Kesempatan Investasi, Kebijakan Dividen dengan Firm Size sebagai Variabel Moderasi
Abstract
Dividend policy is one of the most important financial functions of a company. This is because the dividend policy has an influence on the company's stakeholders, both managers and investors. This study aims to determine the effect of investment opportunities on dividend policy with Firm Size as a moderating variable. This research was conducted on manufacturing companies on the Indonesia Stock Exchange for the 2015-2019 period. The population is 142 companies. Based on the purposive sampling method and the expenditure of outlier data, a sample of 34 companies was obtained. The data analysis technique used is Moderated Regression Analysis. The results of the analysis show that Firm Size does not weaken the effect of investment opportunities on dividend policy. The results of this study support the residual theory of dividend and agency theory. In addition, the results of this study can also be considered by companies in determining dividend policy and assisting investors in making investment decisions.
Keywords : Investment Opportunity Set; Dividend Policy; Firm Size.
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References
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Ariandani, P., & Yadnyana, I. (2016). Likuiditas Memoderasi Pengaruh Profitabiltas Dan Investment Opportunity Set (Ios) Pada Kebijakan Dividen. E-Jurnal Akuntansi, 17(1), 615–634.
Arseto, D. D., & Jufrizen, J. (2018). Pengaruh Return On Asset dan Current Ratio Terhadap Dividen Payout Ratio Dengan Firm Size Sebagai Variabel Moderating. Jurnal Ilmiah Magister Manajemen, 1(1), 15–30.
Bhagwat, Y., & Debruine, M. (2009). Impact of EBITDA on Capital Expenditures in the Shipping Industry. IJGMSQ, 1, 22–31.
Brav, A., Graham, J. R., Harvey, C. R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483–527. https://doi.org/10.1016/j.jfineco.2004.07.004
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Chintya, N. M., Theodora, N., Evelyn, V., & Huda, A. N. (2018). Analisis Pengaruh Tingkat Profitabilitas dan Kesempatan Investasi Perusahaan Terhadap Kebijakan Pembagian Dividen. Jurnal Riset Akuntansi & Keuangan, 6(2), 161–172. https://doi.org/10.17509/jrak.v6i2.11635
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Gaver, J. J., & Gaver, K. M. (1993). Additional Evidence on the Association between the Invesment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies. Journal of Accounting and Economics, 16(1), 125–160. https://doi.org/http://dx.doi.org/10.1016/0165-4101(93)90007-3
Gordon, M. J. (1959). DIvidends, Earnings, and Stock Price. The Review of Economics and Statistics, 41(2), 99–105. https://doi.org/doi:10.2307/1927792
Harakeh, M. (2020). Dividend policy and corporate investment under information shocks. Journal of International Financial Markets, Institutions and Money, 65(xxxx), 101184. https://doi.org/10.1016/j.intfin.2020.101184
Hashmi, S. D., Gulzar, S., Ghafoor, Z., & Naz, I. (2020). Sensitivity of Firm Size measures to practices of corporate finance: evidence from BRICS. Future Business Journal, 6(1). https://doi.org/10.1186/s43093-020-00015-y
Idris, A. A., Bala, H., & Ekundayo, O. (2020). Does size of the firm matter in the relationship between foreign ownership and dividend policy? Malaysian Management Journal, 24(July), 1–18.
Indriantoro, N., & Supomo, B. (2018). Metodologi Penelitian Bisnis untuk Akuntansi dan Manajemen. Yogyakarta: Penerbit Andi.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerianl Behavior, Acency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1177/0018726718812602
Juhandi, N., Fahlevi, M., Abdi, M. N., & Noviantoro, R. (2019). Liquidity, Firm Size and Dividend Policy to the Value of the Firm (Study in Manufacturing Sector Companies Listed on Indonesia Stock Exchange). Business and Management Research, 100(Icoi), 313–317. https://doi.org/10.2991/icoi-19.2019.53
Labhane, N. B., & Mahakud, J. (2016). Determinants of Dividend Policy of Indian Companies. Paradigm, 20(1), 36–55. https://doi.org/10.1177/0971890716637698
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(3), 2040–2064. https://doi.org/10.24843/eja.2018.v22.i03.p15
Lintner J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. The American Economic Review, 46(2), 97–113.
Lismawati, L., & Suryanto. (2017). Faktor – Faktor Yang Mempengaruhi Kebijakan Dividen: Ukuran Perusahaan Sebagai Pemoderasi. Jurnal Bisnis Dan Akuntansi, 19(5), 365–374.
Mui, Y. T., & Mustapha, M. (2016). Determinants of Dividend Payout Ratio: Evidence from Malaysian Public Listed Firms. Journal of Applied Environmental and Biological Sciences, 6(1), 48–54.
Myers, S. C. (1977). Determinants of Corporate Borrowing. Journal of Financial Economics, 5(1), 147–175. https://doi.org/10.1253/circj.CJ-16-0846
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Nugraheni, N. P., & Mertha, M. (2019). Pengaruh Likuiditas Dan Kepemilikan Institusional Terhadap Kebijakan Dividen Perusahaan Manufaktur. E-Jurnal Akuntansi, 26(1), 736–762. https://doi.org/10.24843/eja.2019.v26.i01.p27
Omar, M. M. S., & Echchabi, A. (2019). Dividend Policy and payout practices in Malaysia: A qualitative analysis. Journal of Accounting Finance and Auditing Studies (JAFAS), 5(1), 226–240. https://doi.org/10.32602/jafas.2019.11
Palupi, A. R. A. (2019). Pengaruh Kepemilikan Institusional,Ukuran Perusahaan, Likuiditas, dan Investment Opportunity Set terhadap Kebijakan Dividen pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Periode 2014-2018. Jurnal Akuntansi Dan Keuangan. 1-17.
Pradana, S. W. L., & Sanjaya, I. P. S. (2017). Dampak Profitabilitas, Aliran Kas Bebas, dan Kesempatan Investasi terhadap Pembayaran Dividen Perusahaan Perbankan. Jurnal Keuangan Dan Perbankan, 21(1), 113–124. https://doi.org/10.26905/jkdp.v21i1.1232
Pradnyavita, K. I., & Suryanawa, I. K. (2020). Pengaruhn Profitabilitas, Ukuran Perusahaan, dan Arus Kas Bebas terhadap Kebijakan Dividen. E-Jurnal Akuntansi, 30(1), 238–250. https://doi.org/10.24843/EJA.2020.v30.i01.p18
Putri, A. R. (2017). Pengaruh Kebijakan Hutang, Profitabilitas, Likuiditas dan Kesempatan Investasi Terhadao Kebijakan Dividen. Jurnal Ilmu Dan Riset Akuntansi, 6(6), 1–476. https://doi.org/10.1017/CBO9781107415324.004
Suharli, M. (2007). Pengaruh Profitability dan Investment Opportunity Set terhadap Kebijakan Dividen Tunai dengan Likuiditas Sebagai Variabel Penguat (Studi pada Perusahaan yang Terdaftar di Bursa Efek Jakarta. Jurnal Akuntansi Dan Keuangan, 9(1), 9–17. https://doi.org/10.9744/jak.9.1.pp.9-17
Usman, B. (2006). Keinformatifan Harga Saham dalam Kaitannya dengan Efisiensi Investasi. Media Riset Manajemen & Bisnis, 6(3), 213-232.
Wulandari, D. U., & Suardana, K. A. (2017). Pengaruh Profitabilitas, Kesempatan Investasi, Free Cash Flow, Dan Debt Policy Pada Kebijakan Dividen Perusahaan Manufaktur. E-Jurnal Akuntansi, 20(1), 202–230.
Yeo, H. J. (2018). Role of free cash flows in making investment and dividend decisions: The case of the shipping industry. Asian Journal of Shipping and Logistics, 34(2), 113–118. https://doi.org/10.1016/j.ajsl.2018.06.007
Yudiana, I., & Yadnyana, I. (2016). Pengaruh Kepemilikan Manajerial, Leverage, Investment Opportunity Set Dan Profitabilitas Pada Kebijakan Dividen Perusahaan Manufaktur. E-Jurnal Akuntansi, 15(1), 111–141.
Zainudin, R., Mahdzan, N. S., & Yet, C. H. (2017). Dividend policy and stock price volatility of industrial products firms in Malaysia. International Journal of Emerging Markets, 34(1), 1–21. https://Doi.org/10.1108/IJoEM-09-2016-0250
Aini, S. N., & Sawitri, A. P. (2020). Dampak Sales Growth, Posisi Kas, Investment Opportunity Set, Kepemilikan Institusional terhadap Kebijakan Dividen Pada Indeks Kompas 100. Majalah Ekonomi, 25(1411), 36–42.
Ariandani, P., & Yadnyana, I. (2016). Likuiditas Memoderasi Pengaruh Profitabiltas Dan Investment Opportunity Set (Ios) Pada Kebijakan Dividen. E-Jurnal Akuntansi, 17(1), 615–634.
Arseto, D. D., & Jufrizen, J. (2018). Pengaruh Return On Asset dan Current Ratio Terhadap Dividen Payout Ratio Dengan Firm Size Sebagai Variabel Moderating. Jurnal Ilmiah Magister Manajemen, 1(1), 15–30.
Bhagwat, Y., & Debruine, M. (2009). Impact of EBITDA on Capital Expenditures in the Shipping Industry. IJGMSQ, 1, 22–31.
Brav, A., Graham, J. R., Harvey, C. R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483–527. https://doi.org/10.1016/j.jfineco.2004.07.004
Brigham, E. F., & Gapenski, L. C. (1996). Intermediate Financial Management. Florida: The Dryden Press.
Chintya, N. M., Theodora, N., Evelyn, V., & Huda, A. N. (2018). Analisis Pengaruh Tingkat Profitabilitas dan Kesempatan Investasi Perusahaan Terhadap Kebijakan Pembagian Dividen. Jurnal Riset Akuntansi & Keuangan, 6(2), 161–172. https://doi.org/10.17509/jrak.v6i2.11635
Deni, F. F., Aisjah, S., & Djazuli, A. (2016). Analisis Variabel-Variabel yang Mempengaruhi Kebijakan Dividen (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia) Febrianto Frans. Jurnal STEI Ekonomi, 14(2), 359–365. https://doi.org/10.36406/jemi.v26i2.224
Embara, C. T. D. L., Wiagustini, N. L. P., & Badjra, I. B. (2012). Variabel-Variabel yang Berpengaruh terhadap Kebijakan Dividen serta Harga Saham pada Perusahaan Manufaktur di Bursa Efek Indonesia. Matrik:Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan, 6(2), 119–129. https://doi.org/10.24843/MATRIK:JMBK
Farooq, O., & Ahmed, N. (2019). Dividend policy and political uncertainty: Evidence from the US presidential elections. Research in International Business and Finance, 48(May 2018), 201–209. https://doi.org/10.1016/j.ribaf.2019.01.003
Gaver, J. J., & Gaver, K. M. (1993). Additional Evidence on the Association between the Invesment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies. Journal of Accounting and Economics, 16(1), 125–160. https://doi.org/http://dx.doi.org/10.1016/0165-4101(93)90007-3
Gordon, M. J. (1959). DIvidends, Earnings, and Stock Price. The Review of Economics and Statistics, 41(2), 99–105. https://doi.org/doi:10.2307/1927792
Harakeh, M. (2020). Dividend policy and corporate investment under information shocks. Journal of International Financial Markets, Institutions and Money, 65(xxxx), 101184. https://doi.org/10.1016/j.intfin.2020.101184
Hashmi, S. D., Gulzar, S., Ghafoor, Z., & Naz, I. (2020). Sensitivity of Firm Size measures to practices of corporate finance: evidence from BRICS. Future Business Journal, 6(1). https://doi.org/10.1186/s43093-020-00015-y
Idris, A. A., Bala, H., & Ekundayo, O. (2020). Does size of the firm matter in the relationship between foreign ownership and dividend policy? Malaysian Management Journal, 24(July), 1–18.
Indriantoro, N., & Supomo, B. (2018). Metodologi Penelitian Bisnis untuk Akuntansi dan Manajemen. Yogyakarta: Penerbit Andi.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerianl Behavior, Acency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1177/0018726718812602
Juhandi, N., Fahlevi, M., Abdi, M. N., & Noviantoro, R. (2019). Liquidity, Firm Size and Dividend Policy to the Value of the Firm (Study in Manufacturing Sector Companies Listed on Indonesia Stock Exchange). Business and Management Research, 100(Icoi), 313–317. https://doi.org/10.2991/icoi-19.2019.53
Labhane, N. B., & Mahakud, J. (2016). Determinants of Dividend Policy of Indian Companies. Paradigm, 20(1), 36–55. https://doi.org/10.1177/0971890716637698
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(3), 2040–2064. https://doi.org/10.24843/eja.2018.v22.i03.p15
Lintner J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. The American Economic Review, 46(2), 97–113.
Lismawati, L., & Suryanto. (2017). Faktor – Faktor Yang Mempengaruhi Kebijakan Dividen: Ukuran Perusahaan Sebagai Pemoderasi. Jurnal Bisnis Dan Akuntansi, 19(5), 365–374.
Mui, Y. T., & Mustapha, M. (2016). Determinants of Dividend Payout Ratio: Evidence from Malaysian Public Listed Firms. Journal of Applied Environmental and Biological Sciences, 6(1), 48–54.
Myers, S. C. (1977). Determinants of Corporate Borrowing. Journal of Financial Economics, 5(1), 147–175. https://doi.org/10.1253/circj.CJ-16-0846
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Nugraheni, N. P., & Mertha, M. (2019). Pengaruh Likuiditas Dan Kepemilikan Institusional Terhadap Kebijakan Dividen Perusahaan Manufaktur. E-Jurnal Akuntansi, 26(1), 736–762. https://doi.org/10.24843/eja.2019.v26.i01.p27
Omar, M. M. S., & Echchabi, A. (2019). Dividend Policy and payout practices in Malaysia: A qualitative analysis. Journal of Accounting Finance and Auditing Studies (JAFAS), 5(1), 226–240. https://doi.org/10.32602/jafas.2019.11
Palupi, A. R. A. (2019). Pengaruh Kepemilikan Institusional,Ukuran Perusahaan, Likuiditas, dan Investment Opportunity Set terhadap Kebijakan Dividen pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Periode 2014-2018. Jurnal Akuntansi Dan Keuangan. 1-17.
Pradana, S. W. L., & Sanjaya, I. P. S. (2017). Dampak Profitabilitas, Aliran Kas Bebas, dan Kesempatan Investasi terhadap Pembayaran Dividen Perusahaan Perbankan. Jurnal Keuangan Dan Perbankan, 21(1), 113–124. https://doi.org/10.26905/jkdp.v21i1.1232
Pradnyavita, K. I., & Suryanawa, I. K. (2020). Pengaruhn Profitabilitas, Ukuran Perusahaan, dan Arus Kas Bebas terhadap Kebijakan Dividen. E-Jurnal Akuntansi, 30(1), 238–250. https://doi.org/10.24843/EJA.2020.v30.i01.p18
Putri, A. R. (2017). Pengaruh Kebijakan Hutang, Profitabilitas, Likuiditas dan Kesempatan Investasi Terhadao Kebijakan Dividen. Jurnal Ilmu Dan Riset Akuntansi, 6(6), 1–476. https://doi.org/10.1017/CBO9781107415324.004
Suharli, M. (2007). Pengaruh Profitability dan Investment Opportunity Set terhadap Kebijakan Dividen Tunai dengan Likuiditas Sebagai Variabel Penguat (Studi pada Perusahaan yang Terdaftar di Bursa Efek Jakarta. Jurnal Akuntansi Dan Keuangan, 9(1), 9–17. https://doi.org/10.9744/jak.9.1.pp.9-17
Usman, B. (2006). Keinformatifan Harga Saham dalam Kaitannya dengan Efisiensi Investasi. Media Riset Manajemen & Bisnis, 6(3), 213-232.
Wulandari, D. U., & Suardana, K. A. (2017). Pengaruh Profitabilitas, Kesempatan Investasi, Free Cash Flow, Dan Debt Policy Pada Kebijakan Dividen Perusahaan Manufaktur. E-Jurnal Akuntansi, 20(1), 202–230.
Yeo, H. J. (2018). Role of free cash flows in making investment and dividend decisions: The case of the shipping industry. Asian Journal of Shipping and Logistics, 34(2), 113–118. https://doi.org/10.1016/j.ajsl.2018.06.007
Yudiana, I., & Yadnyana, I. (2016). Pengaruh Kepemilikan Manajerial, Leverage, Investment Opportunity Set Dan Profitabilitas Pada Kebijakan Dividen Perusahaan Manufaktur. E-Jurnal Akuntansi, 15(1), 111–141.
Zainudin, R., Mahdzan, N. S., & Yet, C. H. (2017). Dividend policy and stock price volatility of industrial products firms in Malaysia. International Journal of Emerging Markets, 34(1), 1–21. https://Doi.org/10.1108/IJoEM-09-2016-0250
Published
2021-12-12
How to Cite
SATYA DEWI, Dewa Ayu Mirah; WIDANAPUTRA, Anak Agung Gde Putu.
Kesempatan Investasi, Kebijakan Dividen dengan Firm Size sebagai Variabel Moderasi.
E-Jurnal Akuntansi, [S.l.], v. 31, n. 12, p. 3122-3132, dec. 2021.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/72773>. Date accessed: 19 apr. 2024.
doi: https://doi.org/10.24843/EJA.2021.v31.i12.p07.
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