PENGARUH STRUKTUR KEPEMILIKAN TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN NON-KEUANGAN DI BURSA EFEK INDONESIA

Reka Dina, Said Musnadi

Abstract


This study to aims to examine the effect of ownership structure on dividend policy in non-financial companies in Indonesia Stock Exchange on period 2011-2017. The technique used in this study is purposive sampling based on some certain criterias to obtain 26 samples from companies. The Fixed Effect Model method is used for the analysis. The results show that institutional ownership has significant positive effects on dividend policy. The higher institutional ownership, the greater monitoring of institutional to management, so the shareholders will get more profit of dividend. Meanwhile managerial ownership has significant negative effects on dividend policy. The higher managerial ownership makes companies more likely to allocate profit to retained earning and the lower managerial ownership, the company will pay more dividend as a good sign for future corporate performance.

Keywords: Agency theory, institutional ownership, managerial ownership and dividend policy.

 


Full Text:

PDF

References


Ahmad, Afridian Wirahadi., Yossi Septriani. (2008). Konflik Keagenan: Tinjauan Teoritis dan Cara Menguranginya. Jurnal Akuntansi & Manajemen. 3(2).

Brigham, Eugene F and Joel F. Houston. (2006). Dasar-Dasar Manajemen Keuangan. Edisi Sepuluh. Jakarta:Salemba Empat.

Brigham, E. F. & Houston, J.F. (2010). The Principles of Financial Management.11ed. Jakarta: Salemba Empat Publishing Agency.

Budi, Sanjaya. (2009). Analisis Faktor-faktor yang Mempengaruhi Kebijakan Dividen pada Perusahaan Publik di Indonesia. Jurnal Kajian Akuntansi.

Cao, Lihong., Yan Du., Jens Ørding Hansen. (2017). Foreign institutional investors and dividend policy: Evidence from China. International Business Review.

Dewi, Sisca Christianty. (2008). Pengaruh Kepemilikan Managerial, Kepemilikan Institusional, Kebijakan Hutang, Profitabilitas dan Ukuran perusahaan terhadap Kebijakan Dividen. Jurnal Bisnis dan Akuntansi.

Fenn, G. W., & Liang, N. (2001). Corporate payout policy and managerial stock incentives. Journal of Financial Economics.

Hanafi, M. Mamduh. (2004). Manajemen Keuangan. Yogyakarta: BPFE.

Hery. (2013). Rahasia Pembagian Dividen dan Tata Kelola Perusahaan. Yogyakarta: Gava Media.

Ismiati, Putri Indah. (2017). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional dan Kebijakan Hutang Terhadap Kebijakan Dividen. Jurnal Ilmu dan Riset Manajemen. 6(3).

Jayanti, Ida Setya Dwi., Ayu Febriyanti Puspitasari. (2013). Struktur Kepemilikan dan Kebijakan Dividen pada Perusahaan Manufaktur di Indonesia. The Indonesian Journal Of Applied Business. 1(1).

J.C. Sumanti, M. Mangantar. (2015). Analisis Kepemilikan Manajerial, Kebijakan Hutang dan Profitabilitas terhadap Kebijakan Dividen dan Nilai Perusahaan pada Perusahaan Manufaktur yang terdaftar di BEI. Jurnal EMBA.

Jensen, M., & Meckling, W. (1976). Theory of the firm: managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4).

Kurniawati, Lita., Dkk. (2015). Pengaruh Kepemilikan Institusional Terhadap Kebijakan Dividen dan Harga Saham. Jurnal Manajemen. 15(1).

Mulya Astuti, Alfira. (2010). Fixed Effect Model pada Regresi Data Panel. 2(2)

Murhadi, W.R.. (2010). Study On Dividend Policy: Antecedent and Its Impact On Share Price. Universitas Surabaya.

Nuringsih, Kartika. (2005). Analisis Pengaruh Kepemilikan Manajerial, Kebijakan Hutang, ROA dan Ukuran Perusahaan terhadap Kebijakan Dividen: Studi 1995-1996. Jurnal Akuntasi dan Keuangan Indonesia.

Sindhu et al., (2016). Impact of ownership structure on dividend payout in Pakistani non-financial sector. Cogent Business & Management.

Perwira, Hendrik., Dewi Ratnaningsih. (2016). Analisis Pengaruh Struktur Kepemilikan Dan Struktur Dewan Komisaris Independen Terhadap Dividend Payout Ratio.

Sugiyono. (2012). Metode Penelitian Kuantitatif, Kualitatif, R&D. Bandung: Alfabeta




DOI: https://doi.org/10.24815/jimen.v5i4.11891

Refbacks

  • There are currently no refbacks.


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

 

Tim Redaksi:

Jurusan Manajemen Fakultas Ekonomi dan Bisnis, Universitas Syiah Kuala

Lantai II Gedung Induk

Darussalam, Banda Aceh, 2311

email: jim.manajemen@feb.usk.ac.id

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