scholarly journals PENGARUH TIMBAL-BALIK ANTARA PEMBAYARAN DIVIDEN DAN PERTUMBUHAN MODAL SENDIRI PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA

2019 ◽  
Vol 4 (1) ◽  
pp. 23-35
Author(s):  
Sofiati Sofiati
Keyword(s):  
Goodness Of Fit ◽  
Dividend Policy ◽  
Mutual Influence ◽  
Stock Exchange ◽  
Agency Cost ◽  
Test Results ◽  
Statistical Measure ◽  
Dividend Payout ◽  
Capital Growth ◽  
Retained Earnings

This study extends previous research on dividend policy and funding decisions. Previous studies have focused on dividend policy or funding decisions alone,to determine the factors that influences.This study aims to determine the mutual influence between dividend payout and capital growth. The authors would like to exame that there are similarities between the factors that affect the distribution of dividends and capital growth include profitability,agency cost,and retained earnings. In this research,the sample comprises of 72 active stocks listed and traded in Indonesia Stock Exchange during the periode of 2011-2015. The test results demonstrate the usefulness of the model testing using indicators overall goodness of fit to meet the criteria recomended level of fitness. By using the non-statistical measure such absolute goodness of fit and parsimony goodness of fit value exceeds recomended levels, it has indicated a good fit between the data with the model proposed research.

scholarly journals Pengaruh Timbal-Balik Antara Pembayaran Dividen Dan Pertumbuhan Modal Sendiri Perusahaan Manufaktur Di Bursa Efek Indonesia

2017 ◽  
Vol 4 (1) ◽  
pp. 23-35
Author(s):  
Sofiati Sofiati
Keyword(s):  
Goodness Of Fit ◽  
Dividend Policy ◽  
Mutual Influence ◽  
Stock Exchange ◽  
Agency Cost ◽  
Test Results ◽  
Statistical Measure ◽  
Dividend Payout ◽  
Capital Growth ◽  
Retained Earnings

This study extends previous research on dividend policy and funding decisions. Previous studies have focused on dividend policy or funding decisions alone,to determine the factors that influences.This study aims to determine the mutual influence between dividend payout and capital growth. The authors would like to exame that there are similarities between the factors that affect the distribution of dividends and capital growth include profitability,agency cost,and retained earnings. In this research,the sample comprises of 72 active stocks listed and traded in Indonesia Stock Exchange during the periode of 2011-2015. The test results demonstrate the usefulness of the model testing using indicators overall goodness of fit to meet the criteria recomended level of fitness. By using the non-statistical measure such absolute goodness of fit and parsimony goodness of fit value exceeds recomended levels, it has indicated a good fit between the data with the model proposed research.Key words: Dividend Payout, Capital Growth, Profitability, Agency Cost, Retained Earning.

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

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.

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

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.

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 Analisis Pengaruh Rasio Likuiditas, Rasio Leverage, Rasio Profitabilitas Dan Kepemilikan Manajerial Terhadap Kebijakan Dividen

2018 ◽  
Vol 1 (2) ◽  
Author(s):  
Edi Wijayanto ◽  
Anggi Navulani Putri
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Managerial Ownership ◽  
Dividend Payout ◽  
Leverage Ratio ◽  
Panel Data Regression ◽  
Policy Variable ◽  
Analysis Technique ◽  
Retained Earnings

Dividend policy is the decision taken by a company. Whether the dividends earned will be withheld or distributed in cash to investors. The dividend payout ratio determines the amount of profit divided into cash dividends and retained earnings as a source of funding. In this research focus on Dividend Policy (Dividend Payout Ratio). This study aims to determine the factors that can affect the dividend policy on the company. LQ-45 index in Indonesia Stock Exchange period 2011-2015. The sample used in this research are 8 companies by using purposive sampling technique. Data analysis technique used is panel data regression analysis operated by software eview8. Adjusted R2 value is 0,3736, it means that change of independent variable that is liquidity ratio (CR), leverage ratio (DER), profitability ratio (ROA) and managerial ownership can give contribution equal to 37,36% to change of dependent variable that is dividend policy (DPR) While the rest is explained by other variables. F test results show that the liquidity ratio (CR), leverage ratio (DER), profitability ratio (ROA) and managerial ownership simultaneously significantly influence dividend policy. While the result of t test show that leverage ratio variable (DER) and profitability ratio (ROA) partially have significant effect to dividend policy, variable of liquidity ratio (CR) and managerial ownership have no significant effect to dividend policy.

scholarly journals FAKTOR - FAKTOR YANG MEMPENGARUHI DIVIDEND PAYOUT RATIO PADA INDUSTRI PERBANKAN LQ45 DI BURSA EFEK INDONESIA DALAM MENGHADAPI MEA

2019 ◽  
Vol 18 (3) ◽  
Author(s):  
Sri Murni
Keyword(s):  
Firm Size ◽  
Capital Market ◽  
Dividend Policy ◽  
Annual Report ◽  
Banking Industry ◽  
Stock Exchange ◽  
Return On Assets ◽  
Dividend Payout ◽  
Equity Ratio ◽  
Retained Earnings

FAKTOR  - FAKTOR YANG MEMPENGARUHI DIVIDEND PAYOUT RATIO  PADA  INDUSTRI PERBANKAN LQ45  DI BURSA EFEK INDONESIA DALAM MENGHADAPI  MEA Sri Murni Fakultas Ekonomi dan Bisnis, Jurusan Manajemen Universitas Sam Ratulangi, Manado ABSTRAK Kebijakan dividen pada industri perbankan merupakan kebijakan yang sangat  penting, sebab akan melibatkan dua pihak yaitu pemegang saham dan manajemen bank yang  mempunyai kepentingan yang berbeda. Dividen diartikan sebagai pembayaran kepada pemegang saham oleh perusahaan atas keuntungan yang diperolehnya. Semakin  besar laba yang ditahan, semakin kecil laba yang akan dibagikan pada para pemegang saham. Kebijakan dividen dalam penelitian ini dijelaskan dengan  Dividend PayOut Ratio (DPR). Penelitian ini bertujuan untuk mengetahui pengaruh Loan to Deposit Ratio, Debt to Equity Ratio, Growth, Return On Asset, dan Firm Size terhadap Devidend Payout Ratio secara simultan dan parsial pada industri perbankan yang masuk dalam LQ 45. Metode analisis data yang di gunakan dalam penelitian ini adalah  metode asosiatif dengan  teknik analisis Regresei Berganda dan pengujian asumsi klasik, Data yang dipergunakan adalah data sekunder yang bersumber dari Indonesia Capital Market Directory (ICMD), serta annual report dari Indonesia Stock Exchange (IDX)  berupa laporan keuangan periode tahun 2009-2015  industri perbankan   yang masuk pada LQ 45. Hasil analisis menunjukkan Loan to Deposit Ratio, Debt to Equity Ratio, Growth, Return On Asset, dan Firm Size secara simultan  berpengaruh terhadap Devidend Payout Ratio, sedangkan secara parsial Growth dan ROA berpengaruh signifikan terhadap Divdend Payout Ratio, sementara Loan to Deposit Ratio, Debt to Equity Ratio,  dan Firm Size tidak berpengaruh signifikan terhadap Dividend Payout Ratio. Kata kunci : LDR, DER, Growth, ROA, Firm Size, Dividend Payout Ratio ABSTRACT Dividend policy in the banking industry is a very important policy, because it would involve two parties, ie shareholders and bank management have different interests. Dividends are defined as payments to shareholders by the company on the profits earned. The greater the retained earnings, the smaller the profit will be distributed to shareholders. Dividend policy in this study are described by the Dividend payout ratio (DPR). This study aims to determine the effect of the Loan to Deposit Ratio, Debt to Equity Ratio, Growth, Return on Assets, and Firm Size of the dividend Payout Ratio simultaneously and partially in the banking industry are included in the LQ 45. Data analysis methods used in the study this is a method of associative analysis techniques Regresei Multiple and testing classical assumptions, data used is secondary data obtained from the Indonesian Capital Market Directory (ICMD), as well as the annual report from the Indonesia Stock Exchange (IDX) in the form of financial statements of the period 2009-2015, the industry banks that entered the LQ 45. the analysis showed Loan to Deposit Ratio, Debt to Equity Ratio, Growth, Return on Assets, and Firm Size simultaneously affect the dividend payout ratio, while partial Growth and ROA significantly influence Divdend Payout Ratio, while the Loan to Deposit Ratio, Debt to Equity Ratio, and Firm Size does not significantly influence the Dividend Payout Ratio. Keywords : LDR, DER, Growth, ROA, Firm Size, Dividend Payout Ratio

scholarly journals Analisis Pengaruh Current Ratio (CR), Collateralizable Assets (COL), Return On Equity (ROE), dan Growth Terhadap Dividend Payout Ratio (DPR) (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar di BEI Periode 2005 - 2011)

2014 ◽  
Vol 5 (2) ◽  
Author(s):  
Gretty Brigitta Liwe
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Manufacturing Companies ◽  
Statistical Research ◽  
Current Ratio ◽  
Dividend Payout ◽  
Return On Equity ◽  
Future Studies ◽  
Retained Earnings

Dividend policy is a policy of the company to be aware and careful consideration. In the dividend policy determined amount of profit allocation that can be distributed to shareholders (dividends) and the allocation of retained profits to the company. The greater the retained earnings, the smaller the dividend to be distributed to the shareholders. In the allocation of income arises various problems encountered. Announcement of the distribution of dividends by a company is a signal to shareholders. This study aims to determine the effect of the Current Ratio (CR), Collateralizable Asset (COL), Return on Equity (ROE) and the Growth of the Dividend Payout Ratio (DPR) Studies on the Indonesia Stock Exchange Period 2005-2011. The population in this study is the Company's Financial Statements listed on the Stock Exchange the share dividend. The samples are 8 companies during 2005 - 2011. The research instrument used secondary data and processed using SPSS 20, with the method of analysis used is multiple linear regression analysis. Results of statistical research concludes that the Current Ratio, Collateralizable Assets, Return on Equity, and Growth together no significant effect on Dividend Payout Ratio on manufacturing companies in Indonesia Stock Exchange, also partially, Current Ratio, Collateralizable Assets, Return on equity, and Growth no significant effect on Dividend Payout Ratio on manufacturing companies in Indonesia Stock Exchange. The suggestion of this study is to further research, this study only uses the sample derived from a manufacturing company that can not necessarily be generalized to other industries. This is due to the limited time of the study. It is recommended in future studies could be expanded scope of research-type kejenis other industries also added the study variables such as Debt to Equity Ratio (DER), Return on Equity (ROE), and the ratio - the ratio of the other. And also expected in future studies to add a longer time span.

scholarly journals Corporate Tax Operating Cash flow and Sales Growth and their Impact on Dividend Payout Ratio in Oil and Gas Companies Listed in Karachi Stock Exchange (KSE)

2021 ◽  
Vol 7 (4) ◽  
Author(s):  
Muhammad Waqas Ashraf ◽  
Habib Ullah ◽  
Muhammad Athar Bashir ◽  
Hafiz Muhammad Asghar
Keyword(s):  
Dividend Policy ◽  
Oil And Gas ◽  
Stock Exchange ◽  
Secondary Data ◽  
Dividend Payout ◽  
Explanatory Variables ◽  
Dividend Distribution ◽  
Oil And Gas Companies ◽  
Retained Earnings ◽  
Oil And Gas Sector

Purpose: The purpose of this study is to comprehend the dynamics of dividend payout in Pakistan’s oil and gas sector. This study is an attempt to differentiate that what are factors force firms to distribute dividends instead of enhancing retained earnings. To draw the required results 13 listed oil and gas companies have been incorporated in this study and their 5 years’ data has been studied. Design/Methodology/Approach: This study is quantitative and secondary data has been used to extract results. The sources of the data are financial statements of the companies under study. Fixed and random effects of regression were used for data analysis. Findings: Based on this study, it can be concluded that the independent variables selected in this model have the power to explain the dependent variable by 45%, which means the results generated through this study can be given importance accordingly in the oil and gas sector of Pakistan. The explanatory variables were identified from the prior literature and then their impact on dividend payout ratio was studied. Implications/Originality/Value: It is evident from the results of the study that management can take necessary steps to formulate a mutually beneficial dividend policy that can enhance the strength and effectiveness of these explanatory variables to enforce a dividend policy that fulfils the expectations of both the investors and the company. The investors can also evaluate different factors that might have an impact on dividend distribution and they can also get the ability to determine dividend payout ratio which made the basis for decision making for investment in the given sector.

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.

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