PENGARUH VARIASI BOARD DAN KEPEMILIKAN TERHADAP DIVIDEND PAYOUT PADA PERUSAHAAN SEKTOR PERTANIAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

Yanita Marfiyanti, Justina Ade, Rizky Yudaruddin

Abstract


This study aims to determine the effect of the number of directors, female directors and institutional ownership of dividend payout. The data used are secondary data obtained from the financial statements of agricultural enterprises listed on the Indonesia Stock Exchange in 2011-2015. The sample used in this study is 14 companies by using purposive sampling technique. Analyzer used for this study is Descriptive Statistic Analysis, Panel Data Regression, Classical Assumption Test and Hypothesis Test. The results of this study indicate that the results of hypothesis testing shows the number of directors have a significant positive effect on dividend payout. Female directors show an insignificant negative to dividend payout. And significant negative institutional ownership of dividend payout



Keywords


Dividend Payout, Board Size, Female Director, Institutional Ownership

References


Adam, R.B., & Ferreira, D. 2009. Women in the Boardroom and Their Impact on Governance and Performance. Journal of Financial Economics, 94 (2), 291- 309.

Admati, A.R. & Pfleiderer, P. 2009, the Wall Street Walk and Shareholder Activism: Exit as a Form of Voice. Review of Financial Studies, 22 (7), 2645- 2685.

Admati, A.R., Pfleiderer, P., & Zechner, J. 1994. Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium. Journal of Political Economy, 102 (6), 1097-1130.

Ahern, K., & Dittmar, A. 2012. The Changing of the Boards: The Impact on Firm Valuation of Mandated Female Board Representation. Quarterly Journal of Economics, 127 (1), 137-197.

Alexander, C., Chen, M., Seppi, D., & Spatt, C. 2010. Interim News and the Role of Proxy-Voting Advice. Review of Financial Studies, 23 (12), 4419-4454.

Allen, F. & Michaely, R. 1995, Dividend Policy, Handbooks in Operation Research and Management Science, 9, 793-837.

Amidu, M. & Abor, J. 2006. Determinants of Dividend Payout Rations in China. The Journal of Risk Finance, 7 (2), 136-145.

Amran, N.A. 2011. Corporate Governance Mechanisms and Company Performance: Evidence from Malaysian Companies. International Review of Business Research Papers, 7 (6), 101-114.

Berle, A.A., & Means, G. 1932. The Modern Corporation and Private Property Transaction. Publisher: New Brunswick.

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.

Bruce, A., Buck, T., & Main, B.G.M. 2005. Top Executive Remuneration: A View from Europe. Journal of Management Studies, 42 (7), 1493-1506.

Byrnes, James, David C. Miller, and William D. Schafer 1999. Gender Differences in Risk Taking: A Meta-Analysis. Psychological Bulletin, 125, 367-383.

Campbell, K., & Minguez-Vera, A. 2008. Gender Diversity in the Boardroom and Firm Financial Performance. Journal of Business Ethics, 83 (3), 435451.

Catalyst. 2007. Women on Corporate Boards: Corporate Performance and Womens Representation on Board. New York: Catalyst.

Chang, K., Kang, E., & Li, Y. 2014. The Impact of Institutional Ownership on Dividends-An Agency Theory Based Analysis. Journal of Business Research, 69 (7), 1-31.

Chen, C.R., Steiner, T.L., & Whyte A.M. 1998. Risk-Taking Behavior and Management Ownership in Depository Institutions. Journal of Financial Research. 21 (1), 1-16.

Chen, J., Leung, W.S., & Goergen, M. 2017. The Impact of Board Gender Composition on Dividend Payouts. Journal of Corporate Finance, 43, 86- 105.

Crane, A.D., Michenaud, S., & Weston, J.P. 2016. The Effect of Institutional Ownership on Payout Policy: Evidence from Index Thresholds. Review of Financial Studies, 29 (6), 1377-1408.

DeAngelo, H., DeAngelo, L., & Stulz, R. 2006. Dividend Policy and the Earned/Contributed Capital Mix: A Test of the Life-Cycle Theory. Journal of Financial Economics, 81 (2), 227-254.

Dezso, C., & Ross, D. 2012. Does Female Representation in Top Management Improve Firm Performance? A Panel Data Investigation. Strategic Management Journal, 33 (9), 1072-1089.

Easterbrook, F.H. 1984. Two Agency-Cost Explanations of Dividends. American Economic Review, 74 (4), 650-659.

Edmans, A. 2009. Blockholder Trading, Market Efficiency, and Managerial Myopia. Journal of Finance, 64 (6), 2481-2513.

Eisenhardt, K.M. 1988. Agency and Institutional Theory Explanations: The Case of Retail Sales Compensation. Academy and Public 22, 325-345.

Elston, J.A., Hofler, R., & Lee J. 2004. Dividend Policy and Institutional Ownership: Empirical Evidence using a Propensity Score Matching Estimator. Papers on Entrepreneurship, Growth and Public Policy, 1-32.

Erhardt, N.L., Werbel, J.D., & Shrader, C.B. 2003. Board of Director Diversity and Firm Financial Performance. Corporate Governance: An International Review, 11 (2), 102-111.

Faccio, M., Marchica, M.T., & Mura, R. 2016. Ceo Gender, Corporate Risk-Taking, and the Efficiency of Capital Allocation. Journal of Corporate Finance. 39, 193209.

Fama, E.F., & Jensen, M.C. 1983. Separation of Ownership and Control. Journal of Law and Economics, 26 (2), 301-325.

Ferdinand, Augusty. 2014. Metode Penelitian Manajemen: Pedoman Penelitian untuk Penulisan Skripsi, Tesis, dan Disertasi Ilmu Ekonomi, Edisi Kelima. Badan Penerbit Universitas Diponegoro. Semarang.

Frankfurter, G.M., Wood, B.G., & Wansley, J. 2003. Dividend Policy Theory and Practice. Academic Press. London.

Frankfurter, George M., & Wood, B.G. 2002. Dividend Policy Theories and Their Empirical Tests. International Review of Financial Analysis, 11 (2), 111-138.

Fumey, A. & Doku, I. 2013. Dividend Payout Ratio in Ghana: Does the Pecking Order Theory Hold Good? Journal of Emerging Issues in Economics, Finance and Banking, 2 (2), 616-637.

Graham, B., & Dodd, D.L. 1934. Security Analysis: Principles and Technique. United States of America. The McGraw-Hill Companies.

Gunawan, M.A. 2013. Statistik untuk Penelitian Pendidikan, Cetakan Pertama. Parama Publishing. Yogyakarta.

Hambrick, D.C., Cho, T.S., & Chen, M.J. 1996. The Influence of Top Management Team Heterogeneity on Firms Competitive Moves. Administrative Science Quarterly, 41 (4), 659-684.

Hamzah, A.H., & Zulkafli, A.H. 2014. Board Diversity and Corporate Expropriation. Social and Behavioral Sciences, 164, 562-568.

Harada, K., & Nguyen, P. 2011. Ownership Conception and Dividend Policy in Japan. Managerial Finance, 37 (4), 362419.

Haryanto, Agus T. 2017. Sederet Bidang Profesi yang Ramah Perempuan di Indonesia. https://inet.detik.com/cyberlife/d-3481382/sederet-bidang-profesi-yang-ramah-perempuan-di-indonesia?_ga=1.264149647.249424370.1493174200, diakses tanggal 27 April 2017.

Haye, E. 2014. Dividend Policy and Agency Effects: A Look at Financial Firms. International Journal of Economics and Finance, 6 (2), 8-18.

Hu, A., & Kumar, P. 2004. Managerial Entrenchment and Payout Policy. Journal of Financial and Quantitative Analysis, 39 (4), 759790.

Hussain, A., & Khan, A. 2014. The Impact of Institutional Ownership on Dividend Policy in Pakistan. Journal of Applied Environmental and Biological Sciences, 4 (8S), 339-350.

Ikunda, C., Muiru, M. & Kamau, S.M. 2016. The Impact of Corporate Governance on Dividend Payout of Manufacturing Firms Listed at the Nairobi Securities Exchange. Journal of Finance and Accounting, 4 (5), 254-26.

Jensen, M.C. 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76 (2), 323-329.

Jensen, M.C. 1993. The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance, 48 (3), 831-880.

Jensen, M.C., & Meckling, W.H. 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3 (4), 305-360.

Jianakoplos, N.A. & Bernasek, A. 1998. Are Women More Risk Averse?. Economic Inquiry, 36 (4), 620-630.

Joshi, A., Liao, H., & Jackson, S.E. 2006. Cross-Level Effects of Workplace Diversity on Sales Performance and Pay. Academy of Management Journal, 49 (3), 459-481.

Juanda, Bambang dan Junaidi. 2012. Ekonometrika Deret Waktu Teori dan Aplikasi, Bogor: IPB Press.

Julianto, P.A. 2017. BISI International Sebar Dividen Rp 264 Miliar. http://ekonomi.kompas.com/read/2017/06/01/150000926/bisi.international.sebar.dividen.rp.264.miliar , diakses tanggal 21 November 2017.

Khan, T. 2006. Company Dividends and Ownership Structure: Evidence from UK Panel Data. The Economic Journal, 116 (510), 172189.

Khan, W. & Ashraf, N. 2014. In Pakistani Service Industry: Dividend Payout Ratio as Function of some Factors. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4 (1), 390-396.

Kim, S., & Lee, E. 2008. Corporate Governance and Dividend Policy under, External Financing Constraints and Agency Problems. Asia-Pacific Journal of Financial Studies, 37 (5), 949-981.

Klein, A. 2002. Audit Committee, Board of Director Characteristics, and Earnings Management. Journal of Accounting and Economics, 33 (3), 375-400.

Maher, M. & Anderson, T. 1999. Corporate Governance: Effects on Firm Performance and Economic Growth. Organisation for Economic Cooperation and Development, 1-51.

Mancinelli, L., & Ozkan, A. 2006. Ownership Structure and Dividend Policy: Evidence from Italian Firms. European Journal of Finance, 12 (3), 265282.

Mansourinia E., Emamgholipour, M., Rekabdarkolaei, E.A., & Hozoori, M. 2013. The Effect of Board Size, Board Independence and CEO Duality on Dividend Policy of Companies: Evidence from Tehran Stock Exchange. International Journal of Economy, Management and Social Sciences, 2 (6), 237-241.

Matsa, D.A., & Miller, A.R. 2013. A Female Style in Corporate Leadership? Evidence from quotas. American Economic Journal Applied Economics, 5 (3), 136-169.

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

Miller, T., & Triana, M.D.C. 2009. Demographic Diversity in the Boardroom: Mediators of the Board Diversity-Firm Performance Relationship. Journal of Management Studies. 46 (5), 755-786.

Odeleye, A.T. 2017. Quality of Corporate Governance on Dividend Payouts: The Case of Nigeria. African Development Bank Group, (250), 1-33.

Richard, O.C., Barnett, T., Dwyer, S., & Chadwick, K. 2004. Cultural Diversity in Management, Firm Performance, and the Moderating Role Of Entrepreneurial Orientation Dimensions. Academy of Management Journal, 47 (2), 255-266.

Ross, S., Westerfield, R. & Jaffe, J. 2002. Corporate Finance (6th Ed.). McGraw- Hill Companies.

Rozeff, M.S. 1982. Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratio. Journal of Financial Research, 5 (3), 249-259.

Ruigrok, W., Peck, S., & Tacheva, S. 2007. Nationality and gender diversity on Swiss corporate boards. Corporate Governance an International Review, 15 (4), 546-557.

Sakr, A., Gawad, H.A. & Soliman, M.M. 2016. The Effect of Corporate Governance on Corporate Payout Policy on Egyptian Firms. The Business and Management Review, 7 (2), 102-112.

Sani, A.A., & Musa, A. M. 2017. Corporate Board Attributes and Dividend Payout Policy of Listed Deposit Money Banks in Nigeria. International Journal of Research in IT, Management and Engineering, 7 (1), 7-13.

Shisia, A., Sang W., Sirma K., & Maundu C.N. 2014. Assessment of Dividend Policy on Financial Performance of Telecommunication Companies Quoted at The Nairobi Securities Exchange. International Journal of Economics, Commerce and Management, 2 (10), 1-21.

Shleifer, A., & Vishny, R.W. 1986. Large Shareholders and Corporate Control. Journal of Political Economy, 94 (3), 461-488.

Short, H., Zhang, H. & Keasey, K. 2002. The Link between Dividend Policy and Institutional Ownership. Journal of Corporate Finance, 8 (2), 105-122.

Stulz, R.M. 2000. Merton Miller and modern finance. Financial Management, 29 (4), 119-131.

Sugiyono. 2013. Metode Penelitian Pendidikan Pendekatan (Kuantitatif, Kualitatif, dan R&D). Alfabeta, Bandung.

Sukmadinata, N.S. 2010. Metode Penelitian Pendidikan, Cetakan Keenam. Remaja Rosdakarya. Bandung.

Thanatawee, Y. 2013. Ownership Structure and Dividend Policy: Evidence from Thailand. International Journal of Economics and Finance, 5 (1), 121132.

Ullah, H., Fida, A., & Khan, S. 2012. The Impact of Ownership Structure on Dividend Policy Evidence from Emerging Markets KSE-100 Index Pakistan. International Journal of Business and Social Science, 3 (9), 298-307.

Wellalage N.H., Fouzi, F., Wang, G., & Basyith, A. 2014. Corporate Governance and Cash Dividend Policy: Evidence from Chinese IPOs. Malaysian Accounting Review, 13 (1), 109-128.

Wen, Y., & Jia, J. 2010. Institutional Ownership, Managerial Ownership and Dividend Policy in Bank Holding Companies. International Review of Accounting, Banking and Finance, 2 (1), 922.

Yudaruddin, Rizky. 2014. Statistik Ekonomi Aplikasi dengan Program SPSS Versi 20. Inteperna. Yogyakarta




DOI: http://dx.doi.org/10.29264/jimm.v3i4.2515

Refbacks

  • There are currently no refbacks.


Copyright (c) 2019 Jurnal Ilmu Manajemen Mulawarman (JIMM)

 

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License

.