Determinan Internal Dividend Payout Ratio Perusahaan Farmasi Terdaftar Di Bursa Efek Indonesia

Abstract

This study aimed to examine and analyze the effect of internal determinant of dividend payout ratio pharmaceutical company, annual data observation period 2008 until 2014. The type of this study was quantitative research. Population of the research was the entire pharmaceutical company consisting of 10 companies. The sampled criteria were pharmaceutical companies that consistently paid cash dividends. There were 6 companies listed in Indonesia Stock Exchange with non-probability sampling technique namely purposive sampling. Data analysis used panel data regression fixed effect which had larger R square value. The results showed that current ratio, return on assets, debt to equity ratio, earnings growth, return on equity, earnings per share and market to book value simultaneously were having significant influence to the dividend payout ratio. Partially return on assets and market to book value had a positive significant effect on the dividend payout ratio, while current ratio, debt to equity ratio and return on equity had a significant negative effect. Earnings growth and earnings per share did not have significant influence on the dividend payout ratio. It was suggested to add external variables factors using more samples of companies.

Determinants of firm’s value: Evidence from financial industry

“…Source: IDX and data processed by the author 2018The high or low value of the company can be seen from the ability to pay dividends. This is because the company's ability to obtain profits is closely related to the company's ability to pay dividends, where an increase in company value is influenced by large dividends (Zulkifli et al, 2017). Dividend distribution will make shareholders have additional returns other than capital gains.…”

“…Dividend Policy. Dividend decisions are company's decisions that determine what percentage of the profit is given to shareholders or investors (Zulkifli et al, 2017). Dividend policy in this study will be measured by dividend payout ratio, which compares the value of dividend payments per share with the value of the company's net profit per share.…”

“…The results of the first hypothesis are in line with the research conducted by Egbeonu et al (2016), and Budagaga (2017) which showed that dividend policy had a significant positive effect on firm value. Dividends as a part of the company's net income are determined by the directors to be distributed to shareholders proportionally according to the ownership of shares in the company (Zulkifli et al, 2017) need to be arranged as well as possible by the company. With the existence of legal certainty and good corporate governance related to dividend policy, at the end it will be able to increase the value of a company.…”

The Influence of Return On Assets, Return On Equity, Debt Equity Ratio on Dividend Policy of Pharmaceutical Companies Listed on the Indonesia Stock Exchange Period 2014-2017

“…Return on equity affects dividend payout the ratio of pharmaceutical companies is negative and significant. (Zulkifli, Endri, & Kurniasih, 2019) Partially Debt to Equity Ratio (DER) has an effect on the Dividend Payout Ratio (DPR) because there is a Debt to Equity Ratio that can reflect the company's ability to fulfill its obligations through its own capital. Increased liabilities will affect the size of net income, including dividends paid.…”

Pengaruh Kepemilikan Keluarga Terhadap Kebijakan Dividen Dengan Board of Independence Sebagai Variabel Moderasi

“…Hak kendali yang besar oleh pemegang saham, yang dalam penelitian ini adalah keluarga memberi peluang bagi mereka untuk memaksa manajemen supaya mengikuti haluan yang mereka inginkan (Atmaja, 2008) dan membuat keputusan sesuai dengan kepentingan dan kehendak pribadi mereka sendiri sehingga menguras dana perusahaan yang selanjutnya merugikan pemegang saham minoritas karena mereka bakal menerima dividen yang rendah (Isakov dan Weisskopf, 2015 pemegang saham atas risiko investasi mereka selain capital gain (Putri dan Rokhim, 2016). Intinya, dividen merupakan pengembalian kepada shareholder sebagai bagian dari kepemilikan saham atas perusahaan dan tentunya mengurangi kas perusahaan (Porta et al, 2000), laba ditahan hingga sumber pendanaan perusahaan (Zulkifli et al, 2017). Dividen kemudian dibayarkan kepada pemegang saham baik dalam bentuk saham maupun kas.…”