Analisis Pengaruh Karakteristik Perusahaan terhadap Kebijakan Dividen pada Perusahaan yang Terdaftar di Bursa Efek Indonesia
DOI:
https://doi.org/10.37253/gfa.v5i1.4702Keywords:
Dividend Payout Ratio, Financial Ratios, Company CharacteristicsAbstract
Dividend payout ratio is an important thing in the company. Investors can use the dividend payout ratio as a basis for making investment decisions. The purpose of this study is to examine whether the impact of firm size, leverage, profitability, firm age, growth, cash holding, and cash flow volatility on dividend payout ratio on the firms listed in Indonesia Stock Exchange (IDX) from 2015 to 2019. The sample of this study consist of 460 firms from 688 firms listed in IDX from 2015 to 2019. The sampling method in this study was purposive sampling. The total sample is 2,300 observational data and 151 outlier data, after reducing the outlier data, the observational data becomes 2,149 data. The results of this study show that company age has a significant positive impact on the dividend payout ratio, while company size, leverage, profitability, growth, cash holdings and cash flow fluctuations have no effect on the dividend payout ratio. The results of the regression model test show that the ability of all independent variables can explain 62.318% of the dividend policy, while 37,682% is explained by other variables not included in the research model.
Downloads
Download data is not yet available.
References
Abdioglu, N. (2016). ON The determinants of corporate dividend policy: A tobit model approach. Yönetim ve Ekonomi Araştırmaları Dergisi -, 1(Ocak), 332– 345.
Adan, F. A., & Omagwa, J. P. (2018). Relationship between firm financials and dividend policy of firms listed at Nairobi Securities Exchange, Kenya. International Journal of Scientific and Education Research, 2(05), 13–30.
Adu-Boanyah, E., Ayentimi, D. T., & Frank, O.-Y. (2013). Determinants of dividend payout ratio of firms listed on the Ghana Stock Exchange. Research Journal of Finance and Accounting, 4(5), 1–93.
Ahmad, G. N., & Wardani, V. K. (2014). The effect of fundamental factor to dividend policy: Evidence in Indonesia Stock Exchange. International Journal of Business and Commerce, 4(402), 2225–
243614. www.ijbcnet.com
Ahmed, S., & Murtaza, H. (2015). Critical analysis of the factors affecting the dividend payout: Evidence from Pakistan. International Journal of Economics, Finance and Management Sciences, 3(3), 204.
https://doi.org/10.11648/j.ijefm.201503 03.17
Al-Kuwari, D. (2009). Determinants of the dividend policy in Emerging Stock Exchanges : The case of GCC Countries. Global Economy & Finance Journal, 2(2), 38–63.
Al-Malkawi, H.-A. N. (2017). Ownership structure, firm-specific factors and payout policy: Evidence from the GCC region. Corporate Ownership and Control, 15(December 2017), 476–486. https://doi.org/10.22495/cocv15i1c2p16
Al-malkawi, H. N., Twairesh, A. E., & Harery, K. (2013). Determinants of the likehood to pay dividends evidence from Saudi Arabia. Journal of American Science, 9(12), 518–528.
Alfisah, E., & Kurniaty. (2018). Factors of dividend payout ratio and influence on company value (Case study on LQ45 companies in Indonesia Stock Exchange on the 2011-2015 ). Asian Journal of Business and Management, 06(06), 77–
84.
Amar, A. Ben, Salah, O. Ben, & Jarboui, A. (2018). Do discretionary accruals affect firms’ corporate dividend policy? Evidence from France. Journal of Financial Reporting and Accounting, 16(2), 333–347.
https://doi.org/10.1108/JFRA-03-2017- 0020
Amidu, M., & Abor, J. (2006). Determinants of dividend payout ratios in Ghana. Journal of Risk Finance, 7(2), 136–145. https://doi.org/10.1108/1526594061064 8580
Aqel, S. (2016). An Empirical investigation of corporate dividend payout policy in an emerging market : Evidence from Palestine Securities Exchange. Research Journal of Finance and Accounting, 7(6), 7–16.
Arilaha, M. A. (2009). Pengaruh free cash flow, profitabilitas, likuiditas, dan leverage terhadap kebijakan dividen. Jurnal Keuangan dan Perbankan, 13(1), 78–87.
Baah, B. K., Tawiah, R., & Eric, O. F. (2014). Industry sector determinants of dividend policy and its effect on share price in Ghana. International Journal of Economics, Business and Finance, 2(5), 1–19.
Badu, E. A. (2013). Determinants of dividend payout policy of listed financial institutions in Ghana. Research Journal of Finance and Accounting, 4(7), 185–191.
http://www.iiste.org/Journals/index.php/ RJFA/article/view/6297
Chandra, B., & Junita, N. (2021). Tata kelola perusahaan dan manajemen laba terhadap kebijakan dividen di Indonesia. Jurnal Ekonomi Modernisasi, 17(1), 15–26. https://doi.org/10.21067/jem.v17i1.5188
Chasanah, A. N. (2008). Faktor-faktor yang mempengaruhi dividend payout ratio ( DPR ) pada perusahaan yang terdaftar di Bursa Efek Indonesia. Tesis, 144.
Dibia, N. O. (2018). Determinants of dividend policy in Nigerian banks. Archives of Current Research International, 15(2), 1–13. https://doi.org/10.9734/acri/2018/44463
Echchabi, A., & Azouzi, D. (2016). Determinants of dividend payout ratios in Tunusia: Insights in light of the jasmine revolution abdelghani. Journal of Accounting, Finance and Auditing Studies, 1–13.
Ehsan, S., Tabassum, N., Akram, Z., & Nasir, R. (2013). Role of insider and individual ownership structure in dividend payout policy: Evidence from
Pakistan. Middle East Journal of Scientific Research, 17(9), 1316–1326. https://doi.org/10.5829/idosi.mejsr.2013
.17.09.12304
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.
Eng, S., Yahya, M., & Hadi, A. (2013). The dividend payout policy – A comparison on Malaysian islamic and conventional financial institutions. Journal of WEI Business and Economics, 2(2), 12–20.
Fahim, L., Khurshid, M. K., & Tahir, H. (2015). Determinants of dividend payout : Evidence from financial sector of Pakistan. Journal of Poverty, Investment and Development, 17, 5–16.
Franc-Dąbrowska, J., Mądra-Sawicka, M., & Ulrichs, M. (2019). Determinants of dividend payout decisions–The case of publicly quoted food industry enterprises operating in emerging markets. Economic Research- Ekonomska Istrazivanja , 0(0), 1–22. https://doi.org/10.1080/1331677X.2019. 1631201
Ghozali, I. (2018). Aplikasi Analisis multivariate dengan program IBM SPSS
25 (A. Tejokusumo (ed.); Edisi 9). Badan Penerbit Universitas Diponegoro.
Gill, A., Biger, N., & Tibrewala, R. (2010). Determinants of dividend payout ratios: Evidence from United States. The Open Business Journal, 3(1), 8–14. https://doi.org/10.2174/1874915101003 010008
Gill, A., & Shah, C. (2012). Determinants of corporate cash holdings: Evidence from Canada. International Journal of Economics and Finance, 4(1), 70–79. https://doi.org/10.5539/ijef.v4n1p70
Hashim, S. L. B. M. (2017). Analysis on dividend payout: Empirical evidence of property companies in Malaysia. International Journal of Industrial
Management (IJIM), 3(June), 61–71.
Hassani, M., & Dizaji, F. K. P. (2013). Life cycle theory and dividend payout policy: Evidence from Tehran Stock Exchange. Management Science Letters, 3, 2631–2634.
https://doi.org/10.5267/j.msl.2013.09.00 5
Hosain, M. Z. (2016). Determinants of the dividend payout policy : A study on listed private commercial banks of Dhaka Stock Exchange Limited in Bangladesh. IOSR Journal of Economics and Finance (IOSR-JEF), 7(5), 1–10.
https://doi.org/10.9790/5933- 0705040110
Hossain, F., Sheikh, R., & Akterujjaman. (2014). Impact of firm specific factors on cash dividend payment decisions: Evidence from Bangladesh Md. International Review of Business Research Papers, 10(2), 62–80.
IDXChannel. (2019). Catatan akhir tahun, ini prestasi Bursa Efek Indonesia sepanjang 2019. IDXChannel.
Imran, K. (2011). Determinants of dividend payout policy: A case of Pakistan engineering sector. The Romanian Economic Journal, 14(41), 47–60.
Jabbouri, I. (2016). Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets. Research in International Business and Finance, 37(May), 283– 298.
https://doi.org/10.1016/j.ribaf.2016.01.0 18
Kaźmierska-Jóźwiak, B. (2015). Determinants of dividend policy: Evidence from polish listed companies. Procedia Economics and Finance, 23(October 2014), 473–477.
https://doi.org/10.1016/s2212- 5671(15)00490-6
Khan, R., Meer, J. K., Lodhi, R. N., & Aftab,
F. (2017). Determinants of dividend payout ratio: A study of KSE manufacturing firms in Pakistan. Journal of Business Studies, 13(1), 12–24.
Komrattanapanya, P., & Suntraruk, P. (2014). Factors influencing dividend payout in Thailand: A tobit regression analysis. International Journal of Accounting and Financial Reporting, 3(2), 255.
https://doi.org/10.5296/ijafr.v3i2.4443 Kusuma, P. J., Hartoyo, S., & Sasongko, H.
(2018). Analysis of factors that influence dividend payout ratio of coal companies in Indonesia Stock Exchange. Jurnal Dinamika Manajemen, 9(2), 189–197. https://doi.org/10.15294/jdm.v9i2.16417 Kuswanta, T. (2016). Pengaruh leverage, profitabilitas, dan ukuran perusahaan terhadap kebijakan dividen pada perusahaan yang terdaftar di indeks kompas 100. Jurnal Ilmu Manajemen,
13(2), 162–174.
Kuzucu, N. (2015). Determinants of dividend policy: A panel data analysis for Turkish listed firms. International Journal of Business and Management, 10(11), 149.
https://doi.org/10.5539/ijbm.v10n11p14 9
Labhane, N. B., & Das, R. C. (2015). Determinants of dividend payout ratio: Evidence from Indian companies. Business and Economic Research, 5(2), 217.
https://doi.org/10.5296/ber.v5i2.8154 Litai, C., Chuan, L., & Kim, Y. C. (2011).
Financial characteristics , corporate governance and the propensity to pay cash dividends of chinese listed companies. International Business and Management, 3(1), 176–188. https://doi.org/10.3968/j.ibm.192384282 0110301.1Z0653
Liputan6 (2018). Tunda bayar dividen, BEI suspensi saham PT Intermedia Capital. Liputan6.
Liputan6 (2019). PT Intermedia Capital tak bagi dividen 2018. Liputan6.
Madyoningrum, A. W. (2019). Pengaruh firm size, leverage dan profitabilitas terhadap kebijakan dividen. Jurnal Bisnis Dan
Manajemen, 6(1), 45–55. https://doi.org/10.26905/jbm.v6i1.3034
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
Maldajian, C., & Khoury, R. El. (2014). Determinants of the dividend policy: An empirical study on the Lebanese listed banks. International Journal of Economics and Finance, 6(4), 240–256. https://doi.org/10.5539/ijef.v6n4p240
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
Marfo-Yiadom, E., & Agyei, S. K. (2011). Determinants of dividend policy of banks in Ghana. International Research Journal of Finance and Economics, 61(August), 99–108.
Mehta, A. (2012). An Empirical analysis of determinants of dividend policy - Evidence from the UAE companies. Global Review of Accounting and Finance, 3(1), 18–31.
Mirza, H. H., & Azfa, T. (2010). Ownership structure and cash flows as determinants of corporate dividend policy in Pakistan. International Business Research, 3(3), 210–221.
http://papers.ssrn.com/sol3/papers.cfm? abstract_id=2019549
Mui, Y. T., & Mustapha, M. (2016). Determinants of dividend payout ratio: Evidence from Malaysian public listed firms. Journal of Applied Environmental and Biological Sciences, 6, 48–54.
Musiega, M. G., Alala, O. B., Douglas, M., Christopher, M. O., & Robert, E. (2013). Determinants of dividend payout policy among non-financial firms on Nairobi Securities Exchange, Kenya. International Journal of Scientific & Technology Research, 2(10), 253–266.
Nancy, & Sahi, A. (2018). Dividend policy determinants for public sector banks in India: A panel data approach. International Journal of Management Studies, V(4(5)), 56.
https://doi.org/10.18843/ijms/v5i4(5)/08 Nathani, N., & Gangil, R. (2019). Determinants of divided policy in Indian companies: A panel data analysis. SSRN Electronic Journal, February.
https://doi.org/10.2139/ssrn.3308721 Nina, Basri, H., & Arfan, M. (2014).
Pengaruh volatilitas arus kas, volatilitas penjualan, besaran akrual, dan financial leverage terhadap persistensi laba pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi, vol.3(no.2), 1–12.
Nuhu, E. (2014). Revisiting the determinants of dividend payout ratios in Ghana. International Journal of Business and Social Science, 5(8), 230–238.
Nuhu, E., Musah, A., & Senyo, D. B. (2014). Determinants of dividend payout of financial firms and non-financial firms in Ghana. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(3), 109–118.
https://doi.org/10.6007/ijarafms/v4- i3/1057
Ogundajo, G. O., Enyi, P. E., Akintoye, I. R., & Dada, S. O. (2019). Accounting information and dividend payout prediction in Nigerian listed manufacturing firms. Journal of Accounting and Taxation, 11(1), 9–16. https://doi.org/10.5897/jat2018.0317
Olabisi, J., Fapetu, O., & Onyekuwuluje, T.
P. (2017). Determinants of dividend policy among Nigerian listed consumer goods manufacturing companies. Journal Of Humanities, Social Sciences and Creative Arts, 92–104.
Opeyemi, F., Olusegun, J., Olukayode, E., & Olusola, S. (2018). Determinants of dividend policy of listed deposit money banks in Nigeria. World Journal of Finance and Investment Research, 3(1), 2550–7125. www.iiardpub.org
Prasetiono, & Afif, S. (2016). Analisis faktor-faktor yang mempengaruhi manufaktur yang listing di Bursa Efek Indonesia Tahun 2010-2014.
Diponegoro Journal Of Management, 5, 1–11.
Puspitaningtyas, Z., Prakoso, A., & Masruroh, A. (2019). Pengaruh profitabilitas terhadap kebijakan dividen dengan likuiditas sebagai pemoderasi. Jurnal Administrasi Bisnis, 9(3), 1.
https://doi.org/10.35797/jab.9.3.2019.25 120.1-17
Rachmawati, K., Tandika, D., & Nurdin. (2015). Pengaruh ukuran perusahaan dan kebijakan utang terhadap kebijakan dividen: Studi kasus pada perusahaan properti yang terdaftar di Bursa Efek Indonesia ( BEI ) Periode 2012-2015. Prosiding Manajemen, 356–362.
Rafique, M. (2012). Factors affecting dividend payout : Evidence from listed non-financial firms of Karachi Stock Exchange. Business Management Dynamics, 1(11), 76–92.
Ranajee, R., Pathak, R., & Saxena, A. (2018). To pay or not to pay: what matters the most for dividend payments? International Journal of Managerial Finance, 14(2), 230–244.
https://doi.org/10.1108/IJMF-07-2017- 0144
Sadia, S. (2018). Determinants of dividend policy : Evidence from non-financial firms listed with Dhaka Stock Exchange. IOSR Journal of Economics and Finance (IOSR-JEF), 9(5), 39–47.
https://doi.org/10.9790/5933- 0905033947
Saeed, D. R., Riaz, A., Lodhi, R. N., Munir,
H. M., & Iqbal, A. (2014). Determinants of dividend payouts in financial sector of Pakistan. Journal of Basic and Applied Scientific Research, 4(2), 33– 42. https://www.textroad.com/pdf/JBASR/J. Basic. Appl. Sci. Res., 4(2)33-42, 2014.pdf
KnE Social Sciences, 3(10), 1192–1202. https://doi.org/10.18502/kss.v3i10.3461
Setiawan, D., Bandi, B., Kee Phua, L., & Trinugroho, I. (2016). Ownership structure and dividend policy in Indonesia. Journal of Asia Business Studies, 10(3), 230–252.
https://doi.org/10.1108/JABS-05-2015- 0053
Setiawan, R., & Rachmansyah, A. B. (2017). Determinan cash holdings perusahaan : Studi pada perusahaan manufaktur di Indonesia.
Setiawati, L. W., & Yesisca, L. (2016). Analisis pengaruh pertumbuhan perusahaan, kebijakan utang, collateralizable assets, dan ukuran perusahaan terhadap kebijakan dividen pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2012-2014. Jurnal Akuntansi, 10(1), 52–82.
https://doi.org/10.25170/jara.v10i1.40 Sitompul, L. (2012). Faktor-faktor yang
mempengaruhi kebijakan dividen pada perusahaan yang terdaftar di Bursa Efek Indonesia. Jurnal Bisnis Dan Akuntansi, 19(2), 259–270.
https://doi.org/10.34208/jba.v19i2.278 Suhartono, A. (2015). The effect of free cash
flow and ownership structure on dividend payout ratio in manufacturing companies in Indonesia. The Indonesian Accounting Review, 5(2), 129. https://doi.org/10.14414/tiar.v5i2.643
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
Suyono, N. A. (2018). Faktor-faktor yang mempengaruhi dividend payout ratio (DPR) pada perusahaan perbankan di Bursa Efek Indonesia. Journal of Economic, Management, Accounting and Technology, 1(1), 105–113. https://doi.org/10.32500/jematech.v1i1.
Relationship between firm age and financial leverage with dividend policy. Asian Journal of Finance & Accounting, 6(2), 53.
https://doi.org/10.5296/ajfa.v6i2.5910 Thakur, B. P. S., & Kannadhasan, M. (2018).
Determinants of dividend payout of Indian manufacturing companies: A quantile regression approach. Journal of Indian Business Research, 10(4), 364–
376. https://doi.org/10.1108/JIBR-02- 2018-0079
Thirumagal, P. G., & Vasantha, S. (2017). Dividend payout determinants : Evidence from Indian industries. International Journal of Pure and Applied Mathematics, 117(21), 811–
829.
Thu, N. K., Triển, L. V., Anh, D. T. T., &
Nhơn, H. T. (2013). Determinants of dividend payments of non-financial listed companies in H ồ Chà Minh Stock Exchange. VNU Journal of Economics and Business, 29(5), 16–33.
Vedala, S. (2019). Determinants of dividend policy on selected FMCG companies in India. January 2018.
Wasike, T. W., & Ambrose, J. (2015). Determinants of dividend policy in Kenya. International Journal of Arts and Entrepreneurship, 4(11), 71–80.
Yakubu, I. N. (2019). The effect of capital structure on profitability: An empirical analysis of listed firms in Ghana. Journal of Risk Finance, 6(5), 438–445. https://doi.org/10.1108/1526594051063 3505
Zameer, H., Rasool, S., Iqbal, S., & Arshad,
U. (2013). Determinants of dividend policy: A case of banking sector in Pakistan. Middle East Journal of Scientific Research, 18(3), 410–424. https://doi.org/10.5829/idosi.mejsr.2013
.18.3.12200
Adan, F. A., & Omagwa, J. P. (2018). Relationship between firm financials and dividend policy of firms listed at Nairobi Securities Exchange, Kenya. International Journal of Scientific and Education Research, 2(05), 13–30.
Adu-Boanyah, E., Ayentimi, D. T., & Frank, O.-Y. (2013). Determinants of dividend payout ratio of firms listed on the Ghana Stock Exchange. Research Journal of Finance and Accounting, 4(5), 1–93.
Ahmad, G. N., & Wardani, V. K. (2014). The effect of fundamental factor to dividend policy: Evidence in Indonesia Stock Exchange. International Journal of Business and Commerce, 4(402), 2225–
243614. www.ijbcnet.com
Ahmed, S., & Murtaza, H. (2015). Critical analysis of the factors affecting the dividend payout: Evidence from Pakistan. International Journal of Economics, Finance and Management Sciences, 3(3), 204.
https://doi.org/10.11648/j.ijefm.201503 03.17
Al-Kuwari, D. (2009). Determinants of the dividend policy in Emerging Stock Exchanges : The case of GCC Countries. Global Economy & Finance Journal, 2(2), 38–63.
Al-Malkawi, H.-A. N. (2017). Ownership structure, firm-specific factors and payout policy: Evidence from the GCC region. Corporate Ownership and Control, 15(December 2017), 476–486. https://doi.org/10.22495/cocv15i1c2p16
Al-malkawi, H. N., Twairesh, A. E., & Harery, K. (2013). Determinants of the likehood to pay dividends evidence from Saudi Arabia. Journal of American Science, 9(12), 518–528.
Alfisah, E., & Kurniaty. (2018). Factors of dividend payout ratio and influence on company value (Case study on LQ45 companies in Indonesia Stock Exchange on the 2011-2015 ). Asian Journal of Business and Management, 06(06), 77–
84.
Amar, A. Ben, Salah, O. Ben, & Jarboui, A. (2018). Do discretionary accruals affect firms’ corporate dividend policy? Evidence from France. Journal of Financial Reporting and Accounting, 16(2), 333–347.
https://doi.org/10.1108/JFRA-03-2017- 0020
Amidu, M., & Abor, J. (2006). Determinants of dividend payout ratios in Ghana. Journal of Risk Finance, 7(2), 136–145. https://doi.org/10.1108/1526594061064 8580
Aqel, S. (2016). An Empirical investigation of corporate dividend payout policy in an emerging market : Evidence from Palestine Securities Exchange. Research Journal of Finance and Accounting, 7(6), 7–16.
Arilaha, M. A. (2009). Pengaruh free cash flow, profitabilitas, likuiditas, dan leverage terhadap kebijakan dividen. Jurnal Keuangan dan Perbankan, 13(1), 78–87.
Baah, B. K., Tawiah, R., & Eric, O. F. (2014). Industry sector determinants of dividend policy and its effect on share price in Ghana. International Journal of Economics, Business and Finance, 2(5), 1–19.
Badu, E. A. (2013). Determinants of dividend payout policy of listed financial institutions in Ghana. Research Journal of Finance and Accounting, 4(7), 185–191.
http://www.iiste.org/Journals/index.php/ RJFA/article/view/6297
Chandra, B., & Junita, N. (2021). Tata kelola perusahaan dan manajemen laba terhadap kebijakan dividen di Indonesia. Jurnal Ekonomi Modernisasi, 17(1), 15–26. https://doi.org/10.21067/jem.v17i1.5188
Chasanah, A. N. (2008). Faktor-faktor yang mempengaruhi dividend payout ratio ( DPR ) pada perusahaan yang terdaftar di Bursa Efek Indonesia. Tesis, 144.
Dibia, N. O. (2018). Determinants of dividend policy in Nigerian banks. Archives of Current Research International, 15(2), 1–13. https://doi.org/10.9734/acri/2018/44463
Echchabi, A., & Azouzi, D. (2016). Determinants of dividend payout ratios in Tunusia: Insights in light of the jasmine revolution abdelghani. Journal of Accounting, Finance and Auditing Studies, 1–13.
Ehsan, S., Tabassum, N., Akram, Z., & Nasir, R. (2013). Role of insider and individual ownership structure in dividend payout policy: Evidence from
Pakistan. Middle East Journal of Scientific Research, 17(9), 1316–1326. https://doi.org/10.5829/idosi.mejsr.2013
.17.09.12304
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.
Eng, S., Yahya, M., & Hadi, A. (2013). The dividend payout policy – A comparison on Malaysian islamic and conventional financial institutions. Journal of WEI Business and Economics, 2(2), 12–20.
Fahim, L., Khurshid, M. K., & Tahir, H. (2015). Determinants of dividend payout : Evidence from financial sector of Pakistan. Journal of Poverty, Investment and Development, 17, 5–16.
Franc-Dąbrowska, J., Mądra-Sawicka, M., & Ulrichs, M. (2019). Determinants of dividend payout decisions–The case of publicly quoted food industry enterprises operating in emerging markets. Economic Research- Ekonomska Istrazivanja , 0(0), 1–22. https://doi.org/10.1080/1331677X.2019. 1631201
Ghozali, I. (2018). Aplikasi Analisis multivariate dengan program IBM SPSS
25 (A. Tejokusumo (ed.); Edisi 9). Badan Penerbit Universitas Diponegoro.
Gill, A., Biger, N., & Tibrewala, R. (2010). Determinants of dividend payout ratios: Evidence from United States. The Open Business Journal, 3(1), 8–14. https://doi.org/10.2174/1874915101003 010008
Gill, A., & Shah, C. (2012). Determinants of corporate cash holdings: Evidence from Canada. International Journal of Economics and Finance, 4(1), 70–79. https://doi.org/10.5539/ijef.v4n1p70
Hashim, S. L. B. M. (2017). Analysis on dividend payout: Empirical evidence of property companies in Malaysia. International Journal of Industrial
Management (IJIM), 3(June), 61–71.
Hassani, M., & Dizaji, F. K. P. (2013). Life cycle theory and dividend payout policy: Evidence from Tehran Stock Exchange. Management Science Letters, 3, 2631–2634.
https://doi.org/10.5267/j.msl.2013.09.00 5
Hosain, M. Z. (2016). Determinants of the dividend payout policy : A study on listed private commercial banks of Dhaka Stock Exchange Limited in Bangladesh. IOSR Journal of Economics and Finance (IOSR-JEF), 7(5), 1–10.
https://doi.org/10.9790/5933- 0705040110
Hossain, F., Sheikh, R., & Akterujjaman. (2014). Impact of firm specific factors on cash dividend payment decisions: Evidence from Bangladesh Md. International Review of Business Research Papers, 10(2), 62–80.
IDXChannel. (2019). Catatan akhir tahun, ini prestasi Bursa Efek Indonesia sepanjang 2019. IDXChannel.
Imran, K. (2011). Determinants of dividend payout policy: A case of Pakistan engineering sector. The Romanian Economic Journal, 14(41), 47–60.
Jabbouri, I. (2016). Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets. Research in International Business and Finance, 37(May), 283– 298.
https://doi.org/10.1016/j.ribaf.2016.01.0 18
Kaźmierska-Jóźwiak, B. (2015). Determinants of dividend policy: Evidence from polish listed companies. Procedia Economics and Finance, 23(October 2014), 473–477.
https://doi.org/10.1016/s2212- 5671(15)00490-6
Khan, R., Meer, J. K., Lodhi, R. N., & Aftab,
F. (2017). Determinants of dividend payout ratio: A study of KSE manufacturing firms in Pakistan. Journal of Business Studies, 13(1), 12–24.
Komrattanapanya, P., & Suntraruk, P. (2014). Factors influencing dividend payout in Thailand: A tobit regression analysis. International Journal of Accounting and Financial Reporting, 3(2), 255.
https://doi.org/10.5296/ijafr.v3i2.4443 Kusuma, P. J., Hartoyo, S., & Sasongko, H.
(2018). Analysis of factors that influence dividend payout ratio of coal companies in Indonesia Stock Exchange. Jurnal Dinamika Manajemen, 9(2), 189–197. https://doi.org/10.15294/jdm.v9i2.16417 Kuswanta, T. (2016). Pengaruh leverage, profitabilitas, dan ukuran perusahaan terhadap kebijakan dividen pada perusahaan yang terdaftar di indeks kompas 100. Jurnal Ilmu Manajemen,
13(2), 162–174.
Kuzucu, N. (2015). Determinants of dividend policy: A panel data analysis for Turkish listed firms. International Journal of Business and Management, 10(11), 149.
https://doi.org/10.5539/ijbm.v10n11p14 9
Labhane, N. B., & Das, R. C. (2015). Determinants of dividend payout ratio: Evidence from Indian companies. Business and Economic Research, 5(2), 217.
https://doi.org/10.5296/ber.v5i2.8154 Litai, C., Chuan, L., & Kim, Y. C. (2011).
Financial characteristics , corporate governance and the propensity to pay cash dividends of chinese listed companies. International Business and Management, 3(1), 176–188. https://doi.org/10.3968/j.ibm.192384282 0110301.1Z0653
Liputan6 (2018). Tunda bayar dividen, BEI suspensi saham PT Intermedia Capital. Liputan6.
Liputan6 (2019). PT Intermedia Capital tak bagi dividen 2018. Liputan6.
Madyoningrum, A. W. (2019). Pengaruh firm size, leverage dan profitabilitas terhadap kebijakan dividen. Jurnal Bisnis Dan
Manajemen, 6(1), 45–55. https://doi.org/10.26905/jbm.v6i1.3034
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
Maldajian, C., & Khoury, R. El. (2014). Determinants of the dividend policy: An empirical study on the Lebanese listed banks. International Journal of Economics and Finance, 6(4), 240–256. https://doi.org/10.5539/ijef.v6n4p240
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
Marfo-Yiadom, E., & Agyei, S. K. (2011). Determinants of dividend policy of banks in Ghana. International Research Journal of Finance and Economics, 61(August), 99–108.
Mehta, A. (2012). An Empirical analysis of determinants of dividend policy - Evidence from the UAE companies. Global Review of Accounting and Finance, 3(1), 18–31.
Mirza, H. H., & Azfa, T. (2010). Ownership structure and cash flows as determinants of corporate dividend policy in Pakistan. International Business Research, 3(3), 210–221.
http://papers.ssrn.com/sol3/papers.cfm? abstract_id=2019549
Mui, Y. T., & Mustapha, M. (2016). Determinants of dividend payout ratio: Evidence from Malaysian public listed firms. Journal of Applied Environmental and Biological Sciences, 6, 48–54.
Musiega, M. G., Alala, O. B., Douglas, M., Christopher, M. O., & Robert, E. (2013). Determinants of dividend payout policy among non-financial firms on Nairobi Securities Exchange, Kenya. International Journal of Scientific & Technology Research, 2(10), 253–266.
Nancy, & Sahi, A. (2018). Dividend policy determinants for public sector banks in India: A panel data approach. International Journal of Management Studies, V(4(5)), 56.
https://doi.org/10.18843/ijms/v5i4(5)/08 Nathani, N., & Gangil, R. (2019). Determinants of divided policy in Indian companies: A panel data analysis. SSRN Electronic Journal, February.
https://doi.org/10.2139/ssrn.3308721 Nina, Basri, H., & Arfan, M. (2014).
Pengaruh volatilitas arus kas, volatilitas penjualan, besaran akrual, dan financial leverage terhadap persistensi laba pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi, vol.3(no.2), 1–12.
Nuhu, E. (2014). Revisiting the determinants of dividend payout ratios in Ghana. International Journal of Business and Social Science, 5(8), 230–238.
Nuhu, E., Musah, A., & Senyo, D. B. (2014). Determinants of dividend payout of financial firms and non-financial firms in Ghana. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(3), 109–118.
https://doi.org/10.6007/ijarafms/v4- i3/1057
Ogundajo, G. O., Enyi, P. E., Akintoye, I. R., & Dada, S. O. (2019). Accounting information and dividend payout prediction in Nigerian listed manufacturing firms. Journal of Accounting and Taxation, 11(1), 9–16. https://doi.org/10.5897/jat2018.0317
Olabisi, J., Fapetu, O., & Onyekuwuluje, T.
P. (2017). Determinants of dividend policy among Nigerian listed consumer goods manufacturing companies. Journal Of Humanities, Social Sciences and Creative Arts, 92–104.
Opeyemi, F., Olusegun, J., Olukayode, E., & Olusola, S. (2018). Determinants of dividend policy of listed deposit money banks in Nigeria. World Journal of Finance and Investment Research, 3(1), 2550–7125. www.iiardpub.org
Prasetiono, & Afif, S. (2016). Analisis faktor-faktor yang mempengaruhi manufaktur yang listing di Bursa Efek Indonesia Tahun 2010-2014.
Diponegoro Journal Of Management, 5, 1–11.
Puspitaningtyas, Z., Prakoso, A., & Masruroh, A. (2019). Pengaruh profitabilitas terhadap kebijakan dividen dengan likuiditas sebagai pemoderasi. Jurnal Administrasi Bisnis, 9(3), 1.
https://doi.org/10.35797/jab.9.3.2019.25 120.1-17
Rachmawati, K., Tandika, D., & Nurdin. (2015). Pengaruh ukuran perusahaan dan kebijakan utang terhadap kebijakan dividen: Studi kasus pada perusahaan properti yang terdaftar di Bursa Efek Indonesia ( BEI ) Periode 2012-2015. Prosiding Manajemen, 356–362.
Rafique, M. (2012). Factors affecting dividend payout : Evidence from listed non-financial firms of Karachi Stock Exchange. Business Management Dynamics, 1(11), 76–92.
Ranajee, R., Pathak, R., & Saxena, A. (2018). To pay or not to pay: what matters the most for dividend payments? International Journal of Managerial Finance, 14(2), 230–244.
https://doi.org/10.1108/IJMF-07-2017- 0144
Sadia, S. (2018). Determinants of dividend policy : Evidence from non-financial firms listed with Dhaka Stock Exchange. IOSR Journal of Economics and Finance (IOSR-JEF), 9(5), 39–47.
https://doi.org/10.9790/5933- 0905033947
Saeed, D. R., Riaz, A., Lodhi, R. N., Munir,
H. M., & Iqbal, A. (2014). Determinants of dividend payouts in financial sector of Pakistan. Journal of Basic and Applied Scientific Research, 4(2), 33– 42. https://www.textroad.com/pdf/JBASR/J. Basic. Appl. Sci. Res., 4(2)33-42, 2014.pdf
KnE Social Sciences, 3(10), 1192–1202. https://doi.org/10.18502/kss.v3i10.3461
Setiawan, D., Bandi, B., Kee Phua, L., & Trinugroho, I. (2016). Ownership structure and dividend policy in Indonesia. Journal of Asia Business Studies, 10(3), 230–252.
https://doi.org/10.1108/JABS-05-2015- 0053
Setiawan, R., & Rachmansyah, A. B. (2017). Determinan cash holdings perusahaan : Studi pada perusahaan manufaktur di Indonesia.
Setiawati, L. W., & Yesisca, L. (2016). Analisis pengaruh pertumbuhan perusahaan, kebijakan utang, collateralizable assets, dan ukuran perusahaan terhadap kebijakan dividen pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2012-2014. Jurnal Akuntansi, 10(1), 52–82.
https://doi.org/10.25170/jara.v10i1.40 Sitompul, L. (2012). Faktor-faktor yang
mempengaruhi kebijakan dividen pada perusahaan yang terdaftar di Bursa Efek Indonesia. Jurnal Bisnis Dan Akuntansi, 19(2), 259–270.
https://doi.org/10.34208/jba.v19i2.278 Suhartono, A. (2015). The effect of free cash
flow and ownership structure on dividend payout ratio in manufacturing companies in Indonesia. The Indonesian Accounting Review, 5(2), 129. https://doi.org/10.14414/tiar.v5i2.643
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
Suyono, N. A. (2018). Faktor-faktor yang mempengaruhi dividend payout ratio (DPR) pada perusahaan perbankan di Bursa Efek Indonesia. Journal of Economic, Management, Accounting and Technology, 1(1), 105–113. https://doi.org/10.32500/jematech.v1i1.
Relationship between firm age and financial leverage with dividend policy. Asian Journal of Finance & Accounting, 6(2), 53.
https://doi.org/10.5296/ajfa.v6i2.5910 Thakur, B. P. S., & Kannadhasan, M. (2018).
Determinants of dividend payout of Indian manufacturing companies: A quantile regression approach. Journal of Indian Business Research, 10(4), 364–
376. https://doi.org/10.1108/JIBR-02- 2018-0079
Thirumagal, P. G., & Vasantha, S. (2017). Dividend payout determinants : Evidence from Indian industries. International Journal of Pure and Applied Mathematics, 117(21), 811–
829.
Thu, N. K., Triển, L. V., Anh, D. T. T., &
Nhơn, H. T. (2013). Determinants of dividend payments of non-financial listed companies in H ồ Chà Minh Stock Exchange. VNU Journal of Economics and Business, 29(5), 16–33.
Vedala, S. (2019). Determinants of dividend policy on selected FMCG companies in India. January 2018.
Wasike, T. W., & Ambrose, J. (2015). Determinants of dividend policy in Kenya. International Journal of Arts and Entrepreneurship, 4(11), 71–80.
Yakubu, I. N. (2019). The effect of capital structure on profitability: An empirical analysis of listed firms in Ghana. Journal of Risk Finance, 6(5), 438–445. https://doi.org/10.1108/1526594051063 3505
Zameer, H., Rasool, S., Iqbal, S., & Arshad,
U. (2013). Determinants of dividend policy: A case of banking sector in Pakistan. Middle East Journal of Scientific Research, 18(3), 410–424. https://doi.org/10.5829/idosi.mejsr.2013
.18.3.12200
