Ownership and Identities of the Largest Shareholders and Dividend Policy: Evidence From Vietnam

This study investigates the relationship between the level of shareholdings and identities of the largest shareholders, and cash dividend policy. The study is conducted with a sample of 180 firms listed on Vietnam stock exchange markets from 2009 to 2013. The fixed effect model is employed to analyze the balanced panel data. The results show that the higher the level of holdings by the largest shareholders, the lower the dividend payout. Moreover, companies with the State and Foreign investors as the largest shareholders have higher dividend payout ratio than companies with local investors and managers as the largest shareholders. The study also finds that companies tend to pay higher dividends when profits decrease or growth opportunities increase.

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PENGARUH PROFITABILITAS TERHADAP KEBIJAKAN DIVIDEN DENGAN ANALISA DATA PANEL PADA MULTI-BISNIS DI BURSA EFEK INDONESIA PERIODE 2007-2017

Jurnal Apresiasi Ekonomi ◽

10.31846/jae.v8i1.261 ◽

2020 ◽

Vol 8 (1) ◽

pp. 15-27

Author(s):

Jan Horas Veryady Purba

Keyword(s):

Panel Data ◽

Dividend Policy ◽

Stock Exchange ◽

Panel Data Analysis ◽

Random Effect ◽

Random Effect Model ◽

Fixed Effect Model ◽

Fixed Effect ◽

Dividend Payout ◽

Effect Model

The issue of dividends is very important to show the prospects for the company's growth in the future, and also important in the company's capital structure. Dividend policy can be influenced by profitability and other variables. In this study, profitability is chosen due to its role as main indicator that shows the company's capacity to pay dividends. This study aims to analyze the effect of profitability on dividend policy. The study population is a company listed on the Indonesia Stock Exchange. Purposively selected eight companies that have a good liquidity category. Data for each company is taken from 2007 to 2017. With this data structure, the analysis used is panel data regression analysis. Panel data analysis models include the Common Effect Model (CEM) Fixed Effect Model (FEM) and Random Effect Model (REM). The best model was tested with the Chow test and Hausman Test and obtained The Fixed Effect Model. Dividend policy is measured by the variable dividend payout ratio. The findings in this study conclude that the dividend policy (Dividend Payout Ratio) is influenced by ROE, EPS and NPM, where these independent variables have a positive and significant influence on DPR.

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Return on Equity as the Leading Indicator of Dividend Payout Ratio of Jakarta Islamic Index Stocks Listed on the Indonesia Stock Exchange

Dinasti International Journal of Management Science ◽

10.31933/dijms.v1i3.96 ◽

2020 ◽

Vol 1 (3) ◽

pp. 319-330

Author(s):

Endi Trimawan Budianto ◽

Eka Bertuah Eka Bertuah

Keyword(s):

Stock Price ◽

Dividend Policy ◽

Stock Exchange ◽

Cash Dividend ◽

Dividend Payout ◽

Return On Equity ◽

Company Stock ◽

Financial Condition ◽

Main Indicator ◽

Retained Earnings

Dividend policy is a critical and imperative decision because it involves the shareholders interest’s and has a significant impact to company's sustainability. Sartono (2010) states that dividend policy is a decision whether the profits obtained by the company will be distributed to shareholders as dividend or will be held in the form of retained earnings for future investment.Brigham and Gapenski (2006) state that investor’s main purpose when investing their fund is to gain income or return either as dividend yield or as capital gain. On the other side, the company who will share the dividend will be faced with various consideration: the urge to retain some profit for a more promising re-investment, the company funding, company liquidity, shareholder’s characteristic, specific target related to dividend payment ratio, and other factors related to dividend policy.Based on the definition mentioned above, it can be concluded that dividend policy is influenced by two conflicting interests; the shareholders interest with their dividend and the company interest to do re-investment by retaining the profit. Therefore, dividends paid will depend on each company’s considerations.In general, the shareholders wish to have a relatively stable dividend share to minimize the uncertainty of expected investment result and to increase the shareholder’s trust toward the company so that the stock value will rise. The company dividend policy can be reflected by the Dividend Payout Ratio (DPR), which is the profit percentage shared in the form of cash dividend. It means that the size of the DPR, either big or small, will affect the shareholder’s decision and to the contrary it will also affect the company financial condition. Improper decisions will potentially envisage company facing funding difficulties in the future.According to Brigham and Gapenski (2006), the optimum dividend policy is the dividend policy which creating balance between the current dividend and its growth in the future so the company stock price can be maximized.Lintner (1956) argue that the company ability to gain profit is the main indicator of the company ability to pay dividend. So, the profitability is the most determining factor toward dividend. But some other research mention that the companies tend to choose new investment instead of paying high dividend if their condition are great, well-developed and have high profitability.The rapid growth of Islamic Finance become the first-rate consideration of choosing Jakarta Islamic Index stocks as the object research in which this research aimed to improve investor’s understanding related to dividend policy of sharia stocks member of Jakarta Islamic Index.

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IMPACT OF DIVIDEND PAYOUT ON FIRM’S PERFORMANCE UNDER LOW GROWTH OPPORTUNITIES

Humanities & Social Sciences Reviews ◽

10.18510/hssr.2021.93114 ◽

2021 ◽

Vol 9 (3) ◽

pp. 1156-1165

Author(s):

Taymoor Ali ◽

Muhammad Kashif Khurshid ◽

Adnan Ali Chaudhary

Keyword(s):

Stock Exchange ◽

Manufacturing Sector ◽

Secondary Data ◽

Financial Statements ◽

Manufacturing Firms ◽

Growth Opportunities ◽

Dividend Payout ◽

Relationship Of ◽

The Relationship

Purpose of the study: The objective of the study was to investigate the relationship of the dividend payout on a firm's performance under low growth opportunities from the manufacturing sector of Pakistan. Methodology: A sample of 251 firms out of 378 manufacturing firms listed at the Pakistan Stock Exchange (PSX), have been carefully chosen for the era of ten years from 2006 to 2015. The secondary data was obtained from the firm’s web financials and analysis of financial statements, published by the statistics department of the State Bank of Pakistan. For the persistence of investigation panel data (fixed effect) analyses were employed in this study. Main Findings: The fallouts of the analysis revealed that the dividend payout ratio has an insignificant relationship with the firm's performance in the low growth perspectives of the study. Applications of this study: The findings of the study are helpful for the financial managers of the firms facing low growth opportunities. Furthermore, the investors in capital markets can use the findings of this while investing. The originality of this study: The study focussed on the role of low growth opportunities while studying the nexus of dividend pay-out and the firm’s financial performance which inherits the novelty and originality of the study.

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HUBUNGAN PROFITABILITAS DAN DIVIDEN TUNAI DENGAN ICECUKUPAN KAS DAN LIKUIDITAS SEBAGAI MODERATING VARIABLE

Media Riset Akuntansi Auditing & Informasi ◽

10.25105/mraai.v7i2.765 ◽

2007 ◽

Vol 7 (2) ◽

pp. 141

Author(s):

Megawati Olctorina ◽

Michell Suharti

Keyword(s):

Dividend Policy ◽

Stock Exchange ◽

The Other ◽

Cash Dividend ◽

Continuous Growth ◽

Return On Equity ◽

Other Hand ◽

Dividend Distribution ◽

The Relationship ◽

A Company

The objective of this research is to determine the relationship between profitability and the amount of cash dividend policy. However this research examines the influences of cash adequate and liquidity (current ratio)toward the relationship between profitability and cash dividend policy. We call the influence as moderating variables. In general, investors have primarily objective that is to increase their wealth by return as dividend or capital gain. On the other hand, the companyexpects continuous growth and its going concern, also increase its stockholder's wealth. Factor that predicted influencing dividend distribution amount in this research are focused on profitability. Thus, profitabiNy influences cash dividend policy in a company. However cash dividend should be paid only when a company has adequate cash and good liquidity ratio. This research examines financial statement of several companies are listed at Jakarta Stock Exchange for period ended December 31, 2000 until December 31, 2003. Data is collected from Jakarta Stock Exchange and Indonesia Capital Market Directory 2004. This research uses statistical software TViews version 4,1 ''. The result is cash adequate and liquidity moderate relationship between return on investment and cash dividen policy. On the other hand, return on equity has not significant relationship with cash dividend PolicyKeyword : profitability, cash dividend, cash adequate, liquidity

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The Factors Affecting Dividend Policy: Empirical Study from Pharmaceutical’s Companies in Pakistan (PSX)

European Journal of Business Management and Research ◽

10.24018/ejbmr.2020.5.5.464 ◽

2020 ◽

Vol 5 (5) ◽

Author(s):

Sajida Gul ◽

Irfan Ullah ◽

Hina Gul ◽

Shahid Rasheed

Keyword(s):

Dividend Policy ◽

Stock Exchange ◽

Sampling Technique ◽

Fixed Effect Model ◽

Population Based ◽

Free Cash Flow ◽

Panel Var ◽

Factors Affecting ◽

Future Performance ◽

Effect Model

The existing study intends to measure those factors that affect dividend policy by considering pharmasuitacal’s companies registered on PSX from 2013 to 2017. Population based on all sectors of Pakistan Stock Exchange (PSX) in which pharmaceutical’s companies taken as a sample by using census sampling technique because all companies of pharmaceutical sector were considered. Panel VAR model, fixed effect model (FAM) and also used a regression model to define the influence of IV on DV. The results revealed that has a significant effect of managerial ownership, debt policy, ROA, firm size and free cash flow on dividend policy. The findings of this study demonstrated that the company’s future performance has more concern for the betterment investors than current revenue. There should be active focus on the future aspects in order to improve firm performance.

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PENGARUH PROFITABILITAS, LEVERAGE, DAN LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

JURNAL PUNDI ◽

10.31575/jp.v3i1.141 ◽

2019 ◽

Vol 3 (1) ◽

Author(s):

Kasnita Bawamenewi ◽

Afriyeni Afriyeni

Keyword(s):

Panel Data ◽

Stock Exchange ◽

Manufacturing Sector ◽

Fixed Effect Model ◽

Fixed Effect ◽

Current Ratio ◽

Dividend Payout ◽

Return On Equity ◽

Effect Model ◽

Equity Ratio

The purpose of this research is to test the influence of Profitability variable by using Return On Equity (ROE), Leverage by using Debt to Equity Ratio (DER), and Liquidity variabel by using Current Ratio (CR), to the Dividend Payout Ratio (DPR) on manufacturing sector company are listed in Indonesian Stock Exchange in 2013-2017 periods. In this research the data used was obtained from the official IDX website. This research was included in the explanatory research using quantitative approach. Data analysis method used is regression analysis in panel data with the help of application E-Views8. Panel data regression estimatedr using Fixed Effect Model (FEM).The result showed that the profitability has a negative and significant effect on Dividend Payout Ratio, Leverage has a negative and hasn’t significant effect on Dividend Payout Ratio, while Liquidity has a positive and hasn’t significant effect on Dividend Payout Ratio.Keywords: Dividend Payout Ratio,Profitability, Leverage, LiquidityTujuan dari penelitian ini adalah untuk menguji pengaruh variabel Profitabilitas dengan menggunakan Return On Equity (ROE), Leverage dengan menggunakan Debt to Equity Ratio (DER), dan variabel likuiditas dengan menggunakan Current Ratio (CR), terhadap Kebijakan Deviden ( DPR) pada perusahaan sektor manufaktur yang terdaftar di Bursa Efek Indonesia pada periode 2013-2017. Dalam penelitian ini data yang digunakan diperoleh dari situs web resmi BEI. Penelitian ini termasuk dalam penelitian penjelasan dengan menggunakan pendekatan kuantitatif. Metode analisis data yang digunakan adalah analisis regresi data panel dengan bantuan aplikasi E-Views . Data panel regresi menggunakan Fixed Effect Model (FEM). Hasil penelitian menunjukkan bahwa profitabilitas berpengaruh negatif dan signifikan terhadap Kebijakan Deviden, leverage berpengaruh negatif dan tidak signifikan terhadap Kebijakan Deviden, sedangkan likuiditas berpengaruh positif dan tidak signifikan terhadap Kebijakan Deviden.Kata Kunci : Kebijakan Dividen, Profitabilitas, Leverage, Likuiditas

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FAMILY CONTROL, INSTITUTIONAL OWNERSHIP, AND DIVIDEND POLICY OF MANUFACTURING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE

Jurnal Reviu Akuntansi dan Keuangan ◽

10.22219/jrak.v9i1.8293 ◽

2019 ◽

Vol 9 (1) ◽

pp. 97

Author(s):

Muhammad Madyan ◽

Harlina Meidiaswati ◽

Nugroho Sasikirono ◽

Muhammad Hadyan Herlambang

Keyword(s):

Dividend Policy ◽

Stock Exchange ◽

Manufacturing Sector ◽

Institutional Ownership ◽

Family Ownership ◽

Manufacturing Companies ◽

Dividend Payout ◽

Family Control ◽

The Relationship ◽

Positive Effect

This study is conducted to examine the effect of family share ownership on the dividend policy of manufacturing companies in the Indonesia Stock Exchange (IDX). In this study, we also examine the moderating effect of institutional ownership on the relationship between family ownership and dividend policy. The number of observations 137 firm-years, consisting of family companies in the manufacturing sector listed on the IDX in the period 2013-2016. The test results show that family ownership has a positive effect on the dividend payout ratio. Research also shows that institutional ownership weakens the relationship between family ownership and dividend payout ratio.

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THE EFFECT OF CURRENT RATIO, AND GROWTH ASSETS ON DIVIDEND POLICY

EPRA International Journal of Multidisciplinary Research (IJMR) ◽

10.36713/epra4030 ◽

2020 ◽

pp. 133-141

Author(s):

Garin Pratiwi Solihati,S

Keyword(s):

Real Estate ◽

Quantitative Research ◽

Dividend Policy ◽

Stock Exchange ◽

Sample Selection ◽

Current Ratio ◽

Dividend Payout ◽

Independent Variables ◽

Asset Growth ◽

The Relationship

This study aims to determine and analyze the effect of the current ratio and growth assets on dividend policy partially and simultaneously. By testing the independent variables one by one dependent and jointly testing all independent variables. This type of research used quantitative research. The objects of this study are all Property, Real Estate and Buillding companies listed on the Indonesia Stock Exchange (IDX) in the 2015-2017 period. This research was conducted on 19 companies, the sample selection method used was purposive sampling method. The data analysis method used in this study is multiple linear regression, which is an analysis of the relationship between one dependent variable with two or more independent variables. The results of this study indicate that partially and simultaneously the Current Ratio has a positive and significant effect on Dividend Payout Ratio, and Growth Asset has a negative and not significant effect on Dividend Payout Ratio. KEYWORDS : Current Ratio, Asset Growth, Dividend, Property company, Real Estate dan Buillding

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Dividend Policy of Indonesian State-Owned Enterprises

Telaah Bisnis ◽

10.35917/tb.v18i1.92 ◽

2018 ◽

Vol 18 (1) ◽

Author(s):

Wahyuni Rusliyana Sari

Keyword(s):

Firm Size ◽

Ownership Structure ◽

Dividend Policy ◽

Stock Exchange ◽

Business Risk ◽

Financial Leverage ◽

Growth Opportunities ◽

Global Crisis ◽

Dividend Payout ◽

The Impact

Abstract The purpose of this research is to identify the factors that influence the dividend policy. The model considered the impact of ownership structure, firm size, growth opportunities, financial leverage, profitability, business risk, age, previous year’s dividends, and global crisis 2008 on dividend payout ratio. Sample in this research is state-owned enterprises listed in Indonesian Stock Exchange between the years from 2004-2013. With using purposive sampling, the total of the sample in this research is 8 state-owned companies. The methodology of this research was multiple regression linier. The result of this research find that firm size, previous year’s dividends, and global crisis 2008 significant to dividend payout ratio. Ownership structure, growth opportunities, financial leverage, profitability, business risk, and age do not have significant to dividend payout ratio. This result indicates that the companies management has to consider firm size, previous year’s dividends, and global crisis 2008 in dividend payout ratio.

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DIVIDEND PAYOUT RATIO DAN FAKTOR YANG MEMPENGARUHINYA PADA PERUSAHAAN MAKANAN DAN MINUMAN DI BURSA EFEK INDONESIA

Media Bisnis ◽

10.34208/mb.v12i2.916 ◽

2021 ◽

Vol 12 (2) ◽

pp. 119-126

Author(s):

TITA DEITIANA ◽

STEVEN YAP ◽

ERSANIA ERSANIA

Keyword(s):

Stock Exchange ◽

Fixed Effect Model ◽

Sample Collection ◽

Dividend Payout ◽

Regression Methods ◽

Effect Model ◽

Panel Data Regression ◽

Data Regression ◽

Food And Beverage ◽

Equity Ratio

This study aims to examine the factors that affect the Dividend Payout Ratio in food and beverage companies listed on the Indonesia Stock Exchange for the period 2011-2018. The research method used is purposive sampling in the sample collection technique, there are 7 companies that meet the criteria. In this study, it was analyzed using descriptive statistics and panel data regression methods with a fixed effect model to test the hypothesis. This research is processed using eviews 9 software. The results of this study Return on Asset, Current Ratio, Collateralized Asset do not have an influence on the Dividend Payout Ratio, but Debt To Equity Ratio, Firm Size have an influence on the Dividend Payout Ratio.

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