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All Journal Jurnal Inovasi Akuntansi
Ni Kadek Jelita Artha Rahma Dewi
Universitas Mahasaraswati Denpasar
Economics, Econometrics & Finance

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Do Firm Characteristics Affect Dividend Policy Differently Across Countries? Evidence from Indonesia and the Philippines Putu Diah Kumalasari; Anik Yuesti; Ni Kadek Jelita Artha Rahma Dewi; Christian Angelo Ituriaga; Baniline Jone Abantao
Jurnal Inovasi Akuntansi (JIA) Vol. 4 No. 1 (2026)
Publisher : Faculty of Economics and Business, Universitas Mahasaraswati Denpasar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36733/jia.v4i1.14004

Abstract

Purpose: This study aims to examine the determinants of dividend policy and to analyze whether their effects differ across countries, specifically between Indonesia and the Philippines. Method: The research employs a quantitative approach using secondary data from food and beverage firms listed on the Indonesia Stock Exchange (IDX) and the Philippine Stock Exchange (PSE) over the period 2022–2024, with a total sample of 69 firm-year observations. A cross-country regression model is applied by integrating data from both countries into a unified framework, incorporating a country variable and interaction terms to capture institutional differences. Findings: The results indicate that traditional firm characteristics, such as profitability, firm size, leverage, and managerial ownership do not significantly influence dividend policy. In contrast, growth opportunities have a significant negative effect, suggesting that firms with higher growth prospects tend to retain earnings rather than distribute dividends. Furthermore, the findings confirm the presence of cross-country differences, as the effects of growth opportunities and managerial ownership on dividend policy vary between Indonesia and the Philippines. Implications: This study concludes that dividend policy is not solely determined by firm-level factors but is also shaped by institutional context. However, the study is limited to the food and beverage sector and a relatively short observation period. Future research is encouraged to include broader sectors and longer time horizons.
Do Firm Characteristics Affect Dividend Policy Differently Across Countries? Evidence from Indonesia and the Philippines Putu Diah Kumalasari; Anik Yuesti; Ni Kadek Jelita Artha Rahma Dewi; Christian Angelo Ituriaga; Baniline Jone Abantao
Jurnal Inovasi Akuntansi (JIA) Vol. 4 No. 1 (2026)
Publisher : Faculty of Economics and Business, Universitas Mahasaraswati Denpasar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36733/jia.v4i1.14004

Abstract

Purpose: This study aims to examine the determinants of dividend policy and to analyze whether their effects differ across countries, specifically between Indonesia and the Philippines. Method: The research employs a quantitative approach using secondary data from food and beverage firms listed on the Indonesia Stock Exchange (IDX) and the Philippine Stock Exchange (PSE) over the period 2022–2024, with a total sample of 69 firm-year observations. A cross-country regression model is applied by integrating data from both countries into a unified framework, incorporating a country variable and interaction terms to capture institutional differences. Findings: The results indicate that traditional firm characteristics, such as profitability, firm size, leverage, and managerial ownership do not significantly influence dividend policy. In contrast, growth opportunities have a significant negative effect, suggesting that firms with higher growth prospects tend to retain earnings rather than distribute dividends. Furthermore, the findings confirm the presence of cross-country differences, as the effects of growth opportunities and managerial ownership on dividend policy vary between Indonesia and the Philippines. Implications: This study concludes that dividend policy is not solely determined by firm-level factors but is also shaped by institutional context. However, the study is limited to the food and beverage sector and a relatively short observation period. Future research is encouraged to include broader sectors and longer time horizons.
Co-Authors Anik Yuesti Baniline Jone Abantao Christian Angelo Ituriaga Putu Diah Kumalasari