Dividend policy and stock liquidity: Lessons from Central and Eastern Europe

Stereńczak, Szymon; Kubiak, Jarosław

doi:10.1016/j.ribaf.2022.101727

Cited by 22 publications

(14 citation statements)

References 84 publications

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“…Dalam kondisi ekonomi makro, investor perlu memperhatikan perubahan nilai tukar Rupiah terhadap Dollar karena berdampak besar terhadap kinerja perusahaan. Setiap perubahan nilai tukar akan mempengaruhi besar kecilnya dividend payout ratio yang akan diperoleh pemegang saham (Stereńczak & Kubiak, 2022).…”

Section: Pembahasanunclassified

Determinan Kebijakan Dividen: Studi Perusahaan Lq45 Di Bei

Kusuma,

Haunan Damar,

Foza Hadyu Hasanatina

2023

JIMMU

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Pandemi virus Covid-19 yang terjadi pada tahun 2020 membuat perekonomian terpuruk tak terkecuali untuk perusahaan yang tergabung dalam indeks LQ45 yang dianggap memiliki likuiditas yang baik. Penelitian ini bertujuan untuk mengidentifikasi faktor-faktor yang mempengaruhi perilaku kebijakan dividen pada perusahaan LQ45 ditengah kondisi ketidakpastian ekonomi pada saat itu. Menggunakan teknik purposive sampling dalam pemilihan sampel sehingga diperoleh 11 perusahaan sampel yang sesuai. Proses analisis data dilakukan dengan metode kuantitatif menggunakan regresi data panel. Hasil penelitian menunjukkan bahwa debt ratio, firm size, dan exchange rate berpengaruh signifikan, sedangkan cash flow dan profitabilitas tidak berpengaruh signifikan terhadap dividend payout ratio. Hal ini menunjukkan bahwa beberapa perusahaan memilih mengalokasikan laba untuk usaha berkelanjutan mulai dari efisiensi hingga restrukturisasi modal pada saat pandemi yang ditunjukkan dari pengurangan porsi rasio pembayaran dividen. Kata kunci: kebijakan dividen; payout ratio; pandemi; LQ45 The Covid-19 virus pandemic that occurred in 2020 brought the economy down, including companies included in the LQ45 index which are considered to have good liquidity. This study aims to identify the factors that influence the behaviour of dividend policy in LQ45 companies amid conditions of economic uncertainty at that time. Using a purposive sampling technique in selecting the sample to obtain 11 appropriate sample companies. The data analysis process was carried out using quantitative methods using panel data regression. The results showed that the debt ratio, firm size, and the exchange rate had a significant effect, while cash flow and profitability had no significant effect on the dividend payout ratio. This shows that several companies chose to allocate profits for sustainable businesses ranging from efficiency to capital restructuring during the pandemic as shown by the reduction in the portion of the dividend payout ratio. Keywords: dividend policy; payout ratio; pandemic; LQ45

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Section: Pembahasanunclassified

Determinan Kebijakan Dividen: Studi Perusahaan Lq45 Di Bei

Kusuma,

Haunan Damar,

Foza Hadyu Hasanatina

2023

JIMMU

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“…Dividend policy is a company's decision about how much profit earned will be distributed to shareholders as dividends or even prefer to hold these profits as retained earnings of the company. Dividends are the rate of return or the level of profit expected by shareholders who invest their funds in a company (Hussain & Akbar, 2022;Stereńczak & Kubiak, 2022).…”

Section: Dividend Policymentioning

confidence: 99%

“…Dividend policy is essentially a decision in determining the proportion of profits to be distributed to shareholders and which will be retained as part of retained earnings (Stereńczak & Kubiak, 2022). Dividend policies in companies are very much considered by investors (Hussain & Akbar, 2022).…”

Section: Introductionmentioning

confidence: 99%

Importance of Liquidity Indicators in Intervening the Dividend Policy

Sunaryo

2022

ijtc

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This study aims to determine the effect of managerial ownership, institutional ownership and investment decisions on dividend policy with liquidity as an intervening variable in LQ45 companies listed on the Indonesia Stock Exchange (IDX) for the period 2018-2021. This study uses the causal associative method. This population is 45 companies using purposive sampling method . This research was conducted in LQ45 companies listed on the Indonesia Stock Exchange (IDX) for the period 2018-2021. The type of data used in this study is secondary data and analyzed using SPSS 25. The analysis technique in this study uses regression analysis and path analysis.The results of the analysis show that managerial ownership, institutional ownership and investment decisions partially affect dividend policy. Indirectly, liquidity can intervene in managerial ownership and also institutional ownership on dividend policy, while liquidity cannot intervene in investment decisions on dividend policy.

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“…Additionally, SL enables firms to attract more investments, raise their funds by issuing new stocks, and diminish their capital costs (Al-Jaifi, 2017; Khan et al, 2022). Prior studies proved the implications of SL in many aspects such as firms' dividends (e.g., Michaely and Qian, 2022;Stereńczak and Kubiak, 2022), cash holdings (e.g., Nyborg and Wang, 2021;Im et al, 2022), firm's value (e.g., Jawed and Kotha, 2022;Shamsic et al, 2022), capital structure (e.g., Dang et al, 2019;Dutta et al, 2022), corporate diversification (e.g., Gu et al, 2018), cost of capital (e.g., Amihud et al, 2015;Rahman and Rajib, 2018), and firms' performance (e.g., Boloupremo, 2020;Chabachib et al, 2020). As a consequence, SL is a crucial area of interest whether in the field of stock markets or the field of firms.…”

Section: Introductionmentioning

confidence: 99%

How Does Gender Diversity Moderate the Relationship between Income Smoothing and Stock Liquidity? Evidence from Egypt

Elsayed

Srour

Elsayed

2023

المجلة العلمیة للدراسات والبحوث المالیة والتجاریة

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Purpose -The study seeks to examine the impact of income smoothing (IS) on stock liquidity (SL). Further, it investigates the moderating impact of gender diversity (GD) which is represented by board gender diversity (BGD), and audit committee gender diversity (ACGD) in this relationship.Design/methodology/approach -The study relies on a quantitative research method to assess the impact of IS on SL and then the moderating impact of GD in (62) Egyptian firms from 2018 to 2021. Panel Data regression analysis and the Kruskal-Wallis's test are run to test the hypotheses. Findings -The results conclude a significant negative impact of IS on SL. Moreover, this relationship is enhanced by GD where BGD and BGD×ACGD weakens the negative impact of IS on SL. Also, the study demonstrates significant differences among Egyptian Stock Exchange (ESE) sectors regarding IS, besides, there are insignificant differences regarding SL.Originality/value -This study expands the extant literature by providing novel empirical evidence about the moderating impact of GD on the IS-SL relationship. The study is in line with the growing universal interest in increasing females' participation in boardrooms. Also, the focus of this study is Egypt which has cultural practices and traditional customs toward women. Moreover, the study supports the decisions of regulatory bodies in Egypt to raise the participation of women.

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Dividend policy and stock liquidity: Lessons from Central and Eastern Europe

Cited by 22 publications

References 84 publications

Determinan Kebijakan Dividen: Studi Perusahaan Lq45 Di Bei

Determinan Kebijakan Dividen: Studi Perusahaan Lq45 Di Bei

Importance of Liquidity Indicators in Intervening the Dividend Policy

How Does Gender Diversity Moderate the Relationship between Income Smoothing and Stock Liquidity? Evidence from Egypt

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