Corporate Governance on Dividend Policy and Firm Value in LQ45 Index Companies
Abstract
This study aims to analyze the effect of corporate governance, which includes family, institutional, managerial, and foreign ownership, on dividend policy and firm value, as well as the moderating role of independent directors in LQ45 companies. Purposive sampling method is used to select 43 LQ45 companies as research samples. The analysis method used is multiple linear regression analysis using data from the annual reports of companies listed on the Indonesia Stock Exchange (IDX). The findings of this study state that institutional ownership has a significant negative effect on dividend policy, with the independent director variable as a moderating variable. In addition, this study also shows that there is no effect of corporate governance through dividend policy as a mediating variable on firm value.
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References
Ahmad, M. N., Khan, F. U., & Khan, Y. (2019). Board composition, ownership structure and dividend payout policy: Evidence from PSX-100 index of Pakistan. Journal of Business & Tourism, 5(1), 55–73. https://doi.org/10.34260/jbt.v5i1.114
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Alkurdi, A., Tahat, Y., & Al mawali, H. (2017). The effect of governance attributes on corporate dividend payouts policy: Evidence from Jordan. International Journal of Corporate Governance, 8(3–4), 313. https://doi.org/10.1504/ijcg.2017.10010910
Aluchna, M., Berent, T., & Kamiński, B. (2019). Dividend payouts and shareholders structure: Evidence from Warsaw Stock Exchange. Eastern European Economics, 57(3), 227–250. https://doi.org/10.1080/00128775.2019.1568196
Anh, T. T. X., & Tuan, L. Q. (2019). The relationship between ownership structure and dividend policy: An application in Vietnam Stock Exchange. Academic Journal of Interdisciplinary Studies, 8(2), 131–146. https://doi.org/10.2478/ajis-2019-0025
Bangun, N., Yuniarwati, Y., & Santioso, L. (2018). Pengaruh corporate governance, profitability, dan foreign ownership terhadap dividend policy pada perusahaan manufaktur yang terdaftar di bursa efek indonesia Periode 2014-2016. Jurnal Akuntansi, 22(2), 279–288. https://doi.org/10.24912/ja.v22i2.353
Bataineh, H. (2021). The impact of ownership structure on dividend policy of listed firms in Jordan. Cogent Business and Management, 8(1). 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
Duqi, A., Jaafar, A., & Warsame, M. H. (2020). Payout policy and ownership structure: The case of Islamic and conventional banks. British Accounting Review, 52(1), 100826. https://doi.org/10.1016/j.bar.2019.03.001
Edi, E., & Wati, E. (2022). Measuring intangible asset: firm reputation. Business: Theory and Practice, 23(2), 396–407. https://doi.org/10.3846/btp.2022.15945
Ellin, & Wati, E. (2023). Determination of earnings quality and firm value: New evidence from indonesian non-financial companies. Jurnal Akuntansi Dan Bisnis: Jurnal Program Studi Akuntansi, 9(1), 43–65. https://doi.org/10.31289/jab.v9i1.8710
Fatima, U., Sohail, S., & Bashir, U. (2021). Financial decision, ownership structure and dividend policy (An empirical analysis of the banking sector of pakistan). Minhaj Journal of Economics and Organization Science, 1(2), 28–43.
Gultom, O. R. T., & Wati, E. (2022). The Impact of Ownership Structure on Earnings Management: Evidence from the Indonesian Stock Exchange. Journal of Accounting Finance and Auditing Studies (JAFAS), 8(1), 152–175. https://doi.org/10.32602/jafas.2022.007
Husna, A., & Satria, I. (2019). Effects of Return on Asset, Debt To Asset Ratio, Current Ratio, Firm Size, and Dividend Payout Ratio on Firm Value. International Journal of Economics and Financial Issues, 9(5), 50–54. https://doi.org/10.32479/ijefi.8595
Ibrahim, I., & Shuaibu, H. (2016). Ownership structure and dividend policy of listed deposit money banks in Nigeria: A tobit regression analysis. International Journal of Accounting and Financial Reporting, 6(1), 1. https://doi.org/10.5296/ijafr.v6i1.9277
Jallo, A., Mus, A. R., Mursalim, & Suryanti. (2017). Effect of corporate social responsibility , good corporate governance and ownership structure on financial performance and firm value : A Study in Jakarta Islamic Index. IOSR Journal of Business and Management (IOSR-JBM), 19(11), 64–75. https://doi.org/10.9790/487X-1911026475
Jao, R., Hamzah, D., & Laba, A. R. (2020). Financial performance , reputation , and firm value : Empirical evidence of non-financial companies listed in Indonesia Stock Exchange. International Journal of Academic Research in Accounting, Finance and Management Sciences, 10(1), 117–124. https://doi.org/10.6007/IJARAFMS/v10-i1/7007
Jatmiko, I., & Kusumastuti, R. (2017). Ownership structure and dividend policy in non-financial company. MIMBAR, Jurnal Sosial Dan Pembangunan, 33(1), 21. https://doi.org/10.29313/mimbar.v33i1.1965
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Manajerial Behavior, Agency Cost, and Ownership Structure. Journal of Financial Economics 3, 3, 305–360.
Juhmani, O. I. (2020). Corporate boards, ownership structure and dividend payout: Evidence from Bahrain. Journal of Critical Reviews, 7(12), 37–43. https://doi.org/10.31838/jcr.07.12.07
Juwita, R. (2017). The Effect of Corporate Governance and Foreign Ownership on Firm Value. Review of Integrative Business and Economics Research, 8(1), 168–178. https://doi.org/10.38115/asgba.2017.14.2.31
Kilincarslan, B. A. N. E. (2016). The effect of ownership structure on dividend policy: evidence from Turkey. Corporate Governance (Bingley), 16(1), 135–161. https://doi.org/10.1108/CG-09-2015-0129
Kusumaningtyas, Q. (2022). Do ownership structure and corporate governance mechanisms affect dividend payouts? Evidence from Indonesia. Global Advances in Business Studies, 1(1), 34–42. https://doi.org/10.55584/gabs001.01.4
Madyan, M., Meidiaswati, H., Sasikirono, N., & Muhammad Hadyan Herlambang, D. (2019). Family control, institutional ownership, dan kebijakan dividen perusahaan manufaktur yang terdaftar di bursa efek indonesia. Jurnal Reviu Akuntansi Dan Keuangan, 9, 87–95. https://doi.org/10.22219/jrak.v9i1.47
Mardani, R. M., Moeljadi, Sumiati, & Indrawati, N. K. (2018). Ownership structure, corporate governance and dividend policy: Evidence from Indonesia. KnE Social Sciences, 3(10), 1249–1255. https://doi.org/10.18502/kss.v3i10.3466
Mehdi, M., Sahut, J. M., & Teulon, F. (2017). Do corporate governance and ownership structure impact dividend policy in emerging market during financial crisis? Journal of Applied Accounting Research, 18(3), 274–297.
Mossadak, A., Fontaine, R., & Khemakhem, H. (2016). The relationship between ownership structure and dividend policy in a emerging market: A moroccan study. Universal Journal of Accounting and Finance, 4(2), 89–95. https://doi.org/10.13189/ujaf.2016.040205
Mulyani, S. D., & Solin, N. M. (2019). Analysis of corporate social responsibility, governance, and family ownership on firm value. Opcion, 35(Special Issue 21), 1312–1329.
Nandom, I., Ayhan, & Basak, N. (2022). The Effect of Corporate Governance on Firm Dividend Policy: Evidence from Ghana. The Journal of Accounting and Finance, 1064148(94), 223–238. https://doi.org/10.25095/mufad.1064148
Nazar, M. C. A. (2021). The influence of corporate governance on dividend decisions of listed firms: Evidence from sri lanka. Journal of Asian Finance, Economics and Business, 8(2), 0289–0295. https://doi.org/10.13106/jafeb.2021.vol8.no2.0289
Nurdiansari, R., Sriwahyuni, A., Apriani, R., & Fadhilah, N. H. K. (2022). The Effect of Dividend Policy, Debt Policy, and Asset Growth on Firm Value with Managerial Ownership as Moderating Variables. Advances in Economics, Business and Management Research, 207(Icemac 2021), 100–108. https://doi.org/10.2991/aebmr.k.220204.011
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
Priya, P. V., & Mohanasundari, M. (2016). Dividend Policy and Its Impact on Firm Value : A Review of Theories and Empirical Evidence. Journal of Management Sciences and Technology, 3(3), 59–69.
Purwanti, T. (2020). The Effect of Profitability, Capital Structure, Company Size, and Dividend Policy on Company Value on the Indonesia Stock Exchange. International Journal of Seocology, 01(02), 60–66. https://doi.org/10.29040/seocology.v1i02.9
Putranto, P., & Kurniawan, E. (2018). Effect of Managerial Ownership and Profitability in Firm Value. European Journal of Business and Management, 10(25), 96–104. http://www.iiste.org/
Rahmawati, C. H. T. (2020). Struktur Kepemilikan, Profitabilitas, dan Nilai Perusahaan: Mediasi Kebijakan Deviden. Jurnal Inspirasi Bisnis Dan Manajemen, 4(1), 1. https://doi.org/10.33603/jibm.v4i1.3362
Rajput, M., & Jhunjhunwala, S. (2019). Corporate governance and payout policy: Evidence from India. Emerald Publishing Limited, 19(5), 1117–1132. https://doi.org/10.1108/CG-07-2018-0258
Reyna, J. M. S. M. (2017). Ownership structure and its effect on dividend policy in the Mexican context. Contaduria y Administracion, 62(4), 1199–1213. https://doi.org/10.1016/j.cya.2015.12.006
Said, M. S., & Lubna, S. (2020). The effect of board composition and ownership structure on dividend policy: Evidence from Jordan. International Journal of Innovation, Creativity and Change, 14(8), 550–567.
Salim, M. N., & Aulia, S. (2021). Analysis Determinant of Dividend Payout Ratio and Its Impact To the Firm Value (Empirical Study on Food and Beverage Industry Issuer 2016-2019). International Journal of Engineering Technologies and Management Research, 8(9), 46–59. https://doi.org/10.29121/ijetmr.v8.i9.2021.1017
Sasongko, B. (2019). The Effect of Debt Equity Ratio , Dividend Payout Ratio , and Profitability on the Firm Value. The International Journal of Business Management and Technology, 3(5), 104–109.
Setiany, E., Syamsudin, S., Sundawini, A., & Putra, Y. M. (2020). Ownership Structure and Firm Value: The Mediating Effect of Intellectual Capital. International Journal of Innovation, Creativity and Change, 13(10), 1697–1711. www.ijicc.net
Setiawan, D., Aryani, A., Yuniarti, S., & Brahmana, R. K. (2019). Does ownership structure affect dividend decisions? Evidence from Indonesia’s banking industry. International Journal of Business, 24(3), 329–343.
Setiawan, D., Bandi, B., Phua, L. K., & Trinugroho, I. (2016). Ownership structure and dividend policy in Indonesia. Journal of Asia Business Studies, 10(3).
Setyabudi, T. G. (2021). The effect of institutional ownership, leverage, and profitability on firm value: dividend policy as an intervening variable. Journal of Business and Management Review, 2(7), 457–469. https://doi.org/10.47153/jbmr27.1632021
Sindhu, M. I., Hashmi, S. H., & Ul Haq, E. (2016). Impact of ownership structure on dividend payout in Pakistani non-financial sector. Cogent Business and Management, 3(1). https://doi.org/10.1080/23311975.2016.1272815
Spence, M. (1997). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Sumail, L. O. (2018). Corporate governance and dividend payout ratio in non-financial firms listed in indonesian stock exchange. BEH - Business and Economic Horizons, 14(3), 513–529.
Triani, N., & Tarmidi, D. (2019). Firm value: impact of investment decisions, funding decisions and dividend policies. International Journal of Academic Research in Accounting, 9(2), 158–163. https://doi.org/10.6007/IJARAFMS/v9-i2/6107
Trisnadewi, A. A. E., & Amlayasa, B. A. A. (2020). Corporate Values: The Role Of Corporate Social Responsibility, Managerial Ownership And Profitability In Indonesia. American Journal of Humanities and Social Sciences Research, 4(7), 279–287. www.ajhssr.com
Wati, E., & Malik, A. Q. (2021). Corporate social responsibility and earnings management : The moderating role of corporate governance stakeholder engagement. Jorunal Of Accounting Research, Organization and Economics, 4(3), 298–307.
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
Al-Qahtan, T. H., & Ajina, A. (2017). The Impact Of Ownership Structure On Dividend Policy: Evidence From Listed Companies In Sri Lanka. Journal of Emerging Issues In Economics, Finance and Banking (JEIEFB), 6(1). https://doi.org/10.5176/2251-2012_qqe16.43
Alkurdi, A., Tahat, Y., & Al mawali, H. (2017). The effect of governance attributes on corporate dividend payouts policy: Evidence from Jordan. International Journal of Corporate Governance, 8(3–4), 313. https://doi.org/10.1504/ijcg.2017.10010910
Aluchna, M., Berent, T., & Kamiński, B. (2019). Dividend payouts and shareholders structure: Evidence from Warsaw Stock Exchange. Eastern European Economics, 57(3), 227–250. https://doi.org/10.1080/00128775.2019.1568196
Anh, T. T. X., & Tuan, L. Q. (2019). The relationship between ownership structure and dividend policy: An application in Vietnam Stock Exchange. Academic Journal of Interdisciplinary Studies, 8(2), 131–146. https://doi.org/10.2478/ajis-2019-0025
Bangun, N., Yuniarwati, Y., & Santioso, L. (2018). Pengaruh corporate governance, profitability, dan foreign ownership terhadap dividend policy pada perusahaan manufaktur yang terdaftar di bursa efek indonesia Periode 2014-2016. Jurnal Akuntansi, 22(2), 279–288. https://doi.org/10.24912/ja.v22i2.353
Bataineh, H. (2021). The impact of ownership structure on dividend policy of listed firms in Jordan. Cogent Business and Management, 8(1). 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
Duqi, A., Jaafar, A., & Warsame, M. H. (2020). Payout policy and ownership structure: The case of Islamic and conventional banks. British Accounting Review, 52(1), 100826. https://doi.org/10.1016/j.bar.2019.03.001
Edi, E., & Wati, E. (2022). Measuring intangible asset: firm reputation. Business: Theory and Practice, 23(2), 396–407. https://doi.org/10.3846/btp.2022.15945
Ellin, & Wati, E. (2023). Determination of earnings quality and firm value: New evidence from indonesian non-financial companies. Jurnal Akuntansi Dan Bisnis: Jurnal Program Studi Akuntansi, 9(1), 43–65. https://doi.org/10.31289/jab.v9i1.8710
Fatima, U., Sohail, S., & Bashir, U. (2021). Financial decision, ownership structure and dividend policy (An empirical analysis of the banking sector of pakistan). Minhaj Journal of Economics and Organization Science, 1(2), 28–43.
Gultom, O. R. T., & Wati, E. (2022). The Impact of Ownership Structure on Earnings Management: Evidence from the Indonesian Stock Exchange. Journal of Accounting Finance and Auditing Studies (JAFAS), 8(1), 152–175. https://doi.org/10.32602/jafas.2022.007
Husna, A., & Satria, I. (2019). Effects of Return on Asset, Debt To Asset Ratio, Current Ratio, Firm Size, and Dividend Payout Ratio on Firm Value. International Journal of Economics and Financial Issues, 9(5), 50–54. https://doi.org/10.32479/ijefi.8595
Ibrahim, I., & Shuaibu, H. (2016). Ownership structure and dividend policy of listed deposit money banks in Nigeria: A tobit regression analysis. International Journal of Accounting and Financial Reporting, 6(1), 1. https://doi.org/10.5296/ijafr.v6i1.9277
Jallo, A., Mus, A. R., Mursalim, & Suryanti. (2017). Effect of corporate social responsibility , good corporate governance and ownership structure on financial performance and firm value : A Study in Jakarta Islamic Index. IOSR Journal of Business and Management (IOSR-JBM), 19(11), 64–75. https://doi.org/10.9790/487X-1911026475
Jao, R., Hamzah, D., & Laba, A. R. (2020). Financial performance , reputation , and firm value : Empirical evidence of non-financial companies listed in Indonesia Stock Exchange. International Journal of Academic Research in Accounting, Finance and Management Sciences, 10(1), 117–124. https://doi.org/10.6007/IJARAFMS/v10-i1/7007
Jatmiko, I., & Kusumastuti, R. (2017). Ownership structure and dividend policy in non-financial company. MIMBAR, Jurnal Sosial Dan Pembangunan, 33(1), 21. https://doi.org/10.29313/mimbar.v33i1.1965
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Manajerial Behavior, Agency Cost, and Ownership Structure. Journal of Financial Economics 3, 3, 305–360.
Juhmani, O. I. (2020). Corporate boards, ownership structure and dividend payout: Evidence from Bahrain. Journal of Critical Reviews, 7(12), 37–43. https://doi.org/10.31838/jcr.07.12.07
Juwita, R. (2017). The Effect of Corporate Governance and Foreign Ownership on Firm Value. Review of Integrative Business and Economics Research, 8(1), 168–178. https://doi.org/10.38115/asgba.2017.14.2.31
Kilincarslan, B. A. N. E. (2016). The effect of ownership structure on dividend policy: evidence from Turkey. Corporate Governance (Bingley), 16(1), 135–161. https://doi.org/10.1108/CG-09-2015-0129
Kusumaningtyas, Q. (2022). Do ownership structure and corporate governance mechanisms affect dividend payouts? Evidence from Indonesia. Global Advances in Business Studies, 1(1), 34–42. https://doi.org/10.55584/gabs001.01.4
Madyan, M., Meidiaswati, H., Sasikirono, N., & Muhammad Hadyan Herlambang, D. (2019). Family control, institutional ownership, dan kebijakan dividen perusahaan manufaktur yang terdaftar di bursa efek indonesia. Jurnal Reviu Akuntansi Dan Keuangan, 9, 87–95. https://doi.org/10.22219/jrak.v9i1.47
Mardani, R. M., Moeljadi, Sumiati, & Indrawati, N. K. (2018). Ownership structure, corporate governance and dividend policy: Evidence from Indonesia. KnE Social Sciences, 3(10), 1249–1255. https://doi.org/10.18502/kss.v3i10.3466
Mehdi, M., Sahut, J. M., & Teulon, F. (2017). Do corporate governance and ownership structure impact dividend policy in emerging market during financial crisis? Journal of Applied Accounting Research, 18(3), 274–297.
Mossadak, A., Fontaine, R., & Khemakhem, H. (2016). The relationship between ownership structure and dividend policy in a emerging market: A moroccan study. Universal Journal of Accounting and Finance, 4(2), 89–95. https://doi.org/10.13189/ujaf.2016.040205
Mulyani, S. D., & Solin, N. M. (2019). Analysis of corporate social responsibility, governance, and family ownership on firm value. Opcion, 35(Special Issue 21), 1312–1329.
Nandom, I., Ayhan, & Basak, N. (2022). The Effect of Corporate Governance on Firm Dividend Policy: Evidence from Ghana. The Journal of Accounting and Finance, 1064148(94), 223–238. https://doi.org/10.25095/mufad.1064148
Nazar, M. C. A. (2021). The influence of corporate governance on dividend decisions of listed firms: Evidence from sri lanka. Journal of Asian Finance, Economics and Business, 8(2), 0289–0295. https://doi.org/10.13106/jafeb.2021.vol8.no2.0289
Nurdiansari, R., Sriwahyuni, A., Apriani, R., & Fadhilah, N. H. K. (2022). The Effect of Dividend Policy, Debt Policy, and Asset Growth on Firm Value with Managerial Ownership as Moderating Variables. Advances in Economics, Business and Management Research, 207(Icemac 2021), 100–108. https://doi.org/10.2991/aebmr.k.220204.011
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
Priya, P. V., & Mohanasundari, M. (2016). Dividend Policy and Its Impact on Firm Value : A Review of Theories and Empirical Evidence. Journal of Management Sciences and Technology, 3(3), 59–69.
Purwanti, T. (2020). The Effect of Profitability, Capital Structure, Company Size, and Dividend Policy on Company Value on the Indonesia Stock Exchange. International Journal of Seocology, 01(02), 60–66. https://doi.org/10.29040/seocology.v1i02.9
Putranto, P., & Kurniawan, E. (2018). Effect of Managerial Ownership and Profitability in Firm Value. European Journal of Business and Management, 10(25), 96–104. http://www.iiste.org/
Rahmawati, C. H. T. (2020). Struktur Kepemilikan, Profitabilitas, dan Nilai Perusahaan: Mediasi Kebijakan Deviden. Jurnal Inspirasi Bisnis Dan Manajemen, 4(1), 1. https://doi.org/10.33603/jibm.v4i1.3362
Rajput, M., & Jhunjhunwala, S. (2019). Corporate governance and payout policy: Evidence from India. Emerald Publishing Limited, 19(5), 1117–1132. https://doi.org/10.1108/CG-07-2018-0258
Reyna, J. M. S. M. (2017). Ownership structure and its effect on dividend policy in the Mexican context. Contaduria y Administracion, 62(4), 1199–1213. https://doi.org/10.1016/j.cya.2015.12.006
Said, M. S., & Lubna, S. (2020). The effect of board composition and ownership structure on dividend policy: Evidence from Jordan. International Journal of Innovation, Creativity and Change, 14(8), 550–567.
Salim, M. N., & Aulia, S. (2021). Analysis Determinant of Dividend Payout Ratio and Its Impact To the Firm Value (Empirical Study on Food and Beverage Industry Issuer 2016-2019). International Journal of Engineering Technologies and Management Research, 8(9), 46–59. https://doi.org/10.29121/ijetmr.v8.i9.2021.1017
Sasongko, B. (2019). The Effect of Debt Equity Ratio , Dividend Payout Ratio , and Profitability on the Firm Value. The International Journal of Business Management and Technology, 3(5), 104–109.
Setiany, E., Syamsudin, S., Sundawini, A., & Putra, Y. M. (2020). Ownership Structure and Firm Value: The Mediating Effect of Intellectual Capital. International Journal of Innovation, Creativity and Change, 13(10), 1697–1711. www.ijicc.net
Setiawan, D., Aryani, A., Yuniarti, S., & Brahmana, R. K. (2019). Does ownership structure affect dividend decisions? Evidence from Indonesia’s banking industry. International Journal of Business, 24(3), 329–343.
Setiawan, D., Bandi, B., Phua, L. K., & Trinugroho, I. (2016). Ownership structure and dividend policy in Indonesia. Journal of Asia Business Studies, 10(3).
Setyabudi, T. G. (2021). The effect of institutional ownership, leverage, and profitability on firm value: dividend policy as an intervening variable. Journal of Business and Management Review, 2(7), 457–469. https://doi.org/10.47153/jbmr27.1632021
Sindhu, M. I., Hashmi, S. H., & Ul Haq, E. (2016). Impact of ownership structure on dividend payout in Pakistani non-financial sector. Cogent Business and Management, 3(1). https://doi.org/10.1080/23311975.2016.1272815
Spence, M. (1997). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Sumail, L. O. (2018). Corporate governance and dividend payout ratio in non-financial firms listed in indonesian stock exchange. BEH - Business and Economic Horizons, 14(3), 513–529.
Triani, N., & Tarmidi, D. (2019). Firm value: impact of investment decisions, funding decisions and dividend policies. International Journal of Academic Research in Accounting, 9(2), 158–163. https://doi.org/10.6007/IJARAFMS/v9-i2/6107
Trisnadewi, A. A. E., & Amlayasa, B. A. A. (2020). Corporate Values: The Role Of Corporate Social Responsibility, Managerial Ownership And Profitability In Indonesia. American Journal of Humanities and Social Sciences Research, 4(7), 279–287. www.ajhssr.com
Wati, E., & Malik, A. Q. (2021). Corporate social responsibility and earnings management : The moderating role of corporate governance stakeholder engagement. Jorunal Of Accounting Research, Organization and Economics, 4(3), 298–307.
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
2024-07-11
How to Cite
WATI, Erna; JULIANTO, Julianto; DEWI, Sari.
Corporate Governance on Dividend Policy and Firm Value in LQ45 Index Companies.
E-Jurnal Akuntansi, [S.l.], v. 34, n. 7, july 2024.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/113051>. Date accessed: 14 nov. 2024.
doi: https://doi.org/10.24843/EJA.2024.v34.i07.p11.
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