Analisis Pengaruh Karakteristik Perusahaan terhadap Kebijakan Dividen pada Perusahaan yang Terdaftar di Bursa Efek Indonesia

Abstract

Dividend payout ratio is an important thing in the company. Investors can use the dividend payout ratio as a basis for making investment decisions. The purpose of this study is to examine whether the impact of firm size, leverage, profitability, firm age, growth, cash holding, and cash flow volatility on dividend payout ratio on the firms listed in Indonesia Stock Exchange (IDX) from 2015 to 2019. The sample of this study consist of 460 firms from 688 firms listed in IDX from 2015 to 2019. The sampling method in this study was purposive sampling. The total sample is 2,300 observational data and 151 outlier data, after reducing the outlier data, the observational data becomes 2,149 data. The results of this study show that company age has a significant positive impact on the dividend payout ratio, while company size, leverage, profitability, growth, cash holdings and cash flow fluctuations have no effect on the dividend payout ratio. The results of the regression model test show that the ability of all independent variables can explain 62.318% of the dividend policy, while 37,682% is explained by other variables not included in the research model.

How the ownership structure and firm size effect on intellectual capital disclosure?

“…Therefore, it is expected that foreign investors will demand more voluntary disclosures, including intellectual capital disclosures. However, the results of this study are in line with Serly's (2018), research which states that foreign ownership does not have a significant positive effect on company voluntary disclosures.…”

“…The presence of these institutional shareholders in a company is considered to be able to control every strategic decision and action taken by company managers effectively. However, the results of this study support the results of research by Serly (2018); Suyono (2019); Ulfah et al (2021), who also obtained institutional ownership results that had no effect on intellectual capital disclosure. Companies that have a percentage of 0% institutional ownership, such as PT Bank Mestika Dharma Tbk in 2018 and 2019 have an intellectual capital disclosure score of 26 out of a total cumulative score of 67.…”

“…Research by Ulfah et al (2021), obtained the result that foreign ownership has a negative effect on intellectual capital disclosure. Meanwhile, Serly's (2018), research explains that the variable foreign ownership has no significant relationship to voluntary disclosures by companies.…”

Determinan Kebijakan Dividen di Bursa Efek Indonesia

“…Arus kas bebas, ukuran perusahaan, solvabilitas, dan likuiditas juga ditemukan tidak memengaruhi kebijakan dividen oleh Le et al (2019). Yeo (2018), Dewasiri et al (2019), Nyere & Wesson (2019), Serly & Liyanti (2021) dan beberapa penelitian lain juga menunjukkan hasil yang tidak signifikan.…”

“…Hasil ini membuktikan bahwa solvabilitas bukan merupakan indikasi utama perusahaan dalam membagikan dividen. Hal ini dikarenakan selain mempertimbangkan kepentingan debtholder, perusahaan juga harus mempertimbangkan kepentingan para investor (Serly & Liyanti, 2021). Hasil ini sejalan dengan studi Sulistiyo et al (2016), Thakur & Kannadhasan (2018), Singla & Samanta (2019), Yousaf et al (2019), dan Tahir et al (2020).…”