Institutional Investors and Firms’ Cash Dividend Payments: Evidence from Non-Financial Firms in Indonesia

Q3 Business, Management and Accounting

Jurnal Pengurusan Pub Date : 2020-04-20 DOI:10.17576/pengurusan-2019-57-08

G. Christopher, D. Chalid

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引用次数: 1

Abstract

ABSTRACT This paper investigates whether an institutional presence influences the level of a firm’s cash dividend payments. Using data from all non-financial firms listed on the Indonesian Stock Exchange (IDX) during the research period of 2010 to 2015, this research performs regression analysis. The results show that institutional investors can influence cash dividend payments. However, different types of institutional investors have different impacts on dividends. While foreign investors have a significant impact on the level of dividends, local institutional investors do not have a significant effect. Also, this research reveals that free cash flow and leverage have a negative influence on cash dividend policies, while firm size, market-to-book value of equity, and return on assets have a positive influence on cash dividend policies. Keywords: Institutional investor; dividends; Indonesian Stock Exchange (IDX) ABSTRAK Kajian ini menyiasat sama ada kehadiran institusi bebas mempengaruhi tahap pembayaran dividen tunai firma. Menggunakan data semua syarikat bukan kewangan yang tersenarai di Bursa Saham Indonesia (IDX) bagi tempoh penyelidikan 2010 hingga 2015, kajian ini melakukan analisis regresi. Hasilnya menunjukkan bahawa pelabur institusi bebas boleh mempengaruhi pembayaran dividen tunai. Walaubagaimanapun, perbezaan jenis pelabur institusi mempunyai kesan yang berbeza ke atas dividen. Selain itu, pelabur institusi bebas asing mempunyai keupayaan yang lebih besar dan lebih banyak insentif untuk mempengaruhi pembayaran dividen tunai berbanding pelabur institusi bebas tempatan. Kajian ini juga menunjukkan bahawa aliran tunai bebas dan leveraj mempunyai pengaruh negatif ke atas dasar dividen tunai, manakala saiz firma, nilai pasaran-kepada-nilai buku bagi ekuiti dan pulangan ke atas aset mempunyai pengaruh positif terhadap dasar dividen tunai. Kata kunci: Pelabur bebas; dividen; Bursa Saham Indonesia (IDX)

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机构投资者与企业现金股利支付——来自印度尼西亚非金融企业的证据

摘要本文研究了机构存在是否会影响公司的现金股利支付水平。本研究使用2010年至2015年研究期间在印度尼西亚证券交易所（IDX）上市的所有非金融公司的数据进行回归分析。研究结果表明，机构投资者可以影响现金股利支付。然而，不同类型的机构投资者对股息的影响不同。虽然外国投资者对股息水平有显著影响，但当地机构投资者没有显著影响。此外，本研究还表明，自由现金流和杠杆率对现金分红政策有负面影响，而公司规模、股权市值和资产回报率对现金股利政策有积极影响。关键词：机构投资者；以及股息；印尼证券交易所本研究使用2010年至2015年调查期间在印度尼西亚证券交易所（IDX）上市的所有非金融公司的数据进行了回归分析。结果表明，自由机构的投资者可以影响现金分红的支付。然而，机构投资者类型的差异对股息的影响不同。此外，外国自由投资者比本地自由投资者更有动力影响现金股息的支付。这项研究还表明，自由现金流和杠杆率对现金股息的基础有负面影响，而公司的规模、等式的市场账面价值和资产回报率对现金股利的基础有积极影响。关键词：免费浏览器；股息印尼证券交易所

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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来源期刊

Jurnal Pengurusan Business, Management and Accounting-Business and International Management

CiteScore

1.20

自引率

0.00%

发文量

期刊介绍： Jurnal Pengurusan (UKM Journal of Management) is published three times a year in June, September and December by UKM Press, Universiti Kebangsaan Malaysia. It publishes original works that advance knowledge of theory, practice and research across the business management discipline. It aims to provide Asian regional perspectives on management of benefit to scholars, educators, students, practitioners, policy-makers and consultants worldwide. The research covers organizational and individual level of analysis in the field of management, managerial accounting, finance and banking, marketing, entrepreneurship and other related areas. This journal accepts both empirical and conceptual research papers with relevant methodological approaches.