Factors Affecting Dividend Payout Ratio in LQ-45 (Non-Banking) Companies Listed in Indonesia Stock Exchange, 2011-2019
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Jan 26, 2021
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Abstract
Dividend policy determines the placement of profits, among others, to be paid to shareholders and reinvested by the company. The purpose of this study was conducted to assess the factors that affect the Dividend Payout Ratio (DPR) in non-banking companies listed on the LQ-45 Index by using the variables which are age of company, tangible assets, leverage, firm size, profitability, and dividend of previous period. This research is a quantitative study using secondary data taken from audited company financial reports and included in the LQ-45 index on the Indonesia Stock Exchange (BEI) 2011-2019 with the criteria of companies that are consistent in paying dividends and published audited financial reports for the years 2011-2019. The research sample used purposive sampling method with data analysis method in the form of panel data regression analysis, then the best model was tested and the classical assumption test. The results of the study indicate that age of company has a significant positive effect on the dividend payout ratio (DPR). Meanwhile, firm size, profitability and dividend of previous period have a significant negative effect on dividend payout ratio (DPR), and tangible assets and leverage have no effect on dividend payout ratio.
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How to Cite
Pandoyo, C. C., & Gracia Shinta Setyadi Ugut. (2021). Factors Affecting Dividend Payout Ratio in LQ-45 (Non-Banking) Companies Listed in Indonesia Stock Exchange, 2011-2019. Enrichment : Journal of Management, 11(2), 225-230. https://doi.org/10.35335/enrichment.v11i2.73
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[2] Al-Malkawi, H.A.N. (2007) Determinants of Corporate Dividend Policy in Jordan: An Application of the Tobit Model, Journal of Economics and Administrative Sciences, Vol. 23, No. 2, pp. 44-70.
[3] Al-Najjar, B. (2009) Dividend Behavior and Smoothing New Evidence from Jordanian Panel Data, Studies in Economics and Finance, Vol-26, No. 3, pp. 182- 197.
[4] Amidu, Mohammed dan Joshua Abor. (2006). Determinants of Dividend Payout Ratios in Ghana. Journal of Risk Finance, Vol-7, No.2, pp. 136-145.
[5] Appannan, Santhi dan Lee Wei Sim. (2011). A Study on Leading Determinants of Dividend Policy in Malaysia Listed Companies for Food Industry under Consumer Product Sector. 2nd International Conference on Business and Economic, pp. 946-976.
[6] Arnott, Robert D. (2003). Dividends and the Three Dwarfs. Financial Analysts Journal, Vol- 59, No. 2, pp. 4–6.
[7] Augustine N, Chinwe G. (2017). Impact of financial leverage on dividend policy of selected manufacturing firms in Nigeria. Journal of Science and Technology. Vol-2, No.1, pp. 57-67.
[8] Brigham dan Houston. (2004). Manajemen Keuangan. Buku 2. Jakarta: Erlangga.
[9] Brigham, Eugene F dan Houston. (2006). Fundamental of Financial Management: Dasar-Dasar Manajemen Keuangan. Edisi 10. Jakarta: Salemba Empat.
[10] Christy, Tommy dan Ivonne. (2015). Pengaruh profitabilitas, likuiditas, dan leverage terhadap dividend payout ratio pada perusahaan farmasi yang terdaftar di Bursa Efek Indonesia. Jurnal Berkala Ilmiah Efisiensi,
[11] Daryanti Zen, S., & Herman, M. (2007), Pengaruh Harga Saham Umur Perusahaan dan Rasio Profitabilitas Perusahaan Terhadap Tindakan Perataan Laba yang Dilakukan Oleh Perusahaan Perbankan yang Terdaftar Di Bursa Efek Jakarta. Jurnal Akuntansi & Manajemen. Vol-2, No.2, 57-71.
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[13] Eriotis, N. (2005). The Effect of Distributed Earnings and Size of The Firm to Its Dividend Policy: Some Greek Data, International Business and Economics Research Journal (IBER), Vol-4, No.1.
[14] Hatta, Atika Jauhari, (2002). Faktor-faktor yang Mempengaruhi Kebijakan Dividen : Investigasi Pengaruh Teori Stakeholder. JAAI, Vol-6, No 2.
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[17] Mai, M. U. (2006). Analisis Variabel-Variabel yang Mempengaruhi Struktur Modal Pada Perusahaan-Perusahaan LQ-45 di Bursa Efek Jakarta. Ekonomika. Politeknik Negeri Bandung.
[18] Margaretta & Poppy Nurmayanti. (2009). Faktor-faktor yang mempengaruhi prediksi peringkat obligasi ditinjau dari faktor akuntansi dan non akuntansi. Pekanbaru: Jurnal Bisnis dan Akuntansi. Vol-11, No.3.
[19] Moradi dkk. (2012). A Study of the Effective Variables on Earning Management: Iranian Evidence. Research Journal of Applied Sciences, Engineering and Technology. Vol-4, No. 17, pp. 3088-3094.
[20] Muhamad Nadratuzzaman Hosen dkk. (2016). Analysis of Factors that Impact Dividend Payout Ratio on Listed Companies at Jakarta Islamic Index. International Journal of Academic Research in Accounting, Finance and Management Sciences, Vol.6, No.2, pp. 87-97.
[21] Nishant B. (2015). Determinants of dividend payout ratio: Evidence from Indian Companies. India: Business and Economic Research. Vol-5, No. 2, pp. 217-237.
[22] Nuringsih, K. (2005). Analysis of the effect of managerial ownership, debt policy, and the size of the company's ROA Against dividend policy: a study from 1995 to 1996. Journal of Accounting and Finance Indonesia, Vol-2, No.2, pp. 103-123.
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[26] Rehman, A., (2012). Determinants of Dividend Payout Ratio: Evidence from Karachi Stock Exchange (KSE). Journal of Contemporary Issues in Business Research (JCIBR), Vol-1, No.1, 20-27
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[28] Sudana, I Made, (2009). Manajemen Keuangan: Teori dan Praktik. Surabaya: Airlangga University Press.
[29] Tamrin M., dkk. (2017). Effect of profitability and dividend policy on corporate governance and firm value: Evidence from the Indonesian manufacturing sectors. Journal of Business and Management, Vol-19, No.10, pp. 66-74.
[30] Vidhan, Prakash, Vijay Kumar, Rahul Khana. (2001). “Strategic Orientation and Financial Performance of Firms Implementing ISO 9000”. International Journal of Quality & Reliability Management, Vol. 21 No. 1, pp. 72-89.
[31] Wing Wahyu Winarno. (2011). Analisis Ekonometrika dan Statistika dengan Eviews, Edisi Ketiga. Yogyakarta: Unit Penerbit dan Percetakan (UPP STIM YKPN).
J. Ekonomi, H. T. Hasna, P. Studi, K. Masyarakat, and U. M. Surakarta, “THE EFFECT OF ECONOMIC OPENNESS ON INCOME INEQUALITY AT THE PROVINCE The Effect of Economic Openness on Income Inequality at the Provincial Level in Indonesia , Hanifa Tsany Hasna The Effect of Economic Openness on Income Inequality at the Provincial Leve,” vol. 9, no. 02, pp. 32–35, 2020.
[3] J. Ekonomi, Y. H. Nurhayadi, F. Keguruan, D. Ilmu, and U. S. Dharma, “Analysis of Indonesia ’ s Education Expenditure and Economic Growth , Yusup Herpin Nurhayadi Analysis of Indonesia ’ s Education Expenditure and Economic Growth , Yusup Herpin Nurhayadi,” vol. 9, no. 01, pp. 18–24, 2020.
[4] D. Intan, P. S. Manajemen, U. Kristen, and I. Toraja, “ANALYSIS OF ENTREPRENEURSHIP EDUCATION AND THE USE OF SOCIAL MEDIA ON ENTREPRENEURSHIP INTEREST OF STUDENTS FACULTY OF ECONOMICS UKI TORAJA,” vol. 9, no. 01, pp. 14–17, 2020.