scholarly journals PENGARUH STRUKTUR KEPEMILIKAN TERHADAP KEBIJAKAN DIVIDEN PERUSAHAAN

SIMAK ◽  
2018 ◽  
Vol 16 (02) ◽  
pp. 119-141
Author(s):  
Felicia Wuisan ◽  
Fransiskus Randa ◽  
Lukman Lukman
Keyword(s):  
Ownership Structure ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Foreign Ownership ◽  
Family Ownership ◽  
Managerial Ownership ◽  
Government Ownership ◽  
Financial Company ◽  
Research Period

This research aims to examine the effect of ownership structure on dividend policy. In this research ownership structure consists of managerial ownership, government ownership, foreign ownership and family ownership. The population used is a non-financial company that listed in Indonesian Stock Exchange (BEI) research period 2012-2016. The number of samples used in this research is 242 data of the company year. Sampling technique used is purposive sampling. Data analysis used was multiple regression analysis method. The empirical result of this research indicate that managerial ownership has a positive but not significant effect on dividend policy; government ownership has a negative and significant effect on dividend policy; foreign ownership has a positive and significant effect on dividend policy; and family ownership has a negative and significant effect on dividend policy.

scholarly journals Ownership Structure and Firm Value of Quoted Consumers Goods Firms in Nigeria

2020 ◽  
Vol 3 (2) ◽  
pp. 214-228
Author(s):  
Godwin Emmanuel Oyedokun ◽  
Shehu Isah ◽  
Niyi Solomon Awotomilusi
Keyword(s):  
Ownership Structure ◽  
Consumer Goods ◽  
Firm Value ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Institutional Ownership ◽  
Foreign Ownership ◽  
Ownership Concentration ◽  
Annual Reports ◽  
Managerial Ownership

This study examined the ownership structure's effect on the firms' value of quoted manufacturing firms (consumer goods) in Nigeria for 2010-2018. The total numbers of quoted consumer goods firms in the Nigeria stock exchange as of 31st December 2018 were twenty-one (21). A judgmental sampling technique was used to sample nineteen (19) consumer goods firms for the study. The study sought to examine whether ownership structure proxy by managerial Ownership, Institutional Ownership, foreign Ownership, and ownership concentration affect firms' values of quoted consumer goods in Nigeria. Data were collected from secondary sources through the annual reports and accounts of sampled consumer goods firms in Nigeria. The study adopted a panel regression technique as a tool of analysis. The result showed a negative effect of managerial ownership on firm value. While institutional Ownership, foreign Ownership, and Ownership concentration all positively affect the firm value of consumer goods firms in Nigeria. Therefore, the study recommends that the numbers of shares held by management should be reduced to increase the firm value of the listed consumer goods companies in Nigeria. 

scholarly journals THE EFFECT OF OWNERSHIP STRUCTURE ON INCOME SMOOTHING

ACCRUALS ◽  
2019 ◽  
Vol 3 (1) ◽  
pp. 73-82
Author(s):  
Dudi Pratomo ◽  
Kurnia Kurnia ◽  
Adli Dzil Ikram
Keyword(s):  
Earnings Management ◽  
Ownership Structure ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Institutional Ownership ◽  
Financial Statements ◽  
Income Smoothing ◽  
Managerial Ownership ◽  
Government Ownership ◽  
Control Variables

Income smoothing is an earnings management action by raising or lowering earnings to make it look more stable. This was done by company management for reasons not achieving the company's targets. In financial statements, a stable company profit illustrates that the company had good business continuity.Explained in the concept of corporate governance, institutional ownership, government ownership, and managerial ownership were believed to be able to minimize the occurrence of income smoothing. Therefore, this research was conducted to determine the effect of institutional ownership, government ownership, and managerial ownership with profitability and leverage control variables on income smoothing both simultaneously and partially in BUMN companies listed on the Indonesia Stock Exchange in 2012 - 2017.The technique used to select samples was purposive sampling technique. In the process, 10 research samples were obtained with a period of 6 years, so that 60 sample units were obtained. Then, to carry out the analysis, the analytical method used logistic regression analysis with the software used SPSS 23.0.After the analysis of this study, the results stated that simultaneous institutional ownership, government ownership, and managerial ownership with profitability control variables and leverage had a significant influence on income smoothing. Furthermore, partially the results of this study stated that government ownership had a significant effect on the negative direction of income smoothing. While the other two independent variables, namely institutional ownership and managerial ownership variables did not have a significant effect on income smoothing.

scholarly journals PERAN COREPORATE SOCIAL RESPONSIBILITY TERHADAP HUBUNGAN ANTARA STRUKTUR KEPEMILIKAN DAN NILAI PERUSAHAAN

2021 ◽  
Vol 10 (1) ◽  
pp. 1-15
Author(s):  
Muhammad Muttaqin ◽  
Muhidin Muhidin
Keyword(s):  
Ownership Structure ◽  
Firm Value ◽  
Negative Impact ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Institutional Ownership ◽  
Foreign Ownership ◽  
Managerial Ownership ◽  
Purposive Sampling ◽  
Csr Disclosure

AbstractThe research aims to examine the effect of institutional ownership, managerial ownership and foreign ownership on firm value with corporate social responbility disclosure as an mediating variable. The population of this research is the textile and garment sectors companies listed on the Indonesia Stock Exchange (IDX) in 2015 until 2019. The sampling technique using purposive sampling method with total sample 50 of 10 companies. Further this study uses data analysys through multiple linear regressions with two steps using by SPSS version 16. The result showed that ownership structure has an effect on the CSR disclosure simultaneously, other result show that ownership structure has no effect on CSR disclosure partially. The result also shows that ownership structure and CSR disclosure have affect on firm value simultaneously. Than while partially institutional ownership and  foreign ownership have negative impact on firm value. Meanwhile managerial ownership and CSR disclosure has no effect on firm value, and CSR disclosure is not an mediating of structure ownership on firm value. Keywords: Structure Ownership, Institusional Ownership, Managerial Ownership, Foreign Ownership, CSR Disclosure, Firm Value. AbstrakTujuan dari penelitian ini adalah untuk menguji pengaruh kepemilikan institusional, kepemilikan manajerial dan kepemilikan asing terhadap nilai perusahaan dengan pengungkapan CSR sebagai variabel intervening. Populasi dalam penelitian ini adalah perusahaan sektor tekstil dan garmen yang terdaftar di Bursa Efek Indonesia pada tahun 2015 sampai 2019. Teknik pengambilan sampel dengan menggunakan metode purposive sampling dengan jumlah sampel 50 dari 10 perusahaan. Hasil penelitian menunjukkan bahwa secara simultan struktur kepemilikan memiliki pengaruh terhadap pengungkapan CSR, hasil penelitian lain menunjukkan secara partial struktur kepemilikan tidak memiliki pengaruh terhadap pengungkapan CSR. Hasil penelitian juga menunjukkan bahwa struktur kepemilikan dan pengungkapan CSR secara simultan memiliki pengaruh terhadap nilai perusahaan. Kemudian yang secara parsial kepemilikan institusional, dan kepemilikan asing memiliki pengaruh negatif terhadap nilai perusahaan. Sementara kepemilikan manajerial dan pengungkapan CSR tidak berpengaruh terhadap nilai perusahaan, dan pengungkapan CSR bukan sebagai mediating dari stuktur kepemilikan terhadap nilai perusahaan. Kata Kunci: Struktur Kepemilikan, Kepemilikan Institusional, Kepemilikan Manajerial, Kepemilikan Asing, Pengungkapan CSR, Nilai Perusahaan.

scholarly journals The Effect Of Ownership Structure On The Performance Of Intellectual Capital

2021 ◽  
Vol 4 (2) ◽  
pp. 229-245
Author(s):  
Astian Yosi Meilani ◽  
Siti Nur Azizah ◽  
Hadi Pramono ◽  
Bima Cinintya Pratama
Keyword(s):  
Intellectual Capital ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Institutional Ownership ◽  
Foreign Ownership ◽  
Theory And Practice ◽  
Managerial Ownership ◽  
Government Ownership ◽  
Mining Companies ◽  
Analysis Technique

This study aims to show empirical evidence of the effect of managerial ownership, institutional ownership, foreign ownership and government ownership on intellectual capital performance as the dependent variable. This study relates the influence between these variables by expanding the concept and understanding of Resource-Based Theory, Agency Theory and Stakeholder Theory. The sample in this study is the mining sector companies listed on the Indonesia Stock Exchange in 2016-2019 using purposive sampling technique, namely selecting samples with certain criteria to get more valid results. The data analysis technique used is the classical assumption test, then the results are analyzed using multiple regression analysis to prove the influence between variables by utilizing an accurate SPSS application. The results of this study indicate that institutional ownership and foreign ownership have a positive effect on intellectual capital performance in mining companies, while managerial ownership and government ownership do not show any effect on intellectual capital performance in mining companies in Indonesia. This research contributes to the theory and practice of companies in the conduct of business. However, this study has not been able to prove the influence of managerial and government ownership on intellectual capital performance, so that further research can consider other corporate sectors whose managerial and government ownership is quite dominant.

Ownership Structure and Dividend Policy in Listed Industrial and Consumer Goods Firms in Nigeria: Heckman’s Two-Stage Approach

2021 ◽  
Vol 3 (3) ◽  
pp. 288-308
Keyword(s):  
Ownership Structure ◽  
Consumer Goods ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Foreign Ownership ◽  
Two Stage ◽  
Second Stage ◽  
Negative Effect ◽  
Block Holders

The decision on the magnitude of dividend has been identified to be highly related to the decisions to pay or not to pay dividends in formulating dividend policy. However, literature seems to be homogeneous and focused on examining the effect of ownership structure on dividend level or probability of paying dividends. Therefore, the paper examines the effect of ownership structure on dividend policy using Heckman’s two-stage technique. Utilizing 304 firm-year observations from industrial and consumer goods firms listed in the Nigerian Stock Exchange for the period within 2009-2019, the result shows that in the first stage, only foreign ownership has a negative significant effect on the probability of paying dividends. However, after accounting for a possible correlation between the probability of paying dividends and dividend pay-out, the result on the second stage exhibits a significant negative effect with block-holders and foreign ownerships on dividend policy while institutional ownership reveals a positive significant effect. The overall results show that the lower the foreign ownership the higher the possibility of paying dividends. Also, higher dividend pay-out is associated with the lower level of block-holders and foreign ownerships coupled with higher institutional ownership in listed industrial and consumer goods firms in Nigeria.

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

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.

scholarly journals Determinants of dividend pay-out policy: a case of the South African gold mining industry

2014 ◽  
Vol 11 (3) ◽  
pp. 83-94
Author(s):  
Busisiwe Carol Ringane ◽  
Patricia Lindelwa Makoni
Keyword(s):  
South African ◽  
Gold Mining ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Mining Industry ◽  
Foreign Ownership ◽  
Study Data ◽  
Managerial Ownership ◽  
Johannesburg Stock Exchange ◽  
Shed Light

This paper sought to shed light on dividend policy within the gold mining industry in South Africa. Several cause-and-effect variables of dividend policy are discussed, in order to lay down the theoretical framework for the research. These are size, managerial ownership and foreign ownership. To meet the objectives of the study, data from seven mining companies listed on the Johannesburg Stock Exchange (JSE) was analysed for a 5 year (2008-2012) period. As found in earlier studies, there is a positive correlation (r = 0.59) between the dividend policy and the size of the organisation. This was expected as no cashflow is available for distribution during the early stages of exploration, hence no dividends are paid. As the organisation grows and profit increases, there is free cashflow which can be distributed to shareholders. Managerial ownership negatively correlates with dividend pay-out (r = -0.53). Contrary, a weak correlation was observed between foreign ownership and dividend pay-out.

PENGARUH STRUKTUR KEPEMILIKAN SAHAM TERHADAP TRANSAKSI PADA PIHAK YANG MEMPUNYAI HUBUNGAN ISTIMEWA

El Dinar ◽  
2015 ◽  
Vol 2 (1) ◽  
Author(s):  
Dyah Puspasari ◽  
Imam Subekti ◽  
Endang Mardiati
Keyword(s):  
Financial Institution ◽  
Stock Exchange ◽  
Family Ownership ◽  
Managerial Ownership ◽  
Public Ownership ◽  
Government Ownership ◽  
Negative Effects ◽  
Positive Effects ◽  
Related Party Transaction ◽  
Ownership Effect

<p><em>Abstrac</em><em>t</em></p> <p><em>The objective of this study is to investigate the effect of ownership structure to the related party transaction and board directors’s compensation practice as moderating variable. This study uses managerial ownership, financial institution ownership, family ownership, government ownership, and public ownership as proxy of ownership structures and related party transaction (RPT) asset, liabilities, purchase, and sales as proxy of related party transaction (RPT). This research used 152 non financial companies listed in Indonesia Stock Exchange by using purposive sampling. The result of this study show that family ownership, managerial ownership have positive effects on RPT Asset, Liabilities, Purchase, and Sales. Whereas financial institution ownership and public ownership have negative effects on RPT Asset, Liabilities, Purchase, and Sales. Whereas government ownership </em><em>not </em><em>significant on RPT Asset, Liabilities, Purchase, and Sales. Results of other examination show that board director’s compensation will strengthen managerial ownership’ effect to the RPT Asset, Liabilities, Purchase, and Sales.</em></p>

scholarly journals YAN vOL.8 ED 2

2019 ◽  
Author(s):  
Yan Irianis
Keyword(s):  
Intellectual Capital ◽  
Ownership Structure ◽  
Stock Exchange ◽  
Secondary Data ◽  
Sampling Technique ◽  
Annual Reports ◽  
Managerial Ownership ◽  
Company Size ◽  
Company Performance ◽  
Manufacturing Companies

The purpose of the research is to analyze the effect of Intellectual Capital, Company Size, and Ownership Structure, namely managerial ownership and institusional ownership toward company performance. This research used samples from manufacturing companies that listed on Indonesia Stock Exchange (IDX) during 2012-2015. Based on purposive sampling technique, it got 17 companies as research samples, so as long as 4 years observation there were 68 annual reports were analyzed. Type of data used is secondary data obtained from www.idx.co.id. The analyctical method used is multiple regression analysis.The results of this research showed than Intellectual Capital doesn’t have significant effect to company performance, company size has significant effect to company performance, managerial ownership has significant effect to company performance, and institutional ownership doesn’t have significant effect to company performance.

scholarly journals Pengaruh Struktur Kepemilikan, Free Cash Flow terhadap Kebijakan Dividen pada Perusahaan Asuransi yang Terdaftar di BEI Tahun 2013-2017

2018 ◽  
Vol 17 (2) ◽  
pp. 94
Author(s):  
Deaninda Sekar Pembayun ◽  
Subarjo Subarjo
Keyword(s):  
Cash Flow ◽  
Ownership Structure ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Institutional Ownership ◽  
Free Cash Flow ◽  
Managerial Ownership ◽  
Insurance Company ◽  
Beta Coefficient

This study aims to find out the Effect of Managerial Ownership Structure (MNJR), Institutional Ownership Structure (INST), Free cash flow (FCF), and the Ownership Structure on Dividend Policy of Insurance Company Registered on the Indonesia Stock Exchange 2013-2017. The population in this study amounted to 55 insurance companies listed on the Indonesia Stock Exchange in 2013-2017. The samples taken were 11 companies with purposive sampling techniques. Hypothesis testing is carried out using multiple linear regression analysis. The results of the study showed that (1) Managerial Ownership Structure does not affect the Dividend Policy as evidenced by the beta coefficient (B) of 0,000, t = -0,064 <t = 2,008, significance probability of 0,0950> 0,05 (2) ownership structure Institutional effect on Dividend Policy is proven by beta coefficient (B) of 0.020, t = 3.053> t = 2.008 and significance probability value of 0.004 <0.05 (3) Free cash flow does not affect Dividend Policy as evidenced by beta coefficient (B) 0,001, t = 1,904 <t = 2,008 and significance probability value of 0,063> 0,05 (4) probability Managerial Ownership Structure, Institutional Ownership Structure, Simultaneous Cash Flow affect the Dividend Policy as evidenced by the value F = 5,031> F = 4,238 , the significance probability value is 0.009 <0.05. Keywords: Managerial Ownership, Institutional Ownership, Free cash flow and Dividend Policy.

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