<p>The inconsistent distribution of dividends is a unique phenomenon and it needs to be examined. Therefore, the purpose of this study is to examine ten predictors affecting dividend policy of the inconsistent distribution of dividends. This study used the purposive sampling method to analyze the data that were obtained from a total sample of 133 observation objects collected in the 19 real estates, property, and building construction companies listed on the IDX Between 2013 - 2019. Furthermore, the method used is hypotheses testing and statistical analysis tool used is the hierarchical multiple panel data regression with the Least Squares Dummy Variables. The results obtained from panel A are firm risk, financial leverage, and investment opportunity that affect the dividend policy. Meanwhile, the panel B results are company risk, financial leverage, investment opportunity, and previous dividend, although the previous dividend had no effect due to the different direction of influence. This study proves the determinants and relevance of the parametric statistical analysis in the inconsistent distribution of dividends. Moreover, it is useful for managerial practitioners to pay attention to predictors for increasing company performances and to ensure investors obtain optimal return of their dividend.</p>
This research investigates the impact of crisis due to the COVID-19 pandemic on the dividend policy of green index companies in Indonesia, namely the Sustainable and Responsible Investment (SRI) by Biodiversity (KEHATI) Foundation, or SRI-KEHATI indexed companies. The purposive sampling technique was used to collect data from companies listed from 2014 to 2020, using static and dynamic panel data models. From the several panel data models tested, the static panel data regression with random effects model (REM) and fixed effect model (FEM) uses the least square dummy variable-robust standard error (LSDV-RSE) technique are the best econometric models feasible. The system generalized method of moments (SYS-GMM) is used as a suitable econometric model with a robustness test used to determine static panel data regression. It is reported that SRI-KEHATI indexed companies tend to distribute dividends positively during this crisis, and is also statistically proven robust. This gives a positive signal to the capital market concerning the sluggish trading activity. The market reaction test, using two-approaches, showed that this business did not provide a positive reaction to the capital market, which turned out to be pessimistic. Furthermore, profitability and financial leverage have a robust effect, while dividends from the previous year affect dividend policy on the static panel data model, and firm size affect dividend policy on SYS-GMM. Predictors that proved influential with a direction not in line with the hypothesis were investment opportunities on REM and SYS-GMM, and firm age on SYS-GMM. The parameter estimation that passes the model specification test is feasible, whiles the biased and inconsistency of parameter estimation due to the alleged correlation between and failed to occur in static panel data regression. The endogeneity issue was resolved by dynamic panel data regression with the strongest corrective effect. This research can be used as a reference for investors to obtain optimal returns on green index companies in the country. An optimal dividend policy can increase the value of the SRI-KEHATI indexed companies; therefore, it can contribute optimally to sustainability and responsibility for social and environmental aspects.
The study aims to analyze the differences between the company ' PENDAHULUAN Latar BelakangPerusahaan mempunyai tujuan utama yaitu meningkatkan nilai perusahaan untukmeningkatan kemakmuran pemilik atau para pemegang saham (Brigham, 1996). Namun di pihak lain penunjukan manajer oleh pemegang saham untuk mengelola perusahaan, dalam kenyataannya seringkali menghadapi masalah yang dikarenakan tujuan utama perusahaan berbeda dengan tujuan pribadi manajer. Konflik kepentingan antara pemegang saham dan manajer dapat diminimumkan dengan mensejajarkan kepentingan pemegang saham dengan pihak manajemen ( Jensen dan Meckling, 1976). Maka dari itu, salah satu alternatif untuk mengurangi terjadinya konflik kepentingan antara pemegang saham dengan pihak manajemen dankaryawan perusahaan, yaitu dengan menerapkan program kepemilikan saham oleh karyawan (Employee Stock Ownership Program, ESOP).Penerapan ESOP diharapkan menjadi salah satu cara untuk dapat menarik perhatian para karyawan, dimana semua karyawan mendapatkan kesempatan dan berhak untuk memiliki saham pada perusahaan dimana mereka bekerja. Karena karyawan diberikan kesempatan untuk
The study aims to overcome the overdispersion in the final exam score of Calculus subject. The occurrence of a gap in the score is inseparable from the influence of internal factors and external factors. The internal factors are factors that originate within students themselves. In contrast, external factors are factors that exist outside of students that can affect students' success or failure, such as learning environment, the physical environment where the exam takes place, infrastructure and facility that are owned and used by students, and their condition during the exam. The connection of these factors to the gap in final exam scores can be approached with Poisson regression analysis because Poisson Regression assumes a Poisson distribution of response variables with equidispersion. It is necessary to conduct a research to find out the factors that cause the diversity of the final score in order to overcome, that is by implementing direct learning. The results obtained show that with the application of direct mathematics learning, there is no overdispersion, while the low score of the final exam results in an increase, resulting in the variance of final exam results to be smaller than the average score.
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