scholarly journals Pengaruh Asimetri Informasi Pada Kebijakan Dividen Dengan Investment Opportunity Set Sebagai Variabel Pemoderasi

2018 ◽  
pp. 2040
Author(s):  
Ni Putu Linda Yasmita ◽  
Anak Agung Gde Putu Widanaputra
Keyword(s):  
Information Asymmetry ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Investment Opportunity ◽  
Dividend Payout ◽  
Asymmetry Of Information ◽  
Investment Opportunity Set ◽  
Investment Opportunities ◽  
High Investment ◽  
A Company

The purpose of this study is to obtain empirical evidence of investment opportunity capability sets to moderate the influence of information asymmetry on dividend policy. This research was conducted at a manufacturing company listed on Indonesia Stock Exchange 2014-2016. Sampling method used is purposive sampling. The sample size is 30 with 72 observations. Technique Data analysis used is test of Moderated Regression Analysis (MRA). Based on the results of the analysis, it is known that the investment opportunity set is not as a moderator of the influence of information asymmetry on the dividend policy. This suggests that when firms have high investment opportunities with high levels of asymmetry, it is not necessarily that the company will pay low dividends or not share them to the shareholders, since management will manage earnings annually as reserves to be reinvested without reducing the proportion of dividend payout to investors. This study provides implications for investors as a consideration in investing in a company to see how the bid ask and dividend payout ratio of the company's shares. Keywords: asymmetry of information, investment opportunity set, dividend policy

scholarly journals Return on Asset dan Investment Opportunity Set dalam Memprediksi Dividend Payout Ratio Perusahaan Manufaktur Sektor Consumer Goods

2021 ◽  
Vol 4 (1) ◽  
pp. 13-22
Author(s):  
Moch Fathony
Keyword(s):  
Consumer Goods ◽  
Stock Exchange ◽  
Secondary Data ◽  
Return On Assets ◽  
Dividend Payout ◽  
Investment Opportunity Set ◽  
Investment Opportunities ◽  
Dividend Distribution ◽  
High Investment ◽  
A Company

Among factors that may be instrumental in affecting the dividend payout decision, this study aims to determine the effect of return on assets (ROA) and investment opportunities on dividend distribution in a company. Using secondary data from 10 Consumer Goods companies listed on the Stock Exchange in the period 2015 - 2019, the data were analyzed using panel regression using EVIEWS. This study found that ROA and investment opportunities can predict the Dividend Payout Ratio in the Consumer Goods Industry. The results suggest that the more profitable a company is, the more likely it is to pay high dividends. Also, high investment opportunities are good position increases a firm's ability to pay dividends.

scholarly journals Dividend Policy Decisions in India: Standalone Versus Business Group-Affiliated Firms

2018 ◽  
Vol 20 (1) ◽  
pp. 133-150 ◽  
Author(s):  
Nishant B. Labhane
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Business Groups ◽  
Business Group ◽  
Business Risk ◽  
Policy Decisions ◽  
Financial Leverage ◽  
Dividend Payout ◽  
Investment Opportunities ◽  
High Investment

This study examines the determinants of two important dividend policy decisions specifically the dividend payment decision and the dividend payout level decision of 781 sample Indian firms enlisted on National Stock Exchange (NSE) over the period, 1995–2015, comparing the business group-affiliated firms with the standalone firms. In term of characteristics, the business group-affiliated firms are larger, more profitable and more levered than the standalone firms. The empirical results suggest that the dividend policy decisions of business group-affiliated firms differ significantly from that of the standalone firms. In the case of standalone firms, the firms with high investment opportunities, high financial leverage and high business risk are less likely to pay dividends, and their dividend payout levels are lower. On the other hand, the firms affiliated with business groups are more likely to pay dividends, and their dividend payout levels are higher even when they have high investment opportunities, high financial leverage and high business risk. Overall, the findings suggest that although the business groups are able to create internal capital markets (ICMs) and shield their member firms from market imperfections, they may suffer from other information asymmetry problems.

scholarly journals FAKTOR YANG MEMPENGARUHI RETURN SAHAM DENGAN KEBIJAKAN DIVIDEN SEBAGAI MODERASI PADA PERUSAHAAN MANUFAKTUR

2021 ◽  
pp. 1079
Author(s):  
Ardiansyah Rasyid ◽  
Rini Tri Hastuti, ◽  
Najaa Aliyah Santoso
Keyword(s):  
Stock Returns ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Processing Technique ◽  
Manufacturing Companies ◽  
Investment Opportunity ◽  
Microsoft Excel ◽  
Purposive Sampling ◽  
Investment Opportunity Set ◽  
Investment Opportunities

This research aims to see how the influence of firm size, leverage, and investment opportunity settings on stock returns with dividend policy as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange during 2017-2019. The sample was selected by purposive sampling method and the valid data were 52 companies. The data processing technique uses multiple regression analysis assisted by the EViews 10 and Microsoft Excel 2010 programs. The results of this study indicate that the influence and investment opportunities have a significant effect on stock returns, and dividend policy is able to moderate the effect of established investment opportunities on stock returns. The implication of this research is the need for investors to pay attention to the level of debt that the company uses in financing the company's operating activities, as well as the size of the set of investment opportunity set the company has which can affect the stock returns that investors will receive.Penelitian ini bertujuan untuk melihat bagaimana pengaruh pengaturan ukuran perusahaan, leverage, dan peluang investasi terhadap return saham dengan kebijakan dividen sebagai variabel moderasi pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama tahun 2017-2019. Sampel dipilih dengan metode purposive sampling dan data yang valid sebanyak 52 perusahaan. Teknik pengolahan data menggunakan analisis regresi berganda yang dibantu dengan program EViews 10 dan Microsoft Excel 2010. Hasil penelitian menunjukkan bahwa pengaruh dan peluang investasi berpengaruh signifikan terhadap return saham, dan kebijakan dividen ternyata mampu memoderasi pengaruh peluang investasi yang telah ditetapkan terhadap return saham. Implikasi dari penelitian ini adalah perlunya investor memperhatikan tingkat hutang yang digunakan perusahaan dalam membiayai kegiatan operasi perusahaan, serta besarnya set set kesempatan investasi yang dimiliki perusahaan yang dapat mempengaruhi return saham. yang akan diterima investor.

scholarly journals Kesempatan Investasi, Kebijakan Dividen dengan Firm Size sebagai Variabel Moderasi

2021 ◽  
Vol 31 (12) ◽  
pp. 3122
Author(s):  
Dewa Ayu Mirah Satya Dewi ◽  
Anak Agung Gde Putu Widanaputra
Keyword(s):  
Firm Size ◽  
Sampling Method ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Analysis Technique ◽  
Investment Opportunity Set ◽  
Investment Opportunities ◽  
Study Support ◽  
A Company

Dividend policy is one of the most important financial functions of a company. This is because the dividend policy has an influence on the company's stakeholders, both managers and investors. This study aims to determine the effect of investment opportunities on dividend policy with Firm Size as a moderating variable. This research was conducted on manufacturing companies on the Indonesia Stock Exchange for the 2015-2019 period. The population is 142 companies. Based on the purposive sampling method and the expenditure of outlier data, a sample of 34 companies was obtained. The data analysis technique used is Moderated Regression Analysis. The results of the analysis show that Firm Size does not weaken the effect of investment opportunities on dividend policy. The results of this study support the residual theory of dividend and agency theory. In addition, the results of this study can also be considered by companies in determining dividend policy and assisting investors in making investment decisions. Keywords : Investment Opportunity Set; Dividend Policy; Firm Size.

scholarly journals PENGARUH PROFITABILITAS, INVESTMENT OPPORTUNITY SET, DAN KEPEMILIKAN MANAJERIAL TERHADAP KEBIJAKAN DIVIDEN (STUDI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2013-2016)

Jurnal Ecogen ◽  
2018 ◽  
Vol 1 (2) ◽  
pp. 298
Author(s):  
Puteri Prihatini ◽  
Dessi Susanti
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Secondary Data ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Investment Opportunity ◽  
Financial Report ◽  
Investment Opportunity Set ◽  
Negative Effect ◽  
Α Level

The purpose of this study is to analyze the influence of profitability, investment opportunity set, and managerial ownership on dividend policy. The population of this study consists of whole manufacturing companies that listed on Indonesian Stock Exchange (IDX) from 2013 to 2016 by using secondary data. The data have been collected from financial report of companies from Indonesian Stock Exchange (IDX) website and Indonesian Capital Market Directory (ICMD). In this study, the samples are obtained 21 companies out of 145 companies. Analytical method that is used is multiple regression analysis. The hypothesis is measured by using statistical t-test with α level of 5%. The results indicate that profitability gives negative effect but does not significant on dividend  policy of manufacturing companies that listed on Indonesian Stock Exchange (IDX). Meanwhile, investment opportunity set and managerial ownership give positive effect and also significant on dividend policy of manufacturing companies that listed on Indonesian Stock Exchange (IDX).Keyword: profitability, investment opportunity set, managerial ownership, and dividend policy

scholarly journals Influence of Profitability, Investment Opportunity Set (Ios) Leverage and Dividend Policy on Firm Value in The L Service in Indonesia Stock Exchange

2017 ◽  
Vol 3 (2) ◽  
pp. 235
Author(s):  
Khuzaini Khuzaini ◽  
Dwi Wahyu Artiningsih ◽  
Lina Paulina
Keyword(s):  
Significant Influence ◽  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Sampling Technique ◽  
Multiple Linear Regression Analysis ◽  
Investment Opportunity ◽  
Industrial Services ◽  
Investment Opportunity Set

<p>This research was aimed to analyze the significant influence of profitability, investment opportunity set (ios), leverage and dividend policy partially or simultaneously on firm value. The sample used in this research was Industrial Services in Indonesia Stock Exchange period 2013 to 2015 as many as 28 companies taken by using purposive sampling technique. Hypothesis testing of research using multiple linear regression analysis by SPSS 21 for windows programs. This research found that: (1) profitability has significant influence partially  on firm value; (2) investment opportunity set (ios) has significant influence partially  on firm value; (3) leverage has no significant influence partially  on firm value; (3) the dividend policy has no significant influence partially  on firm value; (5) profitability, investment opportunity set (ios), leverage and dividend policy have significant influence simultaneously on firm value with influence value of 46.7%.</p>

scholarly journals Pengaruh Profitabilitas pada Kebijakan Dividen dengan Investment Opportunity Set sebagai Variabel Pemediasi

2020 ◽  
Vol 30 (1) ◽  
pp. 212
Author(s):  
Ida Ayu Nabila Meidyna ◽  
Made Mertha
Keyword(s):  
Data Analysis ◽  
Path Analysis ◽  
Empirical Evidence ◽  
Sampling Method ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Investment Opportunity ◽  
Purposive Sampling ◽  
Analysis Technique ◽  
Investment Opportunity Set

The amount of dividends distributed to shareholders depends on the company's dividend policy. This study aims to obtain empirical evidence about the effect of profitability on dividend policy with an investment opportunity set as a mediating variable. This research was conducted at companies classified as LQ45 index on the Indonesia Stock Exchange. The sampling method used was purposive sampling to obtain 87 observations. Data analysis technique used is path analysis. Based on research results, it is known that profitability has a positive and significant effect on investment opportunity set. Profitability has a positive and significant effect on dividend policy. Investment opportunity set has a negative and significant effect on dividend policy. Investment opportunity set is able to mediate the effect of profitability on dividend policy.

scholarly journals Pengaruh Return On Equity (ROE), Debt To Equity Ratio (DER), Investment Opportunity Set (IOS), dan Inflasi terhadap Dividend Payout Ratio (DPR) (Studi : Pada Perusahaan Property and Real Estate yang Listed di BEI Tahun 2006-2009)

2018 ◽  
Vol 4 (2) ◽  
pp. 154
Author(s):  
ACHMAD KAUTSAR
Keyword(s):  
Real Estate ◽  
Industrial Development ◽  
Stock Exchange ◽  
Investment Opportunity ◽  
Dividend Payout ◽  
Return On Equity ◽  
Investment Opportunity Set ◽  
Equity Ratio ◽  
Sample Amount ◽  
Real Estate Company

Industrial development real estate and properties in Indonesia drove the rapid post-financial crisis in 1998, indicated by increasing capacity of national property and reduced level of NPL property loans. On the other, the distribution of dividend to shareholders decreased, even many who do not share. The research was also supported by the existence of the research gap from previous studies. This study aims to examine the influence of Return On Equity (ROE), Debt to Equity Ratio (DER), Investment Opportunity Set  (IOS), and Inflation toward Dividend Payout Ratio (DPR) on property and real estate companies which listed on Indonesian Stock Exchange 2006-2009. Data sample amount of 6 companies from 41 companies those listed on Indonesian Stock Exchange. The analysis indicates that ROE variable partially significant toward DPR in property and real estate company which is listed in BEI over period 2006- 2009. While the DER, IOS and Inflation variable partially not significant toward DPR

scholarly journals PENGARUH FREE CASH FLOW, INVESTMENT OPPORTUNITY SET, MANAGERIAL OWNERSHIP TERHADAP DIVIDEN POLICY MELALUI DEBT POLICY SEBAGAI PEMEDIASI

2019 ◽  
Vol 1 (2) ◽  
pp. 40-59
Author(s):  
Luh Nik Oktarini ◽  
Putu Atim Purwaningrat
Keyword(s):  
Data Analysis ◽  
Cash Flow ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Managerial Ownership ◽  
Investment Opportunity ◽  
Investment Opportunity Set ◽  
Debt Policy ◽  
Program Version

The purpose of this study was to determine the effect of free cash flow to debt policy to determine the influence of investment opportunity set against debt policy to determine the effect of managerial ownership on debt policy  to determine the effect of free cash flow to the dividend policy to determine the effect of managerial ownership to dividend policy. This research was conducted on manufaktur companies listed in Indonesia Stock Exchange 2011-2015 period. Methods of data collection is done by using the method of documentation. Data analysis with path analysis with AMOS program version 20. The results showed  the effect of variable free cash flow to debt policy is significant, effect of variable investment opportunity set against debt policy is significant, the effect of managerial ownership variable against debt policy is not significantly, the effect of variable free cash flow toward dividend policy is not significant,  the effect of managerial ownership variable to dividend policy is a significant and indirect influence of the variable investment opportunity set against the dividend policy through debt policy is significant.

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