PENGARUH GOOD CORPORATE GOVERNANCE(GCG) TERHADAP KEBIJAKAN DIVIDEN PADA SAHAM PERUSAHAAN SEKTOR NON-KEUANGAN YANG TERDAFTAR DI BEI PERIODE 2012-2016
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Keywords:
Dividend policy, agency theory, signaling theory, Good Corporate Governance
Abstract
This study aims to investigate the determinants of corporate dividend policy such as GCG Index, firm size, profitability, leverage, firm growth and free cash flow of companies’ listed in the Indonesian Stock Exchange. This Study uses the quantitative approach and multiple linear reggresion to analyze the data. The target populations of this study are all non-financial companies registered in Indonesia Stock Exchange in 2012-2016 which are equal to 1550 observations. The dependent variable used in this study is corporate dividend policy that measured by using dividend payout ratio.
The study finds that firm size, profitability and Leverage affect dividend payout ratio negatively. On the other hand, GCG Index, Firm Growth and Free Cash Flow affect dividend payout ratio positively.
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References
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Abor Joshua, Anastacia C. Arko, Charles K.D. Adjasi, Mohammed Amidu, 2014, "What influence dividend decisions of firms in Sub-Saharan African?", Journal of Accounting in Emerging Economies, Vol. 4 Issue: 1, pp.57-78.
Adjaoud, Fodil & Benamar, Walid., 2010, Corporate Governance And Dividend Policy: Shareholder;s Protection Or Expropriation?, Journal Of Business Finance & Accounting, Vol. 37 No. 5 & No. 6, pp. 648-667.
Amidu, M., 2007, How Does Dividend Policy Affect Performance of the Firm on Ghana Stock Exchange?, Investment Management and Financial Innovations, Vol. 4.
Bae, Kee-Hong, Jae-Seung Baek, Jun-Koo Kang, Wei-Lin Liu, 2012, Do Contrroling Shareholders' Expropriation Incentives Imply a Link Between Corporate Governance and Firm Value? Theory and Evidence, Journal of financial Economics 105, pp. 412– 435.
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Jensen, M. C and Meckling, W.H., 1976, Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, Oktober, 1976, V. 3, No. 4, pp. 305-360.
Jensen, Michael C, 1986, Agency Cost of Free cash Flow, Corporate Finance, and Takeovers, American Economic Review 76 (2), 323-329.
Kep-I 77/M-MBU/2002, 2002, Keputusan menteri Badan Usaha Milik Negara tentang penerapan praktek Good Corporate Governance pada Badan Usaha Milik Negara, Jakarta: Menteri BUMN.
Komite Nasional Kebijakan Good Corporate Governance (KNKG), 2006, Pedoman Umum Good Corporate Governance (GCG).
La Porta, R., Shleifer, A. and Vishhny, R.W., 2000, Agency Problems and Dividend Policy Arround the World. The Journal Finance, Vol. 55 No.1, pp. 1-33.
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Shleifer, A. and Vishny, R.W., 1997, A survey of Corporate Governance, The Journal of Finance, Vol. 52, No. 2, pp. 737-783.
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White et al. 2003, The Analysis and Use of Financial Statements. Mc Graw-Hill.
Yarram, S.R., 2015, Corporate Governance Ratings and The Dividend Payout Decisions of Australian Corporate Firms, International Journal of Managerial Finance, Vol. 11, Iss 2 pp. 162 – 178.
YPPMI Institut dan FCGI, 2002, Good Corporate Governance dalam Konsep dan Implementasi Perusahaan Publik dan Korporasi Indonesia, YPPMI Sinergy Comunication
www.bpkp.go.id/dan/konten/299/Good-Corporate.bpkp diakses tanggal 18 Maret 2017
www.digilib.ubaya.ac.id diakses pada 20 Oktober 2017
www.idx.co.id diakses pada 5 September 2017
www.iicg.org/ diakses tanggal 25 Maret 2017
Abor Joshua, Anastacia C. Arko, Charles K.D. Adjasi, Mohammed Amidu, 2014, "What influence dividend decisions of firms in Sub-Saharan African?", Journal of Accounting in Emerging Economies, Vol. 4 Issue: 1, pp.57-78.
Adjaoud, Fodil & Benamar, Walid., 2010, Corporate Governance And Dividend Policy: Shareholder;s Protection Or Expropriation?, Journal Of Business Finance & Accounting, Vol. 37 No. 5 & No. 6, pp. 648-667.
Amidu, M., 2007, How Does Dividend Policy Affect Performance of the Firm on Ghana Stock Exchange?, Investment Management and Financial Innovations, Vol. 4.
Bae, Kee-Hong, Jae-Seung Baek, Jun-Koo Kang, Wei-Lin Liu, 2012, Do Contrroling Shareholders' Expropriation Incentives Imply a Link Between Corporate Governance and Firm Value? Theory and Evidence, Journal of financial Economics 105, pp. 412– 435.
Benjamin, S.J., and Zain, M.M., 2015, Corporate Governance and Dividends Payout: Are they substitues or complementary?, Journal of Asia Business Studies, Vol. 9 Iss 2 pp. 177-194.
Berenson, Mark L et.al, 2012, Basic Business Statistics Concept and Aplication 12th Edition : Prentice Hall
DeAngelo, H., L. DeAngelo dan D.J. Skinner, 2002, Are Dividend Disappearing? Dividend Concentration and the Consolidation of Earning, Working Paper, Code No. 02-9, USC Finance and Business Economics, USC Marshall School of Business.
Fama, E. F., & Jensen, M. C., 1983, Agency Problems and Residual Claims. Journal of Law and Economics, Vol.26, No.2.
FCGI, 2001, Peranan Dewan Komisaris dan Komite Audit dalam Pelaksanaan corporate governance (Tata Kelola Perusahaan), Jilid II, FCGI, Edisi ke-2.
Grossman, S. J., & Hart, O. D. (1980). Takeover Bids, The Free-Rider Problem, and The Theory of The Corporation. Bell Journal of Economics, 42-54.
Hussein, A.S and Byung-Seong, M., 2016, Corporate Governance and Dividend Strategy: Lessons from Australia. International Journal of Managerial Finance, Vol.12 Iss 5 pp 583-610.
Jensen, M. C and Meckling, W.H., 1976, Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, Oktober, 1976, V. 3, No. 4, pp. 305-360.
Jensen, Michael C, 1986, Agency Cost of Free cash Flow, Corporate Finance, and Takeovers, American Economic Review 76 (2), 323-329.
Kep-I 77/M-MBU/2002, 2002, Keputusan menteri Badan Usaha Milik Negara tentang penerapan praktek Good Corporate Governance pada Badan Usaha Milik Negara, Jakarta: Menteri BUMN.
Komite Nasional Kebijakan Good Corporate Governance (KNKG), 2006, Pedoman Umum Good Corporate Governance (GCG).
La Porta, R., Shleifer, A. and Vishhny, R.W., 2000, Agency Problems and Dividend Policy Arround the World. The Journal Finance, Vol. 55 No.1, pp. 1-33.
Mitton, T., 2004, Corporate Governance and Dividend Policy in Emerging Markets. Emerging Markets Review, 5(4), 409-426
Murhadi, W.R., 2010, Study On Dividend Policy: Antecedent and Its Impact On Share Price, Disertasi, Universitas Brawijaya.
Murhadi, R,W,. dan Wijaya, I.L, 2011, Studi Pengaruh Good Corporate Governance, Analyst Coverage, dan Tahapan Daur Hidup terhadap Kebijakan Deviden, Jurnal Manajemen & Bisnis, Vol. 10 No. 1, edisi Maret 2011, hal 111-126,
Shleifer, A. and Vishny, R.W., 1997, A survey of Corporate Governance, The Journal of Finance, Vol. 52, No. 2, pp. 737-783.
Weston, J. Feed dan Thomas E. Copeland., 2010, Manajemen Keuangan, Jakarta: Binarupa Aksara.
White et al. 2003, The Analysis and Use of Financial Statements. Mc Graw-Hill.
Yarram, S.R., 2015, Corporate Governance Ratings and The Dividend Payout Decisions of Australian Corporate Firms, International Journal of Managerial Finance, Vol. 11, Iss 2 pp. 162 – 178.
YPPMI Institut dan FCGI, 2002, Good Corporate Governance dalam Konsep dan Implementasi Perusahaan Publik dan Korporasi Indonesia, YPPMI Sinergy Comunication
www.bpkp.go.id/dan/konten/299/Good-Corporate.bpkp diakses tanggal 18 Maret 2017
www.digilib.ubaya.ac.id diakses pada 20 Oktober 2017
www.idx.co.id diakses pada 5 September 2017
www.iicg.org/ diakses tanggal 25 Maret 2017
Published
2018-03-01
Section
Bidang Manajemen (M)
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