Return on Equity as the Leading Indicator of Dividend Payout Ratio of Jakarta Islamic Index Stocks Listed on the Indonesia Stock Exchange
DOI:
https://doi.org/10.31933/dijms.v1i3.96Keywords:
Return on Equity, Dividend Payout Ratio, Stock ExchangeAbstract
Dividend policy is a critical and imperative decision because it involves the shareholders interest’s and has a significant impact to company's sustainability. Sartono (2010) states that dividend policy is a decision whether the profits obtained by the company will be distributed to shareholders as dividend or will be held in the form of retained earnings for future investment.Brigham and Gapenski (2006) state that investor’s main purpose when investing their fund is to gain income or return either as dividend yield or as capital gain. On the other side, the company who will share the dividend will be faced with various consideration: the urge to retain some profit for a more promising re-investment, the company funding, company liquidity, shareholder’s characteristic, specific target related to dividend payment ratio, and other factors related to dividend policy.Based on the definition mentioned above, it can be concluded that dividend policy is influenced by two conflicting interests; the shareholders interest with their dividend and the company interest to do re-investment by retaining the profit. Therefore, dividends paid will depend on each company’s considerations.In general, the shareholders wish to have a relatively stable dividend share to minimize the uncertainty of expected investment result and to increase the shareholder’s trust toward the company so that the stock value will rise. The company dividend policy can be reflected by the Dividend Payout Ratio (DPR), which is the profit percentage shared in the form of cash dividend. It means that the size of the DPR, either big or small, will affect the shareholder’s decision and to the contrary it will also affect the company financial condition. Improper decisions will potentially envisage company facing funding difficulties in the future.According to Brigham and Gapenski (2006), the optimum dividend policy is the dividend policy which creating balance between the current dividend and its growth in the future so the company stock price can be maximized.Lintner (1956) argue that the company ability to gain profit is the main indicator of the company ability to pay dividend. So, the profitability is the most determining factor toward dividend. But some other research mention that the companies tend to choose new investment instead of paying high dividend if their condition are great, well-developed and have high profitability.The rapid growth of Islamic Finance become the first-rate consideration of choosing Jakarta Islamic Index stocks as the object research in which this research aimed to improve investor’s understanding related to dividend policy of sharia stocks member of Jakarta Islamic Index.
References
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Aqel, Ph.D, Saher. (2016). An Empirical Investigation of Corporate Dividend Payout Policy in an Emerging Market: Evidence from Palestine Securities Exchange. Research Journal of Finance and Accounting. Vol. 7. No. 6.
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Bambang Riyanto. (2011). Dasar – dasar Pembelanjaan Perusahaan. Yogyakarta: BPFE.
Brealey, Myers, & Marcus. (2006). Dasar – Dasar Manajemen Keuangan Perusahaan. Edisi Lima, Jilid 2. Jakarta: Erlangga.
Brigham, E.F. & Houston, J.F. (2006). Dasar – Dasar Manajemen Keuangan. Alih Bahasa: Ali Akbar Yulianto. Edisi 10. Jakarta: Salemba Empat.
Brigham, E.F., & Gapenski, L.C. (2006). Intermediate Financial Management (7th ed). New York: The Dryden Press.
Brigham, Eugene & Houston. (2004). Fundamentals of Financial Management. Sixth Edition. Florida: University of Florida.
Bushra, Aliya & Mirza, Nawazish. (2015). The Determinants of Corporate Dividend Policy in Pakistan. The Lahore Journal of Economics. 20:2. pp: 77–98.
Dewi, C.S., (2008). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Kebijakan Hutang, Profitabilitas dan Ukuran Perusahaan Terhadap Kebijakan Dividen. Jurnal Bisnis dan Akuntansi. 10 (1). pp: 47 – 58.
De Angelo, H., L. DeAngelo dan R.M. Stulz, (2006). Dividend Policy and the Earned/Contributed Capital Mix: A Test of Life Cycle Theory. Journal of Financial Economics. Vol. 81: 227- 254.
Erich A. Helfert. (1993). Analisis Laporan Keuangan. Edisi Ketujuh, Cetakan Kesatu. Jakarta: Elangga.
Fahim, Lamia, Khurshid, Muhammad Kashif, & Tahir, Hina. (2015). Determinants of Dividend Payout: Evidence from Financial Sector of Pakistan. Journal of Poverty, Investment and Development. Vol. 17.
Forti, Cristiano Augusto Borges, Peixoto, Fernanda Maciel, & e Alves, Denis Lima. (2015). Determinant Factors of Dividend Payments in Brazil. R. Cont. Fin. – USP, São Paulo. Vol. 26. No. 68. pp: 167 – 180.
Gitman, Lawrence. (2009). Principles of Managerial Finance. Twelfth Edition. Pearson International, Prentice Hall.
Gordon, Myron & John Lintner. (1956). Distrribution of Income of Corporations Among Dividend, Retained Earning and Taxes. The American Economic Review. 46. pp: 97 – 113.
Gujarati, D. (2004). Dasar – Dasar Ekonometrika. Jakarta: Erlangga.
Harahap, S.S. (2008). Analisis Kritis atas Laporan Keuangan. Jakarta: PT. Raja Grafindo Persada.
Hartono, Jogiyanto. (2016). Teori Portofolio dan Analisis Investasi. Yogyakarta: BPFE.
Innocent, E. C., Mary, O. I., & Matthew, O. M. (2013). Financial Ratio Analysis as a Determinant of Profitability in Nigerian Pharmaceutical Industry. International Journal of Business and Management. 8(8). pp:107 – 117.
Issa, Ayman I. F. (2015). The Determinants of Dividend Policy: Evidence from Malaysian Firms. Research Journal of Finance and Accounting. Vol. 6. No. 18.
Jensen, G. R., Solberg, D. P., & Zorn, T. S. (1992). Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies. Journal of Financial and Quantitative Analysis. 27(2). pp: 247 – 263.
Jensen, Michael C. & W.H. Meckling. (1976). Theory of The Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Financial Economics. 3. pp: 305 – 360.
Ka?mierska-Jó?wiaka, Bogna. (2015). Determinants of Dividend Policy: Evidence from Polish Listed Companies. Procedia Economics and Finance. 23. pp: 473 – 477.
Keown, et. al. (2005). Dasar – Dasar Manajemen Keuangan Edisi Revisi. Jakarta: PT. Raja Grafindo Persada.
Khan, Farman Ali & Ahmad, Nawaz. (2017). Determinants of Dividend Payout: An Empirical Study of Pharmaceutical Companies of Pakistan Stock Exchange (PSX). IBIMA Publishing Journal of Financial Studies & Research. Vol. (2017).
La Porta R., Lopez-de-Silanes F., Shleifer A. & Vishny R. (2000). Agency Problems and Dividend Policies Around the World. Journal of Finance. 55. pp:1 – 33.
Labhane, Nishant B. & Chandra Das, Ramesh. (2015). Determinants of Dividend Payout Ratio: Evidence from Indian Companies. Business and Economic Research. Vol. 5. No. 2.
Leon, Farah Margaretha & Putra, Pradana Maulana. (2014). The Determinant Factor of Dividend Policy at Non Financial Listed Companies. International Journal of Engineering, Business and Enterprise Application. Vol. 7. pp: 22 – 26.
Lintner, J. (1956). Distribution of Incomes of Corporation of Among Dividends, Retained Earning and Taxes. The American Review. pp: 97 – 113.
Litzenberger, R.H., & K. Ramaswamy. (1979). The Effect of Personal Taxes and Dividends on Capital Asset Prices: Theory and Empirical Evidence. Journal of Financial Economics. 7. pp: 163 – 195.
Maladjian, Christopher & El Khoury, Rim. (2014). Determinants of the Dividend Policy: An Empirical Study on the Lebanese Listed Banks. International Journal of Economics and Finance. Vol. 6. No. 4.
Marlina & Denica. (2009). Analisis Pengaruh Cash Position, Debt To Equity Ratio dan Return On Assets Terhadap Dividen Payout Ratio. Jurnal Manajemen Bisnis. Vol. 2. No.1. pp: 1 – 6.
Marziyanda, Suci. (2015). Faktor – Faktor yang Mempengaruhi Deviden Tunai: Studi Empiris Pada Perusahaan Properti yang Terdaftar di Bursa Efek Indonesia Periode 2010 – 2013. Jurnal Manajemen Keuangan.
Milhem, Maysa'a Munir. (2016). Determinants of Dividend Policy: A Case of Banking Sector in Jordan. IJER © Serials Publications. 13(4). pp: 1411 – 1422.
Miller, M., & Modigliani, F. (1961). Dividend Policy, Growth and The Valuation of Shares. Journal of Business. pp: 433 – 443.
Muzio Ponziani, Regi. (2015). Faktor – Faktor yang Mempengaruhi Kebijakan Deviden. Jurnal Bisnis dan Akuntansi. Vol. 17. No. 1a.
Okoro, Cyprian Okey, Ezeabasili, Vincent, & Alajekwu, Udoka Bernard. (2018). Analisys of the Determinants of Dividend Payout of Consumer Goods Companies in Nigeria. Economic Series Annals of Spiru Haret University.
Oladipupo, Adesina Oluguke dan Peter Okoeguale Ibadin. (2013). Does Working Capital Management Matter in Dividend Policy Decision? Empirical Evidence from Nigeria. International Journal of Financial Research, Vol. 4, No. 4: 141-145.
Pramita, Fenny & Oetomo, Hening Widi. (2013). Pengaruh Cash Ratio, ROA, dan Growth of Company terhadap Dividend Payout Ratio. Jurnal Ilmu & Riset Manajemen. Vol. 2. No. 4.
Reilly, Frank K. & Brown, Keith C. (2012). Investment Analysis & Portfolio Management. United State of America: South – Western Cengage Learning.
Riyanto. B. (2001). Dasar – Dasar Pembelanjaan Perusahaan. Edisi Keempat. Yogyakarta: BPFE.
Ross, S. A. (1977). The Determination Offinancial Structure: The Incentive Signaling Approach. Bell Journal of Economics. Vol. 8.
Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2008). Corporate Finance Fundamentals. 8th Edition. New York: McGraw Hill.
Ross, S.A., Westerfield, R.W., & Jaffe, J. (2010). Corporate Finance. (9th Ed). New York: McGraw Hill.
Rudianto. (2012). Pengantar Akuntansi Konsep & Teknik Penyusunan Laporan Keuangan Adaptasi IFRS. Jakarta: Erlangga.
Saeed, Rashid, Riaz, Ayesha, Lodhi, Rab Nawaz, Munir, Hafiza Mubeen, & Iqbal, Amber. (2014). Determinants of Dividend Payouts in Financial Sector of Pakistan. J. Basic. Appl. Sci. Res. 4(2). pp: 33 – 42.
Sampurna, Cynthia Dewi & Widyarti, Endang Tri. (2015). Pengaruh Investment Opportunity Set, Debt to Equity Ratio, Growth, Earning per Share, Total Assets Turnover Terhadap Dividend Payout Ratio. 2015. Diponegoro Journal of Management. Vol. 4. No. 2. pp: 1 – 15.
Samsul, Mohamad. (2006). Pasar Modal Dan Manajemen Portofolio. Surabaya: Erlangga.
Sartono, Agus. (2010). Manajemen Keuangan Teori dan Aplikasi. 4th Edition. Yogyakarta: BPEE.
Sharpe, William F, Gordon J. Alexander & Jeffery F Bailey. (1999). Investasi. Jilid II. Terjemahan. Jakarta: PT. Prehalindo,
Soemarso, S. R. (2010). Akuntansi Suatu Pengantar. Edisi 5. Jakarta: Salemba Empat.
Sonny Pangemanan, Sifrid, Kaligis, Novi, & Oratmangun, Sefanya. (2015). The Characteristics of Dividend Payers from Banking Sectors in Indonesia. Research Journal of Finance and Accounting. Vol. 6. No. 6.
Soondur S.A.K, Maunick. D, Sewak. S,. (2016). Determinants of the Dividend Policy of Companies Listed on the Stock Exchange of Mauritius. Proceedings of the Fifth Asia – Pacific Conference on Global Business, Economics, Finance and Social Sciences. Paper ID: M619.
Sugiarto, BA.,M.Acc, Teguh. (2015). Cash Ratio, Return on Assets, Debt to Equity Ratio and Dividend Payout Ratio of 25 Companies Listed in BEI Period 2005 – 2014 Test Data Using Panel. International Journal of Business Quantitative Economics and Applied Management Research. Vol. 2. Issue 1.
Suharli, M. (2006). Studi Empiris Mengenai Pengaruh Profitabilitas, Leverage dan Harga Saham Terhadap Jumlah Dividen Tunai (Studi pada Perusahaan yang Terdaftar di Bursa Efek Jakarta Periode 2002 – 2003). Jurnal Magister Akuntansi. 6. pp: 243 – 256.
Suparmun, Haryo. (2015). Determinan Rasio Pembayaran Deviden pada Perusahaan Non Keuangan yang Terdaftar di Bursa Efek Indonesia. Jurnal Bisnis dan Akuntansi. Vol. 17. No. 1a.
Sutrisno & Kinayung, Yoga. (2017). Analisis Pengaruh Biaya agensi, Tahap Daur Hidup Perusahaan dan Regulasi Terhadap Kebijakan Deviden. Jurnal Iqtisaduna. Vol 3 No. 1.
Syamsudin, Lukman. (2011). Manajemen Keuangan Perusahaan. Edisi Baru. Jakarta: PT. Raja Grafindo Persada.
Tahir, Muhammad, & Mushtaq, Muhammad. (2016). Determinants of Dividend Payout: Evidence from listed Oil and Gas Companies of Pakistan. Journal of Asian Finance, Economics and Business. Vol. 3. No. 4. pp: 25 – 37.
Trang, Nguyen Thi Xuan. (2012). Determinants of Dividend Policy: The Case of Vietnam. International Journal of Business, Economics and Law. Vol. 1.
Undang-Undang Nomor 21 tahun (2011) tentang Otoritas Jasa keuangan Lembaran Negara Republik Indonesia Tahun 2011 Nomor 111.
Van Home & Wachowicz. (2007). Prinsip – Prinsip Manajemen Keuangan. Jakarta: Salemba Empat.
Waswa, Calistus Wekesa, Ndede, Fredrick W.S., & Jagongo, Ambrose O. (2014). Dividend Payout by Agricultural Firms in Kenya (An Empirical Analysis of Firms Listed on the Nairobi Security Exchange). International Journal of Business and Social Science. Vol. 5. No. 11 (1). pp: 63 – 74.
Weston, J. Feed dan Thomas E. Copeland. (2010). Manajemen Keuangan. Edisi Kesepuluh. Jakarta: Binarupa Aksara.
Widarjono, A. (2009). Ekonometrik Pengantar dan Aplikasinya. 3rd Edition. Yogyakarta: Ekonisia.
Wild, T., H. Walter, & H. Charles. (2008). Analisis Laporan Keuangan. Jakarta: Salemba Empat.
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Published
2020-01-19
How to Cite
Budianto, E. T., & Eka Bertuah, E. B. (2020). Return on Equity as the Leading Indicator of Dividend Payout Ratio of Jakarta Islamic Index Stocks Listed on the Indonesia Stock Exchange. Dinasti International Journal of Management Science, 1(3), 319–330. https://doi.org/10.31933/dijms.v1i3.96
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