THE EFFECT OF OWNERSHIP STRUCTURE AND CASH FLOW TO THE NON-FINANCIAL FIRMS’ DIVIDEND PAYOUT RATIO LISTED IN IDX
Keywords:
dividend, ownership structure, cash flowAbstract
Abstract. The aim of this study is to analyze the effect of ownership structure and cash
flow to the non-financial firms’ dividend payout ratio listed in Indonesian Stock
Exchange (IDX). The samples of this study are 63 firms over the period 2009 – 2013.
This study conducted in panel regression analysis using the random effect model
approach. The result of regression found that largest shareholder and government
ownership give a positive effect to the payment of dividend. While institutional
ownership and operating cash flow give a negative impact to the payment of dividend.
Keywords: dividend, ownership structure, cash flow
Abstrak. Penelitian ini bertujuan untuk menganalisis pengaruh ownership structure
dan cash flow terhadap dividend payout ratio pada perusahaan non-keuangan yang
terdaftar di Indonesia Stoack Exchange (IDX). Sampel penelitian ini adalah 63
perusahaan dengan periode penelitian tahun 2009 – 2013. Penelitian ini dilakukan
dengan menggunakan panel regression analysis dengan pendekatan random effect
model. Hasil regresi menunjukkan bahwa largest shareholder dan government
ownership memberikan pengaruh positif yang signifikan terhadap pembayaran dividen.
Sementara institutional ownership dan operating
cash flow memberikan pengaruh negatif yang signifikan terhadap pembayaran dividen.
Kata kunci: dividen, struktur kepemilikan, arus kas
Downloads
How to Cite
Issue
Section
License
The copyright to this article is transferred to Universitas Mercu Buana (UMB) if and when the article is accepted for publication. The undersigned hereby transfers any and all rights in and to the paper including without limitation all copyrights to UMB. The undersigned hereby represents and warrants that the paper is original and that he/she is the author of the paper, except for material that is clearly identified as to its original source, with permission notices from the copyright owners where required. The undersigned represents that he/she has the power and authority to make and execute this assignment.
We declare that this paper has not been published in the same form elsewhere.
Furthermore, I/We hereby transfer the unlimited rights of publication of the above mentioned paper in whole to UMB. The copyright transfer covers the right to reproduce and distribute the article, including reprints, translations, photographic reproductions, microform, electronic form (offline, online) or any other reproductions of similar nature.
The corresponding author signs for and accepts responsibility for releasing this material on behalf of any and all co-authors. This agreement is to be signed by at least one of the authors who have obtained the assent of the co-author(s) where applicable. After submission of this agreement signed by the corresponding author, changes of authorship or in the order of the authors listed will not be accepted.
Retained Rights/Terms and Conditions
Although authors are permitted to re-use all or portions of the Work in other works, this does not include granting third-party requests for reprinting, republishing, or other types of re-use.
