DETERMINANT FACTOR OF INTERNAL DIVIDEND PAYOUT RATIOS ON STATE OWNED ENTERPRISE
DOI:
https://doi.org/10.38035/dijefa.v1i5.620Keywords:
Growth, Firm Size, Debt to Equity Ratio, Return on Assets, Dividend Payout Ratio.Abstract
These research aim to examine those impact from Growth, Firm Size, Return on Assets and Debt to Equity Ratio towards dividend policy of State-Owned Enterprises during period 2016-2018 with 46 BUMN as the research sample. In this research, the independent variables were Growth, Firm Size, Return on Assets and Debt to Equity Ratio, while the dependent variable was Dividend Payout Ratio. The results from these research found that Growth, Firm Size, Return on Assets and Debt to Equity Ratio simultaneously influence Dividend Payout Ratio of 87.71%. Return on Assets and Debt to Equity Ratio had significant negative impact on Dividend Payout Ratio, while Growth and Firm Size did not have an impact on Dividend Payout Ratio.
References
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Myers, S. C., dan N. S. Majluf. (1984). Corporate Financing and Investment Decision When Firm Have Information That Investor do not Have. Journal of Financial Economic, Vol. 13 (2): 187-221.
Nidar, S.R., & Gunawan, AA. (2016). Dividend Policy In Indonesia State Owned Enterprises. International Journal Of Scientific & Technology Research, 5(06), 238-242.
Nurwulansari & Rikumahu, B. (2018). Determinant of Dividen Payout Ratio: A Study of Listed Companies in Indonesia Stock Exchange. International Seminar & Conference on Learning Organization. ISCLO 6th, 2018.
Prihantoro (2003). Estimasi Pengaruh Dividen Payout Ratio pada Perusahaan Publik di Indonesia. Jurnal Ekonomi dan Bisnis, No.1, Jilid 8, pp: 7-14.
Rehman & Takumi (2012). Determinants of Dividend Payout Ratio:Evidence From Karachi Stock Exchange. Journal of Contemporary Issues in Business Research, 1(1), 20-27.
Riyanto, B. (2001). Dasar-Dasar Pembelanjaan Perusahaan. Yogyakarta: BPFE.
Sari, W.R. (2018). Dividend Policy of Indonesian State-Owned Enterprises. Telaah Bisnis, 18(1).
Saxena, A,K. (1999). Determinant of Dividen d Policy:Regulated Versus Unregulated Firms. The Journal of Finance.
Sinabutar & Nugroho. (2015). Dividend Payout Ratio In Indonesian Consumer Goods Industry: Panel Analysis and Determinant daftar Factors In 2004-2013. Journal of Business and Management, 4(4), 453-464.
Zulkifli, Endri, & Kurniasih, A. (2017). Determinan Internal Dividend Payout Ratio Perusahaan Farmasi Terdaftar di Bursa Efek Indonesia. Jurnal Keuangan dan Perbankan, 21(2): 238–252.
Ang, R. (1997). Buku Pintar Pasar Modal Indonesia. Jakarta: Media Staff Indonesia.
Bushra, A., & Mirza, N. (2015). The Determinants of Corporate Dividend Policy in Pakistan. The Lahore Journal of Economics, 20(2), 77–98.
Easterbrook, F. (1984). Two Agency Costs Explanations of Dividend, American Economic Review? 74, 650-659.
Farinha, J. (2003). Dividend Policy, Coporate Governance and The Managerial Entrenchment Hypothesis: An Empirical Analysis. Journal of Business Finance Accounting, 30(9-10), 1173–1209.
Gordon, Myron and John Lintner. (1956). Distrribution of Income of Corporations Among Dividend, Retained Earning and Taxes. The American Economic Review. 46(2): 97-113.
Hanafi, M. Mamduh. (2004). Manajemen Keuangan. Yogyakarta: BPFE.
Khan, F.A., & Ahmad, N. (2017). Determinant of Dividend Payout: An Empirical Study of Pharmaceutical Companies of Pakistan Stock Exchange (PSX). Journal of Financial Studies & Research, Vol. 2017, DOI: 10.5171/2017.538214.
Litzenberger, R. H. And Ramaswamy, K. (1979).The Effect of Personal Taxes and Dividend on capital Asset Prices: Theory and Empirical Evidence. Journal of Financial Economics, 7, 163-195.
Miller, M. H., & F. Modigliani. (1961). Dividend Policy, Growth, and the Valuation of Shares. Journal of Business. Vol. 34 (4): 411-433.
Myers, S. C., dan N. S. Majluf. (1984). Corporate Financing and Investment Decision When Firm Have Information That Investor do not Have. Journal of Financial Economic, Vol. 13 (2): 187-221.
Nidar, S.R., & Gunawan, AA. (2016). Dividend Policy In Indonesia State Owned Enterprises. International Journal Of Scientific & Technology Research, 5(06), 238-242.
Nurwulansari & Rikumahu, B. (2018). Determinant of Dividen Payout Ratio: A Study of Listed Companies in Indonesia Stock Exchange. International Seminar & Conference on Learning Organization. ISCLO 6th, 2018.
Prihantoro (2003). Estimasi Pengaruh Dividen Payout Ratio pada Perusahaan Publik di Indonesia. Jurnal Ekonomi dan Bisnis, No.1, Jilid 8, pp: 7-14.
Rehman & Takumi (2012). Determinants of Dividend Payout Ratio:Evidence From Karachi Stock Exchange. Journal of Contemporary Issues in Business Research, 1(1), 20-27.
Riyanto, B. (2001). Dasar-Dasar Pembelanjaan Perusahaan. Yogyakarta: BPFE.
Sari, W.R. (2018). Dividend Policy of Indonesian State-Owned Enterprises. Telaah Bisnis, 18(1).
Saxena, A,K. (1999). Determinant of Dividen d Policy:Regulated Versus Unregulated Firms. The Journal of Finance.
Sinabutar & Nugroho. (2015). Dividend Payout Ratio In Indonesian Consumer Goods Industry: Panel Analysis and Determinant daftar Factors In 2004-2013. Journal of Business and Management, 4(4), 453-464.
Zulkifli, Endri, & Kurniasih, A. (2017). Determinan Internal Dividend Payout Ratio Perusahaan Farmasi Terdaftar di Bursa Efek Indonesia. Jurnal Keuangan dan Perbankan, 21(2): 238–252.
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2020-12-01
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