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Journal articles on the topic 'Partial dividend'
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Sri Utami, Elok, and Tatang Ary Gumanti. "Analysis of cash dividend policy in Indonesia stock exchange." Investment Management and Financial Innovations 16, no. 3 (August 19, 2019): 97–105. http://dx.doi.org/10.21511/imfi.16(3).2019.10.
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Dividend policy has been puzzling for researchers for decades. The level of dividend varies not only across industries, but also across countries. This research analyzes the dividend policy of Indonesian public companies, in particular it examines the partial effect of cash ratio, debt ratio, company size, profitability, and asset growth on cash dividend policy in Indonesia Stock Exchange from 2008 to 2015. A total of 102 companies was used as a sample. The samples are divided into four groups: (1) a group of companies paying changeable dividends (Change group), (2) a group of companies paying continuous dividends, but then stop paying dividend (Omission group), (3) a group of companies that initially do not pay the dividends, but then continuously paying dividend (Initiation group); and (4) a group of companies paying constant dividends (Constant group). Results of hypotheses testing using multiple regression analysis show that profitability and asset growth affect dividend policy in all company groups. Company size affects dividend policy in the Change, Initiation, and Constant groups. Debt ratio influences dividend policy only in the Change group.
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Kumar, B. Rajesh, and K. S. Sujit. "Determinants of dividend policy in GCC firms: an application of partial least square method." Corporate Ownership and Control 13, no. 3 (2016): 455–66. http://dx.doi.org/10.22495/cocv13i3c3p4.
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This study focuses on providing empirical evidence on explanation of alternate dividend theories and determinants of payout policies by examining the GCC market. The study explores the financial determinants of the dividend payout policies by examining 646 dividend intensive firms of the GCC. The results suggest that large firms in GCC tends to have larger retained cash flows and tend to have higher dividend intensity. It can be implied that GCC based firms adopt a balanced and cautious approach regarding future growth opportunities as well as the dividend payout policy. Higher the liquidity and profitability signals higher dividend intensity. GCC firms which are liquid and profitable tend to pay more dividends. GCC firms with higher market valuation tend to pay more dividends. Firms with high growth rates of earnings and assets tend to pay less dividends. Firms with high leverage are riskier and risky firms tend to pay less dividends.
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Santoso, Rahmat Agus, and Anita Handayani. "PENGARUH DEBT TO EQUITY RATIO TERHADAP DIVIDEND PAYOUT RATIO MELALUI RETURN ON ASSET." MANAJERIAL 6, no. 2 (September 18, 2019): 53. http://dx.doi.org/10.30587/manajerial.v6i2.1013.
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Dividend distribution becomes a complicated problem due to differences in interests between management and shareholders. Dividends are part of the profits obtained by the company during its business which are distributed to shareholders. The dividend payout ratio determines the amount of profit divided into cash dividends and retained earnings. If the retained earnings of the company are large, the profit to be paid as a dividend will be smaller. Important aspect of dividend policy is determining the appropriate profit allocation between payment of earnings as retained earnings and earnings as dividends. Analysis of the data used in this study uses Partial Least Square (PLS). Debt to Equity Ratio (DER) has a significant negative effect on Return on Assets (ROA). Debt to Equity Ratio (DER) does not directly influence Dividend Payout Ratio (DPR). Return on Assets (ROA) has a significant positive effect on Dividend Payout Ratio (DPR). Return on Assets (ROA) is not able to mediate between Debt to Equity (DER) with Dividend Payout Ratio (DPR).
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Bond, Michael T., and Mbodja Mougoué. "Corporate dividend policy and the partial adjustment model." Journal of Economics and Business 43, no. 2 (May 1991): 165–78. http://dx.doi.org/10.1016/0148-6195(91)90016-p.
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Al-Najjar, Basil, and Erhan Kilincarslan. "Corporate dividend decisions and dividend smoothing." International Journal of Managerial Finance 13, no. 3 (June 5, 2017): 304–31. http://dx.doi.org/10.1108/ijmf-10-2016-0191.
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Purpose The purpose of this paper is to investigate the impact of regulations, reforms and legal environment on dividend policy in a different institutional setting. Particularly, it examines the firm-level cash dividend behaviour of publicly listed firms in Turkey in the post-2003 period, since there were major economic and structural reforms as well as significant regulatory changes of dividend payout rules imposed by the supervisory bodies. Design/methodology/approach The paper focuses on a recent large panel data set of 264 Istanbul Stock Exchange (ISE)-listed firms over a ten-year period 2003-2012. First, it employs a modified specification of Lintner’s (1956) partial adjustment model for analysis regarding target payout ratio and dividend smoothing. Second, it performs a logit model for analysis in identifying the link between financial characteristics and the likelihood of paying dividends. Findings The results show that ISE firms now follow the same determinants as suggested by Lintner. They, indeed, have long-term payout ratios and adjust their cash dividends by a moderate level of smoothing, and therefore adopt stable dividend policies (although less stable policies compared to their counterparts in the developed US market) as a signalling mechanism over the period 2003-2012. Moreover, the results also report that ownership structure concentration affects the target payout ratio and dividend smoothing in the Turkish market. In addition, the results further show that more profitable, more mature and larger sized ISE firms are more likely to pay cash dividends, whereas ISE firms with higher investment opportunities and more debt are less likely to distribute cash dividends in the post-2003 period. Originality/value To the best of authors’ knowledge, this paper is the first major research that examines the implications of reforms and regulations on cash dividend payments and dividend smoothing over time in Turkey during its market integration process in the post-2003 period.
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Haddad, Ayman E., Wasim K. Al-Shattarat, and Radhi M. Al-Hamadeen. "Partial-adjustment-models of dividend policy behaviour for industrial Jordanian firms." Corporate Ownership and Control 5, no. 4 (2008): 356–72. http://dx.doi.org/10.22495/cocv5i4c3p3.
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This study examined the inter-temporal Dividend-Per-Share (DPS) behavior. The estimated partial adjustment-models included Lintner’s (1956), Darling’s (1957) and Brittain’s (1966) models. The results reported from the partial-adjustment-models indicated that Lintner’s model was the best-fit model for Jordanian firms. Previous dividends and current earnings had the most influence on the DPS inter-temporal behavior, indicating that Jordanian firms follow a persistent dividend policy. While dividends are persistent, Jordanian firm’s smooth dividends less than their counterparts in developed markets
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Kilincarslan, Erhan, and Sercan Demiralay. "Dividend policies of travel and leisure firms in the UK." International Journal of Accounting & Information Management 29, no. 2 (January 18, 2021): 324–44. http://dx.doi.org/10.1108/ijaim-09-2020-0144.
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Purpose This study aims to examine cash dividend practices of travel and leisure (T&L) companies listed on the London Stock Exchange (LSE). Design/methodology/approach The study uses a panel data set of 524 firm-year observations of 55 unique publicly listed UK T&L companies between 2007 and 2019. First, it uses a modified version of Lintner’s (1956) partial adjustment model for analysis regarding the target payout ratio and dividend smoothing. Second, it performs logit and Tobit models in ascertaining the association between financial characteristics and divided decisions of T&L firms. Finally, it applies the modified specification of the partial adjustment model on different sub-samples that are partitioned based on various financial factors to determine how the financial characteristics of T&L companies affect their dividend behavior. Findings The results show that UK T&L companies have long-term payout ratios and adjust their cash dividends by moving gradually to their target at a serious degree of smoothing. The findings also detect that financial characteristics of T&L firms (i.e. profitability, debt and size) have significant effects on their dividend payments decisions. In particular, more profitable and larger T&L corporations are more likely to pay cash dividends, whereas T&L companies with more debt are less likely to pay cash dividends in the UK. The results further reveal that although such financial characteristics also have important impacts on the target payout ratios and dividend smoothing levels, UK T&L companies generally adopt stable dividend policies over the period 2007-2019. Originality/value This is thought to be the first study to provide insights on dividend policy practices of UK travel and leisure corporation listed on the LSE.
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Hodgkinson, Lynn, Kevin Holland, and Richard H. G. Jackson. "Dividend valuation, trading and transactions costs: the 1997 partial abolition of dividend tax credit repayments." Accounting and Business Research 36, no. 4 (December 2006): 253–70. http://dx.doi.org/10.1080/00014788.2006.9730027.
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TIKANA, NENY, and SUSI HANDAYANI. "Pengaruh Arus Kas Operasi, Laba Bersih, dan Hutang terhadap Kebijakan Dividen (Dividend Payout Ratio) pada Perusahaan Manufaktur yang Go Public di Bursa Efek Indonesia Tahun 2005-2009." BISMA (Bisnis dan Manajemen) 4, no. 1 (June 6, 2018): 66. http://dx.doi.org/10.26740/bisma.v4n1.p66-76.
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In the expansion, companies need a lot of sources of funding, that is through capital markets. Capital markets are an alternative source of external funding sources in addition to loan funds. With the capital markets, investor can invest in many different investment options, one of which is stock. Return the stock received by investors may include capital gains and dividends. Dividend is a part of the projected dividendd policy with a dividend payout ratio (DPR). Dividend policy is influenced by several factors including the operating cash flow, net income, and debt. The purpose of this study was to examine and analyze the influence of operating cash flow, nt income, and debt to dividend policy (dividend payout ratio) at a manufacturing company that went public on the Indonesia Stock Exchange in 2005-2009. This study uses purposive sampling method to take samples, in order to obtain a sample number 27 manufacturing companies. The method of analysis used is multiple linear regression analysis with the help of analysis tools SPSS version 16.0. Based on the results of data analysis can be concluded that there is a simultaneous influence of operating cash flow, net income, and debt to dividend policy (dividend payout ratio). While partial, operating cash flow negative influence on dividend payout ratio. That is because the large cash is not necessarily distibuted as dividends, because dividends depend essentially on the policy of the company itself and the profits of the acquired companies. Net income has a positive effect on dividend payout ratio for dividends derived from net income and companies will share profits if it makes a profit. The Debt has negative effect on dividend payout ratio for firms to prioritize paying off debt rather than dividends.
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Pranata, Hans Christian, and Ratnawati Kurnia. "Pengaruh Profitabilitas, Likuiditas, Solvabilitas, Dan Kebijakan Dividen Terhadap Harga Saham." Jurnal ULTIMA Accounting 5, no. 2 (December 1, 2013): 81–98. http://dx.doi.org/10.31937/akuntansi.v5i2.153.
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The objective of this research is to examine the impact of profitability, liquidity, leverage, and also dividend policy partially and simultaneously towards share price. The profitability is proxied by Net Profit Margin (NPM), liquidity is proxied by Current Ratio (CR), leverage is proxied by Debt-to-Equity Ratio (DER), and dividend policy is proxied by Dividend Payout Ratio (DPR). The objects of this study are companies which have listed in Indeks Kompas100 in period 2009-2011. The samples are 17 companies determined based on purposive sampling. Data used in this study is secondary data such as financial statements and daily share price. The result of this study are (1) profitability proxied by Net Profit Margin has partial positive significant impact to share price (2) liquidity proxied by Current Ratio does not have partial negative significant impact to share price (3) leverage proxied by Debt-to-Equity Ratio does not have partial negative significant impact to share price (4) dividend policy proxied by Dividend Payout Ratio has partial positive significant impact to share price (5) profitability, liquidity, leverage, and dividend policy simultaneously have significant impact to share price.
Keywords: profitability, liquidity, leverage, dividend policy, Net Profit Margin (NPM), Current Ratio (CR), Debt-to-Equity Ratio (DER), Dividend Payout Ratio (DPR), share price.
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Lestari, Keukeu Firda, Heraeni Tanuatmodjo, and Mayasari Mayasari. "PENGARUH LIKUIDITAS DAN PROFITABILITAS TERHADAP KEBIJAKAN DIVIDEN." Journal of Business Management Education (JBME) 1, no. 2 (May 29, 2017): 11–16. http://dx.doi.org/10.17509/jbme.v1i2.5874.
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The problem of this research was about decrease in dividend policy BUSN Devisa listed on the Indonesia Stock Exchange which is measured by Dividend Payout Ratio (DPR) over the last two years. These factors affecting the dividend policy were liquidity which is measured by Loan to Deposit Ratio (LDR) and profitability which is measured by Return On Equity (ROE). The purposes of this study were describing the liquidity, profitability, dividend policy, the effect liquidity on dividend policy, the effect profitability on dividend policy, and the effect of liquidity and profitability on dividend policy. This research utilised descriptive and verificative, the technique which is used was multiple correlation, and hypothesis testing used t Test (partial significance test) and F Test (simultaneous significance test). The data is gained from secondary data which is from the annual report and summary of performance BUSN Devisa from 2010-2014. The population of this study was 25 BUSN Devisa listed on the Indonesia Stock Exchange with 4 samples through purposive sampling technique. The result of hypothesis testing in partial showed that liquidity and profitability effected the dividend policy significantly. The result of hypothesis testing showed that the liquidity and profitability effected on dividend policy significant simultaneously.Keywords: Liquidity, Profitability, Dividend Policy
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Guo, Jianan. "Ultimate Controlling Shareholders and Dividend Payout Policy in Chinese Stock Market." Review of Pacific Basin Financial Markets and Policies 19, no. 02 (June 2016): 1650008. http://dx.doi.org/10.1142/s0219091516500089.
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Departing from the traditional cash flow rights-dividend policy framework, this study investigates whether the level of control rights and the types of ultimate controlling shareholders (UCSs) of listed firms in China influence their cash dividend payout. We find that the level of control rights is positively associated with both the probability to pay and the level of cash dividend payout, which indicates that UCSs use cash dividends to reduce the agency cost of free cash flow and redirect listed firms’ cash balance. Furthermore, different types of UCSs influence dissimilarly on the controlled firms’ cash dividends, which can be attributed to the backgrounds of these UCSs originating from China’s unique partial share issuance privatization process.
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Ismawati, Linna. "DETERMINAN KEBIJAKAN DIVIDEN PADA PERUSAHAAN TELEKOMUNIKASI DI INDONESIA." Jurnal Inspirasi Bisnis dan Manajemen 1, no. 1 (June 8, 2017): 11. http://dx.doi.org/10.33603/jibm.v1i1.485.
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Abstract. The purpose of this research is to identify the determinants of corporate dividend policy At The Telecommuniactions in Indonesian. The Study uses a firm-level panel data set of four publicly traded the telecommunications on Indonesian Stock Exchange between 2010-2015. The Study develops four research hypotheses, which are used to represent the main theories of corporate dividends. The design of analysis used is multiple regression analysis, correlation coefficient analysis, and coefficient of determination analysis, while hypothesis testing using T test and F test. The Result in partial effect Return On Equity gives significantly positive effect on Dividend Payout Ratio (DPR), while Current Ratio and Debt To Equity Ratio are not significant effect on Dividend Payout Ratio. In simultaneously Effect Return On Equity, Current Ratio, Debt To Equity Ratio have effect to Dividend Payout Ratio.Keywords. current ratio; debt to equity ratio; dividend payout ratio; return on equity. Abstrak. Penelitian ini bertujuan untuk mengidentifikasi determinan kebijakan dividen pada perusahaan telekomunikasi di Indonesia. Penelitian menggunakan data panel empat perusahaan telekomunikasi yang terdaftar di Bursa Efek Indonesia tahun 2010-2015. Dalam penelitian ini disusun empat hipotesis penelitian, yang digunakan untuk mewakili teori utama kebijakan dividen. Rancangan analisis yang digunakan adalah analisis regresi berganda, analisis koefisien korelasi, dan analisis koefisien determinasi, sedangkan pengujian hipotesis menggunakan uji T dan uji F. Hasil penelitian menunjukkan bahwa secara parsial tingkat pengembalian modal berpengaruh terhadap kebijakan dividen, tetapi rasio lancar dan rasio hutang tidak berpengaruh signifikan terhadap kebijakan dividen. Secara simultan tingkat pengembalian modal, rasio lancar, dan rasio hutang berpengaruh terhadap kebijakan dividen.Katakunci. rasio hutang; rasio lancar; rasio pembayaran dividen; tingkat pengembalian modal.
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Ariska, Ricky Angga. "Interaksi Debt To Equity Ratio, Current Ratio, Firm Size, Dan Dividend Payout Ratio." Journal of Accounting Science 2, no. 1 (January 30, 2018): 33. http://dx.doi.org/10.21070/jas.v2i1.1176.
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This research aims to know the effect of debt to equity ratio, current ratio, and firm size on the dividend payout ratio in State Owned Enterprises (BUMN). Secondary data is used in this research, while the sampling technique in is purposive. Criteria for samples are BUMN that is listed in Indonnesian Stock Exchange (BEI) in 2012-2014, having profit during 2012-2014, and having complete financial report during 2012-2014. There are five enterprises that meet these criteria. The researcher used doubled linear regression for the analysis. The results showed that debt to equity ratio, current ratio, and firm size have simultaneous effect on dividend payout ratio. The results also shows that only current ratio has partial effect on the dividend payout ratio. Meanwhile, debt on equity ratio and firm size have no partial effect on dividend payout ratio.
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Nugroho, Tatas Ridho, and Muhammad Bahril Ilmiddaviq. "Dividend Policy : Dipengaruhi oleh Leverage, Likuiditas, Profitabilitas dan Ukuran Perusahaan pada Perusahaan Foods and Beverages yang Terdaftar di Bursa Efek Indonesia Periode 2013-2017." Assets : Jurnal Ilmiah Ilmu Akuntansi, Keuangan dan Pajak 3, no. 2 (July 31, 2019): 67–77. http://dx.doi.org/10.30741/assets.v3i2.431.
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Dividend policy is a policy in dividing profit of the company that can be with name and everything, but in it practices often encountered dividing or paying it by unseen. Dividing dividend in appropriate time intervals that is every half year or in a year. This study aims to know about the influence of Leverage, Liquidity, Profitability, and Size towards Dividend Policy. This study using a quantitative approach by using a multiple linear regression analysis methods. The population in this study is registered companies in the stock exchange of Indonesia, food, and beverages year 2013-2017 is the main focus of this study. The sample of this study is collected by purposive sampling method. The result of the coefficient determination test that 34,7% is showing the ability of independent variable determine dependent variable, temporary 65,3% determine by other variables. The simultan test showed that independent variable together influence dependent variable and the partial test showed how does leverage has a negative significant impact towards dividend policy, liquidity hasn’t a significant impact towards dividend policy, profitability has a positive impact towards dividend policy and size hasn’t a significant impact towards dividend policy.
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V. Gapeev, Pavel, and Hessah Al Motairi. "Perpetual American Defaultable Options in Models with Random Dividends and Partial Information." Risks 6, no. 4 (November 6, 2018): 127. http://dx.doi.org/10.3390/risks6040127.
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We present closed-form solutions to the perpetual American dividend-paying put and call option pricing problems in two extensions of the Black–Merton–Scholes model with random dividends under full and partial information. We assume that the dividend rate of the underlying asset price changes its value at a certain random time which has an exponential distribution and is independent of the standard Brownian motion driving the price of the underlying risky asset. In the full information version of the model, it is assumed that this time is observable to the option holder, while in the partial information version of the model, it is assumed that this time is unobservable to the option holder. The optimal exercise times are shown to be the first times at which the underlying risky asset price process hits certain constant levels. The proof is based on the solutions of the associated free-boundary problems and the applications of the change-of-variable formula.
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De Angelis, Tiziano. "Optimal dividends with partial information and stopping of a degenerate reflecting diffusion." Finance and Stochastics 24, no. 1 (October 18, 2019): 71–123. http://dx.doi.org/10.1007/s00780-019-00407-1.
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Abstract We study the optimal dividend problem for a firm’s manager who has partial information on the profitability of the firm. The problem is formulated as one of singular stochastic control with partial information on the drift of the underlying process and with absorption. In the Markovian formulation, we have a two-dimensional degenerate diffusion whose first component is singularly controlled. Moreover, the process is absorbed when its first component hits zero. The free boundary problem (FBP) associated to the value function of the control problem is challenging from the analytical point of view due to the interplay of degeneracy and absorption. We find a probabilistic way to show that the value function of the dividend problem is a smooth solution of the FBP and to construct an optimal dividend strategy. Our approach establishes a new link between multidimensional singular stochastic control problems with absorption and problems of optimal stopping with ‘creation’. One key feature of the stopping problem is that creation occurs at a state-dependent rate of the ‘local time’ of an auxiliary two-dimensional reflecting diffusion.
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INDRA, YETTI AFRIDA. "PENERAPAN ANALISIS FUNDAMENTAL TERHADAP PERUSAHAAN PERTAMBANGAN TBK DALAM MEMBELI SAHAM." Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah 5, no. 2 (September 9, 2019): 220. http://dx.doi.org/10.29300/aij.v5i2.1743.
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The purpose of this research is to find out the influence Fundamental analysis ( of price earning ratio, earning per share, dividend per share, and dividend payout ratio) to the enhancement of mining companies’ stock price in 2014 – 2018 periods. The sample collection technique has been done by using purposive sampling method, and the samples are 6 companies. The statistic test method has been done by using multiple linier regression analysis. The independent variables in this research are price earning ratio, earning per share, dividend per share, and dividend payout ratio. The dependent variable is stock price. The result of this research show that price earning ratio, earning per share, dividend per share have significant and positive influence to the stock price. Meanwhile, dividend payout ratio have significant and negative influence to the stock price. It can be seen from the result of partial coefficient determination and it can be concluded that the variable which has dominant influence to the stock price is dividend per share because its partial coefficient determination is bigger than other independent variables.
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Szölgyenyi, Michaela. "Dividend maximization in a hidden Markov switching model." Statistics & Risk Modeling 32, no. 3-4 (December 1, 2015): 143–58. http://dx.doi.org/10.1515/strm-2015-0019.
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Abstract In this paper we study the valuation problem of an insurance company by maximizing the expected discounted future dividend payments in a model with partial information that allows for a changing economic environment. The surplus process is modeled as a Brownian motion with drift. This drift depends on an underlying Markov chain the current state of which is assumed to be unobservable. The different states of the Markov chain thereby represent different phases of the economy. We apply results from filtering theory to overcome uncertainty and then we give an analytic characterization of the optimal value function. Finally, we present a numerical study covering various scenarios to get a clear picture of how dividends should be paid out.
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Monteiro, Ana, Helder Sebastião, and Nuno Silva. "International evidence on stock returns and dividend growth predictability using dividend yields." Revista Contabilidade & Finanças 31, no. 84 (December 2020): 473–89. http://dx.doi.org/10.1590/1808-057x202009690.
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ABSTRACT This paper examines stock returns and dividend growth predictability using dividend yields in seven developed markets: United States of America (US), United Kingdom (UK), Japan, France, Germany, Italy, and Spain. Altogether, these countries account for around 85% of the Morgan Stanley Capital International (MSCI) World Index. The use of the long time series with up-to-date data allows the comparison not only between countries, but also across periods, putting into perspective the existence or not of noticeable changes since the 1980’s. The majority of the literature on this topic is US-centered. This emphasis on the US is even more pronounced when it comes to examining the relationship between the dividend unpredictability and dividend smoothing. There is also the need to know if the relationships already documented for the post-Second World War (WWII) period still hold during the last three decades, when stock markets were subjected to a high level of turbulence worldwide. The relationship between dividend yields and returns and dividend growth is central to understand the functioning of capital markets, and has considerable implications for capital asset pricing and investment strategies. Overall, the results show that even for developed capital markets there is no clear pattern on the predictive ability of dividend yields on stock returns and dividend growth, instead these relationships seem to be time-dependent and country-specific. For each country, the predictive ability of the dividend yield is examined in a first-order structural VAR framework by applying bootstrap significance tests and the degree of dividend smoothing is assessed using four partial-adjustment models for the dividend behavior. Additionally, an out-of-sample analysis is conducted using pseudo-R2 and a normal mean squared prediction error (MSPE) adjusted statistic. For the post-WWII period, returns are predictable, but dividends are unpredictable in the US and the UK, while the opposite pattern is observed in Spain and Italy. In Germany, there is some evidence of short-term predictability for both returns and dividends, while in France only returns are predictable. In Japan, neither variable can be forecasted. The dividend smoothing results show that dividends are more persistent in the US and the UK, however, there is no clear connection between dividend smoothness and predictability for the other countries. An important conclusion to retain from the out-of-sample analysis is that the predictability of returns after the WWII, especially present in the US, appeared to have been missing in the last three decades, most probably due to the turmoil experienced by the stock markets during this last period.
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HIdayat, Winda Astri, R. Deni Muhammad Danial, and Dicky Jhoansyah. "Pengaruh Investment Opportunity Set dan Profitabilitas terhadap Kebijakan Dividend." Journal of Management and Bussines (JOMB) 1, no. 1 (May 18, 2019): 48–58. http://dx.doi.org/10.31539/jomb.v1i1.603.
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The purpose of this study is to determine the effect of investment opportunity set (IOS) and profitability on dividend policy in insurance companies listed on the Indonesia Stock Exchange. The use of the method uses purposive sampling. The analysis technique used is simple linear analysis, multiple linear analysis, and hypothesis testing is a partial statistical test (t test) and simultaneous test (f test). The results of the t test show that the investment opportunity set (IOS (X1) influences positive but not significant to dividend policy, Profitability (X2) has a negative and not significant effect on dividend policy.Based on the F value test together the investment opportunity set and profitability do not have a significant effect on dividend policy (Y) Based on the test the coefficient of determination is 0.361 It can be interpreted that the effect of Investment Opportunity Set (IOS) and Profitability on dividend policy is 13.03%, while the remaining 86.97% is influenced by other factors not explained in this study.
Keywords : Investment Opportunity Set, Profitability, Dividend Payout Ratio
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Indah Anggraeni Paramitha and Lisdawati. "PENGARUH STRUKTUR MODAL DAN PROFITABILITAS TERHADAP KEBIJAKAN DIVIDEN." Jurnal Manajemen & Bisnis Kreatif 5, no. 2 (April 1, 2020): 67–80. http://dx.doi.org/10.36805/manajemen.v5i2.1031.
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Tujuan dari penelitian ini adalah untuk mengetahui dan memberi bukti empiris atas pengaruh StrukturModal dan Profitabilitas baik secara parsial maupun simultan terhadap Kebijakan Dividen pada PT.Mayora Indah, Tbk periode 2011-2017. Struktur Modal menggunakan pengukuran debt-to EquityRatio (DER), Profitabilitas menggunakan pengukuran Return On Asset (ROA) dan Kebijakan Dividenmenggunakan pengukuran dividend payout ratio (DPR). Metode penelitian menggunakan datasekunder berupa laporan keuangan PT. Mayora Indah, Tbk serta analisis data menggunakan regresilinier berganda, pengujian asumsi klasik yang meliputi: Uji Normalitas, Multikolinearitas,Heteroskedastisitas serta Uji Autokorelasi, dan Uji Hipotesis. Hasil penelitian menunjukkan bahwaStruktur Modal dan Profitabilitas berpengaruh secara parsial dan simultan terhadap KebijakanDividen.Kata kunci: kebijakan dividen, profitabilitas, struktur modal.
The purpose of this study was to find out and give empirical study thru the effect of Capital Structureand Profitability in la partially and simultaneously on the Dividend Policy at PT. Mayora Indah, Tbkfor the period 2011-2017. Capital Structure uses debt-to Equity Ratio (DER) metering, profitabilityuses Return On Asset (ROA) metering and Dividend Policy uses dividend payout ratio (DPR)metering. The research method uses secondary data in the form of financial statements of PT. MayoraIndah, Tbk and data analysis using multiple linear regression, classic assumptions test which includethe normality, multicollinearity, heteroscedasticity and Autocorrelation tests, with hypothesis tests.The results showed that the Capital Structure and Profitability have a partial and simultaneous effecton the Dividend Policy.Keywords: dividend policy, profitabilty, capital structure.
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Rahayu, Dede Sri. "Pengaruh Intellectual Capital dan Kebijakan Dividen terhadap Nilai Perusahaan (Penelitian pada Perusahaan-Perusahaan yang Pernah Masuk ke dalam Indeks LQ45 Periode 2015-2019)." Business Innovation and Entrepreneurship Journal 3, no. 1 (February 28, 2021): 8–15. http://dx.doi.org/10.35899/biej.v3i1.181.
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This research aimed to provide empirical evidence regarding the effect of intellectual capital and dividend policy on firm value. This research used the verification method, namely partial least square (PLS). This research used PLS method because the data does not have a normal distribution. The population of this research were 65 companies, while the sample used 26 companies. The sampling technique used purposive sampling technique. Based on the results of this research showed that intellectual capital had a positive effect on firm value, while dividend policy had no effect on firm value.
Keywords : Firm Value, Intellectual Capital, Dividend policy, LQ45 Index, Partial Least Square
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Akbar, Taufik. "Pengaruh Current Ratio, Earning Per Share, dan Return On Equity terhadap Divident Payout Ratio (Studi Kasus Pada Emiten yang Tercatat dalam Indeks LQ45 di BEI)." Akutansi Bisnis & Manajemen ( ABM ) 25, no. 2 (October 2, 2018): 120. http://dx.doi.org/10.35606/jabm.v25i2.377.
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Dividend policy is a financial decision made by the company in determining how much profit from shares to be distributed to shareholders (investors) and how much profit from the shares to be held for re-investment of the company. In order to be able to distribute dividends the company must obtain profits by taking into account the factors that influence dividend policy. The purpose of this study was to determine the effect of return on equity, current ratio, and earnings per share on dividend payout ratio. This research was conducted on companies included in the LQ45 list on the Indonesia Stock Exchange. The number of samples taken as many as 10 samples of the company within a period of 5 years (2012-2016) using purposive sampling method. The analysis technique used is panel data regression analysis that is calculated using EViews. Based on the results of the analysis found that the return on equity, current ratio, and earnings per share simultaneously have a significant effect on dividend payout ratio. Return on equity and earning per share partially have a significant influence on dividend payout ratio. The partial ratio does not have a significant effect on dividend payout ratio.
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GAPEEV, PAVEL V. "PRICING OF PERPETUAL AMERICAN OPTIONS IN A MODEL WITH PARTIAL INFORMATION." International Journal of Theoretical and Applied Finance 15, no. 01 (February 2012): 1250010. http://dx.doi.org/10.1142/s0219024911006450.
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We study the perpetual American call option pricing problem in a model of a financial market in which the firm issuing a traded asset can regulate the dividend rate by switching it between two constant values. The firm dividend policy is unknown for small investors, who can only observe the prices available from the market. The asset price dynamics are described by a geometric Brownian motion with a random drift rate modeled by a continuous time Markov chain with two states. The optimal exercise time of the option for small investors is found as the first time at which the asset price hits a boundary depending on the current state of the filtering dividend rate estimate. The proof is based on an embedding of the initial problem into a two-dimensional optimal stopping problem and the analysis of the associated parabolic-type free-boundary problem. We also provide closed form estimates for the rational option price and the optimal exercise boundary.
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Albrecher, Hansjörg, Jürgen Hartinger, and Stefan Thonhauser. "On Exact Solutions for Dividend Strategies of Threshold and Linear Barrier Type in a Sparre Andersen Model." ASTIN Bulletin 37, no. 02 (November 2007): 203–33. http://dx.doi.org/10.2143/ast.37.2.2024065.
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For the classical Cramér-Lundberg risk model, a dividend strategy of threshold type has recently been suggested in the literature. This strategy consists of paying out part of the premium income as dividends to shareholders whenever the free surplus is above a given threshold level. In contrast to the well-known horizontal barrier strategy, the threshold strategy can lead to a positive infinite-horizon survival probability, with reduced profit in terms of dividend payments. In this paper we extend several of these results to a Sparre Andersen model with generalized Erlang(n)-distributed interclaim times. Furthermore, we compare the performance of the threshold strategy to a linear dividend barrier model. In particular, (partial) integro-differential equations for the corresponding ruin probabilities and expected discounted dividend payments are provided for both models and explicitly solved for n = 2 and exponentially distributed claim amounts. Finally, the explicit solutions are used to identify parameter sets for which one strategy outperforms the other and vice versa.
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Albrecher, Hansjörg, Jürgen Hartinger, and Stefan Thonhauser. "On Exact Solutions for Dividend Strategies of Threshold and Linear Barrier Type in a Sparre Andersen Model." ASTIN Bulletin 37, no. 2 (November 2007): 203–33. http://dx.doi.org/10.1017/s0515036100014847.
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For the classical Cramér-Lundberg risk model, a dividend strategy of threshold type has recently been suggested in the literature. This strategy consists of paying out part of the premium income as dividends to shareholders whenever the free surplus is above a given threshold level. In contrast to the well-known horizontal barrier strategy, the threshold strategy can lead to a positive infinite-horizon survival probability, with reduced profit in terms of dividend payments. In this paper we extend several of these results to a Sparre Andersen model with generalized Erlang(n)-distributed interclaim times. Furthermore, we compare the performance of the threshold strategy to a linear dividend barrier model. In particular, (partial) integro-differential equations for the corresponding ruin probabilities and expected discounted dividend payments are provided for both models and explicitly solved for n = 2 and exponentially distributed claim amounts. Finally, the explicit solutions are used to identify parameter sets for which one strategy outperforms the other and vice versa.
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Lestari, Keukeu Firda, Heraeni Tanuatmodjo, and Mayasari Mayasari. "PENGARUH LIKUIDITAS DAN PROFITABILITAS TERHADAP KEBIJAKAN DIVIDEN." Journal of Business Management Education (JBME) 2, no. 1 (May 15, 2017): 243–50. http://dx.doi.org/10.17509/jbme.v4i1.2293.
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The problem of this research was about decrease in dividend policy BUSN Devisa listed on theIndonesia Stock Exchange which is measured by Dividend Payout Ratio (DPR) over the last twoyears. These factors affecting the dividend policy were liquidity which is measured by Loan toDeposit Ratio (LDR) and profitability which is measured by Return On Equity (ROE). Thepurposes of this study were describing the liquidity, profitability, dividend policy, the effectliquidity on dividend policy, the effect profitability on dividend policy, and the effect of liquidityand profitability on dividend policy. This research utilised descriptive and verificative, thetechnique which is used was multiple correlation, and hypothesis testing used t Test (partialsignificance test) and F Test (simultaneous significance test). The data is gained from secondarydata which is from the annual report and summary of performance BUSN Devisa from 2010-2014.The population of this study was 25 BUSN Devisa listed on the Indonesia Stock Exchange with 4samples through purposive sampling technique. The result of hypothesis testing in partial showedthat liquidity and profitability effected the dividend policy significantly. The result of hypothesistesting showed that the liquidity and profitability effected on dividend policy significantsimultaneously.
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Abdel-Wanis, Eman. "Corporate Social Responsibility, Corporate Life Cycle, and Dividend Policy." Journal of Accounting, Business and Management (JABM) 27, no. 2 (October 23, 2020): 101. http://dx.doi.org/10.31966/jabminternational.v27i2.703.
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The aim of this paper is to investigate the impact of corporate social responsibility(CSR) on dividend policy through corporate life cycle (CLC) as a mediator using pathanalysis for 308 firms-observation for 80 non-financial firms during the period from 2014to 2017 using smart PLS (partial least square). This paper explores the impact of the socialresponsibility on the dividends policy and explores the role of each life cycle in this effecton dividends. The results show that firms in their growth stage are positively associatedwith CSR, while firms in stage of decline are less likely to invest in CSR. High CSR firmsmay use dividend policy to reduce the agency problems related to overinvestment in CSR.Results refer to corporate life cycle isn't influenced by dividends. The results show thatcorporate life cycles play an important role in enhance the relationship CSR and dividendpolicy especially in the growth stage in in the Egyptian business environment
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Purbawangsa, Ida Bagus Anom, and Henny Rahyuda. "The effect of ownership structure, dividend policy, composition of the board of directors on financial performance and share return." Accounting 8, no. 1 (2022): 1–8. http://dx.doi.org/10.5267/j.ac.2021.6.012.
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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.
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Sadi’ah, Kamilah. "THE EFFECT OF CORPORATE FINANCIAL RATIO UPON THE COMPANY VALUE." Accounting Journal of Binaniaga 3, no. 02 (December 31, 2018): 75. http://dx.doi.org/10.33062/ajb.v3i2.245.
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This study aimed to get empirical evidence about the effect of corporate financial ratios consists of return on assets, dividend payout ratio and debt-to equity ratio on the firm value. Firm value uses a price-to book value (PBV) by calculating the price market per share divided by book value per share. Population of this research is the companies listed in LQ45 on the Indonesia Stock Exchange in 2015-2016 which some 45 companies using total sampling technique. Methods of data analysis using descriptive statistical analysis and multiple linear regression. These results indicate that corporate financial ratios consists of return on assets, dividend payout ratio and debt-to equity ratio have a significant effect simultaneously on the firm value. However, partial test results showed that return on assets and dividend payout ratio have a significat effect on the firm value. While the debt-to equity ratio has no significant effect on the firm value.Key words: price-to book value, return on assets, dividend payout ratio, firm value.
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Ashary, Feby, and Muhammad Yunus Kasim. "PENGARUH KEBIJAKAN DIVIDEN DAN LEVERAGE TERHADAP NILAI PERUSAHAAN DENGAN GCG SEBAGAI MODERASI." Jurnal Ilmu Manajemen Universitas Tadulako (JIMUT) 5, no. 3 (August 20, 2020): 330–38. http://dx.doi.org/10.22487/jimut.v5i3.164.
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This study aims to determine the effect of dividend and leverage policy on firm value in manufacturing sector in the Indonesia Stock Exchange (IDX) with good corporate governance as moderating variable for the 2013-2017 period. The population in this study amounted to 130 companies. The research sample of 17 companies using purposive sampling techniques. The analytical tool used is panel data regression with moderate regression analysis (MRA). The results showed that dividend policy (DPR) and leverage (DER) simultaneously had positive and significant effect on firm value (Q). Partial testing shows that dividend policy and leverage have positive and significant effect on firm value. Whereas GCG (KM) as moderating weakens the relationship between dividend policy on firm value and leverage on firm value. Penelitian ini bertujuan untuk mengetahui Pengaruh Kebijakan Dividen dan Leverage Terhadap Nilai Perusahaan Pada Sektor Manufaktur di Bursa Efek Indonesia (BEI) dengan Good Corporate Governance (GCG) Sebagai Variabel Moderasi Periode 2013-2017. Populasi dalam penelitian ini berjumlah 130 perusahaan. Sampel penelitian berjumlah 17 perusahaan dengan menggunakan teknik purposive sampling. Alat analisis yang digunakan ialah regresi data panel dan Moderate Regression Analysis (MRA). Hasil penelitian menunjukkan kebijakan dividen (DPR) dan leverage (DER) secara simultan berpengaruh positif dan signifikan terhadap nilai perusahaan (Q). Pengujian secara parsial menunjukkan kebijakan dividen dan leverage berpengaruh positif dan signifikan terhadap nilai perusahaan. Sedangkan GCG (KM) sebagai moderasi memperlemah hubungan antara kebijakan dividen terhadap nilai perusahaan maupun leverage terhadap nilai perusahaan.
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Abramov, Alexander E., Alexander D. Radygin, Maria I. Chernova, and Revold M. Entov. "The “dividend puzzle” and the Russian stock market. Part 2." Voprosy Ekonomiki, no. 2 (February 7, 2020): 59–85. http://dx.doi.org/10.32609/0042-8736-2020-2-59-85.
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The article analyzes the features of the dividend policy of Russian companies. The first part has contained an overview of academic literature and current trends. In the second part we discuss the results of empirical analysis that is based on a sample of 236 joint-stock companies. The motivation of Russian companies for maintaining the attractiveness of their shares during the period of significant increase of risks and volatility led to the growth of dividend yield. However, the increase of allocated profits observed in the largest state-owned enterprises (SOEs) to a large extent resulted from escalation of the tension in government finances. The threat of budget deficit growth led to partial substitution of tax income for dividend income from SOEs. At the same time some factors of uncertainty for SOEs’ operational strategies were increasing, especially those concerning long-term decisions in capital expenditure programs. The results of our analysis reveal that in private companies or SOEs, where the state has a limited influence on the dividend policy, the size of dividend payments to a greater extent depends on their financial performance, cash flows and the availability of promising investment projects. Moreover, the article shows that such companies are more likely to follow dividend smoothing strategies.
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Ratnasari, Putu Sri Puspytha, and Ni Ketut Purnawati. "PENGARUH PROFITABILITAS, LIKUIDITAS, TINGKAT PERTUMBUHAN PERUSAHAAN DAN LEVERAGE TERHADAP KEBIJAKAN DIVIDEN." E-Jurnal Manajemen Universitas Udayana 8, no. 10 (October 3, 2019): 6179. http://dx.doi.org/10.24843/ejmunud.2019.v08.i10.p16.
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Dividend policy is a decision on the division of profits from the company, will be distributed to shareholders or will be retained in the form of retained earnings to finance investment in the future. Study aimed to examine the effect of Profitability, Liquidity, and Leverage Growth rate of the Dividend Policy on Manufacturing Companies listed on the Indonesia Stock Exchange period 2012 - 2014. Samples taken as many as 16 companies. The sampling method used in this research is purposive sampling. This study uses associative method, multiple linear regression analysis and the partial test (t test). Based on the results if the data was obtained that the profitability and liquidity of positive and significant effect on dividend policy, the growth rate negatively affect the company's dividend policy, leverage and no significant positive effect on dividend policy.
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Wang, Yan, Yanxiang Zhao, Lei Wang, Aimin Song, and Yanping Ma. "Stochastic maximum principle for partial information optimal investment and dividend problem of an insurer." Journal of Industrial & Management Optimization 14, no. 2 (2018): 653–71. http://dx.doi.org/10.3934/jimo.2017067.
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Widyawati, Nur Aini, and Dyah Fitriani. "PENGARUH KEPUTUSAN INVESTASI, KEPUTUSAN PENDANAAN DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN LQ45 YANG TERDAFTAR DI BURSA EFEK INDONESIA." Jurnal Fokus Manajemen Bisnis 4, no. 2 (September 30, 2014): 92. http://dx.doi.org/10.12928/fokus.v4i2.1354.
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This study aimed to examine the effect of investment decisions, financing decisions and dividend policy on firm value in the LQ-45 firm listed on the Indonesia Stock Exchange. Population as well as the sample in this study is the LQ-45 firm listed on the Indonesia Stock Exchange 2007-2011 period which has complete financial statements are expressed in dollars and pay dividends continuously over the study period, which amounted to 9 companies. The dependent variable used is the value of the company (PBV) while the independent variable is investment (PER), funding (DER) and dividend policy (DPR). In this study using a multiple linier regression and classical assumption. Assessment of the effect of independent variables on the dependent variable was partially or simulataneously, and analysis tools in this study using eviews. Partial results of the study showed that investment decisions have a significant effect on firm value, funding decisions have no significant effect on firm value and dividend policy has no significant effect on firm value.
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Nerviana, Riri. "The effect of financial ratios and company size on dividend policy." Indonesian Accounting Review 5, no. 1 (January 12, 2016): 23. http://dx.doi.org/10.14414/tiar.v5i1.486.
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The purpose of this research is to find out whether there is an effect of financial ratios on dividend policy, which is proxied by Current Ratio (CR), Debt to Equity Ratio (DER), Total Asset Turnover (TATO), Return on Equity (ROE), Growth of Sales (GS), and Price Earning Ratio (PER), and the Company Size on the Dividend Policy of the company, which is proxied by Dividend Payout Ratio (DPR). The population of this study is manufacturing companies listed in Indonesia Stock Exchange from 2009 to 2013. This study uses purposive sampling method and its subject of 29 companies of the 145 companies that have been observed. The analytical techniques used in this research consist of descriptive statistics test, normality test, multiple linear regressions analysis, and hypothesis test comprising an analysis of the coefficient of determination (R2), model test research (statistical tests F), and a partial test (statistics test of t). The results indicate that only Debt to Equity Ratio (DER), Return on Equity (ROE), and Price Earnings Ratio (PER) that have significant effect on dividend policy.
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Zhang, Yan, Di Pan, Sheng-Wu Zhou, and Miao Han. "Asian Option Pricing with Transaction Costs and Dividends under the Fractional Brownian Motion Model." Journal of Applied Mathematics 2014 (2014): 1–8. http://dx.doi.org/10.1155/2014/652954.
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The pricing problem of geometric average Asian option under fractional Brownian motion is studied in this paper. The partial differential equation satisfied by the option’s value is presented on the basis of no-arbitrage principle and fractional formula. Then by solving the partial differential equation, the pricing formula and call-put parity of the geometric average Asian option with dividend payment and transaction costs are obtained. At last, the influences of Hurst index and maturity on option value are discussed by numerical examples.
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Dwi Astarani Aslindar and Utami Puji Lestari. "DETERMINAN DIVIDEND PAYOUT RATIO PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PADA TAHUN 2015 - 2019." Jurnal Buana Akuntansi 6, no. 1 (March 26, 2021): 1–14. http://dx.doi.org/10.36805/akuntansi.v6i1.1382.
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Penelitian ini dilakukan dengan tujuan untuk menguji determinan dividend payout ratio yang terdiri atas return on asset, debt to equity ratio, return on equity, asset growth dan current ratio. pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2015-2019. Sebanyak 11 perusahaan dipilih sebagai sampel penelitian menggunakan teknik purposive sampling. Penelitian ini menggunakan analisis regresi linear berganda. Hasil pengujian secara partial menunjukkan bahwa return on asset dan return on equity masing-masing tidak berpengaruh terhadap dividend payout ratio, sedangkan debt to equity ratio, asset growth dan current ratio masing-masing berpengaruh terhadap dividend payout ratio. Hasil pengujian secara simultan menunjukkan bahwa return on asset, debt to equity ratio, return on equity, asset growth dan current ratio berpengaruh terhadap dividend payout ratio.
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Kolluri, Bharat R. "Further Evidence on the Shifting of Corporate Income Tax in Privately Owned Electric Utilities, 1948–1984." Public Finance Quarterly 16, no. 4 (October 1988): 493–507. http://dx.doi.org/10.1177/109114218801600406.
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The purpose of this article is to empirically estimate the effects of the federal corporate income tax, dividend yield, and inflation on the rate of return in investor-owned electric utilities in the United States. Using data from the period before the seventies, some authors were able to show some evidence toward a partial shifting of the tax burden in regulated utilities. An attempt is made here to reexamine these findings and extend them into the eighties. The results point to a conclusion of a short-run partial shifting of about 60% in contrast to a mere 40% reported earlier. The results do not reject the hypothesis of a significant positive relationship between the dividend yield and the profit rate, contradicting the theory that dividend policy is irrelevant. Finally, there is some indication of a depressing effect of inflation on the rate of return during the most recent inflationary time period, 1974–1984.
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Sawukir, Sawukir. "ANALYSIS OF THE EFFECT OF FUNDAMENTAL FACTORS AND ITS IMPLICATIONS ON DIVIDEND PAYOUT RATIO." EAJ (ECONOMICS AND ACCOUNTING JOURNAL) 3, no. 1 (March 21, 2020): 1. http://dx.doi.org/10.32493/eaj.v3i1.y2020.p1-9.
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Fundamental factors have a strong influence on Earning Per Share because fundamental factors indicate the company's financial performance. The purpose of this study was to determine the effect of current ratio (CR), return on equity (ROE) and debt to equity ratio (DER) on earnings per share (EPS) and its implications for the dividend payout ratio (DPR) in pharmaceutical companies in the Malaysian stock exchange period 2012 - 2016 partially and simultaneously.The study was conducted using descriptive statistical methods and panel data regression methods. The sampling technique used was purposive sampling with a sample of 40 samples. The research data is secondary data obtained from www.bursamalaysia.com for the period 2012-2016. Testing the research hypothesis using a common effect model with the e-views version 9 application tool.The results in this study show that the Growth of Current Ratio, Return on Equity, Debt to Equity Ratio, Earning Per Share and Dividend Payout Ratio in pharmaceutical companies fluctuate every year. In Partial Current Ratio there is no significant effect on the variable Earning Per Share. In Partial Return On Equity has a significant effect on Earning Per Share. In real terms Debt to Equity Ratio has no significant effect on Earning Per Share. Simultaneously and together the variables Current Ratio, Return On Equity and Debt To Equity Ratio have a significant effect on Earning Per Share. Partially Earning Per Share has a significant effect on Dividend Payout Ratio.
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Afeeanti, Desire Nur Addin, and Indah Yuliana. "Peran Kebijakan Dividen Dalam Memediasi Profitabilitas dan Kebijakan Pendanaan Terhadap Nilai Perusahaan." Esensi: Jurnal Bisnis dan Manajemen 10, no. 2 (January 3, 2021): 161–72. http://dx.doi.org/10.15408/ess.v10i2.16165.
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This study examines the role of dividend policy in mediating profitability and leverage on firm value. The method used in this research is Structural Equation Modeling-Partial Least Square (SEM-PLS) to test the relationship between variables. This study uses data on annual report of go-public companies in 2014-2018 period. ROE and ROA are independent variables (X1), DER and DAR are independent variables (X2). While PER and PBV are the dependent variables and DPR and DY are intervening variables. This study resulted in profitability and leverage has positive and significant effect, but the dividend policy negative and no significant effect on firm value. Profitability has positive and significant effect, but leverage has a significant negative effect on dividend policy. Dividend policy has not been able to mediate between profitability and leverage on firm value.
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Puji, Yulianti Dwi, and Leo Herlambang. "Faktor-Faktor Yang Mempengaruhi Struktur Modal Dan Kebijakan Dividen Yang Terdaftar Di Jakarta Islamic Index (JII) Periode 2010-2014." Jurnal Ekonomi Syariah Teori dan Terapan 3, no. 10 (February 20, 2017): 829. http://dx.doi.org/10.20473/vol3iss201610pp829-842.
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The purpose of this research is to determine the direct effects of factors that caused capital structure and dividend policy. The approach research used are quantitative with analytical techniques PLS (Partial Least Square). The approach is a quantitative approach using analytical techniques PLS (Partial Least Square). Data collection using purposive sampling method and examines a sample of 12 company that that have fixed sign position in the JII during 2010-2014.The results of this research show that in profitability has positive significant effect on capital structure which is indicated with t-statistic is 2,409. Liquidity has negatif not significant on capital structure which is indicated with t-statistic 1,678. Capital structure has negatif significant effect on dividend policy which is indicated with t-statistic 3,568.
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Wahyuliza, Suci, and Ratna Fahyani. "PENGARUH PERTUMBUHAN PERUSAHAAN, UKURAN PERUSAHAAN, STRUKTUR MODAL DAN RETURN ON EQUITY TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA." Jurnal Benefita 1, no. 1 (February 28, 2019): 78. http://dx.doi.org/10.22216/jbe.v1i1.3388.
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<p><em>The purpose of this study is to determine the partial and simultaneous influence of Corporate Growth, Company Size, Capital Structure and Return On Equity Against Dividend Policy. The population of this study is a manufacturing company listed on the Indonesia Stock Exchange (BEI) in 2013 until 2015 as many as 131 companies. Sampling was done by purposive sampling technique so that resulted 22 company. Data analysis used is multiple regression analysis. The result of the research shows that company growth does not influence Dividend Policy, while Company Size, Capital Structure and Return on Equity influence to dividend policy.</em></p><p>Tujuan penelitian ini adalah untuk mengetahui pengaruh secara parsial dan simultan dari Pertumbuhan Perusahaan, Ukuran Perusahaan, Struktur Modal dan <em>Return On Equity</em> Terhadap Kebijakan Dividen. Populasi penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2013 sampai tahun 2015 sebanyak 131 perusahaan. Pengambilan sampel dilakukan dengan teknik <em>purposive sampling</em> sehingga dihasilkan 22 perusahaan. Analisis data yang digunakan adalah analisis regresi berganda. Hasil penelitian menunjukkan bahwa Pertumbuhan Perusahaan tidak berpengaruh terhadap Kebijakan Dividen, sedangkan Ukuran Perusahaan, Struktur Modal dan <em>Return on Equity </em>berpengaruh terhadap Kebijakan dividen.</p>
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Sopiati, Sopi, and Windi Novianti. "LABA BERSIH DAN KEBIJAKAN HUTANG SERTA DAMPAKNYA TERHADAP KEBIJAKAN DEVIDEN." Jurnal Ilmu Keuangan dan Perbankan (JIKA) 8, no. 1 (July 30, 2019): 49–66. http://dx.doi.org/10.34010/jika.v8i1.1933.
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This research was conducted in Property and Real Estate companies listed on the Indonesian Stock Exchange (IDX). The purpose of this study is to develop how much influence the net income and debt policy, as measured by debt to equity ratio (DER) partially and simultaneously on dividend policy as measured by the dividend payout ratio (DPR). The method used in this research is descriptive method verification with quantitative approach. The sample used in this study is the annual financial statements 2010 - 2014 as many as 30 samples. The test statistic used is multiple linear regression analysis, the classical assumption test, analysis of the correlation coefficient, determination coefficient and hypothesis testing using SPSS V.20.00 for windows. Results of the analysis showed that the net income positive effect on dividend policy (DPR), debt policy (DER) a negative effect on dividend policy (DPR), net income and debt policy (DER) and simultaneous partial effect on dividend policy (DPR).
Keywords : net income, debt policy, dividend policy
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Elsa Betavia, Ade. "Analisis Pengaruh Profitabilitas, Likuiditas, Kebijakan Dividen, Pertumbuhan Perusahaan Dan Struktur Aktiva Terhadap Struktur Modal." JURNAL EKSPLORASI AKUNTANSI 1, no. 4 (December 5, 2019): 1741–55. http://dx.doi.org/10.24036/jea.v1i4.173.
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The purpose of this study was to determine the effect of Profitability (ROE), Liquidity (CR), Dividend Policy (DPR), Growth (Sales Growth) , Asset Structure of the Capital Structure (DER). This study population is listed manufacturing industry in Indonesia Stock Exchange in 2010-2014. The method of analysis used in this study is a quantitative method with the statistical analysis of panel data regression. Using Capital Structure as variable dependent and Profitability, Liquidity, Dividend Policy, Growth, Asset Structure as independent variables. Results of the study showed partial Probability (ROE) and Liquidity (CR) significant on the Capital Structure (DER). Dividend Policy (DPR), Growth (sales growth) and Asset Structure not influence significantly to the Capital Structure (DER). Profitability (ROE), Liquidity (CR), Dividend Policy (DPR) , Growth (Sales Growth) and Asset Structure simultaneously significant on the Capital Structure (DER).
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Uprety, Kedar Nath, and Ganesh Prasad Panday. "Numerical Solution of European and American Option with Dividends using Finite Difference Methods." Scientific World 13, no. 13 (August 7, 2020): 55–61. http://dx.doi.org/10.3126/sw.v13i13.30540.
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Numerical methods form an important part of the pricing of financial derivatives where there is no closed form analytical formula. Black-Scholes equation is a well known partial differential equation in financial mathematics. In this paper, we have studied the numerical solutions of the Black-Scholes equation for European options (Call and Put) as well as American options with dividends. We have used different approximate to discretize the partial differential equation in space and explicit (Forward Euler’s), fully implicit with projected Successive Over-Relaxation (SOR) algorithm and Crank-Nicolson scheme for time stepping. We have implemented and tested the methods in MATLAB. Finally, some numerical results have been presented and the effects of dividend payments on option pricing have also been considered.
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Zuraida, Ida. "PENGARUH STRUKTUR MODAL, UKURAN PERUSAHAAN, PROFITABILITAS DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN." BALANCE Jurnal Akuntansi dan Bisnis 4, no. 1 (June 1, 2019): 529. http://dx.doi.org/10.32502/jab.v4i1.1828.
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The purposes of the study was to determine the effect of capital structure , firm size, profitability and dividen policy on the company value. This serearch was in automotive companies listed on the indonesia stock exchange in 2012-2016. The data used secondary data with annual financial statement. Quantitative and qualitative data analysis methods used SPSS as measuring tool. Data analysis techniques used simultaneous tests and partial tests on the annual financial statements of automotive companies listed on the Indonesia stock exchange. The result of the study partially addressed the capital structure variables and firm size had a significant positive effect on the value of the company and profitability variables and dividend policy did not effect the value of the company while simultaneous testing of capital structure variable ,firm size , profitability and dividend policy had a significant effect on company value.
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Monoarfa, Rio. "The Role of Profitability in Mediating the Effect of Dividend Policy and Company Size on Company Value." Business and Management Studies 4, no. 2 (May 15, 2018): 35. http://dx.doi.org/10.11114/bms.v4i2.3274.
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The purpose of this research is to analyze the effect of dividend policy and company size on profitability and company value of consumer goods company in Indonesia Stock Exchange (IDX). The population of this research is consumer goods companies in Indonesia Stock Exchange in the year of 2014-2016 amounted to 45 companies. Sampling is done by saturation sampling method in which all members of population are used as sample. The data analysis of this research uses method of structural equation added by PLS (Partial Least Square) approach. The result of the research shows that dividend policy has negative effect on profitability, while company size does not give any effect on profitability. Dividend policy, company size and profitability variable have an effect on company value. Profitability can not mediate the effect of dividend policy on company value but it can mediate the effect of company size on company value.
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Yusuf, Muhammad, and Wa Ode Siti Rahmawati. "PENGARUH KEPEMILIKAN MANAJERIAL DAN EARNING PER SHARE TERHADAP DIVIDEND PAYOUT RATIO PADA PERUSAHAAN MANUFAKTUR YANG LISTING DI BURSA EFEK INDONESIA." Mega Aktiva: Jurnal Ekonomi dan Manajemen 5, no. 1 (September 1, 2018): 1. http://dx.doi.org/10.32833/majem.v5i1.62.
Full textAbstract:
This research is performed to examine the influence of Insider Ownership and Earning Per Share toward Dividend Payout Ratio in Manufacture Company that is listing in Indonesian Stock Exchange over period 2007 – 2010. The population of this research as much 9 company. Technique as used in interpretation of sample is census method (saturation sample). The analysis of technique as used is multiple linear regression and hypothesis testing by use of F (simultaneous) test and t (partial) test. The conclusion in this research indicate that simultanously of Insider Ownership and Earning Per Share is significant influential toward Dividend Payout Ratio. Partially of Insider Ownership variable is significant and positive influential toward Dividend Payout Ratio. And the partially of Earning Per Share variable is significant and negative influential toward Dividend Payout Ratio.