Dampak Tata Kelola Perusahaan Terhadap Kebijakan Pembayaran Dividen Pada Perusahaan Manufaktur

Veren Velicia Natalie; Yunita Kusumaningrum; Henny Setyo Lestari

doi:10.24912/je.v26i3.798

Authors

Veren Velicia Natalie Jurusan Manajemen, Universitas Trisakti
Yunita Kusumaningrum Jurusan Manajemen, Universitas Trisakti
Henny Setyo Lestari Jurusan Manajemen, Universitas Trisakti

DOI:

https://doi.org/10.24912/je.v26i3.798

Keywords: Dividend Payout Policy, Manufacturing Firms, Board Size, Board Gender Diversity, Leverage, Return on Asset.

Abstract

This research paper scrutinizes the influence of corporate governance which was one of the determinants of dividend payments policy. A total of 195 manufacturing companies listed on the Indonesia Stock Exchange were used for the sample of this research and used 5 years period starting from 2016 to 2020. The data used in this paper is secondary data and the sampling method is using the purposive sampling method. The panel data regression method is used for this research to test the influence of independent variables on the dependent variables. The outcome of this study reveals that board gender diversity and return on asset ratio (ROA) have a negative effect on the dividend payout ratio (DPR). However, board size and leverage have no effect on the dividend payout ratio (DPR). This research expected to provide information and overview to investors in making an investment decision to pay attention to corporate governance because it's has an impact on the firm's dividend payout policy.

Author Biographies

Veren Velicia Natalie, Jurusan Manajemen, Universitas Trisakti

verenvelicia19@gmail.com

Yunita Kusumaningrum, Jurusan Manajemen, Universitas Trisakti

yunitakusumaningrum85@gmail.com

Henny Setyo Lestari, Jurusan Manajemen, Universitas Trisakti

henny_setyo_lestari@trisakti.ac.id

References

Abubakar, A. (2016). Financial leverage and financial performance: Evidence from the Health Care Sector of the Nigerian Stock Exchange from 2005- 2014. ADSU Journal of Economics and Interrelated Disciplines, 1(2), 45–64.

Ajija, S. R., Sari, D. W., Setianto, R. H., dan Primanti, M. R. (2011). Cara cerdas menguasai Eviews. Jakarta: Salemba Empat.

Batool, A., and Sahi, A. (2019). Determinants of Financial Performance of Insurance Companies of USA and UK during Global Financial Crisis (2007-2016). International Journal of Accounting Research, 5(1), 23–33.

Bayaraa, B. (2017). Financial Performance Determinants of Organizations: The Case of Mongolian Companies. Journal of Competitiveness, 9(3), 22–33.

Cristy, M., dan Dewi, S. P. (2019). Faktor-Faktor Yang Mempengaruhi Kinerja Keuangan Pada Perusahaan Manufaktur Periode 2015-2017. Jurnal Multiparadigma Akuntansi Tarumanagara, I(3), 808–816.

Daher, L., and Le Saout, E. (2015). The Determinants of the Financial Performance of Microfinance Institutions: Impact of the Global Financial Crisis. Strategic Change, 24(2), 131–148.

Evgeny, I. (2015). The Impact Of Financial Leverage On Firm Performance: Evidence From Russia. Journal of Corporate Finance Research Корпоративные Финансы, 9(2).

Freeman, R. E., and Reed, D. L. (1983). Stockholders and Stakeholders: A New Perspective on Corporate Governance. California Management Review, 25(3), 88–106.

Ghozali, I. (2018). Aplikasi analisis multivariete dengan program IBM SPSS 25. Semarang: Badan Penerbit Universitas Diponegoro.

Hamdan, A. (2018). Intellectual capital and firm performance. International Journal of Islamic and Middle Eastern Finance and Management, 11(1), 139–151.

Herawati, H. (2017). Pengaruh Modal Intelektual Terhadap Kinerja Keuangan Perusahaan (Studi Empiris Pada Bursa Efek Indonesia). EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, 5(2), 151–161.

Ibhagui, O. W., and Olokoyo, F. O. (2018). Leverage and firm performance: New evidence on the role of firm size. The North American Journal of Economics and Finance, 45, 57–82.

Jaleel, A., and Olayiwola, B. (2017). Effect of Leverage on Firm Performance in Nigeria: A Case of Listed Chemicals and Paints Firms in Nigeria. Global Journal of Management and Business Research: Accounting and Auditing, 17(2), 14–24.

Jekwam, J. J., dan Hermuningsih, S. (2018). Peran Ukuran Perusahaan (Size) Dalam Memoderasi Corporate Social Responsibility Dan Likuiditas Terhadap Kinerja Keuangan Pada Perusahaan Pertambangan Yang Terdaftar Di BEI. Upajiwa Dewantara, 2(1), 76–85.

Kurfi, S. A., Udin, N. M., and Bahamman, S. M. (2017). The Impact Of Intellectual Capital On The Financial Performance Of Listed Nigerian Food Products Companies. Journal of Accounting and Taxation, 9(11), 147–160.

Myers, S. C., and Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221.

Prima, A. P. (2018). Pengaruh Modal Intelektual Terhadap Kinerja Keuangan Perusahaan Perbankan Pada Bursa Efek Indonesia. Jurnal Akrab Juara, 3(1), 184–203.

Purwaningrat, P. A., dan Oktarini, L. N. (2020). Efektifkah Firm Size Memoderasi Hubungan Antara Intellectual Capital Dengan Kinerja Keuangan Perusahaan. JUIMA (Jurnal Ilmu Manajemen), 10(1), 11–21.

Puspitosari, I. (2016). Pengaruh Modal Intelektual terhadap Kinerja Keuangan pada Sektor Perbankan. EBBANK, 7(1), 43–53.

Rachman, A. N., Rahayu, S. M., dan Topowijono. (2015). Pengaruh Good Corporate Governance Dan Financial Leverage Terhadap Kinerja Keuangan Dan Nilai Perusahaan. Jurnal Administrasi Bisnis, 27(1), 1–10.

Rambe, B. H. (2020). Analisis Ukuran Perusahaan, Free Cash Flow(FCF) Dan Kebijakan Hutang Terhadap Kinerja Keuangan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. ECOBISMA (Jurnal Ekonomi, Bisnis Dan Manajemen), 7(1), 54–64.

Smriti, N., and Das, N. (2018). The impact of intellectual capital on firm performance: a study of Indian firms listed in COSPI. Journal of Intellectual Capital, 19(5), 935–964.

Ulum, I. (2017). INTELLECTUAL CAPITAL: Model Pengukuran, Framework Pengungkapan& Kinerja Organisasi. Malang: UMMPress.

Utami, W. B., dan Pardanawati, S. L. (2016). Pengaruh Likuiditas, Solvabilitas, Dan Manajemen Aset Terhadap Kinerja Keuangan Pada Perusahaan Go Publik Yang Terdaftar Dalam Kompas 100 Di Indonesia. Jurnal Akuntansi Dan Pajak, 17(1), 63–72.

Vithessonthi, C., and Tongurai, J. (2015). The Effect of Leverage on Performance: Domestically-Oriented vs. Internationally-Oriented Firms. Research in International Business and Finance, 34(May), 265–280.

Wati, P. S., Mulyadi, J., dan Rachbini, W. (2019). Determinan Kinerja Keuangan Dengan Size Sebagai Moderasi. Jurnal Ecodemica: Jurnal Ekonomi, Manajemen, Dan Bisnis, 3(2), 257–268.

Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171–180.

Widyastuti, M. (2019). Analysis Of Liquidity, Activity, Leverage, Financial Performance And Company Value In Food And Beverage Companies Listed On The Indonesia Stock Exchange. International Journal of Economics and Management Studies, 6(5), 52–58.