The Effect of Leverage, Dividend Policy, and Relational Capital on Corporate Performance

HSE Economic Journal Pub Date : 2020-01-01 DOI:10.17323/1813-8691-2020-24-2-295-310

Ngadiman

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Abstract

The purpose of this research is to obtain empirical evidence about the relationship between the effects of leverage, dividend policy, and relational capital on corporate performance of the manufacturing companies listed in the Indonesia Stock Exchange over the period of 2016-2018. This is a quantitative study used secondary data of 117 companies listed on the Indonesian Stock Exchange (IDX) cover period of two years (2016-2018). The study made use of ex-post facto research design . Purposive sampling method employed for selecting data of sample to obtain sample of 117 companies and the unit analyze are 39. Data collection method used in this research is documentation. Methods of data analysis used descriptive statistical analysis and regression moderation with the test of absolute difference value. The data was analyzed using multiple regressions. Three formulated research hypotheses were achieved after tested. The findings from this study show that all the independent variables have effects on corporate performance (ROA) simultaneously (F-test). The t-test results showed that leverage (DAR), which is measured by a debt-to-asset ratio and dividend policy (DPR) which is proxies by a dividend payout ratio have significant effect on corporate performance, while relational capital (RCE) in this study was measured by relational capital efficiency has no significant effect on corporate performance (ROA).

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杠杆、股利政策和关系资本对公司绩效的影响

本研究的目的是获得2016-2018年印尼证券交易所上市制造业公司杠杆、股息政策和关系资本对公司绩效影响关系的实证证据。这是一项定量研究，使用了在印度尼西亚证券交易所(IDX)上市的117家公司的二手数据，为期两年(2016-2018)。本研究采用事后研究设计。采用目的抽样法选取样本数据，得到117家公司的样本，单位分析为39家。本研究采用文献法收集资料。资料分析方法采用描述性统计分析和回归调节，采用绝对差值检验。数据采用多元回归分析。经过检验，得出了三个公式化的研究假设。本研究的结果表明，所有自变量同时对公司绩效(ROA)产生影响(f检验)。t检验结果显示，以资产负债率衡量的杠杆率(DAR)和以股息支付率衡量的股息政策(DPR)对公司绩效有显著影响，而本研究中以关系资本效率衡量的关系资本(RCE)对公司绩效(ROA)没有显著影响。

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

HSE Economic Journal Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The HSE Economic Journal publishes refereed papers both in Russian and English. It has perceived better understanding of the market economy, the Russian one in particular, since being established in 1997. It disseminated new and diverse ideas on economic theory and practice, economic modeling, applied mathematical and statistical methods. Its Editorial Board and Council consist of prominent Russian and foreign researchers whose activity has fostered integration of the world scientific community. The target audience comprises researches, university professors and graduate students. Submitted papers should match JEL classification and can cover country specific or international economic issues, in various areas, such as micro- and macroeconomics, econometrics, economic policy, labor markets, social policy. Apart from supporting high quality economic research and academic discussion the Editorial Board sees its mission in searching for the new authors with original ideas. The journal follows international reviewing practices – at present submitted papers are subject to single blind review of two reviewers. The journal stands for meeting the highest standards of publication ethics.