Abstract
The purpose of this study is to examine the effect of institutional ownership on dividend initiation with newly appointed CEO hold a role as moderating variable in non-financial companies listed on Indonesia Stock Exchange. This research used logistic regression model and Moderated Regression Analysis (MRA). Data were obtained from the public company's Financial Report and Annual Report published in 2012-2017 period. Dependent variable in this study is dividend initiation which measured with dummy variable. The independent variable used in this study is institutional ownership proxied by the percentage of shares that held by institution investors, while the moderating variable is newly appointed CEO. The result shows that institutional ownership has a significant positive effect on dividend initiation and the newly appointed CEO strengthens the positive effect of institutional ownership on dividend initiation.
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