scholarly journals The Effect of Profitability and Investment Opportunity Set on Cash Dividend With Liquidity as Moderate Variables (Studied at Kompas 100 That Listed on JSX in 2008-2012 Period)

2013 ◽  
Vol 1 (1) ◽  
pp. 54-71
Author(s):  
Farida Titik Kristanti ◽  
Fitrianingsih Fitrianingsih
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Investment Opportunity ◽  
Cash Dividend ◽  
Positive Direction ◽  
Negative Direction ◽  
Investment Opportunity Set ◽  
Inventory Turnover ◽  
Relationship Of ◽  
Retained Earnings

Dividend policy is profits which will be distributed to shareholders as dividends and/or retained earnings that will be retained as financing for investments in the future. There are many factors that influenced dividen policy, such as, profitability,  cash flow, price earning ratio, leverage, inventory turnover, etc. This study aimed to determine the influence of profitability and the investment opportunity set to the cash dividend policy with liquidity as a moderating variabel. The object of the research is emiten of Kompas 100 that listed on the Indonesian Stock Exchange in 2008-2012 period. The selection of the sample using Purposive sampling method that samples were obtained by 10 companies. Analytical methods used to test the hypothesis is Moderated Regression Analysis (MRA).Results of this study showed that the profitability and the investment opportunity set simultaneously significant effect on dividend policy with liquidity as a moderating  variable. Regression coefficient indicates that 25.6% of the independent variables explain the dependent variable, the remaining 74.4% is explained by other variables. Partially profitability have no significant effect to the dividend policy with the positive direction, while investment opportunity set have significant influence to the cash dividen policy with a negative direction. The Liquidity able to moderate the relationship of profitability to the cash dividend policy with a negative direction, while the investment opportunit set can be moderated by liquidity to the dividend policy with a positive direction. Keyword : Dividend Policy, Liquidity, Profitability, and Set Investment Opportunities

scholarly journals Dividend Policy pada Perusahaan Perbankan yang Terdaftar Di BEI

2020 ◽  
Vol 18 (2) ◽  
Author(s):  
Zakaria Zakaria ◽  
Fajar Rina Sejati ◽  
Murti Muti
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Profit Margin ◽  
Investment Opportunity ◽  
Current Ratio ◽  
Investment Opportunity Set ◽  
Net Profit ◽  
Equity Ratio ◽  
Retained Earnings

Dividend policy is a decision taken by a company related to dividends, whether profits will be distributed to shareholders or investors in the form of dividends or profits will be retained as retained earnings for investment financing in the future. Factors that can influence dividend policy include current ratio, debt to equity ratio, net profit margin, investment opportunity set. The population in this study are banking companies listed on the Indonesia Stock Exchange in the 2015-2018 period. The samples obtained are based on purposive sampling techniques and obtained by 9 companies. The data analysis technique used is multiple linear regression analysis. The analysis shows that the debt to equity ratio, investment opportunity set has a positive effect and net profit margin has a negative effect on the dividend policy. However, the current ratio has no effect on the dividend policy.

scholarly journals PENGARUH PROFITABILITAS DAN INVESTMENT OPPORTUNITY SET TERHADAP KEBIJAKAN DIVIDEN DENGAN LIKUIDITAS SEBAGAI PEMODERASI

2019 ◽  
Vol 1 (2) ◽  
pp. 96-116
Author(s):  
Ni Luh Gede Intan Sri Devi ◽  
Ni Ketut Muliati
Keyword(s):  
Regression Analysis ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Rate Of Return ◽  
Investment Opportunity ◽  
Cash Dividend ◽  
Analysis Techniques ◽  
Investment Opportunity Set ◽  
The Relationship ◽  
Observation Period

The company's dividend policy has an important influence on many parties involved in the community. For shareholders or investors, cash dividends are the rate of return on their investment with share ownership issued by the company, but management, cash dividends are cash outflows that reduce the company's cash. The purpose of this study was to determine the effect of profitability, investment opportunity set on cash dividend policy and to determine the effect of liquidity as a moderating variable between profitability and investment opportunity set against cash dividend policy.This research was conducted at a banking company registered on the Stock Exchange with a 5-year observation period, namely from 2011-2015. Data analysis techniques use moderated regression analysis (MRA). The results showed that Profitability and Investment opportunity set had an effect on the cash dividend policy. Liquidity can moderate the relationship between Profitability and Investment opportunity set against world dividend policy.

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

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.

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 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.

scholarly journals PENGARUH KEBIJAKAN HUTANG, KEBIJAKAN DIVIDEN, PROFITABILITAS, PERTUMBUHAN PENJUALAN DAN KESEMPATAN INVESTASI TERHADAP NILAI PERUSAHAAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI

2019 ◽  
Vol 6 (2) ◽  
pp. 201
Author(s):  
Vivi Apriliyanti ◽  
Hermi Hermi ◽  
Vinola Herawaty
Keyword(s):  
Firm Size ◽  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Sales Growth ◽  
Manufacturing Companies ◽  
Investment Opportunity ◽  
Investment Opportunity Set ◽  
Debt Policy ◽  
Positive Effect

<p class="Default" align="center"><strong><em>Abstract</em></strong><em></em></p><p class="Default"><em>The purpose of this study was to examine the influence of debt policy, dividend policy,profitability, sales growth and investment opportunity set on firm value with firm size as moderating variable in the manufacturing companies on the Indonesia Stock Exchange (IDX). The population used in this study is a company that is listed on the Indonesia Stock Exchange. The sample used in this study 128 companies with an observation period of 3 (three) years from 2016 to 2018. The method of determining the sample used in this study was the purposive sampling method. The data processing method used in this study is the causality test with multiple regression analysis using SPSS version 23. The independent variables in this study are Debt Policy, Dividend Policy, Profitability, Sales Growth and Investment Opportunity. The moderating variable in this study is Company Size. The dependent variable in this study is firm value. The results of this study indicate that Debt Policy has a positive effect on Firm’s Value, Dividend Policy does not effect on Firm Value, Profitability does not have a positive effect on Firm’s Value, Sales Growth does not effect on Firm’s Value, Investment Opportunity Set does not effect on Firm’s Value, Firm Size does not have a positive effect on Firm’s Value, Firm Size does not strengthen the realtionship between Debt Policy with Firm’s Value, Firm Size does not strengthen the realtionship between Dividend Policy with Firm’s Value, Firm Size does not strengthen the realtionship between Profitability with Firm’s Value, Firm Size does not strengthen the realtionship between Sales Growth with Firm’s Value, Firm Size does not strengthen the realtionship between Investment Opportunity Set with Firm’s Value.</em></p>

scholarly journals Pengaruh Investment Opportunity Set dan Profitabilitas terhadap Kebijakan Dividend

2019 ◽  
Vol 1 (1) ◽  
pp. 48-58
Author(s):  
Winda Astri HIdayat ◽  
R Deni Muhammad Danial ◽  
Dicky Jhoansyah
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Linear Analysis ◽  
T Test ◽  
Insurance Companies ◽  
Coefficient Of Determination ◽  
Investment Opportunity ◽  
Simultaneous Test ◽  
Analysis Technique ◽  
Investment Opportunity Set

The purpose of this study is to determine the effect of investment opportunity set (IOS) and profitability on dividend policy in insurance companies listed on the Indonesia Stock Exchange. The use of the method uses purposive sampling. The analysis technique used is simple linear analysis, multiple linear analysis, and hypothesis testing is a partial statistical test (t test) and simultaneous test (f test). The results of the t test show that the investment opportunity set (IOS (X1) influences positive but not significant to dividend policy, Profitability (X2) has a negative and not significant effect on dividend policy.Based on the F value test together the investment opportunity set and profitability do not have a significant effect on dividend policy (Y) Based on the test the coefficient of determination is 0.361 It can be interpreted that the effect of Investment Opportunity Set (IOS) and Profitability on dividend policy is 13.03%, while the remaining 86.97% is influenced by other factors not explained in this study. Keywords : Investment Opportunity Set, Profitability, Dividend Payout Ratio

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