IS THERE A ROLE FOR EARNINGS MANAGEMENT IN DIVIDEND POLICY?

A. Kustono, R. Aspirandi, Bryan Chandra Varisa
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Abstract

The study examines whether the dividend policy is affected by managerial ownership, free cash flow, or earnings management and the role of earnings management, such as mediating variables. Five hypotheses were tested with path analysis. Testing uses SmartPLS version 3.2.9. The population was the manufacturing companies in 2014-2018. The research period is limited to 2018 to avoid Covid 19 impact. There are 125 year-firms observations used to confirm the hypotheses. The result shows managerial ownership and free cashflows affect dividend policy and earnings management. Earnings management is not a mediating variable. This result rejects the previous research results, which concluded that earnings management influences dividend policy. The implication is earnings management is not a good explanation to see changes in dividend policy. Earnings management is challenging to plan dividend policy. Further researchers need to pay attention to the measurement of various types of earnings management that are more precise in management policies.
盈余管理在股利政策中是否有作用?
该研究考察了股利政策是否受到管理层所有权、自由现金流或盈余管理的影响,以及盈余管理的作用,如中介变量。用通径分析检验了5个假设。测试使用SmartPLS 3.2.9版本。2014-2018年的人口是制造业公司。为了避免新冠疫情的影响,研究期限限制在2018年。有125年的公司观察用来证实这些假设。结果表明,管理层持股和自由现金流影响股利政策和盈余管理。盈余管理不是一个中介变量。这一结果否定了以往盈余管理影响股利政策的研究结果。这意味着盈余管理并不能很好地解释股息政策的变化。盈余管理对股利政策的制定具有挑战性。进一步的研究需要关注在管理政策中更加精确的各种盈余管理的度量。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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