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All Journal Airlangga Journal of Innovation Management Jurnal Akuntansi dan Keuangan Indonesia Journal of Chemical Engineering Research Progress
Christiana, Nova
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Chemical Engineering, Chemistry & Bioengineering Economics, Econometrics & Finance Energy Engineering Materials Science & Nanotechnology Social Sciences

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FOREIGN INSTITUTIONAL SHAREHOLDERS AND CORPORATE PAYOUT POLICY Setiawan, Rahmat; Christiana, Nova; Singh, Sanju Kumar
Jurnal Akuntansi dan Keuangan Indonesia Vol. 17, No. 2
Publisher : UI Scholars Hub

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Abstract

This study examines the effect of foreign institutional shareholders (FIS) on corporate payout policy. The study employs 97 Indonesian manufacturing firms listed on the Indonesia Stock Exchange period 2011-2015. Multivariate Tobit and Logit are employed to estimate the model. The result confirms the bird in the hand theory that FISs need assurance of their investments in the emerging market. FIS has a monitoring role over the firms since they have the ability to detect the firm’s quality and the agency problem within. The result confirms that the presence of the FIS in the firm has a positive and significant effect on both measures of corporate payout policy, dividend to net income and dividend to total asset. The presence of the FIS increases the propensity of the firm to pay a dividend.
Information Asymmetry Effect on Stock Liquidity Effect on Dividend Payout in Market Microstructure in Indonesia Singh, Sanju Kumar; Christiana, Nova; Upadhyay, Jitendra Prasad; Niroula, Ballav; Sitanggang, Eva Rianty Angelina
Airlangga Journal of Innovation Management Vol. 5 No. 3 (2024): Airlangga Journal of Innovation Management
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/ajim.v5i3.55951

Abstract

The impact of market microstructure in shaping corporate governance has been distinguished in several previous research. Market Microstructure becomes prominent factor in emerging markets. This study tested the effect of market microstructure, in the scheme of stock liquidity, on dividend payouts. This study has set focus mainly on the impact of stock liquidity on the corporate payout policy. Later, the researcher examined the interaction given to the stock liquidity factor with information transparency and agency problem properties since the researcher believed that transparency is linked to the and, subsequently, affecting the corporate agents. This research examined observations using quantitative research method, Tobit regression on 256 non-financial firms of the Indonesian capital market during 2010-2018. Stock liquidity significantly impacted dividend policy. The result showed robustness with other stock liquidity measures. This study found that information asymmetry and agency problems had a moderation effect on stock liquidity effect on dividend payout. However, the interaction of stock liquidity and disparity of control rights and cash flow rights did not give a moderation effect on the dividend payout policy. The result supports the notion that dividend payout is an outcome of firm good governance and an inverse of dividend signaling theory.
Process Optimization of Hydrogen Production via the Water–Gas Shift Reaction Using CO Recycle and Exothermic Reactor Operation Fitriana, Dias; Christiana, Nova; Kusumawati, Olivia Refa; Azzahra, Salsadila Nur Fatima
Journal of Chemical Engineering Research Progress 2026: JCERP, Volume 3 Issue 1 Year 2026 (June) (Issue in Progress)
Publisher : UPT Laboratorium Terpadu, Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9767/jcerp.20571

Abstract

Hydrogen production via the Water–Gas Shift Reaction (WGSR) is limited by thermodynamic equilibrium, restricting carbon monoxide (CO) conversion and process efficiency. The baseline process achieved 80.07% CO conversion, while the modified design incorporated CO recycle and controlled exothermic operation at 200° C. These changes significantly improved CO conversion to approximately 98%, reducing raw material losses and enhancing hydrogen yield. The results demonstrate that integrating recycle streams and thermal management strategies effectively overcomes equilibrium constraints for sustainable hydrogen production. Copyright © 2026 by Authors, Published by Universitas Diponegoro and BCRE Publishing Group. This is an openaccess article under the CC BY-SA License (https://creativecommons.org/licenses/by-sa/4.0).
Co-Authors Azzahra, Salsadila Nur Fatima Eva Rianty Angelina Sitanggang* Fitriana, Dias Kusumawati, Olivia Refa Niroula, Ballav RAHMAT SETIAWAN Sanju Kumar Singh Upadhyay, Jitendra Prasad