Corporate Life Cycle, Profitability, Institutional Ownership and Dividend Policy in Companies Listed on the IDX for the 2017-2020 Period

Abstract

This study to test the influence company Cycle life, profitability, ownership institutional to policy dividends on the company manufacturers listed on the IDX for the 2017-2020 period. Cycle life company classified based on growth sale with four stages cycle life company which are start-up, growth, maturity and decline. Cycle life company be measured with using retained earnings to total equity (RETE), profitability be measured with Return on Assets (ROA), Ownership institutional be measured with percentage ownership institution. The control variable of this study is age company, size company and asset growth. Dependent is Policy dividend be measured with use dividend payout ratio (DPR). Population of this study is companies listed on the Indonesia Stock Exchange except financial sector for the 2017-2020 period. Total population of 569 companies with 2850 data. The sampling technique using purposive sampling and obtained as many as 820 data that sharing dividend. Research results show that RETE has a significant negative effect to Policy dividends, Return on Assets (ROA) has a significant negative effect to Policy dividends, ownership institutional influential positive significant to dividend policy, Age effect positive significant to dividend policy, size has a significant negative effect to dividends policy and asset growth are not influence to dividend policy.