scholarly journals Towards Extending Dividend Puzzle Debate: What Motivates Distribution of Corporate Earnings in Tanzania?

2020 ◽  
Vol 8 (1) ◽  
pp. 18
Author(s):  
Josephat Lotto
Keyword(s):  
Firm Size ◽  
Firm Growth ◽  
Dividend Policy ◽  
Stock Exchange ◽  
High Growth ◽  
Dar Es Salaam ◽  
Corporate Managers ◽  
Financial Firms ◽  
Corporate Earnings ◽  
Control Tool

This paper investigates the determinants of dividend policy in Tanzania. The study employed a panel data of non-financial firms listed on the Dar es Salaam Stock Exchange (DSE) for the period 2008–2017. The paper reports profitability, liquidity, firm size, leverage, firm growth, previous dividend, and GDP as the major determinants of corporate dividend policy. According to the results, leverage, firm growth, and GDP are negatively related to dividend payout ratio while firm size, profitability, liquidity, and lagged dividend are positively related to dividend policy. More specifically, large-sized firms, highly profitable firms, and firms who paid dividend in previous years are more likely to consider paying dividend. However, payment of dividend will all depend on whether the firm is liquid enough to afford that. On the other hand, high-growth and leveraged firms would not probably consider paying dividend, and will, therefore, opt saving money to finance their expansion and honor their debt obligations. Following these results, corporate managers are advised to consider preferences of investors towards developing corporate dividend policy; to strive paying dividend whenever economically viable (as it signals the firm’s reputation), and to limit excessive borrowing to protect firms from getting into financial meltdown (although borrowing is considered a control tool for agency-related problems).

scholarly journals ANALISIS PENGARUH PERTUMBUHAN PERUSAHAAN, KEBIJAKAN UTANG, COLLATERALIZABLE ASSETS, DAN UKURAN PERUSAHAAN TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2012-2014

2016 ◽  
Vol 10 (1) ◽  
pp. 52-82
Author(s):  
Loh Wenny Setiawati ◽  
Lusiana Yesisca
Keyword(s):  
Regression Analysis ◽  
Firm Size ◽  
Stock Prices ◽  
Firm Growth ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Corporate Value ◽  
Debt Policy

Companies that issued shares to raise funds, must set aside some of the profits to be distributed as dividends. Dividend policy is a policy of how large distributions to the company's shareholders in proportion to the number of shares owned. Companies should establish a policy of dividend because the distribution of dividend will have an impact on corporate value as reflected in stock prices. This study uses multiple linear regression analysis which were processed using SPSS version 22. This study aimed to examine the effect on firm growth, debt policy, collateralizable assets, and firm size to dividend policy of the company. The sample used in this study were 105 companies listed in Indonesia Stock Exchange from the period 2012-2014. Empirically, it was found that the firm growth and firm size were affected to the dividend policy of the company, while the debt policy and collateralizable assets were not affected to the dividend policy of the company.

scholarly journals PENGARUH CORPORATE GOVERNANCE, UKURAN PERUSAHAAN, PROFITABILITAS DAN PERTUMBUHAN PERUSAHAAN TERHADAP KEBIJAKAN DIVIDEN

2021 ◽  
Vol 8 (1) ◽  
pp. 17-27
Author(s):  
Zulkifli Zulkifli ◽  
Latifah Latifah
Keyword(s):  
Corporate Governance ◽  
Firm Size ◽  
Firm Growth ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Research Data ◽  
Regression Method ◽  
Purposive Sampling

This research is aimed to analyze the influence of Corporate Governance, Firm Size, and Profitability, dan Firm Growth to Dividend Policy in the manufacture Corporations which are registered in Indonesian Stock Exchange in period of 2017 – 2019, both in partially or simultaneously. The variables which will be studied: corporate governance that is proxied with the number of board commissioners and institutional ownership, firm size, profitability and firm growth. The Populations in this research are the manufacture corporations which are registered in BEI in period of 2017-2019. The samplings in the research are 20 manufacture corporations that are achieved by the technique of purposive sampling. Analysis of research data used multiple linier regression method that was assisted by SPSS 23.0 software. This study used multiple linier regression method showed that partially profitability variable and the firm growth were influencing significantly to the dividend policy, meanwhile the number of board commissioners, institutional ownership, and firm size were not influencing to the dividend policy. The result of this research simultaneously showed that the number of board commissioners, institutional ownership, firm size, profitability, and firm growth were influencing positively and significantly to the dividend policy.

scholarly journals PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN, INSTITUSIONAL, KEBIJAKAN DIVIDEN, STRUKTUR ASET, PROFITABILITAS, PERTUMBUHAN PERUSAHAAN, RISIKO BISNIS, DAN UKURAN PERUSAHAAN TERHADAP KEBIJAKAN UTANG PADA PERUSAHAAN NON KEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

2019 ◽  
Vol 12 (1) ◽  
pp. 63
Author(s):  
Azalia Bonita ◽  
Hotman T Pohan
Keyword(s):  
Firm Size ◽  
Firm Growth ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Business Risk ◽  
Insider Ownership ◽  
Statistic Method ◽  
Debt Policy ◽  
Research Show

<p class="Style1"><em>The purpose of this research is to analyze the influence of insider ownership, </em><em>institutional ownership, dividend policy, asset structure, profitability, firm growth, </em><em>business risk and firm size to debt policy. Population in this research is non financial </em><em>companies listed in Indonesia Stock Exchange during the study period of years 2011- </em><em>2013. The samples of this research are 61 nonfinancial companies. The multiple </em><em>regression is statistic method which is used to test the research hypothesis. The results </em><em>of this research show that profitability and firm size have significantly influence the </em><em>debt policy. While insider ownership, institutional ownership, dividend policy, asset </em><em>structure, firm growth, and business risk have not influence the debt policy.</em></p>

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 Ukuran Perusahaan Memoderasi Pengaruh Free Cash Flow dan Leverage Terhadap Kebijakan Dividen

2019 ◽  
pp. 484
Author(s):  
I Kadek Edi Rian Trisna ◽  
Gayatri Gayatri
Keyword(s):  
Cash Flow ◽  
Firm Size ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Cash Dividend ◽  
Optimal Dividend ◽  
Current Growth ◽  
Optimal Dividend Policy ◽  
A Company

Determining the optimal cash dividend policy a company should consider several factors. An optimal dividend policy is required because it can create a balance between dividends and current growth in the next period. The purpose of this study is to obtain empirical evidence on the effect of free cash flow and leverage on dividend policy and firm size capability in moderating the effect of free cash flow and leverage against dividend policy. Companies going public listed on the Indonesia Stock Exchange (BEI) year 2013-2017 is the location of research with purposive sampling as a method of determining the sample. Companies that meet the criteria are 10 companies with a total of 39 observations. Moderated Regression Analysis (MRA) was used to test in this research. The result showed that free cash flow had positive and leverage effect negatively on dividend policy. The study also found that firm size is able to strengthen the effect of free cash flow on dividend policy and weaken the influence of leverage on dividend policy. Keywords: dividend policy, free cash flow, leverage, company size..  

scholarly journals Stock Market Investors’ Guide to Corporate Dividend Policy: Evidence from Pharmaceuticals and Chemicals Industries in Bangladesh

2017 ◽  
Vol 9 (1) ◽  
pp. 166
Author(s):  
Tanbir Ahmed Chowdhury ◽  
Jannatunnesa Jannatunnesa
Keyword(s):  
Stock Market ◽  
Firm Size ◽  
Firm Growth ◽  
Dividend Policy ◽  
Linear Regression Analysis ◽  
Investment Decisions ◽  
Secondary Data ◽  
Multiple Linear Regression Analysis ◽  
Dividend Payout ◽  
Factors Affecting

Dividend policy has been an important component in the arena of financial literature and providing evidence that dividend payout decisions are affected by various factors. Numerous studies have been conducted so far on corporate dividend policy in Bangladesh. The pharmaceuticals and chemicals industries of Bangladesh offer a lot of investment panorama for the retail investors. This research has been an endeavor to determine the factors affecting the dividend policy of these promising industries, and guide the investment decisions of the equity investors. In this attempt, this study is also a unique one to incorporate the chemicals industry along with the pharmaceuticals industry as both the industries constitute the 'pharmaceuticals and chemicals sector' listed in the stock market of Bangladesh. The study is a quantitative one based on secondary data. It comprises of different statistical analyses such as descriptive statistics, correlation matrix and multiple linear regression analysis, etc. Firm size, growth, liquidity, profitability, last year's dividend and P/E ratio are used as dependent variables. Besides, ownership structure, firm age, market share, and risk are used as control variables. The study explores that firm size has significant negative and last year’s dividend has significant positive relationship with dividend payout. However, dividend payout does not depend on firm growth, liquidity, profitability and P/E ratio of a firm. The research outcome may have important implications for the improvement of investors' perceptions, which may assist them in their investment decisions in the researched industries. Certainly more work lies ahead to add to explanations for why some of the factors affect the dividend policy of the industries, while others have no significant impact thereon.

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 Effect of Firm Size Firm Growth Firm Age and Independent Commissioner on Intellectual Capital Disclosure in Banking Companies Listed on the Indonesia Stock Exchange in the period 2014 – 2018

Academia Open ◽  
2021 ◽  
Vol 3 ◽  
Author(s):  
Lailatul Khosi'ah ◽  
Sriyono
Keyword(s):  
Panel Data ◽  
Firm Size ◽  
Intellectual Capital ◽  
Firm Growth ◽  
Stock Exchange ◽  
Financial Statements ◽  
Firm Age ◽  
Panel Data Regression ◽  
Data Regression ◽  
Size Firm

The purpose of the study was to determine and analyze the effect of Firm Size, Firm Growth, Firm Age and Independent Commissioner on Intellectual Capital Disclousure partially and simultaneously to determine a model that can be used to measure Intellectual Capital Disclousure in companies by using panel data regression in Registered Banking companies on the Indonesia Stock Exchange. This study applies quantitative method and the object of this research is done by population and sample randomly (purposive sampling), which are 11 consumer goods companies that were Listed on the Indonesia Stock Exchange in the period 2014 - 2018. The technique of collecting data used annual financial statements from the period 2014 - 2018 and analysis used panel data regression method with common model approach using Eviews 9 program.The results of this study showed that simultaneously and partially variables Firm Size, Firm Growth, Firm Age and Independent Commissioner have a significant effect on Intellectual Capital Disclousure

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