PERAN KEPEMILIKAN TERHADAP KEBIJAKAN DIVIDEN

This study explores the role of ownership and the relationship to the separation and control issue. Investigate the nature of agency cost generated by the existence of the ownership. The principal purpose of this study was to investigate the association between the ownership and dividend policy. This empirical study using regression model for the hypothesis testing. The sample consists of 34 firms by 4 subsectors in period of 2010-2011, which is listed in Indonesia Stock Exchange. The findings show that, partially, institutional ownership significantly influences dividend policy but the other side, public and managerial ownership not significantly influences to dividend policy. Simultaneously, institutional, public and managerial ownership influences dividend policy. The level and role of agency cost depends not only on ownership.

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Impact of corporate governance on capital structure: mediating role of cost of capital

Journal of Economic and Administrative Sciences ◽

10.1108/jeas-09-2020-0157 ◽

2021 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Aisha Javaid ◽

Mian Sajid Nazir ◽

Kaneez Fatima

Keyword(s):

Corporate Governance ◽

Capital Structure ◽

Cost Of Capital ◽

Stock Exchange ◽

Institutional Ownership ◽

Managerial Ownership ◽

Content Type ◽

Mediating Role ◽

The Relationship

PurposeThis paper contributes to the existing literature by extending the empirical work on the relationship between corporate governance and capital structure by analyzing the mediating role of cost of capital in the non-financial firms listed on the Pakistan Stock Exchange (PSX).Design/methodology/approachThe sample for this study includes non-financial firms listed on the Pakistan Stock Exchange (formerly Karachi Stock Exchange) for the period of 2004–2016. Based on 1800 firm-year observations, three approaches of panel data analysis are applied for the step-wise analysis of the underlying study. Firstly, Pooled OLS is applied. Secondly, fixed and random effect panel regression followed by the Hausman test to check the unobservable individual heterogeneity of the data. Hausman test indicates that the fixed-effects model is the most appropriate model for the sample panel data.FindingsThe study's findings are that board size, board composition, CEO/Chair duality, institutional ownership and managerial ownership have statistically significant direct effect on the firm's financing decisions. However, CEO/Chair duality, institutional ownership and managerial ownership have significant indirect effect on firm's capital structure decisions. The interesting finding of the paper is on the evidence of mediating role of cost of capital in the nexus of corporate governance and capital structure. Moreover, some conventional determinants of capital structure, including the firm's size, asset structure of the firm, profitability, business risk and growth, are found as determinants of capital structure decisions of the firms.Research limitations/implicationsThere are a few limitations to our study which could be addressed by upcoming research. We did not include all the four mechanisms of corporate governance including board structure, audit structure, compensation structure and ownership structure. However, we used only five important attributes including board size, board composition and CEO/Chair duality form board structure, managerial ownership and institutional ownership form ownership structure of corporate governance as our explanatory variables to examine their impact on the capital structure choices of the firms. Future studies may fill this research gap by involving some other attributes of corporate governance and analyzing their effectiveness and impact on value relevant capital structure decisions. Further, due to limited time and resources, we only tested the mediating role of cost of capital, hence, future researchers can analyze the mediating and moderating roles of different variables which may influence the relationship between corporate governance and capital structure choices of the firms.Practical implicationsThe study has many valuable guidelines and practical implications for the financial managers of the corporations. Our results will facilitate the policymakers in setting their corporate governance policies and practices and making the value relevant capital structure decisions in compliance with the implications of corporate governance mechanism. In addition, our study provides the empirical evidence in accordance with the argument that good governance practices, particularly the voluntary disclosures by the firm may reduce the information asymmetry which, ultimately, reduces the agency cost and the cost of capital for the firm. However, while deciding the financial policy of the corporations, managers can use our findings in order to assess the effectiveness of corporate governance practices employed by the firm in achieving the optimal capital structure at which the weighted average cost of capital is at its minimum level.Originality/valueThis paper contributes to the literature by investigating the mediating role of the cost of capital in the relationship between corporate governance and capital structure decisions of the firms. This paper provides empirical evidence that corporate governance indirectly affects capital structure decisions through the mediating role of cost of capital.

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Financial Sustainability and Financial Performance: The Moderating Role of Type of Ownership in Pakistan

Journal of Accounting and Finance in Emerging Economies ◽

10.26710/jafee.v6i4.1478 ◽

2020 ◽

Vol 6 (4) ◽

pp. 1181-1187

Author(s):

Sarah Ahmed

Keyword(s):

Stock Exchange ◽

Institutional Ownership ◽

Financial Sustainability ◽

Managerial Ownership ◽

Developing Nation ◽

Financial Firms ◽

The Impact ◽

The Relationship ◽

Moderating Role

The study is conducted with the objective to investigate the impact of firm performance (FP) on Financial sustainability (FS) in a developing nation, Pakistan and additionally to see the moderating role of type of ownership i.e. Institutional Ownership (IO) or Managerial Ownership (MO) in the FP-FS relationship. Sample of the study included all the non-financial firms listed on Pakistan Stock Exchange PSX and period covered is from 2009-2018. In total there are 2734 observations. Empirical results of the study suggests that FP has a positive relationship with FS but the relation is not significant. Moreover, findings indicate this relationship is significantly positively moderated by Intuitional Ownership (IO) whereas the relationship is not significant under the moderation impact of Managerial Ownership (MO).

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From Container to Claustrum: Projective Identification in Couples

Couple and Family Psychoanalysis ◽

10.33212/cfp.v4n2.2014.136 ◽

2014 ◽

Vol 4 (2) ◽

Cited By ~ 1

Author(s):

Tamara Feldman

Keyword(s):

Psychological Health ◽

Projective Identification ◽

The Self ◽

The Other ◽

Intimate Partners ◽

And Control ◽

The Relationship ◽

As If

This paper is a contribution to the growing literature on the role of projective identification in understanding couples' dynamics. Projective identification as a defence is well suited to couples, as intimate partners provide an ideal location to deposit unwanted parts of the self. This paper illustrates how projective identification functions differently depending on the psychological health of the couple. It elucidates how healthier couples use projective identification more as a form of communication, whereas disturbed couples are inclined to employ it to invade and control the other, as captured by Meltzer's concept of "intrusive identification". These different uses of projective identification affect couples' capacities to provide what Bion called "containment". In disturbed couples, partners serve as what Meltzer termed "claustrums" whereby projections are not contained, but imprisoned or entombed in the other. Applying the concept of claustrum helps illuminate common feelings these couples express, such as feeling suffocated, stifled, trapped, held hostage, or feeling as if the relationship is killing them. Finally, this paper presents treatment challenges in working with more disturbed couples.

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ANALISIS PENGARUH AGENCY COST TERHADAP DIVIDEND PAYOUT RATIO (Pada Perusahaan Manufaktur di Bursa Efek Indonesia Tahun 2010-2011)

Jurnal Kajian Akuntansi dan Auditing ◽

10.37301/jkaa.v0i0.6498 ◽

2013 ◽

Author(s):

Raudhatul Hidayah

Keyword(s):

Firm Size ◽

Sampling Method ◽

Dividend Policy ◽

Stock Exchange ◽

Institutional Ownership ◽

Agency Cost ◽

Regression Method ◽

Linear Regression Method ◽

Dividend Payout ◽

Multiple Linear Regression Method

The main purpose of the research was to know partially the influence of institutional ownership, collateralizable assets, debt to total assets and firm size on dividend payout ratio in firms that listed at Indonesia Stock Exchange of 2010–2011 period. The other purpose is to know simultaneously the influence of institutional ownership, collateralizable assets, debt to total assets and firm size on dividend payout ratio in firms that listed at Indonesia Stock Exchange of 2010–2011 period. The population of this research was all the firms that listed at Indonesia Stock Exchange of 2010-2011 period namely, 136 in number. The sample, 27 firms, was taken by the use of purposive sampling method. The technique of data collection used was documentation. The data analysis made use of multiple linear regression method. The results showed that partially institutional ownership had a positive and significant effect to dividend policy. Collateralizable assets, debt to total assets and firm size partially was not significant to dividend policy. Simultaneously institutional ownership, collateralizable assets, debt to total assets and firm size had a positive and significant effect to dividend payout ratio.

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ANALISIS PENGARUH AGENCY COST TERHADAP DIVIDEND PAYOUT RATIO (Pada Perusahaan Manufaktur di Bursa Efek Indonesia Tabun 2010-2011)

Jurnal Kajian Akuntansi dan Auditing ◽

10.37301/jkaa.v0i0.5380 ◽

2013 ◽

Author(s):

Raudhatul Hidayah

Keyword(s):

Firm Size ◽

Sampling Method ◽

Dividend Policy ◽

Stock Exchange ◽

Institutional Ownership ◽

Agency Cost ◽

Regression Method ◽

Linear Regression Method ◽

Dividend Payout ◽

Multiple Linear Regression Method

The main purpose of the research was to know partially the influence of institutional ownership, collateralizable assets, debt to total assets and firm size on dividend payout ratio in firms that listed at Indonesia Stock Exchange of 2010-2011 period. The other purpose is to know simultaneously the influence of institutional ownership, collateralizable assets, debt to total assets and firm size on dividend payout ratio in firms that listed at Indonesia Stock Exchange of 2010-2011 period. The population of this research was all the firms that listed at Indonesia Stock Exchange of 2010-2011 period namely, 136 in number. The sample, 27 firms, was taken by the use of purposive sampling method. The technique of data collection used was documentation. The data analysis made use of multiple linear regression method. The results showed that partially institutional ownership had a positive and significant effect to dividend policy. Collateralizable assets, debt to total assets and firm size partially was not significant to dividend policy. Simultaneously institutional ownership, collateralizable assets, debt to total assets and firm size had a positive and significant effect to dividend payout ratio.

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How does ownership structure affect the financing and dividend decisions of firm?

Journal of Financial Reporting and Accounting ◽

10.1108/jfra-09-2021-0291 ◽

2021 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Tahar Tayachi ◽

Ahmed Imran Hunjra ◽

Kirsten Jones ◽

Rashid Mehmood ◽

Mamdouh Abdulaziz Saleh Al-Faryan

Keyword(s):

Ownership Structure ◽

Dividend Policy ◽

Generalized Method Of Moments ◽

Institutional Ownership ◽

Agency Cost ◽

Debt Financing ◽

Policy Implications ◽

Managerial Ownership ◽

Content Type ◽

The Impact

Purpose Ownership structure deals with internal corporate governance mechanism, which plays important role in minimizing conflict of interests between shareholders and management Ownership structure is an important mechanism that influences the value of firm, financing and dividend decisions. This paper aims to examine the impact of the ownership structures, i.e. managerial ownership, institutional ownership on financing and dividend policy. Design/methodology/approach The authors use panel data of manufacturing firms from both developed and developing countries, and the generalized method of moments (GMM) is applied to analyze the results. The authors collect the data from DataStream for the period of 2010 to 2019. Findings The authors find that managerial ownership and ownership concentration have significant and positive effects on debt financing, but they have significant and negative effects on dividend policy. Institutional ownership shows a positive impact on financing decisions and dividend policy for sample firms. Originality/value This study fills the gap by proving the policy implications for both firms and investors, as managers prefer debt financing, but at the same time try to ignore dividend payment. Therefore, investors may not invest in firms with a higher proportion of managerial ownership and may choose to invest more in institutional ownership, which lowers the agency cost.

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Investigating the Relationship Between Ownership Structure and Investment Efficiency in Emerging Markets: Evidence From the Egyptian Stock Market

International Journal of Accounting and Financial Reporting ◽

10.5296/ijafr.v8i4.13630 ◽

2018 ◽

Vol 8 (4) ◽

pp. 1

Author(s):

Ahmed Sayed Rashed ◽

Ebitihj Mostafa Abd ◽

Esraa Fathi Mohamed Ismail ◽

Doaa Mohamed Abd El Samea

Keyword(s):

Ownership Structure ◽

Stock Exchange ◽

Panel Data Analysis ◽

Negative Relationship ◽

Institutional Ownership ◽

Managerial Ownership ◽

Investment Efficiency ◽

Outside Director ◽

Director Ownership ◽

The Relationship

This paper aims to examine the relationship between Ownership Structure Mechanisms (Managerial Ownership, Institutional Ownership, Block holder Ownership and Outside Director Ownership) and Investment Efficiency by using panel data analysis. To investigate this relationship used the multiple regression models. Findings of investigation of 35 firms listed on the Egyptian Stock Exchange in the period 2006 to 2015 by balanced Panel model representative. Results indicated that Managerial Ownership isn’t related with investment efficiency. In contract, institutional ownership, block holder ownership and outside director ownership have a negative relationship with investment efficiency. In addition, the researcher found that control variables (Firm size, Debt ratio, Tobin’s Q) not related to investment efficiency. These findings imply that the Majority of Egyptians firms relies on institutional without individual ownership and then reduces much of possible from agency problems and decreasing information asymmetry and facilitating the monitoring of investment decisions.

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The Effect of Ownership Structure and Financial Performance on Firm Value with Dividend Policy as Moderating Variable at Property and Real Estate Companies

Volume 5 - 2020, Issue 9 - September - International Journal of Innovative Science and Research Technology ◽

10.38124/ijisrt20jul542 ◽

2020 ◽

Vol 5 (7) ◽

pp. 638-645

Author(s):

Witya Shalini ◽

Erlina . ◽

Prihatin Lumban Raja

Keyword(s):

Real Estate ◽

Firm Value ◽

Dividend Policy ◽

Stock Exchange ◽

Linear Regression Analysis ◽

Sampling Technique ◽

Institutional Ownership ◽

Multiple Linear Regression Analysis ◽

Managerial Ownership ◽

Company Value

This study aims to determine managerial ownership, institutional ownership, liquidity, leverage, and profitability on firm value with dividend policy as a moderating variable. This type of research is explanatory research with a quantitative approach. The population used in this study are property and real estate companies listed on the Indonesia Stock Exchange from 2010 to 2018. The sampling technique uses purposive sampling so that the selected sample is 16 companies. This study uses descriptive statistical data analysis and multiple linear regression analysis. The results of this study indicate that 1). Managerial Ownership, Institutional Ownership, and Liquidity do no effect on Company Value. 2). Leverage has a negative and significant impact on Company Value. 3). Profitability has a positive and significant impact on Company Value. 4). Dividend Policy cannot moderate the effect of the Managerial Ownership relationship on Company Value. 5). Dividend policy can partially influence the relationship of Institutional Ownership, Liquidity, Leverage, and Profitability to Company Value.

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A Comparative Study of Initial Public Offerings in Hong Kong, Singapore and Malaysia

Nang Yan Business Journal ◽

10.1515/nybj-2016-0001 ◽

2016 ◽

Vol 4 (1) ◽

pp. 1-12

Author(s):

Horace Ho

Keyword(s):

Hong Kong ◽

Comparative Study ◽

Initial Public Offerings ◽

Stock Exchange ◽

Agency Cost ◽

Managerial Ownership ◽

Public Offerings ◽

Subscription Rate ◽

Highly Correlated ◽

The Relationship

Abstract This paper presents the findings of a comparative study on the performance of the initial public offerings (IPOs) of shares listed on the Hong Kong Stock Exchange (HKX), Singapore Exchange (SGX) and Bursa Malaysia (MYX). One indicator of the success of an IPO is its subscription rate, which can be used as a proxy for the level of investor confidence in the stock being offered. This paper examines the relationship between the performance of an IPO and its subscription rate, and the corporate factors that may affect an investor’s decision to subscribe to an IPO. A previous study conducted in Hong Kong (Ho, 2013) did not find support for the effect of the four corporate factors, namely size, managerial ownership prior to the IPO, industry differences and company age, on the subscription decision. However, managerial ownership prior to the IPO was found to be highly correlated with good performance, which could be attributed to a low agency cost in situations where managerial ownership is substantial. Further evidence from Singapore and Malaysia can help to shed light on the importance of agency cost in the pricing of IPOs.

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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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