JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen
Vol 19, No 1 (2022): JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen

Dividend policy, ownership structure and corporate governance: An empirical analysis of Indonesian firms

Ronny Malavia Mardani (Department of Management, Faculty of Economics and Business, University of Islam Malang)



Article Info

Publish Date
24 Jun 2022

Abstract

The purpose of this study is to determine whether there is a correlation between dividend policy, ownership structure, and corporate governance. Dividend policy is quantified through the Dividend Payout Ratio, the ownership structure is quantified through the management and institutional ownership, and corporate governance is quantified through the presence of a board of directors and an independent board. There are 55 companies from 97 as part of the research, financial firms that are publicly traded on the Indonesian stock exchange were gathered as a sample. Data analysis techniques were performed using ordinary least square regression. Furthermore, based on the findings of the study, it can be concluded that managerial ownership has a positive relationship to dividend policies. The dividend policy of a company is negatively correlated with institutional ownership. The size of the board has a negative relationship with dividend policy; however, an independent board has a positive relationship with dividend policy. Profitability is positively correlated with dividend payments. The characteristics of financial firms that differ from the main industrial sector companies in terms of capital structure, so that it provides the same contribution as other industrial sectors to dividend payments, the capital structure is inversely proportional to dividend payments.

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Journal Info

Abbrev

jema

Publisher

Subject

Economics, Econometrics & Finance

Description

JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen (Scientific Journal of Accounting and Management) with registered number p-ISSN 1693-7864 and e-ISSN 2597-4017, is a peer reviewed journal published two times a year by Universitas Islam Malang. The aims of JEMA is to diseeminate the conceptual ...