The Determinants of Dividend Policy: A Study of Financial Industry in Indonesia

Gusni, Gusni

doi:10.26905/jkdp.v21i4.1521

Cited by 20 publications

(34 citation statements)

References 36 publications

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“…Empirical relationships that have been carried out in Europe confirmed that the dividend payments have a positive and significant effect. This was found in research (Skinner & Soltes, 2009;Isakov & Weisskopf, 2015;Crane et al, 2016) Whereas for empirical studies in Indonesia, it has been carried out previous research (Taungke & Supramono, 2015;Gusni, 2017) which also confirmed the same results. Therefore, the third empirical proposition based on the TOT theory is: H3: Dividend is positively related to firm value.…”

Section: The Effect Of Dividend On Firm Valuesupporting

confidence: 80%

The Effect of Innovational Performance on Determining Firm Value: Evidence from Indonesia

Handriani

2020

JDM

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This study explores the most significant determinant of capital structure towards the value of manufacturing companies in Indonesia. Multiple regression models were used as statistical tools to investigate the most significant determinants of the firm value of manufacturing companies in Indonesia for a sample of 300 manufacturing firms listed on the Indonesia Stock Exchange. The results showed that profitability, company size, dividend, investment, and innovational performance were positively related to firm value. Debt was negatively related to firm value and dividend was an insignificant firm value determinant. Meanwhile, the influence of innovational performance variables mediating the effect of investment on firm value showed that the role of mediation innovational performance was able to increase the influence of total investment on firm value. Furthermore, empirical findings will help company managers to make decisions about the attempts to increase the firm value.

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Section: The Effect Of Dividend On Firm Valuesupporting

confidence: 80%

The Effect of Innovational Performance on Determining Firm Value: Evidence from Indonesia

Handriani

2020

JDM

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“…According to Tyastari et al (2017), the dividend policy of a company becomes a matter of great concern to investors. Increasing the dividend policy paid can be a positive signal for investors to provide a good prospect assessment of a company that will affect the interest of investors to buy shares of the company (Gusni, 2017). This will affect the increase in stock price of the company (R. .…”

Section: Discussionmentioning

confidence: 99%

“…The stock price volatility in addition to being influenced by the dividend payout ratio (DPR) of a company is also influenced by the financial performance of the company itself (Gusni, 2017). Skinner and Soltes (2009); Suharli (2007) argues that companies with good financial performance will be more attractive to investors.…”

Section: Introductionmentioning

confidence: 99%

“…Information on these paid dividends is essentially useful to investors as a basis for assessing the prospects of the company in the future (Suharli, 2007).According toTyastari et al (2017), the dividend policy of a company becomes a matter of great concern to investors. Increasing the dividend policy paid can be a positive signal for investors to provide a good prospect assessment of a company that will affect the interest of investors to buy shares of the company, this will affect the increase in stock price of the company(Gusni, 2017;Taungke & Supramono, 2015). Based on those description, then the hypothesis proposed: H 6 : Dividend Payout Ratio has a positive effect on the stock price volatilityMETHODSData and Technique of AnalysisThe type of data used in this study is in the form of secondary data.…”

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confidence: 99%

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Determinants of the Stock Price Volatility in the Indonesian Manufacturing Sector

Handayani

Muharam

Mawardi

et al. 2018

IRJBS

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This study aimed to analyze the influence of return on equity, debt to equity ratio, sales growth, firm size, cash ratio, and dividend payout ratio to stock price volatility companies listed on the Indonesia Stock Exchange in the period 2011-2015. The populations of this study are all manufacturing companies listed in Indonesia Stock Exchange (IDX) in the period 2011 to 2015. It obtained eight companies samples with technique purposive sampling method. The data analysis technique used is the regression model panel then be adjusted again by using GARCH (Generalized Autoregressive Conditional Heteroscedasticity). The results showed that the volatility of the stock price only affect without any effect ARCH-GARCH therein. Determining the best models of each prediction is based on estimated volatility GARCH (p, q). The determination of whether there is influence of the factors believed to be the determinants of stock price volatility was done by using panel data regression analysis. The results of panel data regression analysis showed that the company's stock price volatility in the research samples can be explained by 4.84% by ROE, CR, DER, DPR, company size and sales growth while the remaining 95.16% explained by other variables outside the research. Only sales growth has significant positive effect on stock price volatility. Penelitian ini bertujuan untuk menganalisis pengaruh dari Return on Equity (ROE), Debt to Equity Ratio (DER), pertumbuhan penjualan, ukuran perusahaan, Cash Ratio (CR), dan Dividend Payout Ratio (DPR) terhadap volatilitas harga saham perusahaan-perusahaan yang tercatat di Bursa Efek Indonesia selama periode tahun 2011-2015. Populasi dalam penelitian ini adalah semua perusahaan sektor manufaktur yang tercatat di Bursa Efek Indonesia (BEI) selama periode tahun 2011-2015. Dengan menggunakan metode purposive sampling diperoleh sampel sebanyak delapan perusahaan. Teknik analisis data yang dipergunakan adalah model regresi panel yang kemudian disesuaikan

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“…Hasil penelitian yang dilakukan oleh Forti et al (2015), Khan et al (2013) danMalik et al (2013)menemukan bahwa profitabilitas secara positif signifikan mempengaruhi kebijakan dividen. Namun terdapat hasil penelitian berbeda yang ditemukan oleh Gusni (2017), Kaźmierska-Jóźwiak (2015) danOsegbue et al…”

Section: Pendahuluanunclassified

Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan Dan Risiko Bisnis Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur

Mnune¹,

Purbawangsa²

2019

EJMUNUD

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ABSTRAKKebijakan dividen berkaitan dengan pengalokasian dan pendistribusian laba yang dimiliki perusahaan. Kebijakan dividen merupakan salah satu dari keputusan keuangan yang berhubungan dengan kebijakan apakah laba yang didapatkan perusahaan akan dibayarkan kepada pemegang saham dalam bentuk dividen atau ditahan guna memperkuat struktur modal. Penelitian ini mencoba menjelaskan mengenai pengaruh beberapa variabel yakni profitabilitas, leverage, ukuran perusahaan dan risiko bisnis. Sampel dalam penelitian ini adalah enam perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2013-2017. Teknik analisis data dalam penelitian ini menggunakan regresi linier berganda. Hasil penelitian menunjukkan bahwa profitabilitas secara positif signifikan mempengaruhi kebijakan dividen, leverage secara positif signifikan mempengaruhi kebijakan dividen, ukuran perusahaan tidak mempengaruhi kebijakan dividen, serta risiko bisnis secara negatif signifikan mempengaruhi kebijakan dividen. Implikasi penelitian ini diharapkan mampu memberikan pertimbangan dalam mengambil keputusan baik kepada perusahaan maupun pemegang saham terkait faktor yang mempengaruhi kebijakan dividen. ABSTRACTDividend policy is related to allocation and distribution of company profits. Dividend policy is one of the financial decisions related to the policy of whether the company's profits will be paid to shareholders as dividends or retained to strengthen the capital structure. This study aimed to examine the effect on profitability, leverage, firm size and business risk to dividend policy of the company in Indonesia Stock Exchange period 2013-2017. The sample used in this study were 6 manufacturing companies listed in Indonesia Stock Exchange from the period 2013-2017 Data analysis techniques in this study uses multiple linear regression. The results show that profitability has a positive and significant effect on dividend policy, leverage has a positive and significant effect on dividend policy, firm size has a negatif and not significant effect on dividend policy and business risk has a negatif and significant effect on dividend policy. The implications of this study are expected to give consideration in making decisions by companies and shareholders about dividend policy.

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The Determinants of Dividend Policy: A Study of Financial Industry in Indonesia

Cited by 20 publications

References 36 publications

The Effect of Innovational Performance on Determining Firm Value: Evidence from Indonesia

The Effect of Innovational Performance on Determining Firm Value: Evidence from Indonesia

Determinants of the Stock Price Volatility in the Indonesian Manufacturing Sector

Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan Dan Risiko Bisnis Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur

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