Pengaruh atribut tata kelola dan karakteristik perusahaan terhadap kebijakan dividen pada perusahaan di BEI
Article Sidebar
Main Article Content
Abstract
The dividend was a kind of return from portfolio investment. Firms in making dividend payment decisions are influenced by several motives. The main topic of the research was to determine the impact of corporate governance and firm characteristics on the decision of dividend policy. In here, corporate governance was focused on board characteristics consisting of board size, independent director, board meeting frequency, woman director, and audit committee size. While the firm characteristics were measured by size, profitability (ROA), and leverage. The research used companies data collected from Indonesia Stock Exchange. Companies data must available from the period 2015-2019 and resulted in 2.175 sample data. The research used the panel regression method. The result of the research proved that board size and profitability (ROA) significantly positively influenced the dividend policy. Board meeting frequency showed a positive effect on dividend per share, but no effect on dividend per asset. Otherwise, women directors and leverage reflected a significant negative effect with dividend per assets, but an insignificant effect on dividend per share. On the other hand, firm size, independent director, and audit committee size did not have any significant impact on dividend policy decisions.
Downloads
Article Details
Authors who submit a manuscript understand that if the manuscript is accepted for publication, the copyright of the article shall be assigned to Jurnal Ekonomi Modernisasi (JEM).
References
Abor, J., & Fiador, V. (2013). Does corporate governance explain dividend policy in Sub-Saharan Africa? International Journal of Law and Management, 55(3), 201–225. https://doi.org/10.1108/17542431311327637
Adamu, A. I., Ishak, R., & Hassan, N. L. (2019). Dividend payout among Nigerian firms: Do female directors matters? Jurnal Ekonomi Modernisasi, 15(1).
AL-Dhamari, R. A., Ismail, K. N. I. K., & Al-Gamrh, B. A. (2016). Board diversity and corporate payout policy: Do free cash flow and ownership concentration matter? Corporate Ownership and Control, 14(1), 373–383. https://doi.org/10.22495/cocv14i1c2p9
Al-Najjar, B. (2009). Dividend behaviour and smoothing new evidence from Jordanian panel data. Studies in Economics and Finance, 26(3), 182–197. https://doi.org/10.1108/10867370910974017
Al-Najjar, B., & Hussainey, K. (2009). The association between dividend payout and outside directorships. Journal of Applied Accounting Research, 10(1), 4–19. https://doi.org/10.1108/09675420910963360
Al-Twaijry, A. A. (2007). Dividend policy and payout ratio: evidence from the Kuala Lumpur stock exchange. Journal of Risk Finance, 8(4), 349–363. https://doi.org/10.1108/15265940710777306
Almeida, T. A., Morais, C. R. F. de, & Coelho, A. C. (2020). Gender diversity, governance and dividend policy in Brazil. Revista de Gestão, 27(2), 189–205. https://doi.org/10.1108/rege-03-2019-0041
Amy E., J. (2017). Board Financial Expertise and Corporate Payout Policy. Journal of Applied Business and Economics, 19.
Bagi Dividen 90 Persen dari Laba, Telkom Tebar Rp16,2 Triliun. (2019, May). CNN Indonesia.
Baker, H. K., & Jabbouri, I. (2017). How Moroccan institutional investors view dividend policy. Managerial Finance, 43(12), 1332–1347. https://doi.org/10.1108/MF-06-2017-0215
Bank Indonesia. (2004). Lampiran 1-Matriks Perhitungan/Analisis Komponen Faktor.
BEI. (2018). Surat Keputusan Direksi PT Bursa Efek Indonesia Nomor Kep-00183/BEI/12-2018.
Benjamin, S. J., & Biswas, P. (2019). Board gender composition, dividend policy and COD: the implications of CEO duality. Accounting Research Journal, 32(3), 454–476. https://doi.org/10.1108/arj-02-2018-0035
Bista, N. B., Bartaula, N. R., Shrestha, O., Gnawali, P., Lamichhane, P., & Parajuli, P. (2018). Impact of Corporate Governance on Dividend Policy of Nepalese Enterprises. Business Governance and Society: Analyzing Shifts, Conflicts, and Challenges, v–viii. https://doi.org/10.1007/978-3-319-94613-9
Bradford, W., Chen, C., & Zhu, S. (2013). Cash dividend policy, corporate pyramids, and ownership structure: Evidence from China. International Review of Economics and Finance, 27, 445–464. https://doi.org/10.1016/j.iref.2013.01.003
Budiarso, N. S. (2019). Agent, Steward, and Dividend Policy. XXII(3), 83–94.
Byoun, S., Chang, K., & Kim, Y. S. (2016). Does corporate board diversity affect corporate payout policy? Asia-Pacific Journal of Financial Studies, 45(1), 48–101. https://doi.org/10.1111/ajfs.12119
Cesari, A. De, Gilder, D., Huang, W., & Onali, E. (2019). Market Contestability and Payout Policy. SSRN Electronic Journal, 1–64. https://doi.org/10.2139/ssrn.3385441
Chen, J., Leung, W. S., & Goergen, M. (2017). The impact of board gender composition on dividend payouts. Journal of Corporate Finance, 43, 86–105. https://doi.org/10.1016/j.jcorpfin.2017.01.001
Damayanti, R., Marwati, F. S., & Widayanti, R. (2017). Kebijakan Dividen Berdasarkan Teori Lintner. AGREGAT : Jurnal Ekonomi Dan Bisnis, 1(2), 183–194. https://doi.org/10.22236/agregat_vol1/is2pp183-194
Deloitte Global Center for Corporate Governance. (2018). Data-driven change Women in the boardroom A global perspective. Deloitte Global Center for Corporate Governance, 6th, 263.
Dewasiri, N. J., Yatiwelle Koralalage, W. B., Abdul Azeez, A., Jayarathne, P. G. S. A., Kuruppuarachchi, D., & Weerasinghe, V. A. (2019). Determinants of dividend policy: evidence from an emerging and developing market. Managerial Finance, 45(3), 413–429. https://doi.org/10.1108/MF-09-2017-0331
Djebali, R., & Belanès, A. (2015). On the impact of family versus institutional blockholders on dividend policy. Journal of Applied Business Research, 31(4), 1329–1342. https://doi.org/10.19030/jabr.v31i4.9320
Duygun, M., Guney, Y., & Moin, A. (2018). Dividend policy of Indonesian listed firms: The role of families and the state. Economic Modelling, 75(October 2017), 336–354. https://doi.org/10.1016/j.econmod.2018.07.007
Elmagrhi, M. H., Ntim, C. G., Crossley, R. M., Malagila, J. K., Fosu, S., & Vu, T. V. (2017). Corporate governance and dividend pay-out policy in UK listed SMEs: The effects of corporate board characteristics. International Journal of Accounting & Information Management, 25(4), 459–483. https://doi.org/https://doi.org/10.1108/IJAIM-02-2017-0020
Eluyela, D. F., Dahunsi, O., Tolase, O. A., Okere, W., Ogabi, M., Kafidipe, A., & Ntim, C. G. (2019). Impact of gender dichotomy on dividend payout policy in listed Nigerian financial services firm. Cogent Business & Management, 6(1), 1–10. https://doi.org/10.1080/23311975.2019.1687270
Filsaraei, M., & Zarei, A. (2017). The Relationship Between Ownership and Dividend Policy: Evidence from Tehran Stock Exchange. International Journal of Economics and Financial Issues, 7(2), 664–671.
Fitri, R. R., Hosen, M. N., & Muhari, S. (2016). Analysis of Factors that Impact Dividend Payout Ratio on Listed Companies at Jakarta Islamic Index. International Journal of Academic Research in Accounting, Finance and Management Sciences, 6(2), 87–97. https://doi.org/10.6007/ijarafms/v6-i2/2074
Gill, A., Dana, L. P., & Obradovich, J. (2015). Independent directors and the decision of US manufacturing firms about the amount of dividends. International Journal of Business and Globalisation, 15(1), 96–108. https://doi.org/10.1504/IJBG.2015.070226
Gyapong, E., Ahmed, A., Ntim, C. G., & Nadeem, M. (2019). Board gender diversity and dividend policy in Australian listed firms: the effect of ownership concentration. Asia Pacific Journal of Management. https://doi.org/10.1007/s10490-019-09672-2
Harada, K., & Nguyen, P. (2011). Ownership concentration and dividend policy in Japan. Managerial Finance, 37(4), 362–379. https://doi.org/10.1108/03074351111115313
Imamah, N., Lin, T. J., Suhadak, Handayani, S. R., & Hung, J. H. (2019). Islamic law, corporate governance, growth opportunities and dividend policy in Indonesia stock market. Pacific Basin Finance Journal, 55, 110–126. https://doi.org/10.1016/j.pacfin.2019.03.008
Indriantoro, N., & Supomo, B. (2013). Metodologi Penelitian Bisnis Untuk Akuntansi & Manajemen. BPFE.
International Finance Corporation (IFC). (2014). The Indonesia Corporate Governance Manual - First Edition. In Otoritas Jasa Keuangan (Vol. 1, Issue 7).
Jaara, B., Alashhab, H., & Jaara, O. (2018). The Determinants of Dividend Policy for Non-Financial Companies in Jordan. International Journal of Economics and Financial Issues, 8(2), 198–209.
Jabbouri, I. (2016). Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets. Research in International Business and Finance, 37, 283–298. https://doi.org/10.1016/j.ribaf.2016.01.018
Jarallah, S., & Ullah, W. (2014). Evolving corporate governance and the dividends behaviour regime in Japan. International Review of Economics, 61(3), 279–303. https://doi.org/10.1007/s12232-014-0195-7
John, K., & Knyazeva, A. (2011). Payout Policy, Agency Conflicts, and Corporate Governance. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.841064
Kilincarslan, E., & Ozdemir, O. (2018). Institutional investment horizon and dividend policy: An empirical study of UK firms. Finance Research Letters, 24, 199–220. https://doi.org/10.1016/j.frl.2017.09.016
Kowalewski, O., Stetsyuk, I., & Talavera, O. (2011). Corporate Governance and Dividend Policy in Poland. SSRN Electronic Journal, 1–35. https://doi.org/10.2139/ssrn.986111
KSEI. (2020). Revisi Rasio Dividen Tunai PT Sarimelati Kencana Tbk (PZZA).
Kulathunga, K. M. K. N. ., Weerasinghe, W. D. J. ., & Jayarathne, J. A. . (2017). Corporate Governance and Dividend Policy: A Study of Listed Manufacturing Companies in Sri Lanka. International Journal of Scientific Research and Innovative Technology, 4(2), 98–114.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1–2), 3–27. https://doi.org/10.1016/S0304-405X(00)00065-9
Labhane, N. B., & Mahakud, J. (2015). Impact of Business Group Size and Diversification on Dividend Policy and Payouts : Evidence from Indian Companies. 26(1).
Le, T. T. H., Nguyen, X. H., & Tran, M. D. (2019). Determinants of Dividend Payout Policy in Emerging Markets: Evidence from the ASEAN Region. Asian Economic and Financial Review, 9(4), 531–546. https://doi.org/10.18488/journal.aefr.2019.94.531.546
Mahdzan, N. S., Zainudin, R., & Shahri, N. K. (2016). Interindustry dividend policy determinants in the context of an emerging market. Economic Research-Ekonomska Istrazivanja, 29(1), 250–262. https://doi.org/10.1080/1331677X.2016.1169704
Manneh, M. A., & Naser, K. (2015). Determinants of Corporate Dividends Policy: Evidence from an Emerging Economy. International Journal of Economics and Finance, 7(7), 229–239. https://doi.org/10.5539/ijef.v7n7p229
Mehdi, M., Sahut, J. M., & Teulon, F. (2017). Do Corporate Governance and Ownership Structure Impact Dividend Policy in Emerging Market During Financial Crisis? Journal of Applied Accounting Research.
Mulyani, E., Singh, H., & Mishra, S. (2016). Dividends, leverage, and family ownership in the emerging Indonesian market. Journal of International Financial Markets, Institutions and Money, 43, 16–29. https://doi.org/10.1016/j.intfin.2016.03.004
Nimer, K. M., Warrad, L., & Khuraisat, O. (2012). The Effect of Audit Committee’s Effectiveness on Dividend Payout Policy: Evidence from the Jordanian Firms. International Journal of Business and Management, 7(7), 172–179. https://doi.org/10.5539/ijbm.v7n7p172
Obradovich, J. D., & Gill, A. S. (2013). Corporate Governance, Institutional Ownership, and the Decision to Pay the Amount of Dividends : Evidence from USA. International Research Journal of Finance and Economics, 97(97), 60–71.
Otoritas Jasa Keuangan. (2014). Peraturan Otoritas Jasa Keuangan Nomor 33/ POJK. 04/2014. Ojk.Go.Id, 1–21.
Otoritas Jasa Keuangan. (2015). Peraturan Otoritas Jasa Keuangan Nomor 55 /Pojk.04/2015 Tentang Pembentukan Dan Pedoman Pelaksanaan Kerja Komite Audit. Ojk.Go.Id, 1–29.
Pahi, D., & Yadav, I. S. (2018). Role of Corporate Governance in Determining Dividend Policy: Panel Evidence from India. International Journal of Trade, Economics and Finance, 9(3), 111–115. https://doi.org/10.18178/ijtef.2018.9.3.598
Park, S. Y., & Song, Y. (2019). The effect of managerial ability on a firm’s dividend policy: Evidence from Korea. International Journal of Entrepreneurship, 23(1).
Pieloch-Babiarz, A. (2019). Ownership structure, board characteristics and dividend policy: evidence from the Warsaw Stock Exchange. Ekonomia i Prawo, 18(3), 317. https://doi.org/10.12775/eip.2019.022
Pucheta-MartÃÂnez, M. C., & Bel-Oms, I. (2016). The board of directors and dividend policy: the effect of gender diversity. Industrial and Corporate Change, 25(3), 1–25. https://doi.org/10.1093/icc/dtv040
Rafique, M. (2012). Factors Affecting Dividend Payout : Evidence From Listed Non-Financial Firms of Karachi Stock Exchange. Business Management Dynamics, 1(11), 76–92.
Rani, A. (2018). Audit Committee Effectiveness: Relationship between Audit Committee Characteristics and Audit Fees and Non-Audit Service Fees. Journal of Commerce and Accounting Research, 7(3), 35–44.
Riaz, S., Liu, Y., & Ahmad, M. I. (2016). Dividend Policy and Corporate Governance Perspective. Accounting and Finance Research, 5(3), 77–86. https://doi.org/10.5430/afr.v5n3p77
Roj, J. (2019). The Determinants of Corporate Dividend Policy in Poland. Ekonomika, 20(2), 77–98.
Saeed, A., & Sameer, M. (2017). Impact of board gender diversity on dividend payments: Evidence from some emerging economies. International Business Review, 26(6), 1100–1113. https://doi.org/10.1016/j.ibusrev.2017.04.005
Sani, A. A., & Musa, A. M. (2017). Corporate Board Attributes and Dividend Payout Policy of Listed Deposit Money Banks in Nigeria. International Journal of Research in IT, Management and Engineering, 7(1), 7–13.
Saragih, H. P. (2018a, June). Meski Untung, VIVA Putuskan Tak Bagi Dividen. CNBC Indonesia.
Saragih, H. P. (2018b, December). MERK Revisi Jumlah Dividen, Jadi Rp 1,15 T. CNBC Indonesia.
Sener, P., & Selcuk, E. A. (2019). Family involvement, corporate governance and dividends in Turkey. Managerial Finance, 45(5), 602–621. https://doi.org/10.1108/MF-01-2018-0011
Setiawan, D., & Phua. (2013). Corporate governance and dividend policy in Indonesia. Business Strategy Series, 14(5–6), 135–143. https://doi.org/10.1108/BSS-01-2013-0003
Setiawan, R., & Aslam, A. P. (2018). Board Diversity and Dividend Payout Ratio: Evidence from Family Firms in Indonesia. Jurnal Minds: Manajemen Ide Dan Inspirasi, 5(2), 133. https://doi.org/10.24252/minds.v5i2.6232
Setiyowati, S. W., & Sari, A. R. (2017). Pengaruh Corporate Governance Dan Kinerja Keuangan Terhadap Kebijakan Deviden Pada Perusahaan Manufaktur Yang Listing Di Bursa Efek Indonesia Tahun 2014 -2015. Jurnal AKSI (Akuntansi Dan Sistem Informasi), 1(1), 45–57. https://doi.org/10.32486/aksi.v1i1.95
Shahid, M. S., Gul, F., Rizwan, M., & Bucha, M. H. (2016). Ownership Structure, Board Size, Board Composition and Dividend Policy : New Evidence From Two Emerging Markets. Journal of Business Studies, 12(2), 25–36.
Shehu, M. (2015). Board Characteristics and Dividend Payout: Evidence from Malaysian Public Listed Companies. Research Journal of Finance and Accounting, 6(16). https://doi.org/2222-1697
Sumail, L. O. (2018). Corporate governance and dividend payout ratio in non-financial firms listed in indonesian stock exchange. Business and Economic Horizons, 14(4), 851–861. https://doi.org/10.15208/beh.2018.58
Tahir, H., Masri, R., & Rahman, M. M. (2020). Impact of board attributes on the firm dividend payout policy: evidence from Malaysia. Corporate Governance (Bingley), 20(5), 919–937. https://doi.org/10.1108/CG-03-2020-0091
Tandeililin, E. (2010). Portofolio dan Investasi: Teori dan Aplikasi. KANISIUS.
Tran, Q. T. (2019). Corruption, agency costs and dividend policy: International evidence. The Quarterly Review of Economics and Finance. https://doi.org/10.1016/j.qref.2019.09.010
Utami, E. S., & Gumanti, T. A. (2019). Analysis of cash dividend policy in Indonesia stock exchange. Investment Management and Financial Innovations, 16(3), 97–105. https://doi.org/10.21511/imfi.16(3).2019.10
Wahjudi, E. (2020). Factors affecting dividend policy in manufacturing companies in Indonesia Stock Exchange. Journal of Management Development, 39(1), 4–17. https://doi.org/10.1108/JMD-07-2018-0211
Yarram, S. R. (2015). Corporate governance ratings and the dividend payout decisions of Australian corporate firms. International Journal of Managerial Finance, 11(2), 162–178. https://doi.org/10.1108/IJMF-01-2013-0012
Yarram, S. R., & Dollery, B. (2015). Corporate governance and financial policies: Influence of board characteristics on the dividend policy of Australian firms. Managerial Finance, 41(3), 267–285. https://doi.org/10.1108/MF-03-2014-0086
Ye, D., Deng, J., Liu, Y., Szewczyk, S. H., & Chen, X. (2019). Does board gender diversity increase dividend payouts? Analysis of global evidence. Journal of Corporate Finance, 58, 1–26. https://doi.org/10.1016/j.jcorpfin.2019.04.002
Yusof, Y., & Ismail, S. (2016). Determinants of dividend policy of public listed companies in Malaysia. Review of International Business and Strategy, 26(1), 88–99. https://doi.org/10.1108/RIBS-02-2014-0030