KnE Social Sciences

ISSN: 2518-668X

The latest conference proceedings on humanities, arts and social sciences.

Ownership Structure, Corporate Governance and Dividend Policy: Evidence from Indonesia

Published date: Nov 12 2018

Journal Title: KnE Social Sciences

Issue title: The 2018 International Conference of Organizational Innovation (ICOI-2018)

Pages:

DOI: 10.18502/kss.v3i10.3466

Authors:

R Malavia Mardani - ronny.malavia.mardani@gmail.com

Moeljadi .

Sumiati .

N Khusniyah Indrawati

Abstract:

The purpose of this study is to examine the relationship between ownership structure, corporate governance, and dividend policy. The sample in this study is a financial company listed on the Indonesia Stock Exchange in the period 2014–2016. The results showed that managerial ownership is positively related to dividend policy. Institutional ownership is negatively related to dividend policy. Board size is negatively related to dividend policy, while independent board is positively related to dividend policy.

 

 

Keywords: managerial ownership, institutional ownership, board size, independent board

References:

[1] Al-Najjar, B., dan Kilincarslan, E. (2016). The effect of ownership structure on dividend policy: evidence from Turkey. Corporate Governance: The international journal of business in society, 16(1), 135-161. doi: doi:10.1108/CG-09-2015-0129


[2] Black, F. (1976). The dividend puzzle. Journal of portfolio management, 2(2), 5-8.


[3] Bokpin, G. A. (2011). Ownership structure, corporate governance and dividend performance on the Ghana Stock Exchange. Journal of Applied Accounting Research, 12(1), 61-73. doi: doi:10.1108/09675421111130612


[4] Claessens, S., Djankov, S., dan Lang, L. H. P. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58(1), 81-112. doi: https://doi.org/10.1016/S0304-405X(00)00067-2


[5] Crutchley, C. E., dan Hansen, R. S. (1989). A Test of the Agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends. Financial Management, 18(4), 36-46. doi: 10.2307/3665795


[6] Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American Economic Review, 74(4), 650-659.


[7] Fama, dan Jensen, M. C. (1983). Separation of Ownership and Control. The Journal of Law & Economics, 26(2), 301-325.


[8] Goodstein, J., Gautam, K., dan Boeker, W. (1994). The effects of board size and diversity on strategic change. Strategic Management Journal, 15(3), 241-250.


[9] Gordon, M. J. (1959). Dividends, earnings, and stock prices. The Review of Economics and Statistics, 99-105.


[10] Harper, J. (2007). Chairing the Board: A Practical Guide to Activities & Responsibilities: Kogan Page Publishers.


[11] Jensen, dan Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. doi: http://dx.doi.org/10.1016/0304-405X(76)90026-X


[12] Kinkki, S. (2001). Dividend puzzle-a review of dividend theories. Liiketaloudellinen aikakauskirja, 58-97


[13] Kowalewski, O., Stetsyuk, I., dan Talavera, O. (2007). Does corporate governance determine dividend payouts in Poland? Post-Communist Economies, 20(2), 203-218. doi: 10.1080/14631370802018973


[14] Kumar, J. (2006). Corporate Governance and Dividends Payout in India. Journal of Emerging Market Finance, 5(1), 15-58. doi: 10.1177/097265270500500102


[15] La Porta, R., Florencio, L.-d.-S., Shleifer, A., dan Vishny, R. W. (2000). Agency Problems and Dividend Policies around the World. The Journal of Finance, 55(1), 1-33.


[16] Lintner, J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. The American Economic Review, 46(2), 97-113.


[17] Miller, M. H., dan Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411-433.


[18] Renneboog, L., dan Szilagyi, P. G. (2006). How relevant is dividend policy under low shareholder protection? Journal of International Financial Markets, Institutions and Money.


[19] Roy, A. (2015). Dividend policy, ownership structure and corporate governance: An empirical analysis of Indian firms. Indian Journal of Corporate Governance, 8(1), 1-33.


[20] Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of financial Research, 5(3), 249-259.


[21] Setiawan, D., dan Kee Phua, L. (2013). Corporate governance and dividend policy in Indonesia. Business Strategy Series, 14(5/6), 135-143. doi: doi:10.1108/BSS-01-2013- 0003

Download
HTML
Cite
Share
statistics

1454 Abstract Views

1035 PDF Downloads