E. S., & Gumanti, T. A. (2019). Analysis of Cash Dividend Policy in Indonesia Stock Exchange. Investment Management and Financial Innovations, 16(3), 97–105. https://doi.org/10.21511/imfi.16(3).2019.10
Valentina, C., Wijaya, L. I., & Ernawati, E. (2022). The Effect of Ownership Structure on Dividend Policy of Manufacturing Companies. Journal of Management and Business, 21(2), 96–102. https://doi.org/10.24123/jmb.v21i2.561
Wahjudi, E. (2020). Factors Affecting Dividend Policy in Manufacturing Companies in Indonesia Stock Exchange. Journal of Management Development, 39(1), 4–17. https://doi.org/10.1108/JMD-07-2018-0211
Widiatmoko, J., Badjuri, A., Irsad, M., & Adhipratama, A. A. (2021). Ownership Structure on Dividend Policy and Its Impact on Firm Value. Proceedings of the 3rd International Conference of Banking, Accounting, Management and Economics (ICOBAME 2020), 169, 405–408.
Winarni. (2023, January 26). Sepanjang 2022, Jumlah Investor Pasar Modal Tembus 10,31 Juta. Dataindonesia.Id.
Wuisan, F., Randa, F., & Lukman. (2018). Pengaruh Struktur Kepemilikan terhadap Kebijakan Dividen. SiMAk, 16(2), 119–141. http://ojs.feb.uajm.ac.id/index.php/simak/article/view/39/17
Yoda, T. C. (2019). Analysis of Investment Opportunity Set and Firm Size Towards Dividend Policy on Mining Company. Menara Ekonomi, 5(2), 111–121. www.kontan.co.id
Yopie, S., & Aw, F. (2021). Diversitas Dewan Direksi dan Profitabilitas pada Perusahaan Terdaftar di Bursa Efek Indonesia. E-Jurnal Akuntansi, 31(10), 2415–2428. https://doi.org/10.24843/eja.2021.v31.i10.p01
Yusnita, & Patrisia, D. (2020). The Effect of Ownership Structure on the Dividend Policy of the Company Listed in Indonesia Stock Exchange. Proceedings of the 5th Padang International Conference On Economics Education, Economics, Business and Management, Accounting and Entrepreneurship (PICEEBA-5 2020), 152, 464–474.
Zainuddin, & Manahonas, O. A. (2020). The Effect of Debt Policies, Profitability, Managerial Ownership Structure, and Liquidity on Dividend Policy. The Indonesian Journal of Accounting Research, 23(3), 411–428. https://doi.org/10.33312/ijar.483
Akbar, M. A., & Bustaman, Y. (2019). Firm Profitability, Ownership Structure and Dividend Policy on the Indonesian Manufacturing Companies. Pertanika J. Soc. Sci. & Hum, 27(S2), 1–16.
Aleqedat, H. Q., & Zakaria Al-Rawash, S. (2020). The Impacts of Hofstede’s Cultural Dimensions and Ownership Structure on Dividend Policy of Financial Sectors in Jordan. International Journal of Business and Social Research, 5(1), 7–25. https://doi.org/10.18533/job.v5i1.137
Ali, N. Y., Mohamad, Z., & Baharuddin, N. S. (2018). The Impact of Ownership Structure on Dividend Policy : Evidence of Malaysian Listed Firms. Journal of Global Business and Social Entrepreneurship (GBSE), 4(10), 35–44. www.gbse.com.my
Anggoro, H. D., & Yulianto, A. (2019). Agency Theory: Ownership Structure and Capital Structure as Determinants of Dividend Policy. Management Analysis Journal, 8(4), 379–387. http://maj.unnes.ac.id
Asir, M. (2021). Rantai Pasok Kakao Karakteristik & Peran Stakeholder (M. Nasrudin, Ed.; 1st ed.). PT Nasya Expanding Management.
Bataineh, H. (2021). The Impact of Ownership Structure on Dividend Policy of Listed Firms in Jordan. Cogent Business and Management, 8(1), 1–18. https://doi.org/10.1080/23311975.2020.1863175
Chandra, B., & Junita, N. (2021). Tata Kelola Perusahaan dan Manajemen Laba terhadap Kebijakan Dividen di Indonesia. Jurnal Ekonomi Modernisasi, 17(1), 15–26. https://doi.org/10.21067/jem.v17i1.5188
Darmadi, S. (2016). Ownership Concentration, Family Control, and Auditor Choice: Evidence from an Emerging Market. Asian Review of Accounting, 24(1), 19–42. https://doi.org/10.1108/ARA-06-2013-0043
Dhuhri, R., & Diantimala, Y. (2018). The Influence of Institutional Ownership, Individual Ownership, and Managerial Ownership Toward Dividend Payout Ratio at Non-Financial Companies Registered in Indonesia Stock Exchange in 2012-2016. International Journal of Social Science and Economic Research, 3(3), 786–801. www.ijsser.org
Duygun, M., Guney, Y., & Moin, A. (2018). Dividend Policy of Indonesian Listed Firms: The Role of Families and The State. Economic Modelling, 75, 336–354. https://doi.org/10.1016/j.econmod.2018.07.007
Effendi, H. R. T., Latiefa, F. A., & Lestari, H. S. (2021). Pengaruh Struktur Kepemilikan Terhadap Kebijakan Dividen Perusahaan Manufaktur yang Terdaftar di BEI. Jurnal Ekonomi, 26(3), 345. https://doi.org/10.24912/je.v26i3.795
Fatima, U., Sohail, S., & Bashir, U. (2021). Financing Decision, Ownership Structure and Dividend Policy (an Empirical Analysis of the Banking Sector of Pakistan). Journal of Economics Organization Science, 1(2), 28–43.
Gennusi, R. S. A., & Maharani, K. N. (2021). The Effect of Investment Opportunity Set, Lagged Dividend and Managerial Ownership on Dividend Policy. JURNAL PAPATUNG, 4(1), 112–120. www.investasi.kontan.co.id
Gimba, J. T., Nwala, M., & Dauda, M. (2022). Effect of Ownership Structure on Dividend Policy of Listed Oil and Gas Firms in Nigeria. Baze University Journal of Entrepreneurship and Interdisciplinary Studies (BUJEIS), 1(1), 128–135.
Gitayuda, M. B. S. (2022). Analisis Investment Opportunity Set, Likuiditas, Profitabilitas, Leverage dan Ukuran Perusahaan Terhadap Kebijakan Pembayaran Dividen. Eco-Entrepreneur, 8(1), 1–15. https://doi.org/10.21107/ee.v8i1.16464`Citation
Gravelle, J. G. (2022). Capital Gains Taxes: An Overview of the Issues. https://crsreports.congress.gov
Gunawan, F. S., & Tobing, W. R. L. (2018). The Effect of Profitability, Liquidity and Investment Opportunities on Dividend Policy. South East Asia Journal of Contemporary Business, Economics and Law, 15(5), 189–195.
Hanim, S., & Nuzula, N. F. (2018). The Effect of Capital Structure and Ownership Structure on Financial Performance and Dividend Policy on Manufacturing Companies in the Indonesia Stock Exchange. Wacana, 21(3). http://www.idx.co.id
Hidayah, N. (2015). Pengaruh Investment Opportunity Set (IOS) dan Kepemilikan Manajerial terhadap Nilai Perusahaan pada Perusahaan Property dan Real Estat di Bursa Efek Indonesia. Jurnal Akuntansi, 19(3), 420–432.
Hoang, L. D., Anh, N. T., Phuong, N. Q., & Phuong, T. T. (2020). Impact of Ownership Structure on Dividend Policy: Case Study of the Oil and Gas Companies in Vietnam. International Journal of Social Science and Economics Invention, 6(8), 330–338. https://doi.org/10.23958/ijssei/vol06-i08/225
Iqbal, M., Dzulkirom Ar, M., & Darmawan, A. (2018). The Effect of Share Ownership Structure to The Dividend Policy and Firm Value of The Manufacturing Company Listed in Indonesia Stock Exchange. Wacana, 21(3), 111–121.
Jaara, B., Alashhab, H., & Jaara, O. O. (2018). The Determinants of Dividend Policy for Non-financial Companies in Jordan. International Journal of Economics and Financial Issues, 8(2), 198–209. http:www.econjournals.com
Khan, M. K., Ali, R., & Tariq, S. (2018). Impact of Ownership Structure On Corporate Dividend Policy and Performance. KASBIT Business Journal (KBJ), 11, 110–130.
Madyan, M., Meidiaswati, H., Sasikirono, N., & Herlambang, M. H. (2019). Family Control, Institutional Ownership, dan Kebijakan Dividen Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Reviu Akuntansi Dan Keuangan, 9(1), 87–95. https://doi.org/10.22219/jrak.v9i1.47
Maharsi, A. V. N. (2017). Pengaruh Investment Opportunity Set terhadap Kebijakan Dividen dengan Firm Size sebagai Variabel Moderasi pada Perusahaan Manufaktur Tahun 2011-2013 di BEI. Jurnal Magisma , 5(2), 39–49.
Moin, A., Guney, Y., & El Kalak, I. (2020). The Effects of Ownership Structure, Sub-Optimal Cash Holdings and Investment Inefficiency on Dividend Policy: Evidence from Indonesia. Review of Quantitative Finance and Accounting, 55(3), 857–900. https://doi.org/10.1007/s11156-019-00862-z
Nasih, A. C., Gumilang, G., Alkhomah, Nurrohmah, S., & Endah, D. (2021). Ownership Structure and Dividend Policy at LQ45 Companies of the Indonesian Stock Exchange. Proceedings of the International Conference on Strategic Issues of Economics, Business and, Education (ICoSIEBE 2020), 163, 174–179. www.idx.go.id
Nusaputra, F., & Basana, S. R. (2021). The Effect of Agency Costs, Ownership Structure, Signaling, Investment Opportunities, Size, Financial Leverage and Profitability on Dividend Policy of Companies Listed in Indonesian Stock Exchange. International Journal of Financial and Investment Studies (IJFIS), 1(2), 109–120. https://doi.org/10.9744/ijfis.1.2.109-120
Obaidat, A. N. (2018). Ownership Structure and Dividends Policy: Emerging Market Evidence. International Business Research, 11(6), 65. https://doi.org/10.5539/ibr.v11n6p65
Oyedokun, G. E., Isah, S., & Awotomilusi, N. S. (2020). Ownership Structure and Firm Value of Quoted Consumers Goods Firms in Nigeria. Journal of Accounting and Strategic Finance, 3(2), 214–228. https://doi.org/10.33005/jasf.v3i2.65
Pamungkas, N., Rusherlistyani, & Janah, I. (2017). Pengaruh Return on Equity, Debt to Equity Ratio, Current Ratio, Earning per Share dan Investment Opportunity Set terhadap Kebijakan Dividen. Jurnal Analisa Akuntansi Dan Perpajakan, 1(1), 34–41.
Peerbhai, F., Gumede, B., Shabangu, N., Gumede, N., Ndhlovu, N., & Hlomela, T. (2021). The Impact of Ownership Structure on Firms’ Dividend Policy: Evidence from JSE Listed Firms. AUDOE, 17(5), 206–225.
Pieloch-Babiarz, A. (2019). Ownership Structure, Board Characteristics and Dividend Policy: Evidence from the Warsaw Stock Exchange. Ekonomia i Prawo, 18(3), 317–330. https://doi.org/10.12775/eip.2019.022
Prihatini, P., Rahmiat, & Susanti, D. (2018). Pengaruh Profitabilitas, Investment Opportunity Set, dan Kepemilikan Manajerial terhadap Kebijakan Dividen (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2016. EcoGen, 1(2), 298–307. www.idx.co.id
Putri, D. A. K., & Azzahra, K. (2022). The Effect of Free Cash Flow, Investment Opportunity Set and Institutional Ownership on Dividend Policy. Journal of Management, Accounting, General Finance and International Economics Issue (Marginal), 1(4), 155–168. https://ojs.transpublika.com/index.php/MARGINAL/
Putri, N. A., & Pratiwi, A. (2022). Dividend Policy and Capital Structure Decision in Family and Non-Family Firms: Evidence From Indonesia. Asian Journal of Management Entrepreneurship and Social Science, 2(3), 214–226. https://ajmesc.com/index.php/ajmesc
Putri, P. S. A., Kepramareni, P., & Yuliastuti, I. A. N. (2020). Pengaruh Investment Opportunity Set (IOS), Laba Bersih, Likuiditas dan Leverage terhadap Kebijakan Dividen. Jurnal Kharisma, 2(2), 209–227.
Rajeb, J. Ben, Brahmi, M., & Missaoui, I. (2022). Ownership Structure Management and its Effect on Dividend Policy in the Tunisian Stock Exchange Enterprises: an Empirical Study. International Journal of Technology Transfer and Commercialisation, 19(1), 83–96. https://doi.org/10.1504/ijttc.2022.10047644
Santoso, C., Salim, R. F., Pranoto, T., & Adelina, Y. E. (2021). Do Family and Institutional Ownerships Influence the Corporate Dividend Policy? EQUITY, 24(1), 15–34. https://doi.org/10.34209/equ.v24i1.2292
Setianto, R. H., & Sari, P. K. (2017). Perusahaan Keluarga dan Kebijakan Dividen di Indonesia. Jurnal Siasat Bisnis, 21(2), 107–118. https://doi.org/10.20885/jsb.vol21.iss2.art1
Setiawan, D., Bandi, B., Kee Phua, L., & Trinugroho, I. (2016). Ownership Structure and Dividend Policy in Indonesia. Journal of Asia Business Studies, 10(3), 230–252. https://doi.org/10.1108/JABS-05-2015-0053
Suartawan, I. G. N. P. A., & Yasa, G. W. (2017). Pengaruh Investment Opportunity Set dan Free Cash Flow Pada Kebijakan Dividen dan Nilai Perusahaan. Jurnal Ilmiah Akuntansi Dan Bisnis, 11(2), 63–74. https://doi.org/10.24843/jiab.2016.v11.i02.p01
Syafitri, F. (2013). Permasalahan BUMN di Indonesia. Biro Analisa Anggaran Dan Pelaksanaan APBN - SETJEN DPR RI.
Utami, E. S., & Gumanti, T. A. (2019). Analysis of Cash Dividend Policy in Indonesia Stock Exchange. Investment Management and Financial Innovations, 16(3), 97–105. https://doi.org/10.21511/imfi.16(3).2019.10
Valentina, C., Wijaya, L. I., & Ernawati, E. (2022). The Effect of Ownership Structure on Dividend Policy of Manufacturing Companies. Journal of Management and Business, 21(2), 96–102. https://doi.org/10.24123/jmb.v21i2.561
Wahjudi, E. (2020). Factors Affecting Dividend Policy in Manufacturing Companies in Indonesia Stock Exchange. Journal of Management Development, 39(1), 4–17. https://doi.org/10.1108/JMD-07-2018-0211
Widiatmoko, J., Badjuri, A., Irsad, M., & Adhipratama, A. A. (2021). Ownership Structure on Dividend Policy and Its Impact on Firm Value. Proceedings of the 3rd International Conference of Banking, Accounting, Management and Economics (ICOBAME 2020), 169, 405–408.
Winarni. (2023, January 26). Sepanjang 2022, Jumlah Investor Pasar Modal Tembus 10,31 Juta. Dataindonesia.Id.
Wuisan, F., Randa, F., & Lukman. (2018). Pengaruh Struktur Kepemilikan terhadap Kebijakan Dividen. SiMAk, 16(2), 119–141. http://ojs.feb.uajm.ac.id/index.php/simak/article/view/39/17
Yoda, T. C. (2019). Analysis of Investment Opportunity Set and Firm Size Towards Dividend Policy on Mining Company. Menara Ekonomi, 5(2), 111–121. www.kontan.co.id
Yopie, S., & Aw, F. (2021). Diversitas Dewan Direksi dan Profitabilitas pada Perusahaan Terdaftar di Bursa Efek Indonesia. E-Jurnal Akuntansi, 31(10), 2415–2428. https://doi.org/10.24843/eja.2021.v31.i10.p01
Yusnita, & Patrisia, D. (2020). The Effect of Ownership Structure on the Dividend Policy of the Company Listed in Indonesia Stock Exchange. Proceedings of the 5th Padang International Conference On Economics Education, Economics, Business and Management, Accounting and Entrepreneurship (PICEEBA-5 2020), 152, 464–474.
Zainuddin, & Manahonas, O. A. (2020). The Effect of Debt Policies, Profitability, Managerial Ownership Structure, and Liquidity on Dividend Policy. The Indonesian Journal of Accounting Research, 23(3), 411–428. https://doi.org/10.33312/ijar.483
Published
2023-10-30
How to Cite
JULIANI, Meily; KURNIANI, Melisa; CANDRA, Rudi.
Struktur Kepemilikan, Profitability, Investment Opportunity, dan Kebijakan Dividen Perusahaan Non-Keuangan di Indonesia.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 10, p. 2647-2662, oct. 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/105154>. Date accessed: 21 nov. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i10.p08.
Issue
Section
Artikel
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
