scholarly journals Ownership Structure and Dividend Policy of Listed Deposit Money Banks in Nigeria: A Tobit Regression Analysis

2016 ◽  
Vol 6 (1) ◽  
pp. 1 ◽  
Author(s):  
Idris Ibrahim ◽  
Hussaini Shuaibu
Keyword(s):  
Ownership Structure ◽  
Dividend Policy ◽  
Institutional Ownership ◽  
Free Cash Flow ◽  
Ownership Concentration ◽  
Managerial Ownership ◽  
Tobit Regression ◽  
Diverse Range ◽  
Dividend Payment ◽  
Ex Post

Free cash flow hypothesis posit that regular paying of dividend can reduce agency conflict and through this, the range of future probable misuse of resources by management reduces. Ownership structure has been identified to have relationship with dividend policy of a firm.  Though the relationship is different for different class of owners and at different level; it does not influence dividend policy uniformly. Although, the linkage between the two has been monitored by many researchers, yet empirical researches do not provide consensus as to the direction of the relationships. Thus, the paper investigates the likelihood impact of ownership structure on dividend policy in the context of agency relation while using managerial ownership, institutional ownership, ownership concentration and foreign ownershipon dividend policy in the listed Deposit Money Banks (DMBs)in Nigeria. The research designs are Correlational and ex-post facto using secondary data extracted from the sampled companies’ annual financial reports for the period 2010-2014. Maximum likelihood (panel data tobit regression) is adopted as a technique of analysis for the study, using a sample of ten (10) out of seventeen (17) listed DMBs in Nigeria that served as population. The result shows that managerial ownership and ownership concentration are likely to have significant negative impact on dividend policy of listed DMBsin Nigeria, while institutional ownership is found to have likely significant positive impact on dividend policy of listed DMBs in Nigeria. But foreign ownership is found not to have likely significant impact on dividend policyof listed DMBsin Nigeria. Based on the findings, it is recommended among others that policy makers (Security and Exchange Commission and Corporate Affairs Commission) to design future policies where dividend payment could be facilitated and the diverse range of shareholders to be satisfied most especially minority shareholders. And that a limit should be set for managers on the proportion of shares to be held as this can facilitate dividend payment.

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.

scholarly journals PENGARUH FREE CASH FLOW, OWNERSHIP STRUCTURE, GROWTH OPPORTUNITY TERHADAP KEBIJAKAN DIVIDEN

2021 ◽  
Vol 10 (6) ◽  
pp. 560
Author(s):  
Ni Putu Oppie Widiantari ◽  
Made Reina Candradewi
Keyword(s):  
Real Estate ◽  
Cash Flow ◽  
Ownership Structure ◽  
Dividend Policy ◽  
Institutional Ownership ◽  
Free Cash Flow ◽  
Managerial Ownership ◽  
Significant Positive Effect ◽  
Growth Opportunity ◽  
Positive Effect

This study aims to explain the effect of free cash flow, ownership structure which is divided into managerial ownership and institutional ownership, and growth opportunity on dividend policy in property and real estate companies in Indonesia. This research is located in property and real estate companies listed on the Indonesia Stock Exchange. Sampling in this study using census techniques using the entire population of property and real estate companies that distribute dividends, so as to get a sample of 18. The analysis technique used in this study uses multiple linear regression analysis. From the analysis conducted, the results of the study indicate that free cash flow has a significant positive effect on dividend policy. Managerial ownership, which is proxied by the percentage of manager's share ownership, has a significant positive effect on dividend policy. Institutional ownership which is proxied by the percentage of institutional share ownership has a significant positive effect on dividend policy and growth opportunity which is proxied by asset growth has a significant positive effect on dividend policy. Keywords: free cash flow, ownership structure, growth opportunity, dividend policy

scholarly journals OWNERSHIP STRUCTURES AND DIVIDEND POLICY IN MANUFACTURING COMPANIES IN INDONESIA

2019 ◽  
Vol 1 (1) ◽  
pp. 1
Author(s):  
Ida Setya Dwi Jayanti ◽  
Ayu Febriyanti Puspitasari
Keyword(s):  
Cash Flow ◽  
Significant Influence ◽  
Dividend Policy ◽  
Control Variable ◽  
Institutional Ownership ◽  
Foreign Ownership ◽  
Free Cash Flow ◽  
Ownership Concentration ◽  
Managerial Ownership ◽  
Manufacturing Companies

This study aims at examining the influence of ownership structure on dividendpolicy. The population is all of manufacturing companies listed on Indonesia Stock Exchange for the period 2008–2012. Purposive sampling is used to choose the sample and 81 companies are found to be sample. The study uses multiple linear regression. The result shows that managerial ownership, institutional ownership, foreign ownership, ownership concentration, and the control variable free cash flow simultaneously have significant influence on dividend policy. Influence testing partially by the level of significant of 5% shows that managerial ownership has positive and significant influence on dividend policy, institutional ownership has insignificant influence on dividend policy, foreign ownership has insignificant influence on dividend policy, ownership concentration has positive and significant influence on dividend policy, and the control variable free cash flow has positive and significant influence on dividend policy.

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

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.

scholarly journals PENGARUH STRUKTUR KEPEMILIKAN TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR

2016 ◽  
Vol 12 (2) ◽  
pp. 167
Author(s):  
Evy Sumartha
Keyword(s):  
Regression Analysis ◽  
Ownership Structure ◽  
Dividend Policy ◽  
Control Variable ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Company Size ◽  
Dividend Payout ◽  
Negative Effect ◽  
The Relationship

Abstrak: Pengaruh Struktur Kepemilikan Terhadap Kebijakan Dividen pada Perusahaan Manufaktur. Struktur kepemilikan sebagai variabel independen dalam penelitian ini diproksikan dengan kepemilikan institusional dan kepemilikan manajerial. Penelitian ini juga untuk mendapatkan bukti mengenai fungsi moderasi dari konsentrasi kepemilikan dalam hubungan antara struktur kepemilikan dan kebijakan dividen. Variabel dependen adalah kebijakan dividen yang diukur dengan Dividend Payout Ratio (DPR). Sampel yang diperoleh sebanyak 97 perusahaan selama tahun pengamatan. Pengujian hipotesis dilakukan dengan Moderating Regression Analysis dan analisis regresi data panel. Hasilnya menunjukkan bahwa konsentrasi kepemilikan berfungsi sebagai variabel moderating pada hubungan antara struktur kepemilikan dan kebijakan dividen. Untuk kepemilikan institusional pada perusahaan yang tidak mempunyai kepemilikan manajerial berpengaruh negatif terhadap Dividend Payout Ratio, sedangkan kepemilikan institusional pada perusahaan yang mempunyai kepemilikan manajerial berpengaruh positif. Kepemilikan manajerial berpengaruh positif terhadap Dividend Payout Ratio. Variabel kontrol profitabilitas dan ukuran perusahaan berpengaruh pula terhadap kebijakan dividen perusahaan. Kata Kunci: konsentrasi kepemilikan, kepemilikan institusional, kepemilikan manajerial, ROA, ukuran perusahaan, dividend payout ratio Abstract: Pengaruh Struktur Kepemilikan Terhadap Kebijakan Dividen pada Perusahaan Manufaktur Ownership structure; as independent variables in this research; is represented by institutional ownership and managerial ownership. This research also aimed to obtain evidence of moderation function of the concentration of ownership in the relationship between ownership structure and dividend policy. The dependent variable is dividend policy which is measured by Dividend Payout Ratio (DPR). There are 97 sample companies. Hypothesis testing is done by Moderating Regression Analysis (MRA) and panel regression analysis. The results of this research show that the concentration of ownership serves as a moderating variable on the relationship between ownership structure and dividend policy. Institutional ownership in companies that do not have a managerial ownership has a negative effect on Dividend Payout Ratio; while institutional ownership in companies that have a managerial ownership has a positive effect on Dividend Payout Ratio. Profitability and company size as a control variable has effect on dividend policy. Keywords: the concentration of ownership, institutional ownership, managerial ownership, ROA, company size, dividend payout ratio

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 Kepemilikan Manajerial, Kepemilikan Institusional dan Kebijakan Dividen serta Free Cash Flow sebagai Pemoderasi

2021 ◽  
Vol 31 (7) ◽  
pp. 1710
Author(s):  
Ni Made Ari Trisna Dewi ◽  
Anak Agung Gde Putu Widanaputra
Keyword(s):  
Regression Analysis ◽  
Cash Flow ◽  
Sampling Method ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Free Cash Flow ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Analysis Technique

This study aims to determine the effect of managerial ownership and institutional ownership on dividend policy with free cash flow as a moderating variable. This research was conducted at manufacturing companies listed on the Indonesia Stock Exchange (BEI) in 2015-2019. The sample was selected by means of a purposive sampling method with 42 companies as samples and 210 observations. The analysis technique used in this research is Moderated Regression Analysis (MRA). The results of this study indicate that the higher the managerial ownership, the higher the dividend policy, especially in companies that have high free cash flow, and the higher the institutional ownership, the higher the dividend policy, especially in companies with high free cash flow. Keywords: Managerial Ownership; Institutional Ownership; Free Cash Flow; Dividend Policy.

scholarly journals Dividend payout ratio ditinjau dari ownership structure dan free cash flow perusahaan sektor barang konsumsi yang terdaftar di Bursa Efek Indonesia

2020 ◽  
Vol 9 (2) ◽  
pp. 92
Author(s):  
Sigit Sanjaya ◽  
Dessy Haryani ◽  
Yamasitha Yamasitha
Keyword(s):  
Cash Flow ◽  
Ownership Structure ◽  
Institutional Ownership ◽  
Free Cash Flow ◽  
Managerial Ownership ◽  
Dividend Payout ◽  
Purposive Sampling

Penelitian ini bertujuan untuk mengetahui pengaruh ownership structure (terdiri dari institutional ownership dan managerial ownership) dan free cash flow terhadap dividend payout ratio pada perusahaan sektor barang konsumsi yang terdaftar di Bursa Efek Indonesia periode 2014 -2018. Teknik pengambilan sampel menggunakan purposive sampling. Teknik analisis data menggunakan regresi data panel dimana terdiri dari uji pemilihan model estimasi, uji asumsi klasik, uji koefisien determinasi, uji F dan uji t. Hasil penelitian menunjukkan (1) institutional ownership berpengaruh signifikan positif terhadap dividend payout ratio (2) managerial ownership berpengaruh signifikan positif terhadap dividend payout ratio (3) free cash flow berpangaruh signifikan positif terhadap dividend payout ratio.

scholarly journals OWNERSHIP STRUCTURE, FREE CASH FLOW, ASSET STRUCTURE AND DIVIDEND POLICY ON DEBT POLICY

2020 ◽  
Vol 9 (1) ◽  
pp. 28
Author(s):  
Nirina Tahir ◽  
Asrudin Hormati ◽  
Zainuddin Zainuddin
Keyword(s):  
Cash Flow ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Institutional Ownership ◽  
Free Cash Flow ◽  
Annual Reports ◽  
Managerial Ownership ◽  
Negative Effect ◽  
Debt Policy

This study is designed based on problems related to debt policy. The debt policy in every company has a direct effect on the financial position. The use of debt that which too high provides great risk, but if the companies are able to manage debt properly; then the use of debt shall increase profits for shareholders. The purpose of this study was to determine and analyze the effects of managerial ownership, institutional ownership, free cash flow, assets structure, and dividend policy on companies indexed LQ-45 wich listed on the Indonesia Stock Exchange. The sampling technique of this study is purposive sampling which produced 85 observations. This study uses secondary data in the form of annual reports. The tool of analysis of this study is multiple regression with support of statistical package for social scientists (SPSS) software. The results show that: (1) managerial ownership has no effect on debt policy; (2) institutional ownership has a negative effect on debt policy; (3) free cash flow has a negative effect on debt policy; (4) assets structure has a negative effect on debt policy and (5) dividend policy has no effect on debt policy.

scholarly journals Board composition, ownership structure and voluntary disclosure: An empirical study of the listed companies in Egypt

2014 ◽  
Vol 11 (2) ◽  
pp. 415-426 ◽  
Author(s):  
Mohammed Moustafa Soliman ◽  
Aiman A. Ragab ◽  
Mohammed B. Eldin
Keyword(s):  
Ownership Structure ◽  
Voluntary Disclosure ◽  
Institutional Ownership ◽  
Ownership Concentration ◽  
Board Composition ◽  
Board Independence ◽  
Managerial Ownership ◽  
Voluntary Disclosures ◽  
Board Size ◽  
The Relationship

The aim of this study is to examine the relationship between board composition and ownership structure variables on the level of voluntary information disclosures of companies listed on the Egyptian Stock Exchange. Board composition is examined in terms of board independence; board size; and CEO duality; also, ownership structure is examined in terms of ownership concentration; institutional ownership; and managerial ownership. The results show that there is a significant negative relationship between CEO duality and voluntary disclosures. However, board independence; board size; ownership concentration; institutional ownership; and managerial ownership are not associated with voluntary disclosures. Also, the results of the regression analyses show that size and leverage of firms are significantly and positively associated with the level of voluntary information disclosures. Profitability of a firm is not significantly associated with voluntary disclosures. Finally, this paper indicates the relationship among board composition, ownership structure and corporate voluntary disclosure, and provides evidence for Egyptian regulators to improve corporate governance and optimize ownership structure.

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