Determinan Kebijakan Dividen di Bursa Efek Indonesia
Abstract
The study aims to analyze the determinants of dividend policy in companies listed on the Indonesia Stock Exchange (IDX) in the period 2016 to 2021. The variables studied in this study include liquidity, profitability proxied by Return on Equity (ROE) and Return on Assets (ROA). , solvency, company size, free cash flow, asset tangibility, investment opportunities, life cycle, and company risk. The research sample totaled 1,620 data obtained from 270 companies during the 2016-2021 period which were selected through purposive sampling. The total number of outlier data is 179 data so that the final data studied is 1,441 data. Panel regression analysis was applied as a test method in this study. The results of the study prove that liquidity, ROA, and free cash flow significantly influence dividend policy, while the other variables studied are not factors that influence dividend policy in companies listed on the IDX.
Keywords: Dividend Policy; Dividend; Firm Characteristics; Financial Ratios
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References
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Basri, H. (2017). 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
Basuki, A. T., & Prawoto, N. (2016). Analisis Regresi dalam Penelitian Ekonomi dan Bisnis (Dilengkapi Aplikasi SPSS & Eviews). Jakarta: Rajagrafindo persada.
Benavides, J., Preciado, L. B., & Perafan, H. F. (2016). Dividend payout policies: Evidence from Latin America. Finance Research Letters, 17, 197–210. https://doi.org/10.1016/j.frl.2016.03.012
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., Subroto, B., T, S., & Pontoh, W. (2019). Dividend catering, life-cycle, and policy: Evidence from Indonesia. Cogent Economics and Finance, 7(1). https://doi.org/10.1080/23322039.2019.1594505
Dąbrowska, J. F., Sawicka, M. 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. https://doi.org/10.1080/1331677X.2019.1631201
Das, S. (2017). Firm characteristics and dividend policy in India. Transnational Corporations Review, 9(3), 190–200. https://doi.org/10.1080/19186444.2017.1362862
Destriana, N. (2016). Analisis empiris faktor faktor yang mempengaruhi kebijakan dividen. Junal Bisnis Dan Akuntansi, 18(1), 53–62.
Dewasiri, N. J., Koralalage, W. B. Y., Azeez, A. A., Jayarathne, P. G. S. A., Kuruppuarachchi, D., & Weerasinghe, V. A. (2019). Determinants of dividend policy: Evidence from an emerging and developing market. Managerial Finance, 45(3), 413–429. https://doi.org/10.1108/MF-09-2017-0331
Dhamija, S., & Arora, R. K. (2019). Impact of dividend tax change on the payout policy of Indian companies. Global Business Review, 1(10). https://doi.org/10.1177/0972150919846814
Gumilar, P. (2022). Batal bagikan dividen interim saham Armada Berjaya Trans (JAYA) dijual investor. https://market.bisnis.com/read/20220114/192/1489124/batal-bagikan-dividen-interim-saham-armada-berjaya-trans-jaya-dijual-investor
Gusni, G. (2017). The determinants of dividend policy: A study of financial industry in Indonesia. Jurnal Keuangan Dan Perbankan, 21(4), 562–574. https://doi.org/10.26905/jkdp.v21i4.1521
Hudiwijono, R. E. W., Aisjah, S., & Ratnawati, K. (2018). Influence of fundamental factors on dividend payout policy: Study on construction companies listed on Indonesian Stock Exchange. Wacana, 21(1), 20–26.
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. https://doi.org/10.1016/j.ribaf.2016.01.018
Kilinçarslan, E. (2018). The factors determining dividend policy of financial firms listed on the Borsa Istanbul. Boğaziçi Journal Review of Social, Economic and Administrative Studie, 32(1), 75–109. https://doi.org/10.21773/boun.32.1.5
Kumar, S., & Ranjani, K. S. (2018). Dividend behaviour of Indian-listed manufacturing and service sector firms. Global Business Review, 20(1). https://doi.org/10.1177/0972150917753863
Labhane, N. B. (2017). Disappearing and reappearing dividends in emerging markets: Evidence from Indian companies. Journal of Asia-Pacific Business, 18(1), 46–80. https://doi.org/10.1080/10599231.2017.1272996
Labhane, N. B. (2018). Dividend policy decisions in India: Standalone versus business group-affiliated firms. Global Business Review, 1(18). https://doi.org/10.1177/0972150918803990
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
Lotto, J. (2020). On an ongoing corporate dividend dialogue: Do external influences also matter in dividend decision? Cogent Business & Management, 7(1). 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
Neves, M. E. D. (2018). Payout and firm’s catering. International Journal of Managerial Finance, 14(1), 2–22. https://doi.org/10.1108/IJMF-03-2017-0055
Nguyen, D. D., To, T. H., Nguyen, D. Van, & Do, H. P. (2021). Managerial overconfidence and dividend policy in Vietnamese enterprises. Cogent Economics and Finance, 9(1). https://doi.org/10.1080/23322039.2021.1885195
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
Otoritas Jasa Keuangan. (2022). Statistik Pasar Modal. https://www.ojk.go.id/id/kanal/pasar-modal/data-dan-statistik/statistik-pasar-modal/Default.aspx
Parmitasari, R. D. A., & Hasrianto. (2017). Pengaruh profitabilitas, likuiditas, leverage, dan ukuran perusahaan terhadap kebijakan dividen saham-saham yang terdaftar pada Jakarta Islamic Index (JII) periode tahun 2011-2015. Jurnal Minds: Manajemen Ide Dan Inspirasi, 4(2), 28–48. https://doi.org/https://doi.org/10.24252/minds.v4i2.4121
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
Pinto, G., & Rastogi, S. (2019). Sectoral analysis of factors influencing dividend policy: Case of an emerging financial market. Journal of Risk and Financial Management, 12(110). https://doi.org/10.3390/jrfm12030110
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
Rochmah, H. N., & Ardianto, A. (2020). Catering dividend: Dividend premium and free cash flow on dividend policy. Cogent Business and Management, 7(1). https://doi.org/10.1080/23311975.2020.1812927
Salvatori, E. G., & Robiyanto, R. (2020). Kebijakan dividen dan siklus hidup perusahaan (studi pada perusahaan manufaktur). Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 14(2), 113–122. https://doi.org/10.32812/jibeka.v14i2.185
Serly, S., & Liyanti, F. D. (2021). Analisis pengaruh karakteristik perusahaan terhadap kebijakan dividen pada perusahaan yang terdaftar di Bursa Efek Indonesia. Global Financial Accounting Journal, 05(01), 6–23.
Serly, S., & Susanti, M. (2021). Pengaruh atribut tata kelola dan karakteristik perusahaan terhadap kebijakan dividen pada perusahaan di BEI. Jurnal Ekonomi Modernisasi, 17(3), 196–215. https://doi.org/https://doi.org/10.21067/jem.v17i3.5872
Setiawan, C., & Vivien, V. (2021). Determinants of dividend policy: An empirical study of consumer goods firms in Indonesia. Journal of Asian Finance, Economics and Business, 8(6), 71–77. https://doi.org/10.13106/jafeb.2021.vol8.no6.0071
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
Sharma, R. K., & Bakshi, A. (2019). An evident prescience of determinants of dividend policy of Indian real estate companies: An empirical analysis using co-integration regression and generalised method of moments. Journal of Financial Management of Property and Construction, 24(3), 358–384. https://doi.org/10.1108/JFMPC-02-2019-0012
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, 24(1), 19–38. https://doi.org/10.1108/JFMPC-06-2018-0030
Sugiyono, S. (2018). Metode Penelitian Kuantitatif. Bandung: CV. Alfabeta.
Sulistiyo, C. D., Hartoyo, S., & Maulana, T. N. A. (2016). Pengaruh rasio keuangan dan perubahan pajak dividen terhadap dividend payout ratio perusahaan terbuka. Jurnal Keuangan Dan Perbankan, 20(1), 22–31. https://doi.org/https://doi.org/10.26905/jkdp.v20i1.145
Tahir, H., Rahman, M., & Masri, R. (2020). Do board traits influence firms’ dividend payout policy? Evidence from Malaysia. Journal of Asian Finance, Economics and Business, 7(3), 87–99. https://doi.org/10.13106/jafeb.2020.vol7.no3.87
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
Tran, Q. T. (2020). Corruption, agency costs and dividend policy: International evidence. Quarterly Review of Economics and Finance, 76, 325–334. https://doi.org/10.1016/j.qref.2019.09.010
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
Yahya, N. C., & Gan, S. S. A. (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
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
Yousaf, I., Ali, S., & Hassan, A. (2019). Effect of family control on corporate dividend policy of firms in Pakistan. Financial Innovation, 5(42). https://doi.org/10.1186/s40854-019-0158-9
Yuniningsih, Y., Taufiq, M., Wuryani, E., & Hidayat, R. (2019). Two stage least square method for prediction financial investment and dividend. Journal of Physics: Conference Series, 1175. https://doi.org/10.1088/1742-6596/1175/1/012212
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
Banerjee, S. (2017). Determinants of dividend policy of listed information technology companies in India. SCMS Journal of Indian Management, 14(3), 54–62. https://www.scms.edu.in/uploads/journal/articles/article_15.pdf
Basri, H. (2017). 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
Basuki, A. T., & Prawoto, N. (2016). Analisis Regresi dalam Penelitian Ekonomi dan Bisnis (Dilengkapi Aplikasi SPSS & Eviews). Jakarta: Rajagrafindo persada.
Benavides, J., Preciado, L. B., & Perafan, H. F. (2016). Dividend payout policies: Evidence from Latin America. Finance Research Letters, 17, 197–210. https://doi.org/10.1016/j.frl.2016.03.012
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., Subroto, B., T, S., & Pontoh, W. (2019). Dividend catering, life-cycle, and policy: Evidence from Indonesia. Cogent Economics and Finance, 7(1). https://doi.org/10.1080/23322039.2019.1594505
Dąbrowska, J. F., Sawicka, M. 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. https://doi.org/10.1080/1331677X.2019.1631201
Das, S. (2017). Firm characteristics and dividend policy in India. Transnational Corporations Review, 9(3), 190–200. https://doi.org/10.1080/19186444.2017.1362862
Destriana, N. (2016). Analisis empiris faktor faktor yang mempengaruhi kebijakan dividen. Junal Bisnis Dan Akuntansi, 18(1), 53–62.
Dewasiri, N. J., Koralalage, W. B. Y., Azeez, A. A., Jayarathne, P. G. S. A., Kuruppuarachchi, D., & Weerasinghe, V. A. (2019). Determinants of dividend policy: Evidence from an emerging and developing market. Managerial Finance, 45(3), 413–429. https://doi.org/10.1108/MF-09-2017-0331
Dhamija, S., & Arora, R. K. (2019). Impact of dividend tax change on the payout policy of Indian companies. Global Business Review, 1(10). https://doi.org/10.1177/0972150919846814
Gumilar, P. (2022). Batal bagikan dividen interim saham Armada Berjaya Trans (JAYA) dijual investor. https://market.bisnis.com/read/20220114/192/1489124/batal-bagikan-dividen-interim-saham-armada-berjaya-trans-jaya-dijual-investor
Gusni, G. (2017). The determinants of dividend policy: A study of financial industry in Indonesia. Jurnal Keuangan Dan Perbankan, 21(4), 562–574. https://doi.org/10.26905/jkdp.v21i4.1521
Hudiwijono, R. E. W., Aisjah, S., & Ratnawati, K. (2018). Influence of fundamental factors on dividend payout policy: Study on construction companies listed on Indonesian Stock Exchange. Wacana, 21(1), 20–26.
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. https://doi.org/10.1016/j.ribaf.2016.01.018
Kilinçarslan, E. (2018). The factors determining dividend policy of financial firms listed on the Borsa Istanbul. Boğaziçi Journal Review of Social, Economic and Administrative Studie, 32(1), 75–109. https://doi.org/10.21773/boun.32.1.5
Kumar, S., & Ranjani, K. S. (2018). Dividend behaviour of Indian-listed manufacturing and service sector firms. Global Business Review, 20(1). https://doi.org/10.1177/0972150917753863
Labhane, N. B. (2017). Disappearing and reappearing dividends in emerging markets: Evidence from Indian companies. Journal of Asia-Pacific Business, 18(1), 46–80. https://doi.org/10.1080/10599231.2017.1272996
Labhane, N. B. (2018). Dividend policy decisions in India: Standalone versus business group-affiliated firms. Global Business Review, 1(18). https://doi.org/10.1177/0972150918803990
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
Lotto, J. (2020). On an ongoing corporate dividend dialogue: Do external influences also matter in dividend decision? Cogent Business & Management, 7(1). 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
Neves, M. E. D. (2018). Payout and firm’s catering. International Journal of Managerial Finance, 14(1), 2–22. https://doi.org/10.1108/IJMF-03-2017-0055
Nguyen, D. D., To, T. H., Nguyen, D. Van, & Do, H. P. (2021). Managerial overconfidence and dividend policy in Vietnamese enterprises. Cogent Economics and Finance, 9(1). https://doi.org/10.1080/23322039.2021.1885195
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
Otoritas Jasa Keuangan. (2022). Statistik Pasar Modal. https://www.ojk.go.id/id/kanal/pasar-modal/data-dan-statistik/statistik-pasar-modal/Default.aspx
Parmitasari, R. D. A., & Hasrianto. (2017). Pengaruh profitabilitas, likuiditas, leverage, dan ukuran perusahaan terhadap kebijakan dividen saham-saham yang terdaftar pada Jakarta Islamic Index (JII) periode tahun 2011-2015. Jurnal Minds: Manajemen Ide Dan Inspirasi, 4(2), 28–48. https://doi.org/https://doi.org/10.24252/minds.v4i2.4121
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
Pinto, G., & Rastogi, S. (2019). Sectoral analysis of factors influencing dividend policy: Case of an emerging financial market. Journal of Risk and Financial Management, 12(110). https://doi.org/10.3390/jrfm12030110
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
Rochmah, H. N., & Ardianto, A. (2020). Catering dividend: Dividend premium and free cash flow on dividend policy. Cogent Business and Management, 7(1). https://doi.org/10.1080/23311975.2020.1812927
Salvatori, E. G., & Robiyanto, R. (2020). Kebijakan dividen dan siklus hidup perusahaan (studi pada perusahaan manufaktur). Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 14(2), 113–122. https://doi.org/10.32812/jibeka.v14i2.185
Serly, S., & Liyanti, F. D. (2021). Analisis pengaruh karakteristik perusahaan terhadap kebijakan dividen pada perusahaan yang terdaftar di Bursa Efek Indonesia. Global Financial Accounting Journal, 05(01), 6–23.
Serly, S., & Susanti, M. (2021). Pengaruh atribut tata kelola dan karakteristik perusahaan terhadap kebijakan dividen pada perusahaan di BEI. Jurnal Ekonomi Modernisasi, 17(3), 196–215. https://doi.org/https://doi.org/10.21067/jem.v17i3.5872
Setiawan, C., & Vivien, V. (2021). Determinants of dividend policy: An empirical study of consumer goods firms in Indonesia. Journal of Asian Finance, Economics and Business, 8(6), 71–77. https://doi.org/10.13106/jafeb.2021.vol8.no6.0071
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
Sharma, R. K., & Bakshi, A. (2019). An evident prescience of determinants of dividend policy of Indian real estate companies: An empirical analysis using co-integration regression and generalised method of moments. Journal of Financial Management of Property and Construction, 24(3), 358–384. https://doi.org/10.1108/JFMPC-02-2019-0012
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, 24(1), 19–38. https://doi.org/10.1108/JFMPC-06-2018-0030
Sugiyono, S. (2018). Metode Penelitian Kuantitatif. Bandung: CV. Alfabeta.
Sulistiyo, C. D., Hartoyo, S., & Maulana, T. N. A. (2016). Pengaruh rasio keuangan dan perubahan pajak dividen terhadap dividend payout ratio perusahaan terbuka. Jurnal Keuangan Dan Perbankan, 20(1), 22–31. https://doi.org/https://doi.org/10.26905/jkdp.v20i1.145
Tahir, H., Rahman, M., & Masri, R. (2020). Do board traits influence firms’ dividend payout policy? Evidence from Malaysia. Journal of Asian Finance, Economics and Business, 7(3), 87–99. https://doi.org/10.13106/jafeb.2020.vol7.no3.87
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
Tran, Q. T. (2020). Corruption, agency costs and dividend policy: International evidence. Quarterly Review of Economics and Finance, 76, 325–334. https://doi.org/10.1016/j.qref.2019.09.010
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
Yahya, N. C., & Gan, S. S. A. (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
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
Yousaf, I., Ali, S., & Hassan, A. (2019). Effect of family control on corporate dividend policy of firms in Pakistan. Financial Innovation, 5(42). https://doi.org/10.1186/s40854-019-0158-9
Yuniningsih, Y., Taufiq, M., Wuryani, E., & Hidayat, R. (2019). Two stage least square method for prediction financial investment and dividend. Journal of Physics: Conference Series, 1175. https://doi.org/10.1088/1742-6596/1175/1/012212
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
Published
2022-11-26
How to Cite
SERLY, Serly; YUKIE, Haris.
Determinan Kebijakan Dividen di Bursa Efek Indonesia.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 11, p. 3360-3377, nov. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/91312>. Date accessed: 19 nov. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i11.p12.
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