Indikator Keuangan dalam Laporan Keuangan dan Kebijakan Dividen
Abstract
This study aims to analyze the relationship between the financial indicators contained in the financial statements and dividend policy. Companies that are listed on the Indonesia Stock Exchange and meet the criteria set out in the study are used as research samples. This study uses 631 observational data from 2017 - 2021 obtained from the company's official website and the Indonesia Stock Exchange. Panel data regression is used to examine the effect of each variable on dividend policy. The best regression model in this study is the Fixed Effect Model. This study shows that free cash flow; firm risk; and return on equity have a significant positive effect on dividend policy. In addition; market to book value ratio and net asset growth have a significant negative effect. Other variables used in this study do not affect dividend policy.
Keywords: Dividend Policy; Profitability; Liquidity; Financial Ratios.
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References
Abbadi, S. S., Abuaddous, M. Y., Bataineh, H. T., & Muttairi, A. E. (2020). The Impact of Earnings Management on Dividend Policy: Evidence From Kuwait. International Journal of Financial Research, 11(5), 518. https://doi.org/10.5430/ijfr.v11n5p518
Ahmad, N., Ansari, M. N., & Shamsi, A. F. (2019). Factors Affecting Dividend Payout: Empirical Investigation From Cement Sector of Pakistan. The Journal of Economic Research & Business Administration, 128(2). https://doi.org/10.26577/be.2019.v128.i2.015
Al-Kayed, L. T. (2017). Dividend payout policy of Islamic vs conventional banks: case of Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, 10(1), 117–128. https://doi.org/10.1108/IMEFM-09-2015-0102
Arif, M., Urooge, S., & Malik, Z. (2020). Determinants of dividend policy: Sectoral analysis of listed non-financial firms in Pakistan. FWU Journal of Social Sciences, 14(4), 149–161. https://doi.org/10.51709/fw127213
Arndt, P., & Kucerova, Z. (2019). Determinants of the dividend payout policy of stock companies within the European Union. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 67(6), 1515–1524. https://doi.org/10.11118/actaun201967061515
Arsyad, M. (2021). INDONESIA ACCOUNTING profitability on the dividend payout ratio. 3(1), 36–44.
Banerjee, S. (2017). Determinants of Dividend Policy of Listed Information Technology Companies in India. SCMS Journal of Indian Management, 14(3), 54–63.
Ben Amar, A., Ben Salah, O., & Jarboui, A. (2018). Do discretionary accruals affect firms’ corporate dividend policy? Evidence from France. Journal of Financial Reporting and Accounting, 16(2), 333–347. https://doi.org/10.1108/JFRA-03-2017-0020
Bhayani, S., & Ajmera, B. (2019). Dividend Policy Decision: Panel Data Analysis for Selected Cement Companies in India. Article in Journal of Commerce and Accounting Research, 8(4), 79–85. https://www.researchgate.net/publication/345759327
Budagaga, A. R. (2020). Determinants of banks’ dividend payment decisions: evidence from MENA countries. International Journal of Islamic and Middle Eastern Finance and Management, 13(5), 847–871. https://doi.org/10.1108/IMEFM-09-2019-0404
Budiarso, N. S. (2017). Prospensity To Pay Dividend : Testing For Life Cycle and Free Cash Flow Theories. 1–16.
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
Chay, J. B., & Suh, J. (2009). Payout policy and cash-flow uncertainty. Journal of Financial Economics, 93(1), 88–107. https://doi.org/10.1016/j.jfineco.2008.12.001
Che-Yahya, N., & Alyasa-Gan, S. S. (2020). Explaining Dividend Payout: Evidence from Malaysia’s Blue-Chip Companies. Journal of Asian Finance, Economics and Business, 7(12), 783–793. https://doi.org/10.13106/JAFEB.2020.VOL7.NO12.783
Diovany, B. I., & Pangastuti, D. A. (2020). Analisis Karakteristik Keuangan Terhadap Kebijakan Deviden Pada Perusahaan Industry Consumer Goods. Jurnal Akuntansi Dan Perpajakan, 6(2), 82–90. https://doi.org/10.26905/ap.v6i2.4596
Echchabi, A., & Azouzi, D. (2016). Determinants of Dividend Payout Ratios In Tunusia: Insights In Light of The Jasmine Revolution. Journal of Accounting, Finance, and Auditing Studies, 2(1), 1–13.
Emeka, A. H. (2020). Determinants of Dividend Policy : Empirical Evidence from Nigerian Listed Firms. International Journal of Business Insights and Transformation, 13(2), 38–67.
Franc-Dąbrowska, J., Mądra-Sawicka, M., & Ulrichs, M. (2020). Determinants of dividend payout decisions–the case of publicly quoted food industry enterprises operating in emerging markets. Economic Research-Ekonomska Istrazivanja , 33(1), 1108–1129. https://doi.org/10.1080/1331677X.2019.1631201
Gohar, R., & Alam, M. S. (2018). Determinants and Behavior of Dividend Policy in Pakistani Listed Companies. Journal of Finance and Investment Analysis, 7(3), 1–9.
Jaara, B., Alashhab, H., & Jaara, O. (2018). The Determinants of Dividend Policy for Non-Financial Companies in Jordan. International Journal of Economics and Financial Issues, 8(2), 198–209.
Jovković, B., Vasić, A. S., & Bogićević, J. (2021). Determinants of Dividend Policy: A Case of Serbia’s Banking Sector. Naše Gospodarstvo/Our Economy, 67(1), 13–22. https://doi.org/10.2478/ngoe-2021-0002
Kannadhasan, M., Aramvalarthan, S., Balasubramanian, P., & Gopika, A. (2017). Determinants of dividend policy of Indian manufacturing companies: Panel autoregressive distributed lag analysis. Academy of Accounting and Financial Studies Journal, 21(2), 1–12.
Kaźmierska-Jóźwiak, B. (2015). Determinants of Dividend Policy: Evidence from Polish Listed Companies. Procedia Economics and Finance, 23(15), 473–477. https://doi.org/10.1016/s2212-5671(15)00490-6
Khan, M. N., Naeem, M. U., Rizwan, M., & Salman, M. (2016). Factors Affecting the Firm Dividend Policy : An Empirical Evidence from Textile Sector of Pakistan. International Journal of Advanced Scientific Research and Management, 1(5), 144–149. www.ijasrm.com
Khan, M. N., & Shamim, M. (2017). A sectoral analysis of dividend payment behavior: Evidence from Karachi Stock Exchange. SAGE Open, 7(1). https://doi.org/10.1177/2158244016682291
Khanna, M., & Khanna, M. (2015). Impact of Earnings Management on Dividend Policy of Indian Companies. 352–356.
Kimunduu, G. M., Mwangi, M., Kaijage, E., & Ochieng, D. E. (2017). Financial Performance and Dividend Policy. European Scientific Journal, ESJ, 13(28), 138. https://doi.org/10.19044/esj.2017.v13n28p138
Labhane, N. B., & Mahakud, J. (2016). Determinants of Dividend Policy of Indian Companies. Paradigm, 20(1), 36–55. https://doi.org/10.1177/0971890716637698
Le, T. T. H., Nguyen, X. H., & Tran, M. D. (2019). Determinants of dividend payout policy in emerging markets: Evidence from the ASEAN region. Asian Economic and Financial Review, 9(4), 531–546. https://doi.org/10.18488/journal.aefr.2019.94.531.546
Lloren-alcantara, P. A. S. (2020). Determinants of Dividend Payout Policy : Evidence from a Philippine Context. 27, 1–16.
Lotto, J. (2020). On an ongoing corporate dividend dialogue: Do external influences also matter in dividend decision? Cogent Business and Management, 7(1), 1–14. https://doi.org/10.1080/23311975.2020.1787734
Mahdzan, N. S., Zainudin, R., & Shahri, N. K. (2016). Interindustry dividend policy determinants in the context of an emerging market. Economic Research-Ekonomska Istrazivanja , 29(1), 250–262. https://doi.org/10.1080/1331677X.2016.1169704
Narindro, L., & Basri, H. (2019). Assessing determinants of dividend policy of the government-owned companies in Indonesia. International Journal of Law and Management, 61(5–6), 530–541. https://doi.org/10.1108/IJLMA-09-2017-0215
Nerviana, R. (2016). The effect of financial ratios and company size on dividend policy. The Indonesian Accounting Review, 5(1), 23. https://doi.org/10.14414/tiar.v5i1.486
Novatiani, R. A., Karim, D. F., & Saudi, M. H. (2021). Liquidity and Profitability Affecting The Dividend Policy: An Ecological Empirical Study On Consumer Goods Industry In Indonesia. Review of International Geographical Education Online, 11(1), 589–594. https://doi.org/10.33403/rigeo.800595
Nyere, L., & Wesson, N. (2019). Factors influencing dividend payout decisions: Evidence from South Africa. South African Journal of Business Management, 50(1), 1–16. https://doi.org/10.4102/sajbm.v50i1.1302
Omerhodzic, S. (2014). Identification and Evaluation of Factors of Dividend Policy. Economic Analysis, 47(1–2), 42–58.
Parsian, H., & Koloukhi, A. S. (2014). A study on the effect of free cash flow and profitability current ratio on dividend payout ratio: Evidence from Tehran Stock Exchange. Management Science Letters, April, 63–70. https://doi.org/10.5267/j.msl.2013.11.033
Pattiruhu, J. R., & Paais, M. (2020). Effect of Liquidity, Profitability, Leverage, and Firm Size on Dividend Policy. Journal of Asian Finance, Economics and Business, 7(10), 35–42. https://doi.org/10.13106/jafeb.2020.vol7.no10.035
Pontoh, W. (2016). The Motives behind Dividend Policy. International Journal of Economics and Business Administration, IV(Issue 2), 29–40. https://doi.org/10.35808/ijeba/97
Pradipta, K. D., & Handayani, S. (2020). The Effect of Leverage Towards Dividend Policy with Creative Accounting as The Mediation Variable. AKRUAL: Jurnal Akuntansi, 11(2), 122. https://doi.org/10.26740/jaj.v11n2.p122-135
Putri, I. G. A. P. T., & Rahyuda, H. (2020). Effect of capital structure and sales growth on firm value with profitability as mediation. International Research Journal of Management, IT and Social Sciences, 145–155. https://doi.org/10.21744/irjmis.v7n1.833
Ranajee, R., Pathak, R., & Saxena, A. (2018). To pay or not to pay: what matters the most for dividend payments? International Journal of Managerial Finance, 14(2), 230–244. https://doi.org/10.1108/IJMF-07-2017-0144
Rój, J. (2019). The Determinants of Corporate Dividend Policy in Poland. Ekonomika, 98(1), p. https://doi.org/10.15388/Ekon.2019.1.6.
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
Shafai, N. A., Nassir, A. M., Kamarudin, F., Rahim, N. A., & Ahmad, N. H. (2019). Dynamic panel model of dividend policies: Malaysian perspective. Contemporary Economics, 13(3), 239–252. https://doi.org/10.5709/ce.1897-9254.310
Tahir, M., & Mushtaq, M. (2016). Determinants of Dividend Payout: Evidence from listed Oil and Gas Companies of Pakistan. The Journal of Asian Finance, Economics and Business, 3(4), 25–37. https://doi.org/10.13106/jafeb.2016.vol3.no4.25
Takmaz, S., Evrim Mandaci, P., & Durukan, M. B. (2020). The impact of catering incentives on the dividend policy: evidence from Turkish firms. Managerial Finance, 47(7), 897–914. https://doi.org/10.1108/MF-04-2020-0215
Thakur, B. P. S., & Kannadhasan, M. (2018). Determinants of dividend payout of Indian manufacturing companies: A quantile regression approach. Journal of Indian Business Research, 10(4), 364–376. https://doi.org/10.1108/JIBR-02-2018-0079
Thi Van Trang, D. (2016). Determinants of Dividend Payout Policy A Case of Nonfinancial Listed Companies in Vietnam. VNU Journal of Science: Education Research, 32(5E), 12–22. http://vneconomy.vn/tai-chinh/thong-doc-phai-nan-chinh-
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
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
Yuliawati, T. (2016). Pengaruh nilai perusahaan yang diukur dengan market to book ratio terhadap struktur modal perusahaan. Jurnal Manajemen Dan Bisnis: Performa, 28–40. https://ejournal.unisba.ac.id/index.php/performa/article/view/3511
Yusof, Y., & Ismail, S. (2016). Determinants of dividend policy of public listed companies in Malaysia. Review of International Business and Strategy, 26(1), 88–99. https://doi.org/10.1108/RIBS-02-2014-0030
Zemlyanskiy, O. A., Mazurina, T. Y., Neopulo, K. L., & Kuksov, A. S. (2020). Forecasting The Value and the Price/Earnings Ratio of the Industrial Company with the Constant Annual Growth of Its Earnings. Revista Inclusiones, 7, 254–272.
Ahmad, N., Ansari, M. N., & Shamsi, A. F. (2019). Factors Affecting Dividend Payout: Empirical Investigation From Cement Sector of Pakistan. The Journal of Economic Research & Business Administration, 128(2). https://doi.org/10.26577/be.2019.v128.i2.015
Al-Kayed, L. T. (2017). Dividend payout policy of Islamic vs conventional banks: case of Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, 10(1), 117–128. https://doi.org/10.1108/IMEFM-09-2015-0102
Arif, M., Urooge, S., & Malik, Z. (2020). Determinants of dividend policy: Sectoral analysis of listed non-financial firms in Pakistan. FWU Journal of Social Sciences, 14(4), 149–161. https://doi.org/10.51709/fw127213
Arndt, P., & Kucerova, Z. (2019). Determinants of the dividend payout policy of stock companies within the European Union. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 67(6), 1515–1524. https://doi.org/10.11118/actaun201967061515
Arsyad, M. (2021). INDONESIA ACCOUNTING profitability on the dividend payout ratio. 3(1), 36–44.
Banerjee, S. (2017). Determinants of Dividend Policy of Listed Information Technology Companies in India. SCMS Journal of Indian Management, 14(3), 54–63.
Ben Amar, A., Ben Salah, O., & Jarboui, A. (2018). Do discretionary accruals affect firms’ corporate dividend policy? Evidence from France. Journal of Financial Reporting and Accounting, 16(2), 333–347. https://doi.org/10.1108/JFRA-03-2017-0020
Bhayani, S., & Ajmera, B. (2019). Dividend Policy Decision: Panel Data Analysis for Selected Cement Companies in India. Article in Journal of Commerce and Accounting Research, 8(4), 79–85. https://www.researchgate.net/publication/345759327
Budagaga, A. R. (2020). Determinants of banks’ dividend payment decisions: evidence from MENA countries. International Journal of Islamic and Middle Eastern Finance and Management, 13(5), 847–871. https://doi.org/10.1108/IMEFM-09-2019-0404
Budiarso, N. S. (2017). Prospensity To Pay Dividend : Testing For Life Cycle and Free Cash Flow Theories. 1–16.
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
Chay, J. B., & Suh, J. (2009). Payout policy and cash-flow uncertainty. Journal of Financial Economics, 93(1), 88–107. https://doi.org/10.1016/j.jfineco.2008.12.001
Che-Yahya, N., & Alyasa-Gan, S. S. (2020). Explaining Dividend Payout: Evidence from Malaysia’s Blue-Chip Companies. Journal of Asian Finance, Economics and Business, 7(12), 783–793. https://doi.org/10.13106/JAFEB.2020.VOL7.NO12.783
Diovany, B. I., & Pangastuti, D. A. (2020). Analisis Karakteristik Keuangan Terhadap Kebijakan Deviden Pada Perusahaan Industry Consumer Goods. Jurnal Akuntansi Dan Perpajakan, 6(2), 82–90. https://doi.org/10.26905/ap.v6i2.4596
Echchabi, A., & Azouzi, D. (2016). Determinants of Dividend Payout Ratios In Tunusia: Insights In Light of The Jasmine Revolution. Journal of Accounting, Finance, and Auditing Studies, 2(1), 1–13.
Emeka, A. H. (2020). Determinants of Dividend Policy : Empirical Evidence from Nigerian Listed Firms. International Journal of Business Insights and Transformation, 13(2), 38–67.
Franc-Dąbrowska, J., Mądra-Sawicka, M., & Ulrichs, M. (2020). Determinants of dividend payout decisions–the case of publicly quoted food industry enterprises operating in emerging markets. Economic Research-Ekonomska Istrazivanja , 33(1), 1108–1129. https://doi.org/10.1080/1331677X.2019.1631201
Gohar, R., & Alam, M. S. (2018). Determinants and Behavior of Dividend Policy in Pakistani Listed Companies. Journal of Finance and Investment Analysis, 7(3), 1–9.
Jaara, B., Alashhab, H., & Jaara, O. (2018). The Determinants of Dividend Policy for Non-Financial Companies in Jordan. International Journal of Economics and Financial Issues, 8(2), 198–209.
Jovković, B., Vasić, A. S., & Bogićević, J. (2021). Determinants of Dividend Policy: A Case of Serbia’s Banking Sector. Naše Gospodarstvo/Our Economy, 67(1), 13–22. https://doi.org/10.2478/ngoe-2021-0002
Kannadhasan, M., Aramvalarthan, S., Balasubramanian, P., & Gopika, A. (2017). Determinants of dividend policy of Indian manufacturing companies: Panel autoregressive distributed lag analysis. Academy of Accounting and Financial Studies Journal, 21(2), 1–12.
Kaźmierska-Jóźwiak, B. (2015). Determinants of Dividend Policy: Evidence from Polish Listed Companies. Procedia Economics and Finance, 23(15), 473–477. https://doi.org/10.1016/s2212-5671(15)00490-6
Khan, M. N., Naeem, M. U., Rizwan, M., & Salman, M. (2016). Factors Affecting the Firm Dividend Policy : An Empirical Evidence from Textile Sector of Pakistan. International Journal of Advanced Scientific Research and Management, 1(5), 144–149. www.ijasrm.com
Khan, M. N., & Shamim, M. (2017). A sectoral analysis of dividend payment behavior: Evidence from Karachi Stock Exchange. SAGE Open, 7(1). https://doi.org/10.1177/2158244016682291
Khanna, M., & Khanna, M. (2015). Impact of Earnings Management on Dividend Policy of Indian Companies. 352–356.
Kimunduu, G. M., Mwangi, M., Kaijage, E., & Ochieng, D. E. (2017). Financial Performance and Dividend Policy. European Scientific Journal, ESJ, 13(28), 138. https://doi.org/10.19044/esj.2017.v13n28p138
Labhane, N. B., & Mahakud, J. (2016). Determinants of Dividend Policy of Indian Companies. Paradigm, 20(1), 36–55. https://doi.org/10.1177/0971890716637698
Le, T. T. H., Nguyen, X. H., & Tran, M. D. (2019). Determinants of dividend payout policy in emerging markets: Evidence from the ASEAN region. Asian Economic and Financial Review, 9(4), 531–546. https://doi.org/10.18488/journal.aefr.2019.94.531.546
Lloren-alcantara, P. A. S. (2020). Determinants of Dividend Payout Policy : Evidence from a Philippine Context. 27, 1–16.
Lotto, J. (2020). On an ongoing corporate dividend dialogue: Do external influences also matter in dividend decision? Cogent Business and Management, 7(1), 1–14. https://doi.org/10.1080/23311975.2020.1787734
Mahdzan, N. S., Zainudin, R., & Shahri, N. K. (2016). Interindustry dividend policy determinants in the context of an emerging market. Economic Research-Ekonomska Istrazivanja , 29(1), 250–262. https://doi.org/10.1080/1331677X.2016.1169704
Narindro, L., & Basri, H. (2019). Assessing determinants of dividend policy of the government-owned companies in Indonesia. International Journal of Law and Management, 61(5–6), 530–541. https://doi.org/10.1108/IJLMA-09-2017-0215
Nerviana, R. (2016). The effect of financial ratios and company size on dividend policy. The Indonesian Accounting Review, 5(1), 23. https://doi.org/10.14414/tiar.v5i1.486
Novatiani, R. A., Karim, D. F., & Saudi, M. H. (2021). Liquidity and Profitability Affecting The Dividend Policy: An Ecological Empirical Study On Consumer Goods Industry In Indonesia. Review of International Geographical Education Online, 11(1), 589–594. https://doi.org/10.33403/rigeo.800595
Nyere, L., & Wesson, N. (2019). Factors influencing dividend payout decisions: Evidence from South Africa. South African Journal of Business Management, 50(1), 1–16. https://doi.org/10.4102/sajbm.v50i1.1302
Omerhodzic, S. (2014). Identification and Evaluation of Factors of Dividend Policy. Economic Analysis, 47(1–2), 42–58.
Parsian, H., & Koloukhi, A. S. (2014). A study on the effect of free cash flow and profitability current ratio on dividend payout ratio: Evidence from Tehran Stock Exchange. Management Science Letters, April, 63–70. https://doi.org/10.5267/j.msl.2013.11.033
Pattiruhu, J. R., & Paais, M. (2020). Effect of Liquidity, Profitability, Leverage, and Firm Size on Dividend Policy. Journal of Asian Finance, Economics and Business, 7(10), 35–42. https://doi.org/10.13106/jafeb.2020.vol7.no10.035
Pontoh, W. (2016). The Motives behind Dividend Policy. International Journal of Economics and Business Administration, IV(Issue 2), 29–40. https://doi.org/10.35808/ijeba/97
Pradipta, K. D., & Handayani, S. (2020). The Effect of Leverage Towards Dividend Policy with Creative Accounting as The Mediation Variable. AKRUAL: Jurnal Akuntansi, 11(2), 122. https://doi.org/10.26740/jaj.v11n2.p122-135
Putri, I. G. A. P. T., & Rahyuda, H. (2020). Effect of capital structure and sales growth on firm value with profitability as mediation. International Research Journal of Management, IT and Social Sciences, 145–155. https://doi.org/10.21744/irjmis.v7n1.833
Ranajee, R., Pathak, R., & Saxena, A. (2018). To pay or not to pay: what matters the most for dividend payments? International Journal of Managerial Finance, 14(2), 230–244. https://doi.org/10.1108/IJMF-07-2017-0144
Rój, J. (2019). The Determinants of Corporate Dividend Policy in Poland. Ekonomika, 98(1), p. https://doi.org/10.15388/Ekon.2019.1.6.
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
Shafai, N. A., Nassir, A. M., Kamarudin, F., Rahim, N. A., & Ahmad, N. H. (2019). Dynamic panel model of dividend policies: Malaysian perspective. Contemporary Economics, 13(3), 239–252. https://doi.org/10.5709/ce.1897-9254.310
Tahir, M., & Mushtaq, M. (2016). Determinants of Dividend Payout: Evidence from listed Oil and Gas Companies of Pakistan. The Journal of Asian Finance, Economics and Business, 3(4), 25–37. https://doi.org/10.13106/jafeb.2016.vol3.no4.25
Takmaz, S., Evrim Mandaci, P., & Durukan, M. B. (2020). The impact of catering incentives on the dividend policy: evidence from Turkish firms. Managerial Finance, 47(7), 897–914. https://doi.org/10.1108/MF-04-2020-0215
Thakur, B. P. S., & Kannadhasan, M. (2018). Determinants of dividend payout of Indian manufacturing companies: A quantile regression approach. Journal of Indian Business Research, 10(4), 364–376. https://doi.org/10.1108/JIBR-02-2018-0079
Thi Van Trang, D. (2016). Determinants of Dividend Payout Policy A Case of Nonfinancial Listed Companies in Vietnam. VNU Journal of Science: Education Research, 32(5E), 12–22. http://vneconomy.vn/tai-chinh/thong-doc-phai-nan-chinh-
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
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
Yuliawati, T. (2016). Pengaruh nilai perusahaan yang diukur dengan market to book ratio terhadap struktur modal perusahaan. Jurnal Manajemen Dan Bisnis: Performa, 28–40. https://ejournal.unisba.ac.id/index.php/performa/article/view/3511
Yusof, Y., & Ismail, S. (2016). Determinants of dividend policy of public listed companies in Malaysia. Review of International Business and Strategy, 26(1), 88–99. https://doi.org/10.1108/RIBS-02-2014-0030
Zemlyanskiy, O. A., Mazurina, T. Y., Neopulo, K. L., & Kuksov, A. S. (2020). Forecasting The Value and the Price/Earnings Ratio of the Industrial Company with the Constant Annual Growth of Its Earnings. Revista Inclusiones, 7, 254–272.
Published
2022-10-26
How to Cite
TANG, Sukiantono; ELVIN, Elvin.
Indikator Keuangan dalam Laporan Keuangan dan Kebijakan Dividen.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 10, p. 2959-2976, oct. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/91028>. Date accessed: 27 apr. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i10.p05.
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