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All Journal Media Ekonomi dan Manajemen
Agus Budi Hartono
AMI Maritime Polytechnic
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering

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The Determinants of Dividend Policy: An Empirical Study of Inconsistent Distribution of Dividends Using Balanced Panel Data Analysis Powell Gian Hartono; Wahyuni Rusliyana Sari; Georgina Maria Tinungki; Jakaria Jakaria; Agus Budi Hartono
Media Ekonomi dan Manajemen Vol 36, No 2 (2021): July 2021
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (519.718 KB) | DOI: 10.24856/mem.v36i2.2023

Abstract

The inconsistent distribution of dividends is a unique phenomenon and it needs to be examined. Therefore, the purpose of this study is to examine ten predictors affecting dividend policy of the inconsistent distribution of dividends. This study used the purposive sampling method to analyze the data that were obtained from a total sample of 133 observation objects collected in the 19 real estates, property, and building construction companies listed on the IDX Between 2013 - 2019. Furthermore, the method used is hypotheses testing and statistical analysis tool used is the hierarchical multiple panel data regression with the Least Squares Dummy Variables. The results obtained from panel A are firm risk, financial leverage, and investment opportunity that affect the dividend policy. Meanwhile, the panel B results are company risk, financial leverage, investment opportunity, and previous dividend, although the previous dividend had no effect due to the different direction of influence. This study proves the determinants and relevance of the parametric statistical analysis in the inconsistent distribution of dividends. Moreover, it is useful for managerial practitioners to pay attention to predictors for increasing company performances and to ensure investors obtain optimal return of their dividend.
Co-Authors Georgina Maria Tinungki Jakaria Jakaria Powell Gian Hartono Wahyuni Rusliyana Sari