Dividend Policy Of Companies Research Articles

Pengaruh Struktur Kepemilikan, Leverage dan Return On Asset (ROA) Terhadap Kebijakan Dividen pada Perusahaan Manufaktur Yang Terdaftar Dibursa Efek Indonesia Tahun 2021-2023

This research aims to analyze the influence of liquidity, ownership structure, leverage, and Return On Assets (ROA) on dividend policy in companies on the Indonesia Stock Exchange (BEI) for the 2021-2023 period. Dividend policy is an important decision for a company in determining the allocation of profits that will be distributed to shareholders and those that will be retained for investment purposes. Liquidity reflects a company's ability to meet short-term obligations, while ownership structure highlights the role of shareholders and managers in decision making. Leverage, which indicates the use of debt in financing, and ROA, as an indicator of profitability, are also considered important factors influencing dividend policy. This research differs from previous research with the addition of leverage variables as well as differences in population, sample and research period. It is hoped that the results of this research will provide a more comprehensive understanding of the factors that influence dividend policy and its implications for company value.

PENGUNGKAPAN ENVIRONMENTAL, SOCIAL DAN GOVERNANCE DALAM MENINGKATKAN NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN TERDAFTAR DI BURSA EFEK INDONESIA

Economic development in Indonesia continues to increase and the demand aspect is also responded well. Even though not many companies have made Environmental, Social, Governance (ESG) disclosures, understanding regarding the investment community continues to increase. ESG can be used as a standard for companies to implement company policies that are in line with environmental, social and governance concepts. This research aims to determine the influence of ESG on company value which is moderated by dividend policy in companies listed on the Indonesia Stock Exchange. The sample for this research is companies listed on the IDX in 2017-2021. The analysis carried out was a hierarchical regression using SPSS 21 software. The analysis concluded that ESG was proven to be able to influence the value of companies listed on the IDX 2017-2021. Dividend policy has also been proven to be able to moderate the influence of ESG on the value of companies listed on the IDX 2017-2021. Keywords: ESG, Company Value, Dividend Policy

Analisa Pengaruh Corporate Social Responsibility, Leverage dan Likuiditas Terhadap Kebijakan Deviden

The mining industry is an important industry for the government, and the development of stock dividends in the mining sector is quite volatile, where the smaller the profit generated, the smaller the stock dividends obtained. Dividend policy is a component that cannot be separated from the interests of management and shareholders. The purpose of this study was to determine the effect of corporate social responsibility (CSR), leverage, and liquidity on the company's dividend policy. This study applies quantitative method. The CSR variable is measured using the GRI Standard indicator, the leverage variable is measured using the debt equity ratio (DER), the liquidity ratio is measured using the current ratio (CR), and the dependent variable, namely dividend policy, is measured using the dividend payout ratio (DPR). This study uses secondary data sources, namely annual financial reports, and purposive sampling as a sampling technique. The data were analysed using multiple linear regression analysis. The results of the study revealed that there was a positive but not significant effect between the CSR variable and dividend policy, the leverage variable had a positive effect on dividend policy; and the liquidity variable had an effect on dividend policy. This research is expected to be useful as a source of information in the learning process and also to gain deeper knowledge about the effect of corporate social responsibility, leverage, and liquidity on dividend policy in manufacturing companies in the mining and energy industry sectors that are listed on the IDX for 2020–2022.

Profitability Efficiency and Dividend Policy of Companies Listed on the MAI Market, Service Industry Group

This research aims to study the efficiency of profits. To study the payment policy of companies listed on the MAI market, service industry group, and to study the profit efficiency affecting the dividend policy of companies listed on the MAI market, service industry group. The population and sample used in the study are companies listed on the MAI market in the service industry group. That shows financial information from 2020 to 2022 only, a total of 3 years, 54 companies, a total of 152 samples. Data was collected from financial statements. Annual report and Form 56-1. The received data is analyzed statistically according to the research objectives with a ready-made program. The statistics used to analyze the data are descriptive statistics, namely percentage, mean, minimum, maximum, and standard deviation. Quantitative statistics include analysis of the Pearson Correlation Coefficient. and Multiple Regression Analysis Major Findings the size of the business (SB) and the dividend policy variable (DP) were found to have a value equal to .220, which is a positive value. The results can be interpreted as The size of the business (SB) has little relationship with the dividend policy (DP) and has a relationship in the same direction (positive) at a statistical significance level of .01, and the gross profit margin (GPM) and the variable according to the dividend policy (DP). It has a value of .252 which is positive. The results can be interpreted as Gross profit margin (GPM) has little relationship with dividend policy (DP) and is related in the same direction (positive) at the statistical significance level .01, and gross profit margin (GPM) and variable based on dividend yield ( DPR) was found to be equal to .152, which is a positive value. The results can be interpreted as Gross profit margin (GPM) has little relationship with dividend yield (DPR) and is in the same direction (positive) at the statistical significance level.

Environmental, Social, Governance (ESG) Performance And Dividend Policy In Companies Listed on The Indonesia Stock Exchange

This study aims to determine the effect of environmental, social, and governance on dividend policy. This research was conducted using quantitative methods with the population taken was companies listed on the Indonesia Stock Exchange in 2017 - 2022. The sample in this study used 38 companies that had been selected by purposive sampling method. This type of research data is secondary data which has data sources from the Thomson Reuters Eikon database. The analysis technique used in this research is panel data regression using the lagrange test, the common effect model is selected, then the coefficient of determination (R^2) analysis is carried out, hypothesis testing with the use of partial tests (t test), and simultaneous tests (F test). The results of this study indicate a positive relationship between environmental and dividend payout ratio and a negative relationship between governance and dividend payout ratio.

The Effect of Debt Policy, Profitability and Liquidity on Dividend Policy

The purpose of this study is to investigate the impact of debt policy (measured by Debt to Equity Ratio), profitability (measured by Return on Asset), and liquidity (measured by Current Ratio) on dividend policy (measured by Dividend Payout Ratio). The study focuses on companies listed on the Indonesia Stock Exchange (IDX) under the Jakarta Islamic Index 70. Secondary data from financial statements spanning three consecutive years (2019 to 2021) were utilized for the analysis. The research employed purposive sampling, resulting in a sample of 44 companies, and multiple linear regression analysis was employed to test the research hypotheses. The findings indicate that, collectively, debt policy, profitability, and liquidity significantly influence the dividend policy of companies within the Jakarta Islamic Index from 2019 to 2021. However, when considering individual variables, only profitability demonstrates a significant impact on dividend policy among the listed companies from 2019 to 2021

DIVIDEND POLICIES OF COMPANIES

The study on "Dividend Policies of Companies" delves into the intricate decisions and strategies that companies employ in distributing profits to their shareholders. Dividend policy is a crucial aspect of corporate finance that has significant implications for both investors and the overall financial health of a company. This research aims to provide a comprehensive understanding of the various factors influencing dividend policies, the diverse approaches adopted by companies across different industries, and the implications of these decisions on shareholder value. The research methodology encompasses a systematic review of existing literature, financial reports, and case studies to analyze the historical trends and current practices in dividend distribution. Key factors influencing dividend policies, such as profitability, cash flow, growth prospects, and industry dynamics, will be examined to uncover the underlying rationale guiding companies in formulating their dividend strategies. Furthermore, the study explores the impact of macroeconomic variables, regulatory frameworks, and market conditions on shaping dividend policies. Additionally, it investigates the relationship between dividend policies and a company's stock performance, investor perceptions, and overall market dynamics. The findings of this research aim to contribute valuable insights for investors, financial analysts, and corporate decision-makers, aiding them in making informed decisions regarding investment strategies, risk management, and capital allocation. Ultimately, a deeper understanding of dividend policies can enhance the efficiency of financial markets and contribute to the overall stability and sustainability of corporate entities. KEYWORDS Dividend Policies ,Corporate Finance,Shareholder Value ,Profit Distribution,Financial Health,Investment Strategies,Cash Flow Management,Growth Prospects

THE EFFECT OF TAX AVOIDANCE, PROFITABILITY, AND LEVERAGE ON DIVIDEND POLICY: LIQUIDITY AS MODERATING VARIABLE

This study examines the effect of tax avoidance, profitability, and leverage in dividend policy; this case study was conducted at IDX80. IDX80 is a list created by the Indonesian stock exchange where this index measures the price performance of 80 stocks with high liquidity and large market capitalization. This research was conducted in 2018 - 2021, using a purposive sample method; 96 samples were obtained. The results of this study indicate that tax avoidance does not affect the company's dividend policy, while profitability and leverage affect dividend policy. Legal tax avoidance by the company does not have a direct effect on the company's dividend policy. So, even though the company practices tax avoidance, this will not have a significant effect on the decision to distribute dividends. Profitability has a positive and significant impact on dividend policy, which means that if the company's profitability increases, the dividend policy will also increase. Then leverage has a negative and significant effect on dividend policy, which means that when the company's leverage is high, the dividends distributed by the company will decrease. Then, this study uses liquidity as a moderating variable, showing that liquidity moderates the relationship between profitability and dividend policy. In contrast, high liquidity can weaken the relationship between profitability and dividend policy.

ВПЛИВ ДИВІДЕНДНОЇ ПОЛІТИКИ НА РИНКОВУ КАПІТАЛІЗАЦІЮ КОМПАНІЙ

Dividend policy plays a leading role in the system of measures for managing the market value of a company. The main objective of developing a dividend policy is to strike a balance between the current consumption of profit by owners and its growth in the future, thereby maximizing the market value of the company and ensuring its strategic development. The article summarizes the types of dividend policy of companies with reference to three dividend payment methods: conservative, compromise and aggressive, and identifies their advantages and disadvantages. The conservative approach to forming the company's dividend policy includes a zero dividend policy, which means the termination of dividend payments. The compromise approach to the company's dividend policy provides for stable and guaranteed dividend payments at the minimum level expected, depending on the company's performance. The company's aggressive approach to dividend policy is complemented by a "100%" dividend policy, i.e. the allocation of the entire amount of the company's net profit to the payment of dividends. The article notes that, despite the various theories of dividend policy, financial managers usually try to maintain a balance between paying sufficient dividends (to maintain shareholder confidence) and reinvesting profits (to maintain a certain rate of corporate development). It is clear that every company, in its practical financial activities, seeks to achieve an optimal balance between paying sufficient dividends and reinvesting profits. The specific motivation of each of the participants and their interaction determine the peculiarities of the model of the company's dividend policy, which is an external implementation of corporate conflicts. At present, Ukrainian companies take a conservative approach to the formation of dividend policy, applying a zero dividend policy or a residual dividend policy. We believe that a steady increase in the market capitalization of companies, including through an effective dividend policy, should be seen as a criterion for the success of the corporate reform strategy.

Dividend Policy of Russian Companies: Cancel Culture Effect

The paper is dedicated to the dividend policy of Russian companies under the sanctions pressure applied by the USA and the EU, which especially intensified in 2022 as a result of the changed global geopolitical environment. Cancel culture was used against Russia, complicating the financial, investment and operating activity of domestic companies. In the paper weanalyze a sample of 73 Russian listed companies from non-banking sectors and 317 observations for 2017–2022. We consider the impact of sanctions against companies, boards of directors and CEOs on the company dividend policy. We used a logistic regression as a model to determine the probability of influence of changes in the studied variables on the decision concerning dividend payment. The sample is divided into two parts: 2017–2020 and 2021, and it illustrates companies’ behavior when the political environment in the world was stable and when the situation was aggravated. The research showed that sanctions against boards of directors and direct limitations of company’s operations had a negative influence on the probability of dividend payments while sanctions against CEO in the period of aggravation of political risks produced a positive effect. The cancel culture effect, i.e., the refusal of the USA and EU to cooperate with Russia and sanctions imposed on it, produced a significant negative effect on dividend payout by Russian companies.

IMPACT OF COMPANY DIVIDEND POLICY ON STOCK PRICE VOLATILITY IN FOOD AND BEVERAGE INDUSTRY IN MALAYSIA

Investor expectations are greatly shaped by a company's dividend policy, which also has an impact on stock price volatility. This study attempts to investigate how corporate dividend policies affect stock price volatility in Malaysia's food and beverage sector. This research aims to provide light on the dynamics of dividend decisions and their impacts on market behavior by examining the relationship between dividend policy and stock price volatility. Utilizing secondary data gathered from publically accessible sources, including financial statements and stock market data, the study uses a quantitative research design. For the analysis, a sample of 30 food and beverage companies that are listed on the Bursa Malaysia stock exchange is chosen and 16 years period (2005-2020) been analyzed. To allow for a comparison examination, the sample contains both dividend-paying and non-dividend-paying enterprises. Regression analysis and descriptive analysis are two statistical methods that are used to analyze the link between dividend policy and stock price volatility. To verify the validity of the results, additional variables such as firm financial performance, market conditions, and industryspecific characteristics are taken into account.The results of this study will add to the body of knowledge by presenting empirical data on the effect of corporate dividend policies on stock price volatility in Malaysia's food and beverage sector. The findings will improve knowledge of the relevance of dividend policy choices and their possible impacts on stock market dynamics among investors, policymakers, and market players.

Analysis Of Dividend Policy in Companies Listed on The Indonesia Stock Exchange

<span lang="EN-US">The research objective is to analyze the effect of liquidity, leverage, and profitability on a dividend policy. The objects used are companies listed on the Indonesia Stock Exchange in 2018-2020. The sampling technique used is purposive sampling. Based on the predetermined criteria, the sample obtained was 117 companies in the observation period for three years, thus in this study using 351 sample data were obtained. The dependent variable is dividend policy using the Dividend Payout Ratio (DPR), instead, the independent variable includes liquidity using the Current Ratio (CR), leverage measurements using the Debt-to-Equity Ratio (DER), and also profitability using Return on Equity (roe). The data in the study was then analyzed using the data regression analysis panel assisted by the E-Views 12 program which has a significance level of 5%. The results have shown that (1) liquidity does not affect dividend policy, (2) leverage has an effect on dividend policy, and (3) profitability has an influence on dividend policy.</span>

Analisis Variabel-Variabel yang Mempengaruhi Kebijakan Dividen pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2018 - 2021

This research aims to determine the influence of profitability, liquidity, company size, growth opportunity, leverage, and COVID-19 on dividend policy. The population in this study are manufacturing companies listed on the Indonesia Stock Exchange for 2018 - 2021. The sample in this study was taken using a non-probability sampling technique, namely a purposive sampling technique. The number of selected pieces was 276-panel data of 69 companies (cross-section) and a 4-year time series. Hypothesis testing is carried out using panel data regression analysis with the Fixed Effect Model (FEM) regression model. The research results show that profitability, liquidity, company size, growth opportunity, leverage, and COVID-19 all influence dividend policy. Partially, profitability and liquidity have a positive effect on dividend policy, while power hurts dividend policy. Meanwhile, company size, growth opportunities, and COVID-19 did not affect dividend policy. Based on the results of the t-statistical test, 3 hypotheses were accepted, and 3 hypotheses were rejected. This research can provide practical contributions to investors or potential investors. Investors can use variable data that influences a company's dividend policy as a consideration for investing in the right company to get a return on investment in the form of dividends.

Kebijakan Dividen Ditinjau Dari Kinerja Total Asset Turn Over, Current Ratio, Debt To Equity Ratio Dan Return On Assets

Indonesian companies carry out a dividend policy with investors by dividing dividends annually, but the company retains it in the form of profit to be used as investment financing in the future. This study aims to test and analyze by finding empirical evidence about the effect of total asset turnover, current ratio, debt to equity ratio, and return on assets on dividend policy in companies listed on the Indonesian Stock Exchange in 2018-2021. Dividend policy is a decision to share profits earned by the company to shareholders as dividends, or to retain them in the form of retained earnings to be used as investment financing in the future. This type of research is classified as a quantitative type and uses secondary data from www.idx.co.id. The number of samples produced by purposive sampling were 76 companies according to the criteria multiplied by 4 years of the manufacturing company period. Multiple linear regression is the hypothesis test used in this study. The results of this study were that the total asset turnover and return on assets had a positive effect on dividend policy, but the current ratio and debt-to-equity ratio variables had no effect on dividend policy.

KEBIJAKAN DEVIDEN DALAM MEMEDIASI FAKTOR FAKTOR KEUANGAN TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN MAKANAN DAN MINUMAN YANG TERDAFTAR DI BEI TAHUN 2018-2021

Food and beverage companies play an essential role in economic growth. The food and beverage sector is a sector that the government prioritizes to encourage industry to boost the national economy. One of the fastest-growing industries is the food and beverage industry. Food and beverage companies play an important role, namely, meeting customer needs. This study analyses and examines the effect of Return on equity, Current Ratio, and Total Asset Turnover on company value through Dividend Policy in companies. Company value through Dividend Policy in food and beverage companies listed on the IDX in the 2018-2021 period. This research is quantitative research. The population in this study were all food and beverage companies listed on the IDX during the 2018-2021 period, namely 21 companies. The sampling technique in this study used purposive sampling. This study's data analysis and hypothesis testing used the Structural Equation Model - Partial Least Square (PLS-SEM). The results of the direct influence hypothesis test using the Smart PLS 3.0 application show that Return on equity has a positive but insignificant effect on Dividend Policy, Current Ratio has a negative but insignificant effect on Dividend Policy, Total Asset Turnover has a negative but significant effect on Dividend Policy, Return on equity has a positive but insignificant effect on Company Value, Current Ratio has a positive but insignificant effect on Company Value, and Dividend Policy has a positive but insignificant effect on Company Value. Current Ratio has a positive but insignificant effect on Company Value, Total Asset Turnover has a positive but insignificant effect on Company Value, and Dividend Policy has a positive but insignificant effect on Company Value. The results of the indirect effect hypothesis test show that the variable Return on Equity on Company Value through Dividend Policy has a positive but insignificant effect, the Current Ratio on Company Value through Dividend Policy has a negative but insignificant effect, and Total Asset Turnover on Company Value through Dividend Policy has a negative but insignificant effect.

The Influence of Investment and Funding Decisions on Company Value with Intervening Variables of Dividend Policy in Companies Listed on The Jakarta Islamic Index

The purpose of this study is to analyze and apply the influence of investment decisions and funding decisions on company value in companies listed in the Jakarta Islamic Index and to analyze and apply the influence of investment decisions and funding decisions on company value with intervening variables of dividend decisions in companies listed in the Jakarta Islamic Index. The population in this study is companies listed in the Jakarta Islamic Index (JII) for the 2017-2022 period. Research samples with porpusive sampling method amounted to 7 from 30 companies. The data was analyzed using linear regression with the Eviews application. The results showed that Investment decisions and funding decisions have a positive and significant influence on Dividend Policy, Investment Decisions and Funding decisions have no and insignificant effect on company value, dividend policy Intervening investment decisions and funding decisions on company value in companies listed in JII for the 2017-2022 period

Determination of Dividend Policy in Indonesian Banking

The company's dividend policy must be formulated with two primary objectives, namely providing adequate financing and maximizing the wealth of the company's owners. Shareholders see dividends as a signal of future banking success, stable and sustainable dividends are a positive signal, and vice versa. This study aims to determine the effect of profitability, liquidity, capital adequacy, institutional ownership, and asset growth on dividend policy. This type of research uses explanatory research. The research sample consisted of 13 banks listed on the Indonesia Stock Exchange from 2015-2019. The results show that profitability has no effect on bank dividend policy, liquidity has an effect on bank dividend policy, capital adequacy has an effect on bank dividend policy, institutional ownership has no effect on bank dividend policy.

FINANCIAL AND LEGAL ASPECTS DIVIDEND POLICY OF THE COMPANY

The article is devoted to the financial and legal aspects of the dividend policy of companies in modern business conditions. Dividends are one of the most important sources of income for shareholders of companies, and the dividend policy, which determines the distribution of profits between shareholders and the company, is of great importance for investors, analysts, managers and other financial market participants. Today's conditions in which companies operate are characterized by uncertainty and rapidly changing market conditions. In such circumstances, the effectiveness of the company's dividend policy can greatly affect its financial performance and market value. Therefore, understanding the current trends and opportunities of the dividend policy is a key factor in successful corporate financial management. This article discusses the main aspects of the dividend policy, including its role in the corporate governance system, the specifics of the formation and modification of the dividend policy, taking into account legal restrictions and opportunities for the company

Peningkatan Profitabilitas Dan Free Cash Flow Terhadap Kebijakan Dividen

This study aims to see the effect of profitability proxied by return on assets and free cash flow on dividend policy in companies listed on the Indonesia Stock Exchange (IDX) for the period 2017 – 2021. With a population of 810 companies, a sample of 32 companies was obtained using purposive sampling technique. The research method used in this research is quantitative. The data analysis technique uses panel data regression analysis with the regression model used is the fixed effect model which is processed with Eviews8 software. Based on the results of data analysis that has been carried out using hypothesis testing (t-test), proving that the profitability ratio proxied by return on assets has a significant effect on dividend policy, and the free cash flow variable has no significant effect on dividend policy in listed companies on the IDX.

PENGARUH PROFITABILITAS, FREE CASH FLOW DAN KEBIJAKAN HUTANG TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR YANG TERCATAT DI BURSA EFEK INDONESIA PERIODE 2017 – 2019

This study analyses the effect of profitability, free cash flow, and debt policy on dividend policy of manufacturing companies listed on the Indonesia Stock Exchange. The research sample consisted of 125 companies in the period 2017 - 2019. The method of analysis in this study used multiple linear regression. Based on the research, the two independent variables, namely profitability and free cash flow, have a positive influence on dividend policy, while the independent variable, namely debt policy, has no influence on company dividend policy.