Analisis Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen Pada Perusahaan LQ45 Di Bursa Efek Indonesia

The purpose of this study is to analyze the effect of size, profitability, maturity, insider ownership and leverage on dividend policy using the LQ45 company object listed on the Indonesia Stock Exchange (IDX). This research was conducted for five consecutive years from 2015 to 2019 which included 27 sample companies taken using purposive sampling technique. The data were analyzed using multiple linear regression analysis. The results showed that the size, maturity and insider ownership variables partially had an insignificant effect on dividend policy, while profitability and leverage had a significant effect on dividend policy. Simultaneously, size, profitability, maturity, insider ownership and leverage had a significant effect on dividend policy.

Effect of Institutional and Insider Ownership on Dividend Policy: Evidence from Pakistan

This research study aimed to examine the effect of institutional and insider ownership on dividend policy of a firm. Ownership structure play a vital role in explaining firm dividend policy. To investigate the effect of institutional and insider ownership on dividend policy, a random sample of 50 non-financial firms was selected for the period of 2009 to 2013. The study based on panel data so for the selection of appropriate panel data model among pooled OLS, Random effect and Fixed effect, Breusch Pagan LM test, Chow test, and Hausman test were used and random effect model was found best fitted. Results indicated that institutional ownership has positive relationship while insider ownership has negative relationship with dividend payout. Further, inclusion of institutional ownership along with insider ownership has increased the explanatory power of the model by 5.56% which is the incremental effect of the institutional ownership. Moreover, free cash flows and leverage have negative while firm size and market to book value have positive relationship with dividend payout.

Management restructuring on distress firm in Indonesia

Companies experiencing financial distress will try to solve these problems with various improvement efforts. One of the efforts that can be done is to carry out management restructuring, namely management changes. This study focuses on the management restructuring strategy on manufacturing companies that experience a decrease in performance, with the proportion of Earning Before Interest and Tax which decreased for two or more consecutive years period 2010 to 2020. The reason for taking this period is to capture the period after the 1997 crisis until the occurrence of global crisis in 2008. This study aims to examine the effect of ownership structure in choosing management turnover restructuring. The data used is cross-section data and processed using logistic regression with Stata. The results of this research simultaneously show that insider ownership, institutional ownership, family ownership, and corporate characteristic variables have an impact on the management restructuring decision. This study proves that the ownership structure mechanism affects the choice of management restructuring in distressed companies in Indonesia.

Agency-Linked Risk Management with Ownership and Board Sub-Committee Governance: Evidence from an OECD Economy

From a risk management perspective, this study examines the role of ownership and board sub-committee governance on direct measures of agency costs in a small OECD economy—New Zealand. Using Logistic and OLS regression approaches, two proxies of direct agency costs are tested on a pooled sample of 466 firm-year observations ranging from 2012 to 2018. The study provides evidence that insider ownership concentration outperforms outsider ownership concentration in constraining agency costs. Moreover, audit committee independence can also effectively deter agency costs. These findings suggest that both insider ownership concentration and audit committee structure are important risk management mitigating factor for deterring agency costs in New Zealand companies.

BIAYA AGENSI DAN POTENSI KEBANKRUTAN BANK UMUM KEGIATAN USAHA 1 DAN 2 DI INDONESIA

The Bank’s risk of bankruptcy has risen due to the pandemic's impact on financial distress. This study aims to evaluate the effectiveness of risk control mechanisms on the banking sector listed in the Indonesia Stock Exchange (IDX). Agency cost which could indicate the ability to reduce the risk of bank bankruptcy was proxied by commissioner fee, insider ownership, and audit committee and then assigned as the variables of the study. This study employed quantitative methods, by using panel data regression analysis. Bank Umum Kegiatan Usaha 1 (BUKU 1) and Bank Umum Kegiatan Usaha 2 (BUKU 2) were used as samples for this study. The results show that commissions and insider ownership have no significant impact on financial distress at BUKU 1 and BUKU 2. While the Audit Committee has a significant impact on the value of financial distress at BUKU 1 and BUKU 2. In The perspective of the X-Score model, agency costs have no significant effect on the likelihood of bankruptcy at BUKU 1 and BUKU 2.

Agency Cost dan Kebijakan Dividen (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia)

Manufacturing companies in Indonesia are large-scale companies and dominate the Indonesia Stock Exchange. The number of companies listed on the stock exchange is increase every year, which results in more people having the opportunity to own a company. The spread of more investors who own the company makes conflict between owners even higher. The purpose of this study is to determine the effect of agency cost proxied by insider ownership, dispersion of ownership, free cash flow, and collateralizable assets on dividend policies of manufacturing companies in Indonesia. Data in the form of secondary data in the form of financial reports and annual reports for the period 2012-2019. The data used multiple linear regression statistical analysis techniques. The results of this study show that agency cost, which is proxied by dispersion ownership, free cash flow and collateralizable assets, has a positive effect on dividend policy. A firm in its operational activities, carries out agency relationships. Agency problems arise when an agent acts not in accordance with the principal's interests, which causes a conflict of interest between the principal and agent. Agency problems will increase agency cost. The agency problem can be reduced by the dividend payment mechanism, namely by increasing the proportion of dividend payments from company profits for stockholders. In contrast to insider ownership which does not affect dividend decisions because the percentage of company ownership owned by insiders is limited in Indonesia.

Board Composition, Insider Ownership and Firm Performance: Evidence from Post-Shock Period of Stock Prices in Bangladesh

Purpose: This study attempts to analyze the influence of board structure (board size, board independence, CEO duality, insider ownership) on performance of Bangladeshi listed nonfinancial firms during the post-shock period of stock prices. Methodology: Putting stress on the issue of controlling for any possible endogeneity problems prevails in the effects of structure of board on corporate performance this study employed the Durbin-Wu-Hausman test as the presence of endogeneity severely makes the OLS estimates biased. Therefore, satisfying endogeneity and overidentification tests the observed data have been analyzed by 2SLS as well as OLS regression models. In an attempt to choose the consistent coefficients between OLS and 2SLS a Hausman test was applied. Findings: Results of the study suggest that a board featuring more directors improve accounting measures of performance and a board having more independent directors also significantly assist firms to enhance their market measure of performance. CEO duality is found detrimental to the accounting measures of performance. Apart from, findings support that holding more ownership by insiders leads to enhance firm performance. Thus, it provides empirical evidence to support a view of agency theory that large board, board independence, and insider ownership are good incentives to the firm to monitor and supervise managerial activities and minimize agency problems. Practical Implication: Overall, findings of the study are posing some implications for academics, practitioners, and policy makers in advancing the existing knowledge domain and formulating governance policies in the context of emerging countries like Bangladesh. Originality: The driving force of this work was to investigate how effective the corporate governance directives/notifications in regard to board independence and insider ownership was in protecting the shareholders’ interest during the post-shock period of stock prices in Bangladesh. Therefore, this study provides a robust result with regard to the impacts of reformed corporate governance notification (CGN 2012) on firm performance in Bangladesh.

STRUKTUR KEPEMILIKAN DAN FINANCIAL DISTRESS: STUDI PADA PERUSAHAAN MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

The purpose of this study was to determine the effect of institutional ownership, insider ownership, government ownership and foreign ownership on the likelihood of companies experiencing financial distress. The sample used is 20 food and beverages companies listed on the Indonesia Stock Exchange for the 2017 - 2019 period. The research method used is using logistic regression analysis. Foreign ownership has a significant influence on the likelihood of financial distress. Meanwhile, institutional ownership, insider ownership and government ownership do not have a significant effect on the likelihood of financial distress in this study.This study aims to determine the effect of institutional ownership, insiderownership, government ownership and foreign ownership on the likelihoodof companies experiencing financial distress. The sample used is 20 foodand beverages companies listed on the Indonesia Stock Exchange for the2017 - 2019 period. The research method used is using logistic regressionanalysis. Foreign ownership has a significant influence on the likelihood offinancial distress. Meanwhile, institutional ownership, insider ownership andgovernment ownership do not have a significant effect on the likelihood offinancial distress in this study.

Ownership structure and corporate financial performance in an emerging market: a dynamic panel data analysis

PurposeThis study examines the impact of ownership structure on firm financial performance, for 146 manufacturing firms listed at the Pakistan Stock Exchange (PSX) for the period 2003–2012.Design/methodology/approachThe theoretical background of the present study is based on the agency theory. Ownership structure is measured by institutional shareholdings, insider shareholdings, foreign shareholders and government shareholdings, while return on assets (ROA), return on equity (ROE), market-to-book ratio (MBR) and Tobin's Q (TQ) are used as proxies of corporate financial performance. The dynamic panel generalized method of moments (GMM) method is employed to cater for the issue of endogeneity.FindingsWe find that institutional ownership exerts a significant positive impact on ROE and MBR, which suggests that institutional investors play a significant role in improving the financial performance of the sample Pakistani. Furthermore, the results reveal a significant positive relationship of insider ownership with ROA, ROE, MBR and TQ, which is consistent with the prediction of agency theory that concentration of insider ownership aligns the interest of shareholders with those of the managers and hence improves performance. A significant positive association of government shareholdings with ROA and ROE was also found. Therefore, policymakers may encourage government ownership in firms, which can help to improve corporate financial performance.Originality/valueThe present study contributes to the existing literature on ownership structure and corporate financial performance in an emerging market like Pakistan. It is worth mentioning that the institutional setup and corporate governance structure in Pakistan is yet at an evolving stage. Findings of this study may provide useful insights to corporate managers and investors about the relationship between ownership structure and financial performance of firms from the manufacturing sector in Pakistan.