1. Home
  2. Vol 7, No 3 (2023)
  3. Silaban

Dividend Policy Determinants: Study in Manufacturing Companies Listed on the Indonesia Stock Exchange

Adanan Silaban, Adriel Yakobus Nathanael

Abstract


Dividend policy is a policy that gives a signal to investors to invest in shares in a company. Therefore, research on the determinants of dividend policy is an interesting issue to research. This research aims to determine the influence of managerial ownership, institutional ownership and debt policy on dividend policy. The population in this research is food and beverage sub-sector manufacturing companies listed on the Indonesia Stock Exchange in 2020-2022, namely 16 observations from 38 companies with an observation period of 3 years so that the data used is 48 data. The sampling technique uses a purposive sampling method, the type of data used is secondary data in the form of company financial reports, this research uses the multiple linear regression analysis method. The research results show that managerial ownership has a positive and significant effect on dividend policy, while institutional ownership has no significant positive effect on dividend policy, and debt policy has a significant negative effect on dividend policy. The results of this research support the results of previous research. For future research, it is recommended to add factors that are thought to influence dividend policy, and add years of research observation.

Keywords


managerial ownership; institutional ownership; debt policy; dividend policy

References


Agus Sartono. (2017). Manajemen Keuangan Teori Dan Aplikasi (Agus Sartono, Ed.; 4th Ed.). Bpfe. Https://Perpustakaan.Mdp.Ac.Id/2019/08/02/Manajemen-Keuangan-Teori-Dan-Aplikasi-Edisi-4/

D.A. Wulandari. (2023). Pengaruh Kebijakan Hutang, Likuiditas Dan Profitabilitas Terhadap Kebijakan Dividen: Studi Pada Perusahaan Farmasi Yang Terdaftar Di Bei Tahun 2017-2020. Studi Ekonomi Dan Kebijakan Publik (Sekp), 1(Vol 1, No 2, 2023, 109-122), 109–122. Https://Doi.Org/Https://Doi.Org/10.35912/Sekp.V1i2.

Hasni Musaa, S. N. H. T. (2022). Pengaruh Kepemilikan Manajerial Terhadap Kebijakan Dividen Perusahaan Manufaktur Sub Sektor Makanan Dan Minuma Yang Terdaftar Di Bursa Efek Indonesiaperiode 2014-2018. Jurnal Mahasiswa Akuntansi, 1(Volume 1 No. 1 Juni 2022 Hal.127-139), 127–139. Https://Jamak.Fe.Ung.Ac.Id/Index.Php/Jamak

Lie Sha, T. (2015). Pengaruh Kebijakan Dividen, Likuiditas, Net Profit Margin, Return On Equity, Dan Price To Book Value Terhadap Harga Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. In Jurnal Akuntansi: Vol. Xix (Issue 02).

M. Hanafi, M. (2015). Manajemen Keuangan (M. M. Hanafi, Ed.; Edisi 1). Bpfe Yogyakarta. Http://Lib.Stmikbpn.Ac.Id/Lib/Index.Php?P=Show_Detail&Id=6421

Natasia, W. (N.D.). Faktor-Faktor Yang Mempengaruhi Kebijakan Hutang Perusahaan Yang Terdaftar Di Bei Wahidahwati Sekolah Tinggi Ilmu Ekonomi Indonesia (Stiesia) Surabaya.

Permata, I. S. (2019). Raya Lenteng Agung No.56-80, Rt.1/Rw.3, Srengseng Sawah. Forum Ekonomi, 21(1), 36–44. Http://Journal.Feb.Unmul.Ac.Id/Index.Php/Forumekonomi

Purba, E. F., & Simanjuntak, P. (2011). Metode Penelitian (E. F. Purba, Ed.; 2nd Ed.). Percetakan Sadia. Http://Www.Nommensen-Id.Org

Ridwan S., I. B. Dan D. P. Sundjaja. (2010). Manajemen Keuangan 2 (I. B. Dan D. P. Sundjaja. Ridwan S., Ed.; 6th Ed.). Literata Lintas Media.

Simanjutak, D., & Kiswanto. (2015). Determinan Kebijakan Dividen Pada Perusahaan Manufaktur Di Indonesia Tahun 2011-2013. Jurnal Dinamika Akuntansi, Vol. 7, No, 43. Http://Journal.Unnes.Ac.Id/Nju/Index.Php/Jda

Sisca Christianty Dewi. (2008). Pengaruh Kepemilikan Managerial, Kepemilikan Institusional, Kebijakan Hutang, Profitabilitas Dan Ukuran Perusahaan Terhadap Kebijakan Dividen. Jurnal Bisnis Dan Akuntansi, 10(Vol. 10, No. 1, April 2008, 47-58), 47–58. Https://Jurnaltsm.Id/Index.Php/Jba/Article/View/252/228

Sonya Majid Pracihara. (2016). Pengaruh Kebijakan Hutang, Kepemilikan Manajerial, Kebijakan Dividen, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan (Studi Pada Sektor Pertambangan Yang Terdaftar Di Bei Periode 2011-2014). Jurnal Ilmu Manajemen, 4(Https://Ejournal.Unesa.Ac.Id/Index.Php/Jim/Issue/View/1119), 1–591. Https://Ejournal.Unesa.Ac.Id/Index.Php/Jim/Article/View/17515

Stice. E.K., Stice. J. D. & S. (2004). Akuntansi Keuangan Menengah (Stice. J. D. & S. Stice. E.K., Ed.; Edisi 2). Salemba Empat. Http://Katalogarpusprovaceh.Perpusnas.Go.Id/Detail-Opac?Id=13674

Sugiyono. (2018). Metode Penelitian Kuantitatif, Kualitatif, Dan R&D – Mpkk (Sugiyono, Ed.; 2nd Ed.). Cv. Alfabeta.

Sukmadinata, N. S. (2013). Metode Penelitian Pendidikan / Nana Syaodih Sukmadinata (N. S. Sukmadinata, Ed.; 1st Ed.). Pt Remaja Rosdakarya.

Wiwin Indriani, R. Anastasia Endang S, & Nanang Purwanto. (2016). Pengaruh Kepemilikan Manajerial Dan Kinerja Keuangan Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2012-2014. Journal Riset Mahasiswa, 1–10. Http://Ejournal.Ukanjuruhan.Ac.Id

S. Setyaningsih and Y. Suchyadi, “Implementation of Principal Academic Supervision To Improve Teacher Performance in North Bogor,” Jhss (Journal Humanit. Soc. Stud., vol. 5, no. 2, pp. 179–183, 2021, doi: 10.33751/jhss.v5i2.3909.

Y. Suchyadi and Nurjanah, “Relationship between Principal Supervision in Increasing the Job Satisfaction of Private Junior High School Teachers in East Bogor District,” JHSS (Journal Humanit. Soc. Stud., vol. 02, no. 01, pp. 26–29, 2018, doi: https://doi.org/10.33751/jhss.v2i1.818.

Y. Suchyadi, “Relationship between Work Motivation and Organizational Culture in Enhancing Professional Attitudes of Pakuan University Lecturers,” JHSS (JOURNAL Humanit. Soc. Stud., vol. 01, no. 01, pp. 41–45, 2017, doi: https://doi.org/10.33751/jhss.v1i1.372.

Y. Suchyadi, N. Karmila, and N. Safitri, “Kepuasan Kerja Guru Ditinjau Dari Peran Supervisi Kepala Sekolah Dasar Negeri Di Kecamatan Bogor Utara,” JPPGuseda | J. Pendidik. Pengajaran Guru Sekol. Dasar, vol. 2, no. 2, pp. 91–94, Nov. 2019, doi: 10.33751/jppguseda.v2i2.1453.

R. Purnamasari et al., “Student Center Based Class Management Assistance Through The Implementation Of Digital Learning Models,” J. Community Engagem., vol. 02, no. 02, pp. 41–44, 2020, doi: https://doi.org/10.33751/jce.v2i2.2801.

Y. Suchyadi and H. Suharyati, “The Use Of Multimedia As An Effort To Improve The Understanding Ability Of Basic School Teachers ‘Creative Thinking In The Era ‘Freedom Of Learning,’” in Merdeka Belajar, A. Rahmat, Ed. Yogyakarta: Zahir Publishing, 2021, pp. 42–53.

Y. Suchyadi et al., “Increasing Personality Competence Of Primary School Teachers, Through Education Supervision Activities In Bogor City,” J. COMMUNITY Engagem., vol. 01, no. 01, 2019, [Online]. Available: https://journal.unpak.ac.id/index.php/jce

Y. Suchyadi et al., “Improving The Ability Of Elementary School Teachers Through The Development Of Competency Based Assessment Instruments In Teacher Working Group , North Bogor City,” J. COMMUNITY Engagem., vol. 02, no. 01, pp. 1–5, 2020, doi: https://doi.org/10.33751/jce.v2i01.2742.

S. Hardinata, Y. Suchyadi, and D. Wulandari, “Strengthening Technological Literacy In Junior High School Teachers In The Industrial Revolution Era 4.0,” J. Humanit. Soc. Stud., vol. 05, no. 03, pp. 330–335, 2021.

H. Suharyati, H. Laihad, and Y. Suchyadi, “Development of Teacher Creativity Models to Improve Teacher’s Pedagogic Competency in the Educational Era 4.0,” Int. J. Innov. Creat. Chang. www.ijicc.net, vol. 5, no. 6, pp. 919–929, 2019, [Online]. Available: www.ijicc.net

Y. Suchyadi, Nurjanah, and N. Karmila, Supervisi Pendidikan: Strategi Meningkatkan Profesionalisme Guru. Bogor: PGSD Universitas Pakuan, 2020.


Full Text: PDF

DOI: 10.33751/jhss.v7i3.9328

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.