THE EFFECT OF AGENCY COSTS, OWNERSHIP STRUCTURE, SIGNALING, INVESTMENT OPPORTUNITIES, SIZE, FINANCIAL LEVERAGE, AND PROFITABILITY ON DIVIDEND POLICY OF COMPANIES LISTED IN INDONESIAN STOCK EXCHANGE
Keywords:
Dividend policy, ownership structure, agency cost, profitability, size
Abstract
The purpose of this research is to determine the effect of agency cost, ownership structure, signaling, investment opportunities, size, financial leverage, and profitability on dividend policies on public companies listed on the Indonesian Stock Exchange (IDX) period 2014 - 2019. This research sample uses the entire list of companies listed on the Indonesian Stock Exchange period 2014 - 2019. The data analysis method used is tobit regression. The results of this research analysis suggest that agency cost, ownership, investment opportunities, size, financial leverage, and profitability have a significant effect on dividend policy on companies listed in IDX period 2014 - 2019.
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References
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Setia-Atmaja, L., Tanewski, G. A., & Skully, M. (2009). The role of dividends, debt and board structure in the governance of famil controlled firms. Journal of Business Finance & Accounting, 36(7), 863–898.
Sirait, F., & Siregar, S. V. (2014). Dividend payment and earnings quality: Evidence from Indonesia. International Journal of Accounting and Information Management, 22(2), 103–117.
Setiawan. (2016). Ownership structure and dividend policy in Indonesia. Journal of Asia Business Studies, 10(3), 230- 252.
Tangkilisan, H. N. S. (2003). Manajemen keuangan bagi analisis kredit perbankan. Yogyakarta: Balairung & Co.
Trianto, W. A. (2011). Pengaruh shareholder dispersion, free cash flow, collateral asset, dan debt terhadap kebijakan dividen (Studi kasus pada perusahaan terdaftar di BEI periode 2004-2007). Unpublished undergraduate thesis, Universitas Diponegoro, Semarang.
Wijaya, Lihan R.P., & Wibawa, A. (2010). Implikasi keputusan investasi, keputusan pendanaan, dan kebijakan dividen terhadap nilai perusahaan. Simposium Nasional Akuntansi XIII.
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Al-Malkawi, H. N. (2007). Determinants of orporate dividend policy in Jordan: an application of the tobt model. Journal of Economics & Administrative Science, 23(2), 44- 70.
Attig, N., Boubakri, N., El Ghoul, S., & Guedhami, O. (2015). The global financial crisis, family control, and dividend policy. Financial Management, 45(2), 291-313.
Bae, B., & Elhusseiny, M. F. (2017). The relationship between dividend payment patterns and firm characteristics. Research in Finance, 33, 33–42.
Baker, H. K., & Powell, G. E. (2012). Dividend policy in Indonesia: survey evidence from executives. Journal of Asia Business Studies, 6(1), 79–92.
Banerjee, S., Gatchev, V., & Spindt, P. (2007). Stock market liquidity and firm dividend policy. Journal of Financial and Quantitative Analysis, 42(2), 369-397.
Brigham, E., Gapenski, L. C., & Daves, Philip R. (1996). Intermediate financial management (8th). Texas: The Dryden Press.
Brigham, E. F., Gapenski, L. C., & Dave, P.R. (1999). Intermediate financial management (6th ed.). Texas: The Dryden Press.
Brigham, E. F., & Houston, J. F. (2007). Essentials of financia lmanagement (Chap. 18). USA: Thompson South Western.
Brigham, E. F., & Houston, J. F. (2011). Dasar dasar manajemen keuangan 2 (11th ed.). Jakarta: Salemba Empat. Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and takeover. American Economic Review, 76(2), 323-329.
Jama’an. (2008). Pengaruh mekanisme corporate governance dan kualitas kantor akuntan public terhadap integritas informasi laporan keuangan (studi pada perusahaan public Di BEJ). Unpublished undergraduate thesis, Universitas Diponegoro, Semarang.
Firth, M, Gao, J., Shen, J., & Zhang, Y. (2016). Institutional stock ownership and firms cash dividend policies: evidence from China, Journal of Banking and Finance, 65, 91-107. Jensen, M. (1986). Agency costs of free cash flow, corporatefinance, and takeover. American Economic Review, 76(2), 323-329.
Francisca, & Malelak, M.I. (2020). Pengaruh corporate governance terhadap firm’s debt pada perusahaan sektor industri barang konsumsi periode 2013-2018. International Journal of Financial and Investment Studies (IJFIS), 1(1), 30-41. https://doi.org/10.9744/ijfis.1.1.30-41
Devi, & Erawati. (2014). Pengaruh kepemilikan manajerial, leverage, dan ukuran perusahaan pada kebijakan dividen perusahaan manufaktur. E-Jurnal Akuntasi Universitas Udayana, 709-716.
Mondher, K., & Moncef, G. (2009). Increase in German firm’s payout ratio with the increase power of second largest equity holder. European Journal of Scientific Research, 25(1), 42-53.
Neves, Maria E. D. (2018). Payout and firm’ s catering. International Journal of Managerial Finance, 14(4), 2-22. Nursandari, M. (2015). Analisis faktor yang mempengaruhi kebijakan dividen dengan size (ukuran perusahaan) sebagai variabel moderasi pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Unpublished undergraduate thesis, Universitas Negeri Yogyakarta, Yogyakarta.
Murhadi, W.R. (201. Study on dividend policy: antecedent and its Impact on share price. Unpublished undergraduate thesis, Universitas Surabaya, Surabaya.
Nugroho, Abraham M. (2009). Pengaruh variabel-variabel agency cost terhadap kebijakan dividend payout ratio perusahaan-perusahaan go public di PT Bursa Efek Jakarta (BEJ) periode tahun 2002-2006. (TA No. 2010075/AKT/2009). Unpublished undergraduate thesis, Universitas Kristen Petra, Surabaya.
Pindado, J., Requejo, I., de la Torre, C. (2012). Do family firms use dividend policy as a governance mechanism? evidence from the Euro zone. Corporate Governance International Review, 20(5), 413-431.
Rafiei, M. & Far, S. A. H. (2014). Effect of state ownership on firm performance and dividend payout policy. International Journal of Academic Research in Business and Social Sciences, 4(7), 213-219
Rudianto. (2009). Pengantar akuntansi. Jakarta: Erlangga. Schmid, T., Ampenberger, M., Kaserer, C., & Achleitner, A.- K., (2010). Controlling shareholders and payout policy: do founding families have a special taste for dividends. CEFS Working Paper, (1).
Shanthana, L.S. & Basana, S.R. (2020). pengaruh firm size terhadap leverage pada perusahaan manufaktur publik Indonesia periode 2013-2017. International Journal of Financial and Investment Studies (IJFIS), 1(1), 53-66. https://doi.org/10.9744/ijfis.1.1.53-66
Setia-Atmaja, L., Tanewski, G. A., & Skully, M. (2009). The role of dividends, debt and board structure in the governance of famil controlled firms. Journal of Business Finance & Accounting, 36(7), 863–898.
Sirait, F., & Siregar, S. V. (2014). Dividend payment and earnings quality: Evidence from Indonesia. International Journal of Accounting and Information Management, 22(2), 103–117.
Setiawan. (2016). Ownership structure and dividend policy in Indonesia. Journal of Asia Business Studies, 10(3), 230- 252.
Tangkilisan, H. N. S. (2003). Manajemen keuangan bagi analisis kredit perbankan. Yogyakarta: Balairung & Co.
Trianto, W. A. (2011). Pengaruh shareholder dispersion, free cash flow, collateral asset, dan debt terhadap kebijakan dividen (Studi kasus pada perusahaan terdaftar di BEI periode 2004-2007). Unpublished undergraduate thesis, Universitas Diponegoro, Semarang.
Wijaya, Lihan R.P., & Wibawa, A. (2010). Implikasi keputusan investasi, keputusan pendanaan, dan kebijakan dividen terhadap nilai perusahaan. Simposium Nasional Akuntansi XIII.
Wuisan, F., Randa, F., Lukman. (2018). Pengaruhstruktur kepemilikan terhadap kebijakan dividen perusahaan. Jurnal Sistem Informasi, Manajemen, dan Akuntansi, 16(2), 119- 141.
Published
2021-06-07
How to Cite
Nusaputra, F., & Basana, S. R. (2021). THE EFFECT OF AGENCY COSTS, OWNERSHIP STRUCTURE, SIGNALING, INVESTMENT OPPORTUNITIES, SIZE, FINANCIAL LEVERAGE, AND PROFITABILITY ON DIVIDEND POLICY OF COMPANIES LISTED IN INDONESIAN STOCK EXCHANGE. International Journal of Financial and Investment Studies (IJFIS), 1(2), 109-120. https://doi.org/10.9744/ijfis.1.2.109-120
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