Faktor-faktor yang mempengaruhi rasio pembayaran dividen pada perusahaan FMCG (Fast Moving Consumer Goods 2016-2020)
Article Sidebar
Ownership structure,
Cash flow,
Payout ratio
Main Article Content
Abstract
The distribution of company profits to shareholders on invested capital through dividends, previous profits, or buying back shares. One of the provisions reviewed in this meeting is the provision regarding the determination or not of dividends or what is better known as dividend policy (policy). The purpose of this study was to determine the effect of ownership structure and cash flow on the dividend payout ratio of the FMCG industry listed on the Indonesia Stock Exchange (IDX). This research was conducted using panel regression analysis with a random effects approach. This study uses secondary data obtained from the quarterly reports of Fast Moving Consumer Good companies listed on the Indonesia Stock Exchange (IDX) for 5 years from 2016 – 2020 using a purposive sample. The results of the panel data regression test show that the institutional ownership variable has a significant effect on the dividend payout ratio. Variable operating cash flow (OCF) and free cash flow (FCF) each partially has a significant effect on the dividend payout ratio. This research is expected to provide an additional reference in deciding how the dividend level to be given (dividend payout ratio) and to identify aspects that can affect the dividend payout ratio, investors who want a dividend return can be more careful in selecting the company where they want to invest their money. demanded. The company (practitioner / financial manager) continues to prioritize good governance in carrying out its business activities. This is so that there is no conflict (agency problem) between management and shareholders because this conflict will be detrimental in the future. . Investors should also explore what rights they have as shareholders and the regulations that protect these rights
Article Details
References
Aamir, M., & Shah, S. Z. A. (2012). Dividend announcements and the abnormal stock returns for the event firm and its rivals. Australian Journal of Business and Management Research, 1(8), 72–76.
Al-Taleb, G. (2012). Measurement of impact agency costs level of firms on dividend and leverage policy: An empirical study. Interdisciplinary Journal of Contemporary Research in Business, 3(10), 234–243.
Bataineh, H. (2021). The impact of ownership structure on dividend policy of listed firms in Jordan. Cogent Business & Management, 8(1), 1863175.
Ferdinand, A. (2014). Metode penelitian manajemen. Badan Penerbit Universitas Diponegoro.
Gusni, G. (2017). The determinants of dividend policy: A study of financial industry in Indonesia. Jurnal Keuangan Dan Perbankan, 21(4), 197346.
Hasanudin, H. (2020). The effect of ownership and financial performance on firm value of oil and gas mining companies in Indonesia. International Journal Of Energy Economics And Policy, 10(5), 103–109. https://doi.org/Https://Doi.Org/10.32479/Ijeep.9567
Heriyani, L., & Risa, N. (2015). Faktor-faktor yang mempengaruhi dividen kas. JRAK: Jurnal Riset Akuntansi Dan Komputerisasi Akuntansi, 6(2), 1–19.
Hunjra, A. I., Ijaz, M., Chani, D., Irfan, M., & Mustafa, U. (2014). Impact of dividend policy, earning per share, return on equity, profit after tax on stock prices. Hunjra, AI, Ijaz, M. S, Chani, MI, Hassan, S. and Mustafa, U.(2014). Impact of Dividend Policy, Earning per Share, Return on Equity, Profit after Tax on Stock Prices. International Journal of Economics and Empirical Research, 2(3), 109–115.
Jensen, M. C. (2012). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329.
Khalid, S., & Rehman, M. U. (2015). Determination of factors effecting the dividend policy of organizations. International Journal of Information, Business and Management, 7(3), 319.
Krisnando, K., & Novitasari, R. (2021). Pengaruh struktur modal, pertumbuhan perusahaan, dan firm size terhadap nilai perusahaan pada perusahaan consumer goods yang terdaftar di Bursa Efek Indonesia (BEI) periode 2017-2020. Jurnal Akuntansi Dan Manajemen, 18(02), 71–81.
Muslimah, K., Hasan, A., & Savitri, E. (2019). Pengaruh struktur kepemilikan manajerial dan arus kas terhadap nilai perusahaan dengan dividen payout sebagai variabel mediasi. Jurnal Tepak Manajemen Bisnis, 10(4), 755–775.
Onasie, V., & Widoatmodjo, S. (2020). Niat investasi generasi milenial di pasar modal. Jurnal Manajerial Dan Kewirausahaan, 2(2), 318–326.
Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2019). Fundamentals of corporate finance (12th Editi). McGraw Hill.
Roychowdhury, S., Shroff, N., & Verdi, R. S. (2019). The effects of financial reporting and disclosure on corporate investment: A review. Journal of Accounting and Economics, 68(2–3), 101246.
Septian, R., & Lestari, H. S. (2016). Faktor yang mempengaruhi dividend policy pada perusahaan non-financial yang terdaftar di Bursa Efek Indonesia. Prosiding Seminar Nasional Cendekiawan, 30–31.
Thanh, N. T. T. (2019). Ownership structure and cash flows as determinants of corporate dividend policy. International University-HCMC.
W Steve, A., Earl, K. S., & James, D. S. (2011). Financial accounting. South-Western, Cengage Learning.