Abstract
Among factors that may be instrumental in affecting the dividend payout decision, this study aims to determine the effect of return on assets (ROA) and investment opportunities on dividend distribution in a company. Using secondary data from 10 Consumer Goods companies listed on the Stock Exchange in the period 2015 - 2019, the data were analyzed using panel regression using EVIEWS. This study found that ROA and investment opportunities can predict the Dividend Payout Ratio in the Consumer Goods Industry. The results suggest that the more profitable a company is, the more likely it is to pay high dividends. Also, high investment opportunities are good position increases a firm's ability to pay dividends.
Highlights
Among factors that may be instrumental in affecting the dividend payout decision, this study aims to determine the effect of return on assets (ROA) and investment opportunities on dividend distribution in a company
This study found that ROA and investment opportunities can predict the Dividend Payout Ratio in the Consumer Goods Industry
The results suggest that the more profitable a company is, the more likely it is to pay high dividends
Summary
Dasar teoritis yang mendasari kebijakan dividen perusahaan dapat dijelaskan baik dalam hal asimetri informasi atau faktor perilaku. Teori sinyal menjelaskan bahwa pemberian sinyal dilakukan oleh manajemen untuk mengurangi informasi yang asimetris. Motivasi manajemen untuk menyajikan informasi keuangan diharapkan dapat memberikan sinyal kemakmuran kepada pemilik atau pemegang saham (Sabatamia & Hutabarat, 2020). Teori keagenan berusaha menjelaskan struktur modal perusahaan sebagai hasil dari upaya untuk meminimalkan biaya yang terkait dengan pemisahan kepemilikan dan kontrol. Transfer kekayaan potensial dari pemegang obligasi ke pemegang saham adalah masalah agensi lain yang terkait dengan asimetri informasi. Konflik pemegang saham potensial dan pemegang obligasi dapat dikurangi dengan perjanjian yang mengatur prioritas klaim. Perjanjian hutang untuk meminimalkan pembayaran dividen diperlukan untuk mencegah transfer kekayaan pemegang obligasi kepada pemegang saham (John dan Kalay, 1982). Cara lain kebijakan dividen mempengaruhi biaya agensi adalah pengurangan biaya agensi melalui peningkatan pemantauan oleh marke modal (Amidu dan Abor, 2006)
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