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All Journal Journal of Management and Business Review Abdi Dosen : Jurnal Pengabdian Pada Masyarakat
Sugiarto Sugiarto
Sekolah Tinggi Pariwisata Ambarrukmo Yogyakarta
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Public Health Social Sciences

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The Critical Factors that Influence Dividend Payout Ratio on Pro-Cyclical and Non-Cyclical Sector Companies David Santoso; Helen Adriana Wijaya; Jason Ferdianto Diharjo; Sugiarto Sugiarto; Agus Salim
Journal of Management and Business Review Vol 23, No 1 (2026)
Publisher : Research Center and Case Clearing House PPM School of Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34149/jmbr.v23i1.648

Abstract

Pro‑cyclical and non‑cyclical sectors generate markedly different revenue patterns, a distinction that may influence firms’ willingness to share profits with investors. This study examines whether ownership structure and key financial variables influence dividend policy in Indonesia’s pro-cyclical manufacturing and non-cyclical consumer goods industries. Using a balanced panel of 435 firm-year observations (2015–2019) and fixed-effects panel regression, we examine the impact of family ownership, managerial compensation, leverage, and profitability on the dividend payout ratio. Sector‑specific results emerge. In consumer‑goods companies, higher managerial compensation significantly increases the dividend payout ratio, whereas greater leverage dampens it; family ownership and profitability are insignificant. In manufacturing firms, family ownership increases the dividend payout ratio, while leverage and profitability decrease it; managerial compensation has no significant impact. The findings help income‑oriented investors select suitable sectors, guide regulators in tailoring governance codes, and extend agency and signaling research to contrasting industry characteristics.
OPERATIONAL RISK EVALUATION IN SUPPORT OF THE SUSTAINABILITY OF THE RAMMANG-RAMMANG KARST AREA AS A NATURE TOURISM DESTINATION IN SOUTH SULAWESI Nur Fadillah; Sugiarto Sugiarto; Amin Kiswantoro
Abdi Dosen : Jurnal Pengabdian Pada Masyarakat Vol. 10 No. 3 (2026): SEPTEMBER
Publisher : LPPM Univ. Ibn Khaldun Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32832/abdidos.v10i3.3556

Abstract

The Rammang-Rammang Karst is one of Indonesia's prominent nature-based tourism destinations with significant geological, ecological, and tourism values, requiring effective operational risk management to ensure its sustainability. The increasing number of tourism activities has the potential to generate operational risks that may affect service quality, visitor safety, comfort, and environmental conservation if not properly managed. This study aimed to evaluate the performance and importance levels of operational risk attributes and to formulate operational risk mitigation strategies to support the sustainability of the Rammang-Rammang Karst Area in South Sulawesi. A quantitative approach was employed using purposive sampling involving 190 visitors. Data were analyzed using the Risk Evaluation Matrix (REM) to assess risk levels based on frequency and impact, and Importance Performance Analysis (IPA) to identify the priority of operational risk attributes according to visitors' perceptions. The findings revealed that Operational Risk Management Strategy were classified into retain risk, transfer risk, reduce risk, and avoid risk categories. The IPA results indicated that most operational attributes were positioned in Quadrant IV (Possible Overkill), while three attributes toilets, waste bins, and directional signage were located in Quadrant I (Concentrate Here), indicating that they require immediate improvement. Accordingly, the proposed mitigation strategies emphasize improving supporting facilities and infrastructure through regular toilet maintenance, strengthening waste management systems, and providing more informative directional signage. These strategies are expected to reduce operational risks, improve service quality, enhance visitor satisfaction, and support the sustainable management of the Rammang-Rammang Karst as a nature-based tourism destination.
Co-Authors Agus Salim Amin Kiswantoro David Santoso Helen Adriana Wijaya Jason Ferdianto Diharjo Nur Fadillah