Faktor–faktor yang Mempengaruhi Dividend Perusahaan Sektor Manufaktur yang Terdaftar di Bursa Efek Indonesia dan Bursa Malaysia
Abstract
This study aims to investigate the determinants of firms dividend payout ratio, such as life cycle stage, independent non-executive director, risk, firm size, market-to-book ratio, cash to total asset, and leverage of manufacturing sector companies listed in the Indonesia Stock Exchange and Malaysia Stock Exchange in 2014-2018. This study uses the quantitative approach and multiple linear regression to analyze the data. The object of this research are 295 year observations in Indonesia Stock Exchange and 600 year observations in Malaysia Stock Exchange. The Independent variables used in this study are life cycle stage and independent non-executive directors. While the control variables are risk, firm size, market-to-book ratio, cash to total asset and leverage. The study finds that in manufacturing sector companies listed in the Indonesia Stock Exchange, life cycle stage, independent non-executive director, firm size and market-to-book ratio affect dividend payout ratio positively. On the other hand, leverage affect dividend payout ratio negatively. While risk and cash to total asset has no significant effect on dividend payout ratio. Meanwhile in manufacturing sector companies listed in the Malaysia Stock Exchange, the study finds that life cycle stage, independent non-executive director, firm size, market-to-book ratio and cash to asset affect dividend payout ratio positively. While risk and leverage affect dividend payout ratio negatively.
Keywords: dividend policy, life cycle stage, independent non-executive director
Downloads
References
Al Shabibi & Ramesh. 2011. “An Empirical Study on the Determinants of Dividend Policy in the UK .” International Research Journal of Finance and Economics, 80, 105-120
C. Arko, A., Abor, J., KD Adjasi, C., & Amidu, M. (2014). What influence dividend decisions of firms in Sub- Saharan African?. Journal of Accounting in Emerging Economies, 4(1), 57-78.
Gunawan, K. E., Murhadi, W. R., & Herlambang, A. (2019). The effect of good corporate governance on dividend policy. Proceedings. International Symposium on Management XVI.
Hashim, H. A., & Amrah, M. (2016). Corporate governance mechanisms and cost of debt: Evidence of family and non-family firms in Oman. Managerial Auditing Journal, 31(3), 314-336.
Hauser, R., & Thornton Jr, J. H. (2017). Dividend policy and corporate valuation. Managerial Finance, 43(6), 663-678.
Irawati, Susan. 2006. Manajemen Keuangan. Bandung: Pustaka.
Murhadi, W. R., & Liliana, I. W. (2011). Studi pengaruh good corporate governance, analyst coverage, dan tahapan daur hidup terhadap kebijakan deviden. Manajemen & Bisnis, 10(1), 111-126.
Sartono, A. 2010. Manajemen Keuangan ”Teori dan Aplikasi”. Edisi Keempat. Yogyakarta: BPFE
Suharli, M, 2007, “Pengaruh Profitability dan Investment Opportunity Set terhadap Kebijakan Dividen Tunai dengan Likuiditas sebagai Variabel Penguat (Studi pada Perusahaan yang Terdaftar di Bursa Efek Jakarta Periode 2002-2004)”. Jurnal Akuntansi dan Keuangan, 9(1), 9-17
Yarram, S. R., & Dollery, B. (2015). Corporate governance and financial policies: influence of board characteristics on the dividend policy of Australian firms. Managerial Finance, 41(3), 267-285.
This work is licensed under a Creative Commons Attribution 4.0 International License.
The journal allow the authors to hold the copyright without restrictions and allow the authors to retain publishing rights without restrictions.