Corporate governance and dividend payout ratio in non-financial firms listed in Indonesian Stock Exchange

Business and Economic Horizons Pub Date : 2018-08-16 DOI:10.15208/BEH.2018.58

L. O. Sumail

引用次数: 14

Abstract

Dividend payout policy has proved to be a complicated issue in the financial management literature that leads to the issuance of different arguments and theories explaining the facts about dividend ratio. The prime objective of the current study is to explore the impact of corporate governance on dividend payout ratio. In order to investigate the linkage between corporate governance and dividend payout ratio, data of four fiscal years (2013-2016) was extracted from annual reports of Indonesian publicly listed companies. The study examines the impact of ownership structure and corporate governance mechanisms on dividend payout ratio using panel data regression model. The findings of the study indicate that board independence, board size, institutional ownership, size and earnings before interest and tax are positive; whereas the CEO duality, managerial ownership, ownership concentration and leverage are in negative relation with dividend payout ratio.

查看原文本刊更多论文

在印尼证券交易所上市的非金融企业的公司治理和股息支付率

股利支付政策在财务管理文献中已被证明是一个复杂的问题，导致出现了不同的论点和理论来解释股利比率的事实。本研究的主要目的是探讨公司治理对股息支付率的影响。为了研究公司治理与股息支付率之间的联系，从印度尼西亚上市公司的年度报告中提取了四个财政年度（2013-2016）的数据。本研究采用面板数据回归模型考察了股权结构和公司治理机制对股息支付率的影响。研究结果表明，董事会独立性、董事会规模、机构所有权、规模和息税前利润均为正；CEO二元性、管理层持股、股权集中度和杠杆率与股利支付率呈负相关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Business and Economic Horizons ECONOMICS-

自引率

0.00%

发文量

期刊介绍： The Business and Economic Horizons (BEH) is an international peer-reviewed journal that publishes high quality theoretical, empirical, and review papers covering the broad spectrum of research in areas of economics, business, management, and finance. The journal aim is to bridge the gap between the theory and the observed data in these constantly developing domains. BEH Editorial Board welcomes the high-quality original research articles and review papers that verify the well-grounded and the emerging theories by employing the econometric, statistical methods or other relevant empirical methods in theoretical and applied economic analysis. BEH does not discriminate articles utilizing the non-mainstream approaches such as experimental research, institutional analysis, other variations of heterodox and developmental economic studies. Therefore, the submissions in any field of micro- and macroeconomics, business ethics, economic policy or finance are appropriate for this journal. We hope, the provided contributions will help to understand the contemporary challenges faced by the private and public sector and will establish an international forum of empirical research.