The influence of corporate governance on dividend pay out ratio in non-cycal sector companies listed on the indonesian stock exchange
Article Sidebar
Published:
May 31, 2024
Keywords:
Audit committee, Busy director’s, Independent commissioners, Institutional ownership, Managerial ownership
Section
Economy
Statistics Article
Article View : 35 Times
Main Article Content
Abstract
This research aims to analyze the influence of corporate governance on the dividend payout ratio in companies included in the non-cyclical sector group listed on the Indonesia Stock Exchange. Corporate governance is measured by variables, the research consists of independent variables, namely busy directors, institutional ownership, independent commissioner, audit committee, managerial ownership and the dependent variable dividend payout ratio and the control variables, leverage, company size and company age are also used. In this research, panel data regression analysis is used. The sample in this research consisted of 33 companies consisting of the 2018-2012 period. The research results show that busy directors have a significant negative effect on dividend policy, institutional ownership has no effect on dividend policy, independent commissioners have no effect on dividend policy, audit committees have no effect on dividend policy, managerial ownership has no effect on dividend policy. The control variable leverage has a significant negative effect, company size has a significant positive effect, company age has no effect on dividend policy
Downloads
Download data is not yet available.
Article Details
How to Cite
Pardhana, F. ., Rahim, R. . and Adrianto, F. . (2024) “The influence of corporate governance on dividend pay out ratio in non-cycal sector companies listed on the indonesian stock exchange ”, Jurnal Mantik, 8(1), pp. 428-437. doi: 10.35335/mantik.v8i1.5135.
References
Abdulkadir, R. I., Abdullah, N. A. H., & Woei-Chyuan, W. (2015). Dividend policy changes in the pre-, mid-, and post-financial crisis: evidence from the nigerian stock market. Asian Academy of Management Journal of Accounting and Finance, 11(2), 103–126.
Abedin, S. H., Haque, H., Shahjahan, T., & Kabir, M. N. (2022). Institutional Ownership and Firm Performance: Evidence from an Emerging Economy. Journal of Risk and Financial Management, 15(12). https://doi.org/10.3390/jrfm15120567
Amaliyah, F., & Herwiyanti, E. (2019). Pengaruh Kepemilikan Institusional, Dewan Komisaris Independen, Dan Komite Audit Terhadap Nilai Perusahaan Sektor Pertambangan. Jurnal Akuntansi, 9(3), 187–200. https://doi.org/10.33369/j.akuntansi.9.3.187-200
Brigham, E. F., & Houston, J. F. (2006). Fundamental Of Financial Management (10th ed.). Salemba Empat.
Buchdadi, A. D., Hadistira, V., & Kurnianti, D. (2019). PENGARUH BOARD SIZE, BOARD INDEPENDENCE DAN OWNERSHIP STRUCTURE TERHADAP KEBIJAKAN DIVIDEN PADA SEKTOR MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2012-2016. Jurnal Riset Manajemen Sains Indonesia (JRMSI), 10(1), 2019. https://doi.org/http://doi.org/10.21009/JRMSI
Chakravarty, S., & Hegde, P. (2022). Firm size and the effectiveness of busy boards in an emerging economy. Global Finance Journal, 53(March), 100718. https://doi.org/10.1016/j.gfj.2022.100718
Dhuhri, R., & Diantimala, Y. (2018). The influence of institutional ownership, individual ownership, and managerial ownership toward dividend payout ratio at non-financial companies registered in Indonesia stock exchange in 2012-2016. International Journal of Social Science and Economic Research, 03(03), 786–801. http://www.ijsser.org/2018files/ijsser_03__55.pdf
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 and Information Management, 25(4), 459–483. https://doi.org/10.1108/IJAIM-02-2017-0020
Estuti, E. P., Hendrayanti, S., & Fauziyanti, W. (2020). Analisis Likuiditas, Profitabiitas Dan Kepemilikan Manajerial Terhadap Kebijakan Dividen Perusahaan. JURNAL CAPITAL?: Kebijakan Ekonomi, Manajemen Dan Akuntansi, 2(1), 114–126. https://doi.org/10.33747/capital.v2i1.34
Hapsari, K. D., & Fidiana, F. (2021). Pengaruh Free Cash Flow, Kepemilikan Manajerial Dan Leverage Terhadap Kebijakan Dividen. Jurnal Ilmu Dan Riset Akuntansi, 10(3), 1–16.
Hartono, P. G., Sari, W. R., Tinungki, G. M., Jakaria, J., & Hartono, A. B. (2021). The Determinants of Dividend Policy: An Empirical Study of Inconsistent Distribution of Dividends Using Balanced Panel Data Analysis. Media Ekonomi Dan Manajemen, 36(2), 89. https://doi.org/10.24856/mem.v36i2.2023
Hauser, R. (2018). Busy directors and firm performance: Evidence from mergers. Journal of Financial Economics, 128(1), 16–37. https://doi.org/10.1016/j.jfineco.2018.01.009
Krieger, K., Mauck, N., & Pruitt, S. W. (2021). The impact of the COVID-19 pandemic on dividends. Finance Research Letters, 42(September 2020), 101910. https://doi.org/10.1016/j.frl.2020.101910
Linggadjaya, R., & Atahau, A. (2023). KRISIS COVID-19 SEBAGAI PREDIKTOR KEBIJAKAN DIVIDEN: BUKTI DARI PERUSAHAAN SEKTOR INDUSTRI DASAR DAN KIMIA. Jurnal Proaksi, 10(3 SE-Articles). https://doi.org/10.32534/jpk.v10i3.4362
Masita, A., & Purwohandoko, P. (2020). Analisis Pengaruh Rasio Keuangan, Kepemilikan Manajerial, dan Kepemilikan Institusional terhadap Financial Distress pada Perusahaan Sektor Perdagangan, Jasa, dan Investasi yang Terdaftar di BEI Tahun 2015-2018. Jurnal Ilmu Manajemen, 8(3), 894. https://doi.org/10.26740/jim.v8n3.p894-908
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, 18(3), 274–297. https://doi.org/10.1108/JAAR-07-2014-0079
Pahi, D., & Yadav, I. S. (2019). Does corporate governance affect dividend policy in India? Firm-level evidence from new indices. Managerial Finance, 45(9), 1219–1238. https://doi.org/10.1108/MF-01-2019-0030
Pratitis, P., & Defung, F. (2022). Pengaruh board size, the board independence,ceo duality dan board meeting terhadap kebijakan deviden pada perusahaan sub-sektor perkebunan. Forum Ekonomi, 24(2), 476–482. https://doi.org/10.30872/jfor.v24i2.11088
Risseu Rizkia Monika, Hesty Ervianni Zulaecha, Hamdani Hamdani, & Watiyarrahmah Watiyarrahmah. (2022). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Profitabilitas Dan Ukuran Perusahaan Terhadap Kebijakan Deviden. Jurnal Mahasiswa Manajemen Dan Akuntansi, 1(2), 184–204. https://doi.org/10.30640/jumma45.v1i2.330
Sadaa, A. M., Ganesan, Y., Yet, C. E., Alkhazaleh, Q., Alnoor, A., & aldegis, A. M. (2023). Corporate governance as antecedents and financial distress as a consequence of credit risk. Evidence from Iraqi banks. Journal of Open Innovation: Technology, Market, and Complexity, 9(2), 100051. https://doi.org/10.1016/j.joitmc.2023.100051
Septika, E., Mudjiyanti, R., Hariyanto, E., & Wibowo, H. (2021). PENGARUH PROFITABILITAS, KEBIJAKAN HUTANG, LIKUIDITAS, DAN KEPEMILIKAN INSTITUSIONAL TERHADAP KEBIJAKAN DIVIDEN Eri Septika 1 , Rina Mudjiyanti 2* , Eko Hariyanto 3 , Hardiyanto Wibowo 4. Review of Applied Accounting Research, 1(2), 1–10.
Shan, Y. G., Troshani, I., & Tarca, A. (2019). Managerial ownership, audit firm size, and audit fees: Australian evidence. Journal of International Accounting, Auditing and Taxation, 35, 18–36. https://doi.org/10.1016/j.intaccaudtax.2019.05.002
Sinaga, A. N., Pangestu, C., & Christina, C. (2021). Pengaruh Komite Audit, Reputasi Auditor, Likuiditas, Dan Rasio Hutang Terhadap Kebijakan Dividen Dengan Profitabilitas Sebagai Variabel Moderasi Pada Perusahaan Real Estate Dan Building Construction Yang Terdaftar Di Bursa Efek Indonesia. Journal of Economic, Bussines and Accounting (COSTING), 5(1), 381–390. https://doi.org/10.31539/costing.v5i1.2429
Singh, A., & Kansil, R. (2018). Institutional ownership and firm performance: evidence from Indian panel data. International Journal of Business and Emerging Markets, 10, 250. https://doi.org/10.1504/IJBEM.2018.10013055
Sun, L., & Yu, H. (2022). The effects of busy board on firm’s probability to pay dividends. Research in International Business and Finance, 60(April 2021), 101596. https://doi.org/10.1016/j.ribaf.2021.101596
Susilawati, D., Uzliawati, L., & Fuadi. (2020). Pengaruh Likuiditas Dan Struktur Kepemilikan Institusional Terhadap Kebijakan Dividen Dengan Profitabilitas Sebagai Variabel Intervening. Jurnal Riset Akuntansi Tirtayasa, 05(02), 166–180.
Tinungki, G. M., Robiyanto, R., & Hartono, P. G. (2022). The Effect of COVID-19 Pandemic on Corporate Dividend Policy in Indonesia: The Static and Dynamic Panel Data Approaches. Economies, 10(1). https://doi.org/10.3390/economies10010011
Widiantari, K. S., & Merta Wiguna, I. G. N. (2023). Pengaruh Profitabilitas dan Kepemilikan Manajerial terhadap Kebijakan Dividen dengan Ukuran Perusahaan sebagai Variabel Moderasi. Mbia, 22(1), 38–52. https://doi.org/10.33557/mbia.v22i1.2134.
Abedin, S. H., Haque, H., Shahjahan, T., & Kabir, M. N. (2022). Institutional Ownership and Firm Performance: Evidence from an Emerging Economy. Journal of Risk and Financial Management, 15(12). https://doi.org/10.3390/jrfm15120567
Amaliyah, F., & Herwiyanti, E. (2019). Pengaruh Kepemilikan Institusional, Dewan Komisaris Independen, Dan Komite Audit Terhadap Nilai Perusahaan Sektor Pertambangan. Jurnal Akuntansi, 9(3), 187–200. https://doi.org/10.33369/j.akuntansi.9.3.187-200
Brigham, E. F., & Houston, J. F. (2006). Fundamental Of Financial Management (10th ed.). Salemba Empat.
Buchdadi, A. D., Hadistira, V., & Kurnianti, D. (2019). PENGARUH BOARD SIZE, BOARD INDEPENDENCE DAN OWNERSHIP STRUCTURE TERHADAP KEBIJAKAN DIVIDEN PADA SEKTOR MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2012-2016. Jurnal Riset Manajemen Sains Indonesia (JRMSI), 10(1), 2019. https://doi.org/http://doi.org/10.21009/JRMSI
Chakravarty, S., & Hegde, P. (2022). Firm size and the effectiveness of busy boards in an emerging economy. Global Finance Journal, 53(March), 100718. https://doi.org/10.1016/j.gfj.2022.100718
Dhuhri, R., & Diantimala, Y. (2018). The influence of institutional ownership, individual ownership, and managerial ownership toward dividend payout ratio at non-financial companies registered in Indonesia stock exchange in 2012-2016. International Journal of Social Science and Economic Research, 03(03), 786–801. http://www.ijsser.org/2018files/ijsser_03__55.pdf
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 and Information Management, 25(4), 459–483. https://doi.org/10.1108/IJAIM-02-2017-0020
Estuti, E. P., Hendrayanti, S., & Fauziyanti, W. (2020). Analisis Likuiditas, Profitabiitas Dan Kepemilikan Manajerial Terhadap Kebijakan Dividen Perusahaan. JURNAL CAPITAL?: Kebijakan Ekonomi, Manajemen Dan Akuntansi, 2(1), 114–126. https://doi.org/10.33747/capital.v2i1.34
Hapsari, K. D., & Fidiana, F. (2021). Pengaruh Free Cash Flow, Kepemilikan Manajerial Dan Leverage Terhadap Kebijakan Dividen. Jurnal Ilmu Dan Riset Akuntansi, 10(3), 1–16.
Hartono, P. G., Sari, W. R., Tinungki, G. M., Jakaria, J., & Hartono, A. B. (2021). The Determinants of Dividend Policy: An Empirical Study of Inconsistent Distribution of Dividends Using Balanced Panel Data Analysis. Media Ekonomi Dan Manajemen, 36(2), 89. https://doi.org/10.24856/mem.v36i2.2023
Hauser, R. (2018). Busy directors and firm performance: Evidence from mergers. Journal of Financial Economics, 128(1), 16–37. https://doi.org/10.1016/j.jfineco.2018.01.009
Krieger, K., Mauck, N., & Pruitt, S. W. (2021). The impact of the COVID-19 pandemic on dividends. Finance Research Letters, 42(September 2020), 101910. https://doi.org/10.1016/j.frl.2020.101910
Linggadjaya, R., & Atahau, A. (2023). KRISIS COVID-19 SEBAGAI PREDIKTOR KEBIJAKAN DIVIDEN: BUKTI DARI PERUSAHAAN SEKTOR INDUSTRI DASAR DAN KIMIA. Jurnal Proaksi, 10(3 SE-Articles). https://doi.org/10.32534/jpk.v10i3.4362
Masita, A., & Purwohandoko, P. (2020). Analisis Pengaruh Rasio Keuangan, Kepemilikan Manajerial, dan Kepemilikan Institusional terhadap Financial Distress pada Perusahaan Sektor Perdagangan, Jasa, dan Investasi yang Terdaftar di BEI Tahun 2015-2018. Jurnal Ilmu Manajemen, 8(3), 894. https://doi.org/10.26740/jim.v8n3.p894-908
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, 18(3), 274–297. https://doi.org/10.1108/JAAR-07-2014-0079
Pahi, D., & Yadav, I. S. (2019). Does corporate governance affect dividend policy in India? Firm-level evidence from new indices. Managerial Finance, 45(9), 1219–1238. https://doi.org/10.1108/MF-01-2019-0030
Pratitis, P., & Defung, F. (2022). Pengaruh board size, the board independence,ceo duality dan board meeting terhadap kebijakan deviden pada perusahaan sub-sektor perkebunan. Forum Ekonomi, 24(2), 476–482. https://doi.org/10.30872/jfor.v24i2.11088
Risseu Rizkia Monika, Hesty Ervianni Zulaecha, Hamdani Hamdani, & Watiyarrahmah Watiyarrahmah. (2022). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Profitabilitas Dan Ukuran Perusahaan Terhadap Kebijakan Deviden. Jurnal Mahasiswa Manajemen Dan Akuntansi, 1(2), 184–204. https://doi.org/10.30640/jumma45.v1i2.330
Sadaa, A. M., Ganesan, Y., Yet, C. E., Alkhazaleh, Q., Alnoor, A., & aldegis, A. M. (2023). Corporate governance as antecedents and financial distress as a consequence of credit risk. Evidence from Iraqi banks. Journal of Open Innovation: Technology, Market, and Complexity, 9(2), 100051. https://doi.org/10.1016/j.joitmc.2023.100051
Septika, E., Mudjiyanti, R., Hariyanto, E., & Wibowo, H. (2021). PENGARUH PROFITABILITAS, KEBIJAKAN HUTANG, LIKUIDITAS, DAN KEPEMILIKAN INSTITUSIONAL TERHADAP KEBIJAKAN DIVIDEN Eri Septika 1 , Rina Mudjiyanti 2* , Eko Hariyanto 3 , Hardiyanto Wibowo 4. Review of Applied Accounting Research, 1(2), 1–10.
Shan, Y. G., Troshani, I., & Tarca, A. (2019). Managerial ownership, audit firm size, and audit fees: Australian evidence. Journal of International Accounting, Auditing and Taxation, 35, 18–36. https://doi.org/10.1016/j.intaccaudtax.2019.05.002
Sinaga, A. N., Pangestu, C., & Christina, C. (2021). Pengaruh Komite Audit, Reputasi Auditor, Likuiditas, Dan Rasio Hutang Terhadap Kebijakan Dividen Dengan Profitabilitas Sebagai Variabel Moderasi Pada Perusahaan Real Estate Dan Building Construction Yang Terdaftar Di Bursa Efek Indonesia. Journal of Economic, Bussines and Accounting (COSTING), 5(1), 381–390. https://doi.org/10.31539/costing.v5i1.2429
Singh, A., & Kansil, R. (2018). Institutional ownership and firm performance: evidence from Indian panel data. International Journal of Business and Emerging Markets, 10, 250. https://doi.org/10.1504/IJBEM.2018.10013055
Sun, L., & Yu, H. (2022). The effects of busy board on firm’s probability to pay dividends. Research in International Business and Finance, 60(April 2021), 101596. https://doi.org/10.1016/j.ribaf.2021.101596
Susilawati, D., Uzliawati, L., & Fuadi. (2020). Pengaruh Likuiditas Dan Struktur Kepemilikan Institusional Terhadap Kebijakan Dividen Dengan Profitabilitas Sebagai Variabel Intervening. Jurnal Riset Akuntansi Tirtayasa, 05(02), 166–180.
Tinungki, G. M., Robiyanto, R., & Hartono, P. G. (2022). The Effect of COVID-19 Pandemic on Corporate Dividend Policy in Indonesia: The Static and Dynamic Panel Data Approaches. Economies, 10(1). https://doi.org/10.3390/economies10010011
Widiantari, K. S., & Merta Wiguna, I. G. N. (2023). Pengaruh Profitabilitas dan Kepemilikan Manajerial terhadap Kebijakan Dividen dengan Ukuran Perusahaan sebagai Variabel Moderasi. Mbia, 22(1), 38–52. https://doi.org/10.33557/mbia.v22i1.2134.
Copyright and Licensing
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.