Pengaruh Institutional Ownership, Managerial Ownership, Dan Ownership Concentration Terhadap Kebijakan Dividen
Abstract
ABSTRACT
This study aims to analyze the effect of kepemilikan institusional, kepemilikan manajerial, and konsentrasi kepemilikan on dividend policy on the Jakarta Islamic Index 70 (JII 70) for the 2018-2021 period. The method in this study uses panel data regression estimation with a fixed effect model through descriptive statistical analysis and classic assumption test with E-Views 9 tools. The results of the study show that partially, kepemilikan institusional, konsentrasi kepemilikan, and arus kas bebas are the control variables. has no effect on dividend policy, while kepemilikan manajerial partially has a positive and significant effect on dividend policy. The results of the study simultaneously show that the independent variables kepemilikan institusional, kepemilikan manajerial, konsentrasi kepemilikan and arus kas bebas control variables have a positive and significant influence on the dependent variable of dividend policy.
Keywords: Kepemilikan institusional, Kepemilikan manajerial, Konsentrasi kepemilikan, Arus kas bebas, Dividend Policy.
ABSTRAK
Kebijakan pembagian dividen sering kali menimbulkan konflik antara manajemen dan pemegang saham. Di satu sisi, manajemen cenderung menyimpan uang tunai untuk membiayai investasi yang diharapkan dapat merangsang pertumbuhan perusahaan. Di sisi lain, pemegang saham menginginkan pembayaran dividen yang besar yang sesuai dengan proporsi kepemilikan saham mereka. Penelitian ini bertujuan untuk menganalisis pengaruh kepemilikan institusional, kepemilikan manajerial, dan konsentrasi kepemilikan terhadap kebijakan dividen pada Jakarta Islamic Indeks 70 (JII 70) periode 2018-2021. Metode pada penelitian ini menggunakan estimasi regresi data panel dengan model fixed effect melalui analisis statistik deskriptif dan uji asumsi klasik dengan alat bantu E-Views 9. Hasil penelitian menunjukkan bahwa variabel kepemilikan institusional, konsentrasi kepemilikan tidak memiliki pengaruh terhadap kebijakan dividen, sedangkan variabel kepemilikan manajerial berpengaruh positif dan signifikan terhadap kebijakan dividen.
Kata kunci: Kepemilikan institusional, Kepemilikan manajerial, Konsentrasi kepemilikan, Arus kas bebas, Kebijakan Dividen.
References
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Johanes, S. R., Hendiarto, R. S., & Nugraha, N. M. (2021). The Effect Of Institutional Ownership, Managerial Ownership, And Company Size To Dividend Policy. International Journal of Trends in Accounting Research, Vol.2.
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Kien, D. T., & Chen, Y.-P. (2020). Ownership Structure Impact on Dividend Policy of Listed Companies on Vietnamese Securities Market. Journal of Mathematical Finance, 10(02), 223–241. https://doi.org/10.4236/jmf.2020.102014
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Lintner, J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. The American Economic Review, 46(2). 97-113.
Mandacı, P., & Gumus, G. (2010). Ownership Concentration, Managerial Ownership and Firm Performance: Evidence from Turkey. South East European Journal of Economics and Business, 5(1), 57–66. https://doi.org/10.2478/v10033-010-0005-4
Mauris, F. I., & Rizal, N. A. (2021). The Effect of Collaterallizable Assets, Growth in Net Assets, Liquidity, Leverage and Profitability on Dividend Policy (Case Studies on Non-Financial Services Sector Companies Listed on the Indonesia Stock Exchange for the 2016-2019 Period). Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 4(1), 937–950. https://doi.org/10.33258/birci.v4i1.1695
Mehdi, M., Sahut, J.-M., & Teulon, F. (2017). Do corporate governance and ownership structure impact dividend policy in emerging market during financial crisis? Journal of Applied Accounting Research, 18(3), 274–297. https://doi.org/10.1108/JAAR-07-2014-0079
Mirzaei, H. (2012). [CITATION] A survey on the relationship between ownership structure and dividend policy in Tehran stock exchange. 1.
Morris, R. D. (1987). Signalling, Agency Theory and Accounting Policy Choice. Accounting and Business Research, 18(69), 47-56. https://doi.org/10.1080/00014788.1987.9729347
Mohammad Nugraha, N. (2020). The Influence of Company Size, Asset Structure, Company Growth And Profitability on Debt Policy in The Food and Beverage Industry Sub-Sector. Economica, 9(1), 34–41. https://doi.org/10.22202/economica.2020.v9.i1.4433.
Muriungi, A. (2020). Dividend Theory and Empirical Evidence: A Theoretical Perspective. Journal of Accounting Finance and Auditing Studies (JAFAS), 6(3), 120-134. https://doi.org/10.32602/jafas.2020.020
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Published
2024-05-23
How to Cite
MUSTAMIROH, Tri Fadhilatul; WIJAYANTI, Dwi Marlina.
Pengaruh Institutional Ownership, Managerial Ownership, Dan Ownership Concentration Terhadap Kebijakan Dividen.
ACE: Accounting Research Journal, [S.l.], v. 3, n. 1, p. 77-96, may 2024.
ISSN 2808-8433.
Available at: <https://journal.feb.unipa.ac.id/index.php/ace/article/view/283>. Date accessed: 19 mar. 2025.
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