PENGARUH STRUKTUR KEPEMILIKAN TERHADAP KEBIJAKAN DIVIDEN PERUSAHAAN
Main Article Content
Keywords
Dividend Policy, Ownership Structure, Managerial Ownership, Government Ownership, Foreign Ownership, Family Ownership
Abstract
This research aims to examine the effect of ownership structure on dividend policy. In this research ownership structure consists of managerial ownership, government ownership, foreign ownership and family ownership. The population used is a non-financial company that listed in Indonesian Stock Exchange (BEI) research period 2012-2016. The number of samples used in this research is 242 data of the company year. Sampling technique used is purposive sampling. Data analysis used was multiple regression analysis method. The empirical result of this research indicate that managerial ownership has a positive but not significant effect on dividend policy; government ownership has a negative and significant effect on dividend policy; foreign ownership has a positive and significant effect on dividend policy; and family ownership has a negative and significant effect on dividend policy.
References
Abor, J., & Bokpin, G. A. (2010). Investment opportunities,corporate finance, and dividend payout policy. Studies in Economics and Finance , 27 (03), 180-194.
Allen, F., & Michaely, R. (2003). Chapter 7 - Payout Policy. Dalam F. Allen, & R. Michaely, Handbook of the Economics of Finance (Vol. 01, hal. 337-429). Elsevier.
Al-Malkawi, N. (2007). Determinants of Corporate Dividend Policy in Jordan: An Application of the Tobit Model. Journal of Economic and Administrative Sciences , 23 (2), 44-70.
Artini,S. dan A. Puspaningsih. (2011). Struktur Kepemilikan dan Struktur Modal terhadap Kebijakan Dividen dan Nilai Perusahaan. Jurnal Keuangan dan Perbankan 15 (1): 66-75
Atmaja, L. S. (2017). The Impact of Family Control on Dividend Policy: Evidence from Indonesia. International Research of Journal Business Studies , 09 (03), 147-156.
Baker, K. H., Kilincarslan, E., & Arsal, A. H. (2017, September). Dividend policy in Turkey: Survey evidence from Borsa Istanbul firms. Global Finance Journal , 1-35.
Bertrand, M., & Schoar, A. (2003). Managing with Style: The Effect of Managers on Firm Policies. The Quarterly Journal of Economics , 118 (4), 1169-1208.
Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy. The Bell Journal of Economics , 10 (1), 259-270.
Carney, R. W., & Child, T. B. (2013). Changes to the ownership and control of East Asian corporations between1996 and 2008 : The primacy of politics. Journal of Financial Economics , 107, 494-513.
Chai, D. H. (2010, June). Foreign Corporate Ownership and Dividends. Working Paper Centre for Business Research , 1-42.
Claessens, S., Djankov, S., & Lang, L. H. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics , 81-112.
Dewi, N. P., & Erawati, N. M. (2014). Pengaruh Kepemilikan Manajerial, Leverage, dan Ukuran Perusahaan Pada Kebijakan Dividen Perusahaan Manufaktur. E-Jurnal Akuntansi Universitas Undayana , 09 (03), 709-716.
Dewi, S. C. (2008). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Kebijakan Hutang, Profitabilitas dan Ukuran Perusahaan Terhadap Kebijakan Dividen. Jurnal Bisnis dan Akuntansi , 10 (01), 47-58.
Easterbrook, F. H. (1984). Two Agency-Cost Explanations of Dividends. The American Economic Review , 74 (04), 650-659.
Eisenhardt, K. M. (1989). Agency Theory: An Assessment and Review. Academy of Management , 14 (1), 57-74.
Faccio, M., & Lang, L. H. (2002). The ultimate ownership of Western European corporations. Journal of Financial Economics , 63 (03), 365-395.
Fajriyah, N. (2011). Analisis Pengaruh ROE, DER,Management Ownership, Free Cash Flow, dan Size Terhadap Dividend Payout Ratio. Skripsi .
Farooque, O. A., Zijl, T. v., & Dunstan, K. (2007). Ownership Structure and Corporate Performance: Evidence from Bangladesh. Asia-Pacific Journal of Accounting & Economics , 14 (02), 127-149.
Gaver, J. J., & Gaver, K. M. (1993). Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Accounting and Economics , 19 (1-3), 125-160.
Gordon, M. J. (1962). The Savings Investment and Valuation of a Corporation. The Review of Economics and Statistics , 44 (1), 37-51.
Handayani, R. (2010). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Dividen, Pertumbuhan Perusahaan, Free Cash Flow dan Profitabilitas terhadap Kebijakan Hutang. Jurnal Bisnis dan Akuntansi , 189-207.
Haryono, S. (2005). Struktur Kepemilikan dan Bingkai Teori Keagenan. Jurnal Akuntansi dan Bisinis , 63-71.
Ibrahim, I. (2016). Ownership Structure and Dividend Policy of Listed Deposit Money Banks in Nigeria: A Tobit Regression Analysis. International Journal of Accounting and Financial Reporting , 06 (01), 1-19.
Indriani, W., Endang, A. R., & Purwanto, N. (2016). Pengaruh Kepemilikan Manajerial Dan Kinerja Keuangan Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2012-2014. Jurnal Riset Mahasiswa Akuntansi , 04 (01), 1-10.
Jayanti, I. S., & Puspitasari, A. F. (2017). Struktur Kepemilikan dan Kebijakan Dividen Pada Perusahaan Manufaktur di Indonesia. The Indonesian Journal of Applied Business , 01 (01), 1-13.
Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review , 76 (02), 323-329.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior,Agency Costs And Ownership Structure. Journal Of Financial Economics 3 , 305-360.
Kallapur, S., & Trombley, M. A. (2001). The investment opportunity set: determinants, consequences and measurement. Managerial Finance , 27 (3), 3-15.
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2011). Intermediate Accounting. John Wiley & Sons, Inc.
Kouki, M., & Guizani, M. (2009). Ownership Structure and Dividend Policy Evidence from the Tunisian Stock Market. European Journal of Scientific Research , 25 (01), 42-53.
Kuwari, D. A. (2009). Determinants of the Dividend Policy in Emerging Stock Exchanges:The Case of GCC Countries. Global Economy & Finance Journal , 02 (02), 38-63.
La Porta, R., Silanes, F. L., Shleifer, A., & Vishny, R. (1998-2000). Investor protection and corporate governance. Journal of Financial Economics 58 , 3-27.
Lintner, J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. The American Economic Review , 46 (2), 97-113.
Lucyanda, J. (2012). Pengaruh Free Cash Flow dan Struktur Kepemilikan Terhadap Dividend Payout Ratio. Jurnal Dinamika Akuntansi , 04 (02).
Mehdi, M., Jean, M. S., & Teulon, F. (2017). Do corporate governance and ownership structure impact dividend policy in emerging market during financial crisis? Journal of Applied Accounting Research , 18 (03), 274-297.
Milii, M., Sahut, M. J., & Teulon, F. (2017). Do corporate governance and ownership structure impact dividend policy in emerging market during financial crisis? Journal of Applied Accounting Research , 18 (03), 274-297.
Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business , 34 (4), 411-433.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics , 5 (2), 147-175.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics , 13 (2), 187-221.
Najjar, B. A., & Kilincarslan, E. (2016). The effect of ownership structure on dividend policy: evidence from Turkey. Corporate Governance: The international journal of business in society , 16 (01), 135-161.
Nuringsih, K. (2005). Analisis Pengaruh Kepemilikan Manajerial, Kebijakan Utang, Roa Dan Ukuran Perusahaan Terhadap Kebijakan Dividen: Studi 1995-1996. Jurnal Akuntansi dan Keuangan Indonesia , 02 (02), 103-123.
Pindado, J., Requejo, I., & Torre, C. d. (2012). Do Family Firms Use Dividend Policy as a Governance Mechanism? Evidence from the Euro zone. Corporate Governance An International Review , 20 (05), 413–431.
Puspita, F. (2009). Analisis Faktor Faktor Yang Mempengaruhi Kebijakan Dividend Payout Ratio.
Putri, A. R., & Andayani. (2017). Pengaruh Kebijakan Hutang, Profitabilitas, Likuiditas, dan Kesempatan Investasi Terhadap Kebijakan Dividen. Jurnal Ilmu dan Riset Akuntansi , 06 (06), 1-15.
Rachmad, A. N., & Muid, D. (2013). Pengaruh Struktur Kepemilikan, Leverage Dan Return On Assets (Roa) Terhadap Kebijakan Dividen (Studi Empiris pada Perusahaan Nonkeuangan yang Terdaftar di Bursa Efek Indonesia). JOURNAL OF ACCOUNTING , 02 (03), 1-11.
Reyna, J. M. (2015). Ownership structure and its effect on dividend policy in the Mexican context. Contaduría y Administración , 1-15.
Rizqia, D. A., Siti, A., & Sumiati. (2013). Effect of Managerial Ownership, Financial Leverage, Profitability, Firm Size, and Investment Opportunity on Dividend Policy and Firm Value. Research Journal of Finance and Accounting , 04 (11), 120-130.
Rosdini, D. (2009). Pengaruh Free Cash Flow Terhadap Dividend Policy. Unpad Open Repository , 1-17.
Rozeff, M. S. (1982). Growth, Beta And Agency Costs As Determinants Of Dividend Payout Ratios. The Journal of Financial Research , 05 (03), 249-259.
Setianto, R. H., & Sari, P. K. (2017). Perusahaan Keluarga dan Kebijakan Dividen di Indonesia. Jurnal Siasat Bisnis , 21 (2), 107-118.
Setiawan, D., Bandi, B., Phua, L. K., & Trinugroho, I. (2016). Ownership structure and dividend policy in Indonesia. Journal of Asia Business Studies , 10 (03), 230 - 252.
Shleifer, A., & Vishny, R. W. (1986). Large Shareholders and Corporate Control. Journal of Political Economy , 94 (3), 461-488 .
Shrieves, R. E., & Wachowicz Jr, J. M. (2001). Free Cash Flow (Fcf), Economic Value Added, And Net Present Value (Npv):. A Reconciliation Of Variations Of Discounted-Cash-Flow (Dcf) Valuation. Journal The Engineering Economist , 46, 35-52.
Stice, Earl K, James D Stice dan Fred Skousen, 2009. Akuntansi Keuangan Menengah, Edisi 16, Buku 2. Edisi Bahasa Indonesia. Terjemahan Oleh Ali Akbar. Jakarta: Salemba Empat.
Suharli, M. (2007). Pengaruh Profitability Dan Investment Opportunity Set Terhadap Kebijakan Dividen Tunai Dengan Likuiditas Sebagai Variabel Penguat. Jurnal Akuntansi dan Keuangan , 9 (1), 9-17.
Sujono, & Soebiantoro. (2007). Pengaruh Struktur Kepemilikan Saham,Leverage, Faktor Intern dan Faktor Ekstern Terhadap Nilai Perusahaan. Jurnal Manajemen dan Kewirausahaan , 9 (1), 43-47.
Sumartha, E. (2016). Pengaruh Struktur Kepemilikan Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur. Jurna Economia Kajian Ilmiah Ekonomi & Bisnis , 12 (02), 167-182.
Sutrisno. (2003). Manajemen Keuangan (Teori,Konsep, dan Aplikasi). Yogyakarta: Ekonisia.
Tangkilisan, & Hessel, N. (2003). Manajemen Keuangan Bagi Analisis Kredit Perbankan. Yogyakarta.
Tsui, J. L., Yi, P. C., & Han, F. T. (2017). The relationship among information asymmetry, dividend policy and ownership structure. Finance Research Letters , 20, 1-12.
Ullah, H., Fida, A., & Khan, S. (2012). The Impact of Ownership Structure on Dividend Policy Evidence from Emerging Markets KSE-100 Index Pakistan. International Journal of Business and Social Science , 03 (09), 298-307.
Undang-Undang Nomor 19 Tahun 2003 tentang Badan Usaha Milik Negara
Undang-Undang Nomor 25 Tahun 2007 tentang Penanaman Modal
Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of Financial Economics , 80 (2), 385-417.
Wahidawati. (2002). Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional pada Kebijakan Hutang Perusahaan. Jurnal Riset Akuntansi Indonesia , 1-16.
Wang, X., Manry, D., & Wandler, S. (2011). The impact of government ownership on dividend policy in China. Advances in Accounting , 27 (02), 366-372.
Warrad, L., Abed, S., Khriasat, O., & Imad, S. A. (2012). The Effect of Ownership Structure on Dividend Payout Policy: Evidence from Jordanian Context. International Journal of Economics and Finance , 04 (02), 187-195.
www.idx.co.id
www.cnn.indonesia.com
www.market.bisnis.com
www.detikfinance.com
Yudiana, I. G., & Yadnyana, I. K. (2016). Pengaruh Kepemilikan Manejerial, Leverage, Investment Opportunity Set dan Profitabilitas Pada Kebijakan Dividen Perusahaan Manufaktur. E-Jurnal Akuntansi Universitas Undayana , 15 (01), 112-141
Allen, F., & Michaely, R. (2003). Chapter 7 - Payout Policy. Dalam F. Allen, & R. Michaely, Handbook of the Economics of Finance (Vol. 01, hal. 337-429). Elsevier.
Al-Malkawi, N. (2007). Determinants of Corporate Dividend Policy in Jordan: An Application of the Tobit Model. Journal of Economic and Administrative Sciences , 23 (2), 44-70.
Artini,S. dan A. Puspaningsih. (2011). Struktur Kepemilikan dan Struktur Modal terhadap Kebijakan Dividen dan Nilai Perusahaan. Jurnal Keuangan dan Perbankan 15 (1): 66-75
Atmaja, L. S. (2017). The Impact of Family Control on Dividend Policy: Evidence from Indonesia. International Research of Journal Business Studies , 09 (03), 147-156.
Baker, K. H., Kilincarslan, E., & Arsal, A. H. (2017, September). Dividend policy in Turkey: Survey evidence from Borsa Istanbul firms. Global Finance Journal , 1-35.
Bertrand, M., & Schoar, A. (2003). Managing with Style: The Effect of Managers on Firm Policies. The Quarterly Journal of Economics , 118 (4), 1169-1208.
Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy. The Bell Journal of Economics , 10 (1), 259-270.
Carney, R. W., & Child, T. B. (2013). Changes to the ownership and control of East Asian corporations between1996 and 2008 : The primacy of politics. Journal of Financial Economics , 107, 494-513.
Chai, D. H. (2010, June). Foreign Corporate Ownership and Dividends. Working Paper Centre for Business Research , 1-42.
Claessens, S., Djankov, S., & Lang, L. H. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics , 81-112.
Dewi, N. P., & Erawati, N. M. (2014). Pengaruh Kepemilikan Manajerial, Leverage, dan Ukuran Perusahaan Pada Kebijakan Dividen Perusahaan Manufaktur. E-Jurnal Akuntansi Universitas Undayana , 09 (03), 709-716.
Dewi, S. C. (2008). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Kebijakan Hutang, Profitabilitas dan Ukuran Perusahaan Terhadap Kebijakan Dividen. Jurnal Bisnis dan Akuntansi , 10 (01), 47-58.
Easterbrook, F. H. (1984). Two Agency-Cost Explanations of Dividends. The American Economic Review , 74 (04), 650-659.
Eisenhardt, K. M. (1989). Agency Theory: An Assessment and Review. Academy of Management , 14 (1), 57-74.
Faccio, M., & Lang, L. H. (2002). The ultimate ownership of Western European corporations. Journal of Financial Economics , 63 (03), 365-395.
Fajriyah, N. (2011). Analisis Pengaruh ROE, DER,Management Ownership, Free Cash Flow, dan Size Terhadap Dividend Payout Ratio. Skripsi .
Farooque, O. A., Zijl, T. v., & Dunstan, K. (2007). Ownership Structure and Corporate Performance: Evidence from Bangladesh. Asia-Pacific Journal of Accounting & Economics , 14 (02), 127-149.
Gaver, J. J., & Gaver, K. M. (1993). Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Accounting and Economics , 19 (1-3), 125-160.
Gordon, M. J. (1962). The Savings Investment and Valuation of a Corporation. The Review of Economics and Statistics , 44 (1), 37-51.
Handayani, R. (2010). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Dividen, Pertumbuhan Perusahaan, Free Cash Flow dan Profitabilitas terhadap Kebijakan Hutang. Jurnal Bisnis dan Akuntansi , 189-207.
Haryono, S. (2005). Struktur Kepemilikan dan Bingkai Teori Keagenan. Jurnal Akuntansi dan Bisinis , 63-71.
Ibrahim, I. (2016). Ownership Structure and Dividend Policy of Listed Deposit Money Banks in Nigeria: A Tobit Regression Analysis. International Journal of Accounting and Financial Reporting , 06 (01), 1-19.
Indriani, W., Endang, A. R., & Purwanto, N. (2016). Pengaruh Kepemilikan Manajerial Dan Kinerja Keuangan Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2012-2014. Jurnal Riset Mahasiswa Akuntansi , 04 (01), 1-10.
Jayanti, I. S., & Puspitasari, A. F. (2017). Struktur Kepemilikan dan Kebijakan Dividen Pada Perusahaan Manufaktur di Indonesia. The Indonesian Journal of Applied Business , 01 (01), 1-13.
Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review , 76 (02), 323-329.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior,Agency Costs And Ownership Structure. Journal Of Financial Economics 3 , 305-360.
Kallapur, S., & Trombley, M. A. (2001). The investment opportunity set: determinants, consequences and measurement. Managerial Finance , 27 (3), 3-15.
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2011). Intermediate Accounting. John Wiley & Sons, Inc.
Kouki, M., & Guizani, M. (2009). Ownership Structure and Dividend Policy Evidence from the Tunisian Stock Market. European Journal of Scientific Research , 25 (01), 42-53.
Kuwari, D. A. (2009). Determinants of the Dividend Policy in Emerging Stock Exchanges:The Case of GCC Countries. Global Economy & Finance Journal , 02 (02), 38-63.
La Porta, R., Silanes, F. L., Shleifer, A., & Vishny, R. (1998-2000). Investor protection and corporate governance. Journal of Financial Economics 58 , 3-27.
Lintner, J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. The American Economic Review , 46 (2), 97-113.
Lucyanda, J. (2012). Pengaruh Free Cash Flow dan Struktur Kepemilikan Terhadap Dividend Payout Ratio. Jurnal Dinamika Akuntansi , 04 (02).
Mehdi, M., Jean, M. S., & Teulon, F. (2017). Do corporate governance and ownership structure impact dividend policy in emerging market during financial crisis? Journal of Applied Accounting Research , 18 (03), 274-297.
Milii, M., Sahut, M. J., & Teulon, F. (2017). Do corporate governance and ownership structure impact dividend policy in emerging market during financial crisis? Journal of Applied Accounting Research , 18 (03), 274-297.
Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business , 34 (4), 411-433.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics , 5 (2), 147-175.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics , 13 (2), 187-221.
Najjar, B. A., & Kilincarslan, E. (2016). The effect of ownership structure on dividend policy: evidence from Turkey. Corporate Governance: The international journal of business in society , 16 (01), 135-161.
Nuringsih, K. (2005). Analisis Pengaruh Kepemilikan Manajerial, Kebijakan Utang, Roa Dan Ukuran Perusahaan Terhadap Kebijakan Dividen: Studi 1995-1996. Jurnal Akuntansi dan Keuangan Indonesia , 02 (02), 103-123.
Pindado, J., Requejo, I., & Torre, C. d. (2012). Do Family Firms Use Dividend Policy as a Governance Mechanism? Evidence from the Euro zone. Corporate Governance An International Review , 20 (05), 413–431.
Puspita, F. (2009). Analisis Faktor Faktor Yang Mempengaruhi Kebijakan Dividend Payout Ratio.
Putri, A. R., & Andayani. (2017). Pengaruh Kebijakan Hutang, Profitabilitas, Likuiditas, dan Kesempatan Investasi Terhadap Kebijakan Dividen. Jurnal Ilmu dan Riset Akuntansi , 06 (06), 1-15.
Rachmad, A. N., & Muid, D. (2013). Pengaruh Struktur Kepemilikan, Leverage Dan Return On Assets (Roa) Terhadap Kebijakan Dividen (Studi Empiris pada Perusahaan Nonkeuangan yang Terdaftar di Bursa Efek Indonesia). JOURNAL OF ACCOUNTING , 02 (03), 1-11.
Reyna, J. M. (2015). Ownership structure and its effect on dividend policy in the Mexican context. Contaduría y Administración , 1-15.
Rizqia, D. A., Siti, A., & Sumiati. (2013). Effect of Managerial Ownership, Financial Leverage, Profitability, Firm Size, and Investment Opportunity on Dividend Policy and Firm Value. Research Journal of Finance and Accounting , 04 (11), 120-130.
Rosdini, D. (2009). Pengaruh Free Cash Flow Terhadap Dividend Policy. Unpad Open Repository , 1-17.
Rozeff, M. S. (1982). Growth, Beta And Agency Costs As Determinants Of Dividend Payout Ratios. The Journal of Financial Research , 05 (03), 249-259.
Setianto, R. H., & Sari, P. K. (2017). Perusahaan Keluarga dan Kebijakan Dividen di Indonesia. Jurnal Siasat Bisnis , 21 (2), 107-118.
Setiawan, D., Bandi, B., Phua, L. K., & Trinugroho, I. (2016). Ownership structure and dividend policy in Indonesia. Journal of Asia Business Studies , 10 (03), 230 - 252.
Shleifer, A., & Vishny, R. W. (1986). Large Shareholders and Corporate Control. Journal of Political Economy , 94 (3), 461-488 .
Shrieves, R. E., & Wachowicz Jr, J. M. (2001). Free Cash Flow (Fcf), Economic Value Added, And Net Present Value (Npv):. A Reconciliation Of Variations Of Discounted-Cash-Flow (Dcf) Valuation. Journal The Engineering Economist , 46, 35-52.
Stice, Earl K, James D Stice dan Fred Skousen, 2009. Akuntansi Keuangan Menengah, Edisi 16, Buku 2. Edisi Bahasa Indonesia. Terjemahan Oleh Ali Akbar. Jakarta: Salemba Empat.
Suharli, M. (2007). Pengaruh Profitability Dan Investment Opportunity Set Terhadap Kebijakan Dividen Tunai Dengan Likuiditas Sebagai Variabel Penguat. Jurnal Akuntansi dan Keuangan , 9 (1), 9-17.
Sujono, & Soebiantoro. (2007). Pengaruh Struktur Kepemilikan Saham,Leverage, Faktor Intern dan Faktor Ekstern Terhadap Nilai Perusahaan. Jurnal Manajemen dan Kewirausahaan , 9 (1), 43-47.
Sumartha, E. (2016). Pengaruh Struktur Kepemilikan Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur. Jurna Economia Kajian Ilmiah Ekonomi & Bisnis , 12 (02), 167-182.
Sutrisno. (2003). Manajemen Keuangan (Teori,Konsep, dan Aplikasi). Yogyakarta: Ekonisia.
Tangkilisan, & Hessel, N. (2003). Manajemen Keuangan Bagi Analisis Kredit Perbankan. Yogyakarta.
Tsui, J. L., Yi, P. C., & Han, F. T. (2017). The relationship among information asymmetry, dividend policy and ownership structure. Finance Research Letters , 20, 1-12.
Ullah, H., Fida, A., & Khan, S. (2012). The Impact of Ownership Structure on Dividend Policy Evidence from Emerging Markets KSE-100 Index Pakistan. International Journal of Business and Social Science , 03 (09), 298-307.
Undang-Undang Nomor 19 Tahun 2003 tentang Badan Usaha Milik Negara
Undang-Undang Nomor 25 Tahun 2007 tentang Penanaman Modal
Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of Financial Economics , 80 (2), 385-417.
Wahidawati. (2002). Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional pada Kebijakan Hutang Perusahaan. Jurnal Riset Akuntansi Indonesia , 1-16.
Wang, X., Manry, D., & Wandler, S. (2011). The impact of government ownership on dividend policy in China. Advances in Accounting , 27 (02), 366-372.
Warrad, L., Abed, S., Khriasat, O., & Imad, S. A. (2012). The Effect of Ownership Structure on Dividend Payout Policy: Evidence from Jordanian Context. International Journal of Economics and Finance , 04 (02), 187-195.
www.idx.co.id
www.cnn.indonesia.com
www.market.bisnis.com
www.detikfinance.com
Yudiana, I. G., & Yadnyana, I. K. (2016). Pengaruh Kepemilikan Manejerial, Leverage, Investment Opportunity Set dan Profitabilitas Pada Kebijakan Dividen Perusahaan Manufaktur. E-Jurnal Akuntansi Universitas Undayana , 15 (01), 112-141
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Nov 17, 2018
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Wuisan, F., Randa, F., & Lukman, L. (2018). PENGARUH STRUKTUR KEPEMILIKAN TERHADAP KEBIJAKAN DIVIDEN PERUSAHAAN. SIMAK, 16(02), 119-141. https://doi.org/https://doi.org/10.35129/simak.v16i02.39
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