Pengaruh Struktur Kepemilikan dan Faktor Keuangan terhadap Kebijakan Dividen
Abstract
The ownership structure and financial factors are considered influential to the dividend policy of a company. Thus the aim of this study is to examine the effects of institutional ownership, managerial ownership, liquidity, leverage, and profitability on dividend policy. This study uses quantitative approach and analyzes samples taken from the financial statements of 161 different manufacturing companies listed in the Indonesian Stock Exchange between 2015-2017. These samples are then selected using purposive random sampling in which only 49 samples fit the criteria. The data analysis technique used is the multiple linear regression analysis technique. This study concludes that institutional ownership, managerial ownership, liquidity, and profitability have positive and significant effects on dividend policy. However, leverage has a insignificant effect on dividend policy.
Keywords: Dividend Policy; Institutional Ownership, Managerial Ownership; Liquidity; Leverage; Profitability.
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References
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Amar, A. B., Salah, O. B., & Jarboui, A. (2018). Do discretionary accruals affect firms’ corporate dividend policy? Evidence from France. Journal of Financial Reporting and Accounting.
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Badejo, A. A., & Hamza, M. L. (2019). Insider Ownership and Dividend Policy of Listed Non-Financial Firms in Nigeria. Management Research Spectrum, 9(2), 1-5.
Baker, H. K., Dewasiri, N. J., Koralalage, W. B. Y., & Azeez, A. A. (2019). Dividend policy determinants of Sri Lankan firms: a triangulation approach. Managerial Finance.
Balachandran, B., Khan, A., Mather, P., & Theobald, M. (2019). Insider ownership and dividend policy in an imputation tax environment. Journal of Corporate Finance, 54, 153-167.
Benavides, J., Berggrun, L., & Perafan, H. (2016). Dividend payout policies: evidence from Latin America. Finance Research Letters, 17, 197-210.
Chen, C. R., Li, Y., Luo, D., & Zhang, T. (2017). Helping hands or grabbing hands? An analysis of political connections and firm value. Journal of Banking & Finance, 80, 71-89.
El-Diftar, D., Jones, E., Ragheb, M., & Soliman, M. (2017). Institutional investors and voluntary disclosure and transparency: the case of Egypt. Corporate Governance: The international journal of business in society.
Fajaria, A. Z. (2017). The Effect of Investment Decision, Funding Decision and Dividend Policy on Company Value. Paper presented at the Mulawarman International Conference on Economics and Business (MICEB 2017).
Florackis, C., Kanas, A., & Kostakis, A. (2015). Dividend policy, managerial ownership and debt financing: A non-parametric perspective. European Journal of Operational Research, 241(3), 783-795.
Gautam, P. (2019). Agency Costs and Dividend Policy: A Review of Theories and Empirical Evidence. Journal of the Gujarat Research Society, 21(16), 1229-1234.
Gawali, R. B., & Gadekar, A. (2017). Financial Management Practices in Micro, Small and Medium Enterprises-An Exploratory Analysis with the help of Literature Review. International Journal of Research in Finance and Marketing (IJRFM), 7(6), 45-59.
Ghozali, I. (2016). Aplikasi Analisis Multivariete IBM SPSS 23. Semarang. Universitas Diponegoro.
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), 1-19.
Indriani, W., Susilawati, R. A. E., & Purwanto, N. (2016). Pengaruh Kepemilikan Manajerial Dan Kinerja Keuangan Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2012-2014. Jurnal Riset Mahasiswa Akuntansi, 4(1).
Jabbouri, I. (2016). Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets. Research in International Business and Finance, 37, 283-298.
Jensen, M. C., & Meckling, W. H. (1976). Agency Costs and the Theory of the Firm. Journal of financial economics, 3(4), 305-360.
Jory, S. R., Ngo, T., & Sakaki, H. (2017). Institutional ownership stability and dividend payout policy. Managerial Finance.
Kaźmierska-Jóźwiak, B. (2015). Determinants of dividend policy: evidence from polish listed companies. Procedia economics and finance, 23, 473-477.
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Koussis, N., Martzoukos, S. H., & Trigeorgis, L. (2017). Corporate liquidity and dividend policy under uncertainty. Journal of Banking & Finance, 81, 221-235.
Kutubi, S. S., Ahmed, K., & Khan, H. (2018). Bank performance and risk-taking—Does directors' busyness matter? Pacific-Basin Finance Journal, 50, 184-199.
Madyoningrum, A. W. (2019). Pengaruh Firm Size, Leverage Dan Profitabilitas Terhadap Kebijakan Deviden. Jurnal Bisnis dan Manajemen, 6(1).
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.
Mohamed, M. K., Allini, A., Ferri, L., & Zampella, A. (2019). Investors’ perception on the usefulness of management report disclosures. Meditari Accountancy Research.
Mulyani, E., Singh, H., & Mishra, S. (2016). Dividends, leverage, and family ownership in the emerging Indonesian market. Journal of International Financial Markets, Institutions and Money, 43, 16-29.
Nagano, M. (2016). The bank–firm relationship during economic transition: The impacts on bank performance in emerging economies. Emerging Markets Review, 28, 117-139.
Obaidat, A. N. (2018). Ownership Structure and Dividends Policy: Emerging Market Evidence. International Business Research, 11(6), 65-72.
Owen, A. L., & Temesvary, J. (2018). The performance effects of gender diversity on bank boards. Journal of Banking & Finance, 90, 50-63.
Ozo, F. K., Arun, T. G., Kostov, P., & Uzonwanne, G. C. (2015). Corporate dividend policy in practice: the views of Nigerian financial managers. Managerial Finance.
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Pujiati, P. (2015). Faktor-faktor yang Mempengaruhi Kebijakan Dividen pada Sektor Industri Barang Konsumsi. Nominal: Barometer Riset Akuntansi dan Manajemen, 4(1), 49-66.
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Reyna, J. M. S. M. (2017). Ownership structure and its effect on dividend policy in the Mexican context. Contaduría y Administración, 62(4), 1199-1213.
Roy, A. (2015). Dividend policy, ownership structure and corporate governance: An empirical analysis of Indian firms. Indian Journal of Corporate Governance, 8(1), 1-33.
Sasmita, E. A. (2020). Pengaruh Profitabilitas, Free Cash Flow Dan Struktur Aset Terhadap Kebijakan Hutang Dan Kebijakan Deviden. Jurnal Ekonomi, Akuntansi dan Manajemen, 13(1).
Silaban, C. N., & Pengestuti, I. R. D. (2017). Analisis Faktor-Faktor yang Mempengaruhi Kebijakan Dividen dengan Firm Size sebagai Variabel Kontrol (Studi pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2011-2015). Diponegoro journal of Management, 6(3), 116-130.
Sindhu, M. I., Hashmi, S. H., & Ul Haq, E. (2016). Impact of ownership structure on dividend payout in Pakistani non-financial sector. Cogent Business & Management, 3(1), 1272815.
Singla, H. K., & Samanta, P. K. (2019). Determinants of dividend payout of construction companies: a panel data analysis. Journal of Financial Management of Property and Construction.
Sugiyono, P. (2015). Metode penelitian dan pengembangan. Res. Dev. D, 2015, 39-41.
Sumanti, J. C., & Mangantar, M. (2015). Analisis kepemilikan manajerial, kebijakan hutang dan profitabilitas terhadap kebijakan dividen dan nilai perusahaan pada perusahaan manufaktur yang terdaftar di BEI. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 3(1).
Thakur, B. P. S., & Kannadhasan, M. (2018). Determinants of dividend payout of Indian manufacturing companies. Journal of Indian Business Research.
Trabelsi, D., Aziz, S., & Lilti, J.-J. (2019). A behavioral perspective on corporate dividend policy: evidence from France. Corporate Governance: The international journal of business in society.
Wijayanto, E., & Putri, A. N. (2018). Analisis Pengaruh Rasio Likuiditas, Rasio Leverage, Rasio Profitabilitas Dan Kepemilikan Manajerial Terhadap Kebijakan Dividen. Jurnal Aktual Akuntansi Keuangan Bisnis Terapan
(AKUNBISNIS), 1(2).
Yusof, Y., & Ismail, S. (2016). Determinants of dividend policy of public listed companies in Malaysia. Review of International Business and Strategy.
Amar, A. B., Salah, O. B., & Jarboui, A. (2018). Do discretionary accruals affect firms’ corporate dividend policy? Evidence from France. Journal of Financial Reporting and Accounting.
Anisah, N., & Fitria, I. (2019). Pengaruh Profitabilitas, Free Cash Flow, dan Likuiditas Terhadap Kebijakan Dividen. JAD: Jurnal Riset Akuntansi dan Keuangan Dewantara, 2(1), 53-61.
Badejo, A. A., & Hamza, M. L. (2019). Insider Ownership and Dividend Policy of Listed Non-Financial Firms in Nigeria. Management Research Spectrum, 9(2), 1-5.
Baker, H. K., Dewasiri, N. J., Koralalage, W. B. Y., & Azeez, A. A. (2019). Dividend policy determinants of Sri Lankan firms: a triangulation approach. Managerial Finance.
Balachandran, B., Khan, A., Mather, P., & Theobald, M. (2019). Insider ownership and dividend policy in an imputation tax environment. Journal of Corporate Finance, 54, 153-167.
Benavides, J., Berggrun, L., & Perafan, H. (2016). Dividend payout policies: evidence from Latin America. Finance Research Letters, 17, 197-210.
Chen, C. R., Li, Y., Luo, D., & Zhang, T. (2017). Helping hands or grabbing hands? An analysis of political connections and firm value. Journal of Banking & Finance, 80, 71-89.
El-Diftar, D., Jones, E., Ragheb, M., & Soliman, M. (2017). Institutional investors and voluntary disclosure and transparency: the case of Egypt. Corporate Governance: The international journal of business in society.
Fajaria, A. Z. (2017). The Effect of Investment Decision, Funding Decision and Dividend Policy on Company Value. Paper presented at the Mulawarman International Conference on Economics and Business (MICEB 2017).
Florackis, C., Kanas, A., & Kostakis, A. (2015). Dividend policy, managerial ownership and debt financing: A non-parametric perspective. European Journal of Operational Research, 241(3), 783-795.
Gautam, P. (2019). Agency Costs and Dividend Policy: A Review of Theories and Empirical Evidence. Journal of the Gujarat Research Society, 21(16), 1229-1234.
Gawali, R. B., & Gadekar, A. (2017). Financial Management Practices in Micro, Small and Medium Enterprises-An Exploratory Analysis with the help of Literature Review. International Journal of Research in Finance and Marketing (IJRFM), 7(6), 45-59.
Ghozali, I. (2016). Aplikasi Analisis Multivariete IBM SPSS 23. Semarang. Universitas Diponegoro.
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), 1-19.
Indriani, W., Susilawati, R. A. E., & Purwanto, N. (2016). Pengaruh Kepemilikan Manajerial Dan Kinerja Keuangan Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2012-2014. Jurnal Riset Mahasiswa Akuntansi, 4(1).
Jabbouri, I. (2016). Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets. Research in International Business and Finance, 37, 283-298.
Jensen, M. C., & Meckling, W. H. (1976). Agency Costs and the Theory of the Firm. Journal of financial economics, 3(4), 305-360.
Jory, S. R., Ngo, T., & Sakaki, H. (2017). Institutional ownership stability and dividend payout policy. Managerial Finance.
Kaźmierska-Jóźwiak, B. (2015). Determinants of dividend policy: evidence from polish listed companies. Procedia economics and finance, 23, 473-477.
KEPPRES. (1976). Keputusan Presiden. KEPPRES NO 52 TAHUN 1976.
KEPPRES. (1990). KEPUTUSAN PRESIDEN REPUBLIK INDONESIA. NOMOR 52 TAHUN 1990.
Khan, N. U., Jehan, Q. U. A. S., & Shah, A. (2017). Impact of taxation on dividend policy: Evidence from Pakistan. Research in International Business and Finance, 42, 365-375.
Koussis, N., Martzoukos, S. H., & Trigeorgis, L. (2017). Corporate liquidity and dividend policy under uncertainty. Journal of Banking & Finance, 81, 221-235.
Kutubi, S. S., Ahmed, K., & Khan, H. (2018). Bank performance and risk-taking—Does directors' busyness matter? Pacific-Basin Finance Journal, 50, 184-199.
Madyoningrum, A. W. (2019). Pengaruh Firm Size, Leverage Dan Profitabilitas Terhadap Kebijakan Deviden. Jurnal Bisnis dan Manajemen, 6(1).
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.
Mohamed, M. K., Allini, A., Ferri, L., & Zampella, A. (2019). Investors’ perception on the usefulness of management report disclosures. Meditari Accountancy Research.
Mulyani, E., Singh, H., & Mishra, S. (2016). Dividends, leverage, and family ownership in the emerging Indonesian market. Journal of International Financial Markets, Institutions and Money, 43, 16-29.
Nagano, M. (2016). The bank–firm relationship during economic transition: The impacts on bank performance in emerging economies. Emerging Markets Review, 28, 117-139.
Obaidat, A. N. (2018). Ownership Structure and Dividends Policy: Emerging Market Evidence. International Business Research, 11(6), 65-72.
Owen, A. L., & Temesvary, J. (2018). The performance effects of gender diversity on bank boards. Journal of Banking & Finance, 90, 50-63.
Ozo, F. K., Arun, T. G., Kostov, P., & Uzonwanne, G. C. (2015). Corporate dividend policy in practice: the views of Nigerian financial managers. Managerial Finance.
Pinem, D. B., Tindangen, A. M. L., & Cahyani, P. D. (2020). THE Determinant of Dividend Policy on Manufacturing Companies Listed on BEI. European Journal of Business and Management Research, 5(4).
Pujiati, P. (2015). Faktor-faktor yang Mempengaruhi Kebijakan Dividen pada Sektor Industri Barang Konsumsi. Nominal: Barometer Riset Akuntansi dan Manajemen, 4(1), 49-66.
Puspitaningtyas, Z., Prakoso, A., & Masruroh, A. (2019). Pengaruh Profitabilitas Terhadap Kebijakan Dividen Dengan Likuiditas Sebagai Pemoderasi. Jurnal Administrasi Bisnis, 9(3), 1-17.
Reyna, J. M. S. M. (2017). Ownership structure and its effect on dividend policy in the Mexican context. Contaduría y Administración, 62(4), 1199-1213.
Roy, A. (2015). Dividend policy, ownership structure and corporate governance: An empirical analysis of Indian firms. Indian Journal of Corporate Governance, 8(1), 1-33.
Sasmita, E. A. (2020). Pengaruh Profitabilitas, Free Cash Flow Dan Struktur Aset Terhadap Kebijakan Hutang Dan Kebijakan Deviden. Jurnal Ekonomi, Akuntansi dan Manajemen, 13(1).
Silaban, C. N., & Pengestuti, I. R. D. (2017). Analisis Faktor-Faktor yang Mempengaruhi Kebijakan Dividen dengan Firm Size sebagai Variabel Kontrol (Studi pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2011-2015). Diponegoro journal of Management, 6(3), 116-130.
Sindhu, M. I., Hashmi, S. H., & Ul Haq, E. (2016). Impact of ownership structure on dividend payout in Pakistani non-financial sector. Cogent Business & Management, 3(1), 1272815.
Singla, H. K., & Samanta, P. K. (2019). Determinants of dividend payout of construction companies: a panel data analysis. Journal of Financial Management of Property and Construction.
Sugiyono, P. (2015). Metode penelitian dan pengembangan. Res. Dev. D, 2015, 39-41.
Sumanti, J. C., & Mangantar, M. (2015). Analisis kepemilikan manajerial, kebijakan hutang dan profitabilitas terhadap kebijakan dividen dan nilai perusahaan pada perusahaan manufaktur yang terdaftar di BEI. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 3(1).
Thakur, B. P. S., & Kannadhasan, M. (2018). Determinants of dividend payout of Indian manufacturing companies. Journal of Indian Business Research.
Trabelsi, D., Aziz, S., & Lilti, J.-J. (2019). A behavioral perspective on corporate dividend policy: evidence from France. Corporate Governance: The international journal of business in society.
Wijayanto, E., & Putri, A. N. (2018). Analisis Pengaruh Rasio Likuiditas, Rasio Leverage, Rasio Profitabilitas Dan Kepemilikan Manajerial Terhadap Kebijakan Dividen. Jurnal Aktual Akuntansi Keuangan Bisnis Terapan
(AKUNBISNIS), 1(2).
Yusof, Y., & Ismail, S. (2016). Determinants of dividend policy of public listed companies in Malaysia. Review of International Business and Strategy.
Published
2020-10-27
How to Cite
BENU, Yohanes Rudolf.
Pengaruh Struktur Kepemilikan dan Faktor Keuangan terhadap Kebijakan Dividen.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 10, p. 2641 - 2656, oct. 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/61385>. Date accessed: 19 apr. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i10.p16.
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