Catering dividend: Dividend premium and free cash flow on dividend policy

Rochmah, Hidayati Nur; Ardianto, Ardianto

doi:10.1080/23311975.2020.1812927

Cited by 32 publications

(29 citation statements)

References 37 publications

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“…We use control variables to explain the phenomenon optimally because other variables can also influence the dependent variable. Each of these variables will be described in Table 1 Net income divided by total assets (Han et al, 2016;Rochmah & Ardianto, 2020;Utami & Inanga, 2011) Annual Reports and Financial Reports…”

Section: Operational Definitionmentioning

confidence: 99%

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Relationship Between CEO Power and Firm Value: Evidence from Indonesian Non-Financial Companies

Hamidlal¹,

Harymawan²

2021

Journal of Accounting and Business Dynamics

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This research aims to examine the relationship between the CEO power and firm value of non-financial companies listed on the Indonesia Stock Exchange during the 2014-2018 period. Using purposive sampling method data were collected from 322 firmyear observations. Data was analyzed using multiple linear analysis methods. The results uncovered that ownership power, expert power and prestige power have a positive relationship with firm value. The most probable reason could be that CEO share ownership encourages better decision-making process that contributes to enhanced corporate value. A longer tenure as a CEO signals high professionalism and expertise of the CEO that led to improved decision quality made by the CEO.

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Section: Operational Definitionmentioning

confidence: 99%

“…Primary goal of company establishment is to achieve a maximum profit and thus to improve the welfare of its owners or shareholders (Rochmah & Ardianto, 2020). Shareholder welfare can be improved through company value (Setiawan, Bandi, Kee Phua, & Trinugroho, 2016;Tahu & Susilo, 2017).…”

Section: Introductionmentioning

confidence: 99%

Relationship Between CEO Power and Firm Value: Evidence from Indonesian Non-Financial Companies

Hamidlal¹,

Harymawan²

2021

Journal of Accounting and Business Dynamics

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“…Free cash flow menurut Brigham & Houston, (2010) adalah arus kas yang benarbenar tersedia untuk didistribusikan kepada seluruh investor (pemegang saham dan pemilik utang) setelah perusahaan menempatkan seluruh investasinya pada aktiva tetap, produk-produk baru dan modal kerja yang dibutuhkan untuk mempertahankan operasi yang sedang berjalan. Free cash flow berpengaruh positif terhadap dividend payout (Holder et al, 1998;Ahmadpour et al, 2006;Djumahir, 2009;Guizani & Kouki, 2011;Auditta, 2014;Anazonwu et al, 2018;Rochmah & Ardianto, 2020;Gul et al, 2020;Al-Fasfus, 2020) . Berbeda dengan yang menyatakan bahwa free cash flow berpengaruh negatif terhadap dividend payout, sedangkan Pujiastuti (2008), Mollah (2011) , Hitten (2016 , Juliarti & Sumani (2020) menunjukkan hasil bahwa free cash flow tidak berpengaruh terhadap dividend.…”

Section: Pendahuluanunclassified

“…Hal ini berarti ketika free cash flow tinggi maka pembayaran dividen juga akan semakin tinggi karena untuk mengurangi konfik yang terjadi. Hasil penelitian ini mendukung penelitian sebelumnya dari Holder et al, (1998);Ahmadpour et al, (2006); Djumahir (2009); Guizani & Kouki,(2011); Auditta (2014); Anazonwu et al (2018); Rochmah & Ardianto (2020); Gul et al, 2020;Al-Fasfus, 2020).…”

Section: Pendahuluanunclassified

Agency Cost dan Kebijakan Dividen (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia)

Lailiyah

Abadi

2021

JAB

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Manufacturing companies in Indonesia are large-scale companies and dominate the Indonesia Stock Exchange. The number of companies listed on the stock exchange is increase every year, which results in more people having the opportunity to own a company. The spread of more investors who own the company makes conflict between owners even higher. The purpose of this study is to determine the effect of agency cost proxied by insider ownership, dispersion of ownership, free cash flow, and collateralizable assets on dividend policies of manufacturing companies in Indonesia. Data in the form of secondary data in the form of financial reports and annual reports for the period 2012-2019. The data used multiple linear regression statistical analysis techniques. The results of this study show that agency cost, which is proxied by dispersion ownership, free cash flow and collateralizable assets, has a positive effect on dividend policy. A firm in its operational activities, carries out agency relationships. Agency problems arise when an agent acts not in accordance with the principal's interests, which causes a conflict of interest between the principal and agent. Agency problems will increase agency cost. The agency problem can be reduced by the dividend payment mechanism, namely by increasing the proportion of dividend payments from company profits for stockholders. In contrast to insider ownership which does not affect dividend decisions because the percentage of company ownership owned by insiders is limited in Indonesia.

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“…Dapat disimpulkan bahwa free cash flow berpengaruh positif dan signifikan terhadap kebijakan dividen. Pernyataan tersebut sejalan dengan penelitian yang dilakukan oleh Sari & Budiasih (2016), Silaban & Pengestuti (2017), Mangundap et al (2018), Rochmah & Ardianto (2020), Dewasiri et al (2019), Alias et al (2016, Le et al (2019), Suhartono (2015), Paramita (2015), Suartawan & Yasa (2016), Anazonwu et al (2018), Bahri (2017.…”

Section: Tabel 4 Uji Koefisien Determinasiunclassified

Pengaruh Free Cash Flow, Ownership Structure, Growth Opportunity Terhadap Kebijakan Dividen

Widiantari

Candradewi

2021

EJMUNUD

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This study aims to explain the effect of free cash flow, ownership structure which is divided into managerial ownership and institutional ownership, and growth opportunity on dividend policy in property and real estate companies in Indonesia. This research is located in property and real estate companies listed on the Indonesia Stock Exchange. Sampling in this study using census techniques using the entire population of property and real estate companies that distribute dividends, so as to get a sample of 18. The analysis technique used in this study uses multiple linear regression analysis. From the analysis conducted, the results of the study indicate that free cash flow has a significant positive effect on dividend policy. Managerial ownership, which is proxied by the percentage of manager's share ownership, has a significant positive effect on dividend policy. Institutional ownership which is proxied by the percentage of institutional share ownership has a significant positive effect on dividend policy and growth opportunity which is proxied by asset growth has a significant positive effect on dividend policy. Keywords: free cash flow, ownership structure, growth opportunity, dividend policy

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Catering dividend: Dividend premium and free cash flow on dividend policy

Cited by 32 publications

References 37 publications

Relationship Between CEO Power and Firm Value: Evidence from Indonesian Non-Financial Companies

Relationship Between CEO Power and Firm Value: Evidence from Indonesian Non-Financial Companies

Agency Cost dan Kebijakan Dividen (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia)

Pengaruh Free Cash Flow, Ownership Structure, Growth Opportunity Terhadap Kebijakan Dividen

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