Pengaruh atribut tata kelola dan karakteristik perusahaan terhadap kebijakan dividen pada perusahaan di BEI

Abstract

The dividend was a kind of return from portfolio investment. Firms in making dividend payment decisions are influenced by several motives. The main topic of the research was to determine the impact of corporate governance and firm characteristics on the decision of dividend policy. In here, corporate governance was focused on board characteristics consisting of board size, independent director, board meeting frequency, woman director, and audit committee size. While the firm characteristics were measured by size, profitability (ROA), and leverage. The research used companies data collected from Indonesia Stock Exchange. Companies data must available from the period 2015-2019 and resulted in 2.175 sample data. The research used the panel regression method. The result of the research proved that board size and profitability (ROA) significantly positively influenced the dividend policy. Board meeting frequency showed a positive effect on dividend per share, but no effect on dividend per asset. Otherwise, women directors and leverage reflected a significant negative effect with dividend per assets, but an insignificant effect on dividend per share. On the other hand, firm size, independent director, and audit committee size did not have any significant impact on dividend policy decisions.

Impact of Business Risk and Board of Directors Size on Dividend Policy in ASEAN-5 During the COVID-19 Pandemic

“…Therefore, if the board of directors has more members, it will be responsible for the smooth operation of the company which aims to create the implementation of good governance so that companies tend to pay higher dividends. (Serly & Susanti, 2021). This statement is in line with Kanojia & Bhatia (2022), Kumar et al ( 2023), and Reda & Khadija (2022) which state that board size has a positive effect on dividends.…”

“…The size of the board of directors is the number of members of the board of directors in a company (Serly & Susanti, 2021). The board of directors in the company plays a role in making decisions on dividend payments, if the number of board members is large, they can distribute larger dividends.…”

Determinan Kebijakan Dividen di Bursa Efek Indonesia

“…Pendistribusian dividen yang lebih tinggi merupakan indikator bagi investor bahwa perusahaan memiliki performa yang baik (Kilinçarslan, 2018). Hasil ini sejalan dengan hasil penelitian Basri (2017), Budiarso et al (2019), Singla & Samanta (2019), Dąbrowska et al (2020), dan Serly & Susanti (2021). Peningkatan profitabilitas merupakan hasil dari peningkatan pendapatan sehingga laba ditahan meningkat.…”