Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan
Keywords:
Kebijakan Dividen; Nilai Perusahaan; Rasio Nilai Pasar terhadap Nilai Buku, Perusahaan Non-Keuangan; Regresi Data PanelAbstract
Penelitian ini bertujuan untuk menganalisis pengaruh kebijakan dividen terhadap nilai perusahaan non-keuangan di Amerika Serikat. Sampel penelitian ditetapkan dari tahun 1972 hingga 2016 menggunakan data panel dari CRSP dan Compustat. Variabel penelitian utama adalah rasio pasar terhadap nilai buku, yang menekankan ME/E sebagai ukuran pembayaran dividen yang lebih penting kepada pemegang saham. Hasil analisis regresi data panel menunjukkan bahwa terdapat hubungan positif signifikan antara rasio pembayaran dividen terhadap nilai perusahaan. Hasil ini memberikan informasi penting bagi manajer perusahaan untuk mengelola kebijakan dividen guna meningkatkan nilai perusahaan. Studi ini memberikan kontribusi penting terhadap landasan teori keuangan strategis, khususnya dalam konteks perusahaan non-keuangan di Amerika Serikat
References
Abdullah, M. N., Parvez, K., & Tooheen, R. B. (2017). Residual Dividend Policy: The Case of Bangladesh. Journal of Accounting, Finance and Economics, 7(1).
Akinyi Olang, M. (2015). Effect of Liquidity on the Dividend Pay-out by Firms Listed at the Nairobi Securities Exchange, Kenya. Science Journal of Business and Management, 3(5). https://doi.org/10.11648/j.sjbm.20150305.18
Allen, F., & Michaely, R. (2003). Chapter 7 Payout policy. In Handbook of the Economics of Finance (Vol. 1, Issue SUPPL. PART A). https://doi.org/10.1016/S1574-0102(03)01011-2
Almeida, H., Fos, V., & Kronlund, M. (2016). The real effects of share repurchases. Journal of Financial Economics, 119(1). https://doi.org/10.1016/j.jfineco.2015.08.008
Black, F. (1976). Studies in stock price volatility changes. In In Proceedings of the 1976 American Statistical Association, Business and Economical Statistics Section.
Brealey, R. A., Myers, S. C., & Allen, F. (2019). Principles of Corporate Finance, 13th Edition. McGraw-Hill/Irwin.
Bremberger, F., Cambini, C., Gugler, K., & Rondi, L. (2016). Dividend policy in regulated network industries: Evidence from the EU. Economic Inquiry, 54(1). https://doi.org/10.1111/ecin.12238
Brennan, M. (1971). A NOTE ON DIVIDEND IRRELEVANCE AND THE GORDON VALUATION MODEL. The Journal of Finance, 26(5). https://doi.org/10.1111/j.1540-6261.1971.tb01752.x
Brunzell, T., Liljeblom, E., Löflund, A., & Vaihekoski, M. (2014). Dividend policy in Nordic listed firms. Global Finance Journal, 25(2). https://doi.org/10.1016/j.gfj.2014.06.004
Dang, T. D., & Do, T. V. T. (2021). Does capital structure affect firm value in Vietnam? Investment Management and Financial Innovations, 18(1). https://doi.org/10.21511/imfi.18(1).2021.03
DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics, 81(2). https://doi.org/10.1016/j.jfineco.2005.07.005
Fama, E. F., & French, K. R. (2002). Testing Trade-Off and Pecking Order Predictions About Dividends and Debt. Review of Financial Studies, 15(1). https://doi.org/10.1093/rfs/15.1.1
Frankfurter, G. M., & Wood, B. G. (2002). Dividend policy theories and their empirical tests. International Review of Financial Analysis, 11(2). https://doi.org/10.1016/S1057-5219(02)00071-6
Ganda, F. (2018). Green research and development (R&D) investment and its impact on the market value of firms: evidence from South African mining firms. Journal of Environmental Planning and Management, 61(3). https://doi.org/10.1080/09640568.2017.1319345
Gerged, A. M., Beddewela, E., & Cowton, C. J. (2021). Is corporate environmental disclosure associated with firm value? A multicountry study of Gulf Cooperation Council firms. Business Strategy and the Environment, 30(1). https://doi.org/10.1002/bse.2616
Gordon, M. J. (1959). Dividends, Earnings, and Stock Prices. The Review of Economics and Statistics, 41(2). https://doi.org/10.2307/1927792
Hussainey, K., Oscar Mgbame, C., & Chijoke-Mgbame, A. M. (2011). Dividend policy and share price volatility: UK evidence. Journal of Risk Finance, 12(1). https://doi.org/10.1108/15265941111100076
Kajola, S. O., Adewumi, A. A., & Oworu, O. O. (2015). International Journal of Economics, Commerce and Management DIVIDEND PAY-OUT POLICY AND FIRM FINANCIAL PERFORMANCE: EVIDENCE FROM NIGERIAN LISTED NON-FINANCIAL FIRMS. International Journal of Economics, Commerce and Management, 3(4).
Karpavičius, S., & Yu, F. (2018). Dividend premium: Are dividend-paying stocks worth more? International Review of Financial Analysis, 56. https://doi.org/10.1016/j.irfa.2018.01.004
Kent Baker, H., & Kilincarslan, E. (2019). Why companies do not pay cash dividends: The Turkish experience. Global Finance Journal, 42. https://doi.org/10.1016/j.gfj.2018.02.005
Khan, A., Qureshi, M. A., & Davidsen, P. I. (2020). How do oil prices and investments impact the dynamics of firm value? System Dynamics Review, 36(1). https://doi.org/10.1002/sdr.1649
Khan, Dr. M. Y., Khan, Dr. W., Bassam, Dr. W. M. H. Al, & Javeed, A. (2017). Dividend Policy and Share Price Volatility “Evidence from Karachi Stock Exchange.” ELK Asia Pacific Journals, 8(1).
Li, K., & Zhao, X. (2008). Asymmetric information and dividend policy. Financial Management, 37(4). https://doi.org/10.1111/j.1755-053X.2008.00030.x
Lui, A. K. H., Lee, M. C. M., & Ngai, E. W. T. (2022). Impact of artificial intelligence investment on firm value. Annals of Operations Research, 308(1–2). https://doi.org/10.1007/s10479-020-03862-8
Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4). https://doi.org/10.1086/294442
Morellec, E., & Schürhoff, N. (2011). Corporate investment and financing under asymmetric information. Journal of Financial Economics, 99(2). https://doi.org/10.1016/j.jfineco.2010.09.003
Nguyen, L., Khanh Phuong TAN, T., & Ha NGUYEN, T. (2021). Determinants of Firm Value: An Empirical Study of Listed Trading Companies in Vietnam. Journal of Asian Finance, 8(6).
Nuryani, Y., & Sunarsi, D. (2020). The effect of debt to equity ratio and current ratio on firm value. Journal of Accounting and Business Education, 8(2).
Nwamaka, O. C., & Ezeabasili, P. (2017). Effect of Dividend Policies on Firm Value: Evidence from quoted firms in Nigeria. International Journal of Management Excellence, 8(2). https://doi.org/10.17722/ijme.v8i2.892
Oyinlola, O. M., & Ajeigbe, K. B. (2014). the Impact of Dividend Policy on Stock Prices of Quoted Firms in Nigeria. International Journal of Economics, Commerce and Management, II(9).
Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2022). Fundamentals of Corporate Finance Thirteenth Edition. In McGraw Hill LCC (Vol. 13, Issue December).
Rumengan, J., Murni, S., Untu, V. N., Rumengan, J., Murni, S., & Untu, V. N. (2020). Analisis Faktor Fundamental Terhadap Nilai Perusahaan Industri Manufaktur Di Bursa Efek Indonesia. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 8(4).
Saeed, A., & Sameer, M. (2017). Impact of board gender diversity on dividend payments: Evidence from some emerging economies. International Business Review, 26(6). https://doi.org/10.1016/j.ibusrev.2017.04.005
Salih, A. (2010). The Effect of Dividend Policy on Market Value UK Empirical Study. Doctoral. Unpublished Ph. D Thesis.
Walter, J. E. (1963). Dividend Policy: Its Influence on the Value of the Enterprise. The Journal of Finance, 18(2). https://doi.org/10.2307/2977909
Wiriartha, I. B. A., Widyastuti, T., & Daito, A. (2022). Determinants of Fixed Asset Revaluation and Sustainability Report Disclosure on Firm Value. Asian Journal of Economics, Business and Accounting. https://doi.org/10.9734/ajeba/2022/v22i2230710
Yusof, Y., & Ismail, S. (2016). Determinants of dividend policy of public listed companies in Malaysia. Review of International Business and Strategy, 26(1). https://doi.org/10.1108/RIBS-02-2014-0030
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Ramlah Budiarti
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
semua jurnal ini menjadi tanggung jawab penuh penulis, JPEK memberikan akses terbuka kepada siapapun agar informasi dan temuan pada artikel bermanfaat bagi semua orang, JPEK dapat diakses dan diunduh oleh siapapun tanpa dipungut biaya sesuai dengan lisensi creative common yang digunakan.
