This research aims to analyze the factors determining the dividend policy of the Southeast Asian non-financial corporate sectors. In this research, the dividend policy of firms in Southeast Asia follows more closely the predictions of Modigliani-Miller theory, that dividend policy does not give impact to the firms' value, but the firms' characteristics include investment decision that supports to the firms' value. This research is verification research that aims to explain the causal relationship between the variables through hypothesis testing. The samples were taken by specifying multiple criteria. The criteria required in this research are: First, these companies are included in the non-financial industries. Second, the companies have been listed on the Capital Market in the selected countries in Southeast Asian Capital Market between 2000-2015. Third, from 2000 to 2015, the companies distributed the cash dividend. The study used panel data of companies listed in the capital market in selected countries in Southeast Asia. This study analyzes the dividend policy of non-financial companies in selected countries in Southeast Asia. This study showed that In Indonesia, the dividend payment was determined by the company's size, while in the Philippines, it was determined by the condition of the company's liquidity. Companies in five countries consistently showed that size was a significant factor affecting firm value. This finding implied that investors would be better off investing in large companies because the value tended to increase and, of course, would impact the welfare of shareholders. This study confirmed that the dividend payment showed a positive impact on the firm value in Malaysia and Philipina. Companies in the Philippines showed that dividends significantly affected firm value. Meanwhile, dividends were significantly influenced by company liquidity. Based on this study's results in the Philippines, dividend policy mediated the effect of liquidity on firm value.
Every corporate need cash. Corporate cash holdings always involve a trade-off between benefits and costs. Companies must hold cash on hand for different reasons such for the requirement of liquidating current assets to make payments of the companies transactions, dealing with unpredicted events, and so on. On other hand liquidity has high potential costs that will reduce corporate profit. Cash is unproductive asset that have small added value. In this study has some specificity. First, this research analyses determinant of optimal cash holding in Indonesian Firms. The Second this research to identify the deviation of Indonesia Firms' cash holding from the targeted level and identify speed of adjustment to reach the targeted cash holding of Indonesian firms. This research use panel data of Indonesian non-financial listed firms in Indonesian Stock Exchange during the period 2000-2015 with dynamic model. Cash holding of the firm may deviate from the targeted, it is because of adjustment cost. Panel regression analysis has been conducted to determine the major factors affecting cash holdings. these variable are Growth, Firm Size, Leverage, Profitability, Dividend, and Asset tangibility. The Formula is CH*i,t = f(Growth, Size, Lev, Prof, Div, Tang)). The adjustment of the firms for target level cash cannot be immediately achieved due to the associated adjustment costs. The speed of adjustment equation are: CHi,t -CH i,t-1 = αi (CH* i,t -CH i,t-1 ) or CH i,t =(1-αi )CH t-1 + δi,tCH* i,t Corporate cash holdings always involve a trade-off between benefits and costs. Companies must hold cash on hand for different reasons, but on other hand, over cash holding have consequences. On other hand liquidity has high potential costs that will reduce corporate profit. Cash is unproductive asset that have small added value. The companies in Indonesian need to balance of the benefit and the consequences of cash holding. The optimal Cash holding in Indonesia determined by firm characteristics
ABSTRACT Information systems and technology are increasingly developing. These developments have been utilized by banks to facilitate financial transactions by embarrassing innovation and implementing notional transactions, one of which is by implementing electronic banking. Research related to the analysis of factors that influence behavioral intention shows inconsistent results. Research related to the analysis of factors that influence interest and the level of using electronic private banks in Jakarta has never been done. This study aims to determine the factors that influence the interest and level of customer use using electronic banking services at Private Banks in Yogyakarta. The study was conducted with quantitative methods. Sampling is done by using an purposive sampling technique. Data is collected by a survey using a questionnaire. The study was conducted on 100 private bank customers in Yogyakarta who use electronic banking on November 2019. Data were analyzed using SEM-PLS analysis. The results show that effort expectations, perceived service quality, and hedonic motivation have a significant and positive effect on behavioral intention to use e-banking. Behavioral intention to use e-banking has a significant and positive effect on the level of e-banking usage. Performance expectations and social influence have no significant effect on behavioral intention to use e-banking. Keywords: behavioral intention, elektronic banking, intention to use, level of e-banking usage
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