1Bagus Sajiwo,2Zaenal Arifin
1,2Management Department - Universitas Islam Indonesia
DOI : https://doi.org/10.47191/ijmra/v6-i4-09Google Scholar Download Pdf
ABSTRACT:
The purpose of this study is to know the effect of liquidity, investment opportunity set, free cash flow, and state-owned enterprise on the dividend policy of bank companies listed on the Indonesia Stock Exchange (IDX) in 2011-2021. This study uses a purposive sampling technique to determine the research sample. The number of companies selected by the predetermined sample criteria is 8 companies from 46 companies listed in the IDX bank sector. In this study, an analytical test was conducted using descriptive statistics, classical assumption test, multiple linear regression test, t-test, and F-test. The result of this study showed that free cash flow gives a positive and significant influence on the dividend policy, while dividends on state-owned enterprise banks are fewer than on private banks. While liquidity and investment opportunity sets don't significantly influence the dividend policy.
KEYWORDS:dividend policy, liquidity, investment opportunity set, free cash flows, state-owned enterprise
REFERENCES
1) abiprayu, K. B., & Wiratama, B. (2016, Maret). Does CEO's Hubris Affecting Dividends Payout? Jurnal Dinamika Manajemen, 7(1), 66-75.
2) Adnan, M. A., Gunawan, B., & Candrasari, R. (2014, Desember 2). Pengaruh Profitabilitas, Leverage, Growth, dan Free Cash Flow terhadap Dividend Payout Ratio Perusahaan dengan Mempertimbangkan Corporate Governance sebagai Variabel Intervening. Jurnal Akuntansi dan Auditing Indonesia, 18(2), 89-100.
3) Ainun, M. B. (2017, September). Efek Moderasi Kebijakan Hutang pada Pengaruh Kebijakan Dividen terhadap Harga Saham. Jurnal Ekonomi dan Keuangan, 3(3), 382-402.
4) Akinlo, O. O., & Olayiwola, J. A. (2021, Juni 6). Dividend Policy-Performance Nexus: PMG-ARDL Approach. Future Business Journal, 23(7), 1-9.
5) Baker, H. (2009). Dividends and Dividend Policy. Canada: John Wiley & Sons, inc., Hoboken, New Jersey.
6) Brigham, E., & Houston, J. (2009). Fundamental of Financial Management (12th ed.). Mason: Cengage Learning.
7) Chosiah, C., Purwanto, B., & Ermawati, W. J. (2019, Maret 19). Dividend Policy, Investment Opportunity Set, Free Cash Flow, and Company Performance: Indonesian’s Agricultural Sector. Jurnal Keuangan dan Perbankan, 23(3), 403-417.
8) Chowdhury, R. H., Maung, M., & Zhang, J. (2014, Juli). Information Content of Dividends: a Case of an Emerging Financial Market. Studies in Economics and Finance, 31(3), 272-290.
9) Fatmawati, & Ahmad, R. (2017, September). Teori Catering dan Karakteristik Keuangan dalam Keputusan Dividen Perusahaan BUMN di Indonesia. Jurnal Ekonomi dan Keuangan, 1(3), 325-341.
10) Firmansyah, A., Fauzi, I., & Yuniar, M. R. (2020, November 28). Biaya Utang dari Sudut Pandang Kebijakan Dividen, Volatilitas Laba, dan Kualitas Akrual. Jurnal Studi Akuntansi dan Keuangan, 3(2), 109-129.
11) Fitriana, A., Dewi, A. C., & Setiawan, D. (2018, februari 24). Recent Developments in Dividend Policy: Evidence from Indonesia. Jurnal Keuangan dan Perbankan, 22(1), 37-50.
12) Gusni. (2017, Oktober 17). The Determinants of Dividend Policy: a Study of Financial Industry in Indonesia. Jurnal Keuangan dan Perbankan, 21(4), 562-574.
13) Hesniati, & Santi. (2019, januari). Pengaruh Profitabilitas, Hutang Perusahaan, Likuiditas, Kesempatan Berinvestasi, Ukuran Perusahaan, dan Tata Kelola Perusahaan terhadap Kebijakan Dividen. Jurnal Inovasi, 15(1), 53-64.
14) Hunjra, A. I. (2018, desember 30). Mediating Role of Dividend Policy among Its Determinants and Organizational Financial Performance. Cogent Economics & Finance, 6(1), 1-16.
15) Hutauruk, D. M. (2020, Agustus 17). Peran Perbankan Sangat Besar dalam Menggerakkan Ekonomi Nasional. Diambil kembali dari keuangan.kontan.co.id: https://keuangan.kontan.co.id/news/peran-perbankan-sangat-besar-dalam-menggerakkan-ekonomi-nasional
16) IDN Financial. (2022, Juni 28). Laporan Keuangan. Diambil kembali dari idnfinancials.com: https://www.idnfinancials.com/id/
17) Jawade, A. A. (2020, oktober 21). Does Promotor Holding Affect Financed Payout of Dividends? Borsa Istanbul Review, 21(4), 332-339.
18) Jensen, M. C., & Meckling, H. W. (1976, Oktober). Theory of The Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
19) Madyan, M., Meidiaswati, H., Sasikirono, N., & Herlambang, M. H. (2019, Mei 14). Family Control, Institutional Ownership, dan Kebijakan Dividen Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Reviu Akuntansi dan Keuangan, 9(1), 87-95.
20) Mui, Y. T., & Mustapha, M. (2016, Februari 29). Determinants of Dividend Payout Ratio: Evidence from Malaysian Public Listed Firms. Journal of Applied Environmental and Biological Scienses, 6(1), 48-54.
21) Mulchandani, K., Mulchandani, K., & Jasrotia, S. S. (2021, Juli 1). Does Gender Diversity on Firm’s Board Affect Dividend Payouts? Evidence from India. Future Business Journal, 25(7), 1-11.
22) OCBC NISP. (2021, Juli 15). Pengertian Bank, Jenis-Jenis, dan Fungsinya Bagi Masyarakat. Diambil kembali dari ocbcnisp.com: https://www.ocbcnisp.com/id/article/2021/07/15/pengertian-bank
23) OCBC NISP. (2022, Januari 31). Kenali Apa Itu Dividen Dalam Saham dan Cara Hitungnya. Diambil kembali dari ocbcnisp.com: https://www.ocbcnisp.com/en/article/2022/01/31/dividen-adalah
24) Pradana, S. W., & Sanjaya, I. P. (2017, Januari). Dampak Profitabilitas, Aliran Kas Bebas, dan Kesempatan Investasi terhadap Pembayaran Dividen Perusahaan Perbankan. Jurnal Keuangan dan Perbankan, 21(1), 113-124.
25) Rijal, A., & Said, S. (2018, oktober 26). Efektivitas Modal Kerja dan Likuiditas serta Dampaknya pada Kebijakan Dividen Perusahaan Berbasis Syariah. Jurnal Ekonomi, Keuangan, dan Perbankan Syariah, 2(2), 1-18.
26) Setyani, A. Y. (2018, Februari). Pengaruh Kebijakan Hutang, Kebijakan Dividen, dan Profitabilitas terhadap Nilai Perusahaan. Jurnal Riset Akuntansi dan Keuangan, 14(1), 15-24.
27) Sumarni, I., Yusniar, M. W., & Juniar, A. (2014, Juni). Pengaruh Investment Opportunity Set terhadap Kebijakan Dividen. Jurnal Wawasan Manajemen, 2(2), 201-211.
28) Thanatawee, Y. (2014, Juli 25). Ownership Structure and Dividend Policy: Evidence from China. International Journal of Economics and Finance, 6(8), 197-204.
29) Trijayanti, D., & Suprihhadi, H. (2019, Maret). Pengaruh Profitabilitas, Likuiditas, dan Leverage terhadap Kebijakan Dividen pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia. Jurnal Ilmu dan Riset Manajemen, 8(3), 1-21.
30) Triyono, Kusumastuti, A., & Palupi, I. D. (2019, Desember 3). The Influence of Profitability, Assets Structure, Firm Size, Business Risk, Sales Growth, and Dividend Policy on Capital Structure. Riset Akuntansi dan Keuangan Indonesia, 4(3), 101-111.
31) Tyastari, T. T., Rosidi, & Saraswati, E. (2017, Juli). Dividend Policy and Corporate Value (a Meta-Analysis). Jurnal Keuangan dan Perbankan, 21(3), 344-355.
32) Van Horne, J., & Wachowicz Jr, J. (2008). Fundamentals of Financial Management (13th ed.). New Jersey: Pretince Hall, Inc.
33) Wijaya, R. (2017, Juli). Kinerja Keuangan dan Ukuran Perusahaan terhadap Harga Saham dengan Kebijakan Dividen sebagai Variabel Intervening. Jurnal Keuangan dan Perbankan, 21(3), 459-472.
34) Wijayanti, R. I. (2022, Maret 23). Bagaimana Pembagian Dividen Saham? Ini Penjelasan Lengkapnya. Diambil kembali dari idxchannel.com: https://www.idxchannel.com/market-news/bagaimana-pembagian-dividen-saham-ini-penjelasan-lengkapnya/2
35) Wijayanti, R. I. (2022, Maret 22). Mengenal Jenis-Jenis Dividen dalam Investasi Saham. Diambil kembali dari idxchannel.com: https://www.idxchannel.com/market-news/mengenal-jenis-jenis-dividen-dalam-investasi-saham/2
36) Wuisan, F., Randa, F., & Lukman. (2018, November). Pengaruh Struktur Kepemilikan terhadap Kebijakan Dividen Perusahaan. Jurnal Sistem Informasi, Manajemen, dan Akuntansi, 16(2), 119-141.
37) Zainudin, R., & Khaw, K. L.-H. (2020, Desember 12). Dividend Payout Policies of Politically Connected Firms: Evidence from Malaysia. Borsa Istanbul Review, 21(4), 384-393.
38) Zelalem, B. A., & Abebe, A. A. (2022, Februari 20). Balance Sheet and Income Statement Effect on Dividend Policy of Private Commercial Banks in Ethiopia. Cogent Economics & Finance, 10(1), 1-16.
VOLUME 06 ISSUE 04 APRIL 2023
There is an Open Access article, distributed under the term of the Creative Commons Attribution – Non Commercial 4.0 International (CC BY-NC 4.0) (https://creativecommons.org/licenses/by-nc/4.0/), which permits remixing, adapting and building upon the work for non-commercial use, provided the original work is properly cited.
Our Services and Policies
Authors should prepare their manuscripts according to the instructions given in the authors' guidelines. Manuscripts which do not conform to the format and style of the Journal may be returned to the authors for revision or rejected.
The Journal reserves the right to make any further formal changes and language corrections necessary in a manuscript accepted for publication so that it conforms to the formatting requirements of the Journal.
International Journal of Multidisciplinary Research and Analysis will publish 12 monthly online issues per year,IJMRA publishes articles as soon as the final copy-edited version is approved. IJMRA publishes articles and review papers of all subjects area.
Open access is a mechanism by which research outputs are distributed online, Hybrid open access journals, contain a mixture of open access articles and closed access articles.
International Journal of Multidisciplinary Research and Analysis initiate a call for research paper for Volume 07 Issue 12 (December 2024).
PUBLICATION DATES:
1) Last Date of Submission : 26 December 2024 .
2) Article published within a week.
3) Submit Article : editor@ijmra.in or Online
Why with us
1 : IJMRA only accepts original and high quality research and technical papers.
2 : Paper will publish immediately in current issue after registration.
3 : Authors can download their full papers at any time with digital certificate.
The Editors reserve the right to reject papers without sending them out for review.
Authors should prepare their manuscripts according to the instructions given in the authors' guidelines. Manuscripts which do not conform to the format and style of the Journal may be returned to the authors for revision or rejected. The Journal reserves the right to make any further formal changes and language corrections necessary in a manuscript accepted for publication so that it conforms to the formatting requirements of the Journal.