Pengaruh Struktur Kepemilikan dan Struktur Modal terhadap Kebijakan Dividen dengan Nilai Perusahaan sebagai Variabel Moderasi

Nela Nur Faridah; Rediyanto Putra

doi:10.54066/jrea-itb.v2i4.2582

Authors

Nela Nur Faridah Universitas Negeri Surabaya
Rediyanto Putra Universitas Negeri Surabaya

DOI:

https://doi.org/10.54066/jrea-itb.v2i4.2582

Keywords:

Managerial Ownership, Institutional Ownership, Debt to Asset Ratio, Price Book Value, Dividend Payout Ratio

Abstract

This research was conducted to determine the influence of managerial ownership, institutional ownership, capital structure and company value on dividend policy as well as the moderating influence of company value on the relationship between managerial ownership, institutional ownership and capital structure and dividend policy. Based on quantitative research methods with purposive sampling techniques, 10 manufacturing sector companies in the consumer goods industry sub-sector were obtained on the IDX in the 2018-2022 period. The research results show that there is an influence between institutional ownership, capital structure and company value on dividend policy, while managerial ownership has not been able to influence dividend policy, and company value can moderate the relationship between institutional ownership and capital structure on dividend policy.

Downloads

Download data is not yet available.

References

Abdullah, N. M. H., & Roslan, S. (2012). The influence of ownership structure on the firm's dividend policy based on the Lintner model. International Review of Business Research Papers, 8(6), 71–88.

Bansaleng, R. D. V., & Saerang, I. S. (2014). Kebijakan hutang, struktur kepemilikan, dan profitabilitas terhadap kebijakan dividen pada perusahaan food and beverage di Bursa Efek Indonesia. Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 2(3), 817–830.

Bataineh, H. (2021). The impact of ownership structure on dividend policy of listed firms in Jordan. Cogent Business and Management, 8(1). https://doi.org/10.1080/23311975.2020.1863175

Brigham, E. F., & Houston, J. F. (2014). Dasar-dasar manajemen keuangan: Essential of financial management (11th ed.). Jakarta: Salemba Empat.

Fasridon, F. (2022). Pengaruh biaya agensi, struktur kepemilikan, dispersion of ownership, dan struktur modal terhadap kebijakan dividen perusahaan manufaktur yang terdaftar di BEI tahun 2007-2011. Manajemen dan Ekonomi Bisinis, 2(3), 87–95.

Ginting, R. A. (2021). The effect of capital structure, earning management, profitability, free cash flow, and environmental cost on firm value with dividend policy as moderating variables in pharmaceutical sub-sector companies listed on the 2007-2019 Indonesia Stock Exchange. Jurnal Sains Sosio Humaniora, 5(2), 981–995. https://doi.org/10.22437/jssh.v5i2.16477

HS, J. M. M. (2015). Faculty of Economic, Riau University, Pekanbaru, Indonesia. Jom FEKON, 2, 1–13.

Ismiati, P. I., & Yuniati, T. (2017). Pengaruh kepemilikan manajerial, kepemilikan institusional, dan kebijakan hutang terhadap kebijakan dividen. Jurnal Ilmu dan Riset Manajemen, 6(3), 1–19.

Jatmiko, I., & Kusumastuti, R. (2017). Ownership structure and dividend policy in non-financial companies. MIMBAR: Jurnal Sosial dan Pembangunan, 33(1), 21. https://doi.org/10.29313/mimbar.v33i1.1965

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Financial Economics, 3(4), 305–360.

Mauliddina, S. (2017). Pengaruh struktur kepemilikan dan struktur modal terhadap kebijakan dividen. Skripsi, 1, 1–14.

Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261–297. Retrieved from http://www.jstor.org/stable/1809766

Muhtarom, Z. A. (2021). Pengaruh struktur kepemilikan dan struktur modal terhadap kebijakan dividen perusahaan manufaktur di Bursa Efek Indonesia periode 2018-2019. Muslimpreneur, 1(2), 82–93.

Paulina, P., & Ridho, M. R. (2020). Pengaruh struktur kepemilikan terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel intervening: Studi perusahaan manufaktur di Indonesia. Jurnal Ekonomi, Manajemen dan Perbankan, 6(3), 122. https://doi.org/10.35384/jemp.v6i3.235

Reyna, J. M. S. M. (2017). Estructura de propiedad y su efecto en la política de dividendos en el contexto mexicano. Contaduría y Administración, 62(4), 1199–1213. https://doi.org/10.1016/j.cya.2015.12.006

Setiyawati, L., & Mawardi, W. (2017). The influence of dividend policy, debt policy, independent commissioner, and institutional ownership on firm value with growth opportunities as moderator variables (study on non-financial companies listed on IDX in the period of years of 2012-2015). Jurnal Bisnis Strategi, 26(2), 146. https://doi.org/10.14710/jbs.26.2.146-162

Silaban, D. P., & Purnawati, N. K. (2016). Pengaruh profitabilitas, struktur kepemilikan, pertumbuhan perusahaan, dan efektivitas usaha terhadap kebijakan dividen pada perusahaan manufaktur. Jurnal Manajemen dan Bisnis, 5(2), 1251–1281.

Sumartha, E. (2016). Pengaruh struktur kepemilikan terhadap kebijakan dividen perusahaan. Economia, 12(02), 167–181. https://doi.org/10.35129/simak.v16i02.39

Yuniati, M., & Oemar, A. (2016). Pengaruh kebijakan dividen, kebijakan hutang, profitabilitas, dan struktur kepemilikan terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2009-2014. Journal of Accounting, 2(2), 1–19.