Purpose The purpose of this study is to examine the relationship of corporate governance and corporate profitability on corporate value with corporate social responsibility (CSR) disclosure as the intervening variable. Design/methodology/approach The population of this study was all companies listed in Indonesia, China and India Stock Exchange in 2013-2016. The inferential statistics used in this study applied the partial least square-based (PLS-based) structural equation model (SEM) method with PLS. The PLS method was selected based on the consideration that there was a construct formed with reflective indicators in this study. Findings In Indonesia, corporate governance and corporate profitability have a significant and positive effect on CSR disclosure. Similarly, CSR disclosure and corporate profitability have a significant and positive impact on corporate value. Corporate governance indirectly influences corporate value, through mediation CSR disclosure. In China, corporate governance and corporate profitability have a significant and positive effect on CSR disclosure. Similarly, CSR disclosure and corporate governance have a significant and positive impact on corporate value. Corporate profitability indirectly affects corporate value, through mediation CSR disclosure. In India, corporate governance and corporate profitability have a significant and positive effect on CSR disclosure. The same thing is seen that CSR disclosure has a significant and positive effect on corporate value. Corporate governance and corporate profitability influence indirectly corporate value, through mediation CSR disclosure. Originality/value The study is one of the few studies to investigate and compare the relationship between corporate governance, corporate profitability, CSR and corporate value. The originality of this study is on the reason that many studies that have been conducted still indicated the inconsistency in the results and diversity of the indicators, so that a similar study was conducted by involving the indicators used for measuring the corporate governance variable, which were the proportion of independent commissioners and audit committee. Meanwhile, for the corporate profitability variable, ROA and ROE were used as the indicators. The originality of this study is that it is a comparative study in three countries in Asia, namely, China, India and Indonesia. The three countries have the highest population and highest economic growth in the past five years.
ABSTRAKKebijakan dividen berkaitan dengan pengalokasian dan pendistribusian laba yang dimiliki perusahaan. Kebijakan dividen merupakan salah satu dari keputusan keuangan yang berhubungan dengan kebijakan apakah laba yang didapatkan perusahaan akan dibayarkan kepada pemegang saham dalam bentuk dividen atau ditahan guna memperkuat struktur modal. Penelitian ini mencoba menjelaskan mengenai pengaruh beberapa variabel yakni profitabilitas, leverage, ukuran perusahaan dan risiko bisnis. Sampel dalam penelitian ini adalah enam perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2013-2017. Teknik analisis data dalam penelitian ini menggunakan regresi linier berganda. Hasil penelitian menunjukkan bahwa profitabilitas secara positif signifikan mempengaruhi kebijakan dividen, leverage secara positif signifikan mempengaruhi kebijakan dividen, ukuran perusahaan tidak mempengaruhi kebijakan dividen, serta risiko bisnis secara negatif signifikan mempengaruhi kebijakan dividen. Implikasi penelitian ini diharapkan mampu memberikan pertimbangan dalam mengambil keputusan baik kepada perusahaan maupun pemegang saham terkait faktor yang mempengaruhi kebijakan dividen. ABSTRACTDividend policy is related to allocation and distribution of company profits. Dividend policy is one of the financial decisions related to the policy of whether the company's profits will be paid to shareholders as dividends or retained to strengthen the capital structure. This study aimed to examine the effect on profitability, leverage, firm size and business risk to dividend policy of the company in Indonesia Stock Exchange period 2013-2017. The sample used in this study were 6 manufacturing companies listed in Indonesia Stock Exchange from the period 2013-2017 Data analysis techniques in this study uses multiple linear regression. The results show that profitability has a positive and significant effect on dividend policy, leverage has a positive and significant effect on dividend policy, firm size has a negatif and not significant effect on dividend policy and business risk has a negatif and significant effect on dividend policy. The implications of this study are expected to give consideration in making decisions by companies and shareholders about dividend policy.
Research respondents are employees of PT Bank Pembangunan Daerah Bali Branch Renon with a sample of 76 people. Sampling technique in this research use random sampling. Data were analyzed by using Multiple Linear Regression Analysis. The result of this indicate that financial literacy, income has a positive effect on investment decision behavior, but the work period positively has no effect on investment decision behavior. This is because in the banking industry, the entire new employee and who have been working long time get the training and obtain informations about financial developments and financial conditions that occur at this time. In the other words the undertanding of financial literacy and employee behavior is almost the same. Based on the results of statistical data, financial literacy variables have the most influence in determining the behavior of investment decisions compared to income. This explains that a good understanding of finance is a major factor in determining an invesment decisions.
The purpose of this study is to examine and analyze the direct and indirect effects of the variable ownership structure, board composition, dividend policy, and financial performance and stock returns in the manufacturing industry on the Indonesia Stock Exchange. The population of this research is manufacturing industrial companies on the IDX since 2015 and was still active until 2019. The sample obtained is 92 issuers who continuously distribute dividends. Testing the research hypothesis, using the structural equation model (SEM) with the Partial Least Square (PLS) software approach. The results show that the ownership structure significantly affected the composition of the board of directors and dividend policy. Ownership structure has no significant effect on stock returns and financial performance. The composition of the board of directors has a significant effect on dividend policy and financial performance but has no significant effect on stock returns. Dividend policy has a significant effect on financial performance but has no significant effect on stock returns. Financial performance has no significant effect on stock returns.
The purpose of this study was to determine the determinants of company characteristics and ownership structure as drivers, improvement of capital structure, financial performance, and firm value in consumption companies on the Stock Exchange. Population data in this study are all consumption companies that have gone public in the period of 2009 to 2016. The selection and determination of the sample in this study was conducted based on purposive sampling technique, namely the technique of sampling which was intentionally based on the criteria set by the researcher. Precise Judgment Sampling, where the sample chosen uses certain criteria that must be in accordance with the research objectives. Consumption companies are very important companies. Companies that are able to help move the economy, help the government, create many jobs, but there are still many raw materials depending on imported materials. The government is expected to be able to make policies that can maintain Macroeconomics, especially the stability of the rupiah. Improving infrastructure that can have an efficient impact on the distribution of goods and opening new consumer opportunities. Keywords: company characteristics, company value, investor
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