DIVIDEND POLICY, CORPORATE GOVERNANCE MECHANISM, PROFITABILITY, SYSTEMATIC RISK, AND FIRM SIZE: A PANEL DATA ANALYSIS

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DIVIDEND POLICY, CORPORATE GOVERNANCE MECHANISM, PROFITABILITY, SYSTEMATIC RISK, AND FIRM SIZE: A PANEL DATA ANALYSIS

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Title: DIVIDEND POLICY, CORPORATE GOVERNANCE MECHANISM, PROFITABILITY, SYSTEMATIC RISK, AND FIRM SIZE: A PANEL DATA ANALYSIS
Author: Gusni
Abstract: This study examines the impact of corporate governance mechanism (CGM), profitability, systematic risk (beta) and firm size on the dividend policy in the financial industry, and determines which of those variables having powerful effects to the dividend policy. The study also interested to show the variables that investors rely on to take their investment decisions related to gain from dividends paid by the company. Those variables proposed to develop this research model were formed by a survey of literatures. To achieve the objectives of this study, a total of 18 listed firms of financial industry in Indonesia Stock Exchange was selected using purposive sampling technique from the period of 2009 to 2013. A panel data analysis method has been conducted to explain the impact of corporate governance mechanism (board of director, and institutional ownership), profitability, systematic risk and firm size on the dividend policy. The result shows that systematic risk and board of director have a positive and significant impact on the dividend policy. Firm size has a negative and significant impact on the dividend policy. Meanwhile, profitability and institutional ownership not significantly impact on the dividend policy which is contrary to the theory.
URI: http://repository.widyatama.ac.id/xmlui/handle/123456789/7829
Date: 2016-11-25


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