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Corporate governance, capital structure and dividend policy Mardani, Ronny Malavia
Jurnal Ekonomi Modernisasi Vol. 19 No. 3 (2023)
Publisher : Fakultas Ekonomika dan Bisnis, Universitas Kanjuruhan Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21067/jem.v19i3.9830

Abstract

Corporate governance, capital structure and dividend policy are currently widely debated in finance. This research examines the influence of corporate governance and capital structure on dividend policy. This research also includes growth, profitability and firm size as independent variables. The samples in this research were manufacturing companies on the Indonesia Stock Exchange from 2012 to 2022. Based on the established criteria, a total of 38 companies were obtained. The data analysis technique was carried out using multiple linear regression. The results of the analysis show that corporate governance and profitability have a significant positive effect on dividend payout, which indicates that companies with good governance and profitable companies will prefer options to increase shareholder value so that investor trust in the company will increase and, in turn, this can lead to increased demand for company shares and pushed up share prices and dividends. On the other hand, firm size has a significant negative effect on dividend payout, which indicates that large companies prefer projects that can produce a high rate of return, so the company allocates funds to these projects rather than paying dividends to shareholders.
Dividend policy, ownership structure and corporate governance: An empirical analysis of Indonesian firms Mardani, Ronny Malavia
JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen Vol. 19 No. 1 (2022): JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen
Publisher : University of Islam Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31106/jema.v19i1.11116

Abstract

One of the essential aspects of corporate policy is the decision on dividend payments as this dividend policy affects the value of the company. This study aims to determine whether there is a possible association between dividend policy, ownership structure, and corporate governance of Indonesian financial firms. This study offers empirical evidence on the relationship between variables in the context of Indonesia, which is a frontier market. The sample includes financial firms listed on the Indonesia stock exchange during the period between 2011 and 2017. Data analysis techniques were performed by using ordinary least square regression. Based on the result of 242 observed data analyses, it was found that while managerial ownership has no significant but positive effect on the dividend payout ratio, institutional ownership has significant and negative effects on dividend policy for sample firms. This positive relationship reflects that increasing the percentage of managerial ownership at one particular point, will make managers think that there is no longer any benefit in increasing dividend payout. Moreover, the total number of directors has a significant negative effect on dividend payout and the percentages of an independent members of directors have a positive but not significant effect on dividend policy. This result reflects that the independent board has an essential role in directing management to protect stakeholders' interest in the company. The study also reclaimed that dividend policy is positively and significantly influenced by profitability but inversely proportional to capital structure.
Ukuran Perusahaan Sebagai Pemoderasi Pengaruh ESG, Profitabilitas, Dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan (Studi Perusahaan Manufaktur yang Terdaftar di BEI 2019-2023) Mursalina, Mursalina; Mardani, Ronny Malavia; Millaningtyas, Restu
E-JRM : Elektronik Jurnal Riset Manajemen E-JRM : Elektronik Jurnal Riset Manajemen Vol. 14 No. 01
Publisher : UNIVERSITAS ISLAM MALANG

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Abstract This study uses company size as a moderating variable to examine how ESG, profitability, and company growth affect company value. This sample was taken using a saturated sample technique with a research period from 2019-2023, so that a total sample of 65 data was obtained. SEM-PLS is used in the data analysis procedure. The software used WrapPLS 7.0. The findings demonstrared that while profitability has a significant positive impact on firm value, ESG has a significant negative impact. Company growth has a negative but insignificant impack on firm value, and company size can moderate the relationship between profitability on firm value but not the relationship between ESG and company growth. Keywords: Environmental, Social, Governance, Profitability, Firm Growth, Firm Value, Firm Size
Pengaruh Financial Literacy, Sosiodemografi, Dan Risk Tolerance Terhadap Pengambilan Keputusan Investasi Di Pasar Modal (Studi Kasus Pada Mahasiswa Generasi Z) Ningrum, Niken Widya; Mardani, Ronny Malavia; Novianto, Abdullah Syakur
E-JRM : Elektronik Jurnal Riset Manajemen E-JRM : Elektronik Jurnal Riset Manajemen Vol. 14 No. 01
Publisher : UNIVERSITAS ISLAM MALANG

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Abstract This study aims to identify and analyze how financial literacy, sociodemographics, and risk tolerance affect investment decisions in the capital market. In this study, it uses quantitative research methods. Researchers chose the population taken, namely generation Z students at FEB UNISMA in 2021, totaling 688 students. The sample used was 90 respondents of FEB UNISMA students in the class of 2021 and the results of this study were processed using the SPSS version 16.0 data processing program. The results of this study as a whole meet the test which shows that financial literacy is proven to have a positive and significant effect on investment decision making in FEB UNISMA students, sociodemographics are proven to have a positive and significant effect on investment decision making in the capital market in FEB UNISMA students, risk tolerance is proven to have a positive and significant effect on investment decision making in FEB UNISMA students. Keywords: Financial Literacy, Sosiodemografi, Risk Tolerance, Invesment.
Pengaruh Quality Of Work Life Dan Burnout Terhadap Kinerja Karyawan Melalui Motivasi Sebagai Variabel Moderasi (Studi Pada Karyawan Warehouse PT Tirta Sukses Perkasa) Pratiwi, Cantika Puspa; Mardani, Ronny Malavia; Bastomi, Mohamad
E-JRM : Elektronik Jurnal Riset Manajemen E-JRM : Elektronik Jurnal Riset Manajemen Vol. 14 No. 01
Publisher : UNIVERSITAS ISLAM MALANG

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Abstract Representatives with tall execution can play a noteworthy part in an organization. This ponder points to look at the impact of quality of work life and burnout on representative execution through inspiration as a directing variable at PT Tirta Sukses Perkasa. The test of this think about comprises of 113 distribution center representatives. The information collection procedure utilized in this inquire about could be a survey. The ponder utilizes the Basic Condition Modeling - Fractional Slightest Square (SEM-PLS) strategy with Smart-PLS form 4.0 computer program. The comes about of the think about demonstrate that quality of work life does not have a noteworthy impact on worker execution, burnout does not have a noteworthy impact on representative execution, inspiration does not direct the relationship between quality of work life and worker execution, and inspiration moderates the relationship between burnout and representative execution.   Keywords: Quality of work life, Burnout, Employee Performance, Motivation
Pengaruh Gaya Kepemimpinan Demokratis Terhadap Kinerja Karyawan Yang Dimediasi Oleh Kepuasan Kerja (Studi Karyawan Yayasan Pendidikan Islam Hidayatul Mubtadi’in Tasikmadu, Malang). Anan, Nurun Nadiva Salsabila; Mardani, Ronny Malavia; Amin, Muhammad Sirojuddin
E-JRM : Elektronik Jurnal Riset Manajemen E-JRM : Elektronik Jurnal Riset Manajemen Vol. 14 No. 01
Publisher : UNIVERSITAS ISLAM MALANG

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Abstract This research aims to analyze the influence of democratic leadership style on employee performance with job satisfaction as a mediating variable. The object of this research is employees at the Hidayatul Mubtadi'in Islamic Education Foundation in Tasikmadu, Malang. The research approach used is quantitative with an explanatory research method. Data was collected through questionnaires distributed to 57 respondents, consisting of teachers and foundation employees. The data analysis technique uses Structural Equation Modeling (SEM) with the help of SmartPLS 3.0 software.The research results show that democratic leadership style has a significant influence on job satisfaction and employee performance. In addition, job satisfaction has been proven to act as a mediating variable in the relationship between democratic leadership style and employee performance. Thus, the higher the application of democratic leadership, the greater the increase in job satisfaction which has implications for increasing employee performance. These findings contribute to human resource management in the Islamic education environment and become a reference for developing leadership policies in educational organizations. Keywords: Democratic Leadership Style, Employee Performance, Job Satisfaction, Islamic Education Foundation, SEM-PLS
Pengaruh Customer Experience terhadap Loyalitas Pelanggan Melalui Brand Image dan Customer Satisfaction (Studi pada Pelanggan Warteg Sari Rasa) Pratista, Ilham; Mardani, Ronny Malavia; Bastomi, Mohamad
E-JRM : Elektronik Jurnal Riset Manajemen E-JRM : Elektronik Jurnal Riset Manajemen Vol. 14 No. 01
Publisher : UNIVERSITAS ISLAM MALANG

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Abstract This study aims to determine the effect of customer experience on customer loyalty through brand image and customer satisfaction in Warteg Sari Rasa customers. This research uses a quantitative approach with an explanatory type of research. The population in this study were all Warteg Sari Rasa customers located in Malang City. The sample used was 85 respondents with accidental sampling technique.  The data collection technique uses a questionnaire distributed via google form and has been tested for validity and reliability. The data analysis technique used is path analysis with the help of the SPSS 26 application. The results showed that: (1) Customer experience has a positive and significant effect on customer loyalty. (2) Customer experience has a positive and significant effect on brand image. (3) Customer experience has a positive and significant effect on customer satisfaction. (4) Brand image has a positive and significant effect on customer loyalty. (5) Customer satisfaction has a positive and significant effect on customer loyalty. (6) Brand image mediates the effect of customer experience on customer loyalty. (7) Customer satisfaction mediates the effect of customer experience on customer loyalty. Keywords: Customer Experience, Brand Image, Customer Satisfaction, and Customer Loyalty.
Unraveling the Roots of Employee Turnover Intention at Bank Muamalat: Workload, Compensation, or Lack of Motivation ? Kasprianti, Rista Puji; Mardani, Ronny Malavia; Basalamah , Muhammad Ridwan
Al-Kharaj: Journal of Islamic Economic and Business Vol. 7 No. 1 (2025): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v7i1.7082

Abstract

The high rate of employee turnover in the banking sector, including at Bank Muamalat Indonesia in the East Java Region, poses a significant challenge for human resource management. This study aims to examine the effects of workload and compensation on turnover intention, with work motivation as a mediating variable. Utilizing a quantitative approach and an explanatory survey method, data were collected from 105 employees and analyzed using Structural Equation Modeling (SEM) with AMOS. The results reveal that workload has no significant effect on either motivation or turnover intention. This finding suggests that spiritual values and the Islamic organizational culture serve as protective factors in maintaining employee motivation and loyalty. Conversely, compensation has a negative effect on motivation and a positive effect on turnover intention, indicating a mismatch between employees’ perceptions of compensation fairness and their expectations. Furthermore, motivation was found to have a positive effect on turnover intention, suggesting that more motivated employees may have higher career ambitions and are more likely to seek opportunities outside the organization. Path analysis shows that motivation does not mediate the effect of workload on turnover intention but serves as a mediator in the relationship between compensation and turnover intention. These findings underscore the importance of strategic compensation and motivation management in human resource policies, particularly within institutions grounded in Sharia values.
Pengaruh Struktur Modal Terhadap Nilai Perusahaan Dimoderasi Good Corporate Governance Dan Corporate Social Responbility (Studi Pada Perusahaan Pertambangan Yang Go Public Di Bursa Efek Indonesia 2021 -2023) Lestari, Siswi Muji; Mardani, Ronny Malavia; Bastomi, Mohamad
E-JRM : Elektronik Jurnal Riset Manajemen E-JRM : Elektronik Jurnal Riset Manajemen Vol. 14 No. 01
Publisher : UNIVERSITAS ISLAM MALANG

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Abstract This research aims to examine the influence of capital structure on company value moderated by good corporate governance and corporate social responbility. The population in this research is mining sector companies listed on the Indonesia Stock Exchange (BEI) in the period 2021 to 2023. Using Purposive sampling method, a sample size of 11 mining sector companies was obtained, so the total obesrvations is secondary. The Moderated Regression Analysis (MRA) analysis techique is used to test whether the interaction between independent variables and moderating variables has an effect on the dependent variable. The result of this research show that capital structure as measured by DER has a significant influence on company value. Good Corporate Governance and Corporate Social Responbility are unable to moderate the influence of company size on company value.  Keywords: Capital Structure, Good Corporate Governance, Corporate Social Responbility, Company Value.
Pengaruh Rasio Profitabilitas, Likuiditas Dan Leverage Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Sub Sektor Telekomunikasi Yang Terdaftar di Bursa Efek Indonesia Pada Periode 2018-2023) Vachriyanti, Asma’ul Noer; Mardani, Ronny Malavia; Saraswati, Ety
E-JRM : Elektronik Jurnal Riset Manajemen E-JRM : Elektronik Jurnal Riset Manajemen Vol. 14 No. 01
Publisher : UNIVERSITAS ISLAM MALANG

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Abstract This study aims to analyze the effect of profitability, liquidity and leverage ratios on firm value in Telecommunication sub-sector companies listed on the Indonesia Stock Exchange (BEI). This data source uses secondary data in the form of financial statements from each company from 2018-2023. The population used was 18 companies. The sample obtained was 10 telecommunication companies that had been selected by purposive sampling method. The analysis method used is multiple linear regression analysis using the SPSS Statistics for Windows 25 application. The results showed that profitability, liquidity and leverage ratios simultaneously had an effect on company value. profitability (return on assets), liquidity (current ratio) and leverage (debt to equity ratio) partially have a positive and significant effect on company value.  Keywords : Company Value, Profitability, Liquidity, Leverage, Telecommunication
Co-Authors Abd. Wafi Abdul Majid Abdul Majid Abdullah Syakur Novianto Abidin, Zeinal ABS, M Khoirul Ach Taufiqur Rohman Achmad Agus Priyono Adnan Abdul Khobir Afi Rachmat Slamet Agus Salim Agus Salim Ahmad Rifai Ainun Ulumiah Nursa Aisyah Rokhma Aisyah, Widya Nur Al- mar’atus Sholikhah Aleria Irma Hatneny Alfian Budi Primanto Alif Adi Prasetyawan Alifia Nuraini Alitakupenda, Dwitaria Alvin Hidayatullah Amanah, Firnandya Amelia Monica Ningrum Amin, Muhammad Sirojuddin Aminatun Nasukha Aminatuz Zuhriyah Aminuyati Amiril Mustofa Ana Indriyani Ana Roikhatul Zannah Anak Agung Gede Sugianthara Anan, Nurun Nadiva Salsabila Andi Normaladewi Anggraeni, Dwi Adela Anggraini, Tasya Meylina Ari Anita Laelatul Khomsatun Any Tafriha Ferriyanti Aprilianto Aprilianto Aprillia Nur Choiriah Arini Fitria Mustapita Arsyianto, M. Tody Asih Masita Asmiyati Atapuka Auliyah Palupi Putri Indra Sari Ayu Trisnawati Ayu Yossita Candra Octaviana Ayu Yulita Putri Ayunani, Sabrina Azizah, Nur Rosyda Dhiya’ul Azizah, Umul Balqish, Alya Tamara Basalamah , Muhammad Ridwan Basalamah, Muhammad Ridwan Bastomi, Mohamad Bastomi, Mohammad Bayu, Juli Adriano Budi Wahono Celmia Celmia Chika Deva Ciptadi Cicik Marianti Citra Damayani Prayogiyanto Citra Nurul Hidayati Danang Laksono Deasy Dwi Komaini Deby Nofianti Pratiwi DEVI TRIANINGSIH Dewi Cahya Putri Dewi Nurhidayah Diah Wahyuning Tyas Diajeng Kusuma Wardani Dian Aulia Fitri Dian Savitri Dinda Nur Afifah Distha Anggrainingrum Dwi Agustina Ega Aditya Eka Indah Wahyu Eka Wahyu Ningrum Ekiq Arifaturini Elfina Rahmania Elysa Anggun Fradini Endah Setya Rahayu Erin Mastura Erindia Cember Eris Dianawati Esti Dewi Purwati Etty Saraswati Eva Susanti Eva Zulaikha Fahimatuz Zainul Laila Fahma Lintang Nabila Fahmi Faizal Izmy Fahrurrozi Rahman Fairoh Aida Qothrun Nada Fajjar Mustofa Farah Zairina Faris Fardani FATIMAH FATIMAH Fatimatuz Zahro Fatmawati, Yenni Diah Fatus All Anati Fauziyatul Uffah Fayi’ Hilmy Musyafiq Febbyola, Risa Febriani, Rezki Febi Filzah Gaissani Fina Hikmatul Insaniyah Fiona Putri Dyah Pancari Fita Dwi Hariyati Fitri Anggriani Fitriani, Nur Afika Gandung Fitra Pambudi Griselda Putri Vania Florence Hafidzul Ulum Halimah, Faridatul Hanik Latifah Helma Rizqikah Amir Hendra Bagus Yulipratama Himmatussuhra Himmatussuhra Ida Ardila Syafitri Rumain Ihza Manggara, Yusrik Iin Cahyaningsih Ike Nur Wahyuni Ike Wulandari Ilham Wahyudiarso Indah Handayani Indah Ramadhani Irma Lina Fadila Husna Putri Isa Agid Wibisana Ita Athia Izhatul Ulia Izzatin Nayli Jannah, Shofiratul Josi Eka Ariyani Kasprianti, Rista Puji Khalikussabir, Khalikussabir Khoirul Anam Khurrotun Nisa’ Krismala Fadrila Kuswatun Hasanah Lailatus Sofiah Laksono, Felicia Averina Laurensia Laras Noviyanti Larisa Dea Chatira Lestari, Siswi Muji Lika Handayani Liskan Kirana Lufi Khomsiatin Nulhaniya Lujeng Indra Prayugi Lukluatul Fadillah M Agus Salim M, Tiara Nur M. Agus Salim M. Fakhry Iskhaq M. Farchan Fuadi M. Hufron M. Khoirul Anwarodin Broto S M. Syaifudin Zuhri M. Umar Izzul Chaq Manis Syahedeh Mar’ah Qonitatillah Masriyani Masriyani Maulidya, Anisa Maya Dewi Suprobo Millaningtyas, Restu Mitra Kartini Moch Kukuh Widyatmoko Mochamad Yuhdi Atoillah Mochammad Handika Setiawan Moh Hairul Anam Moh Lutf Moh Sofiyanto Mohamad Fathanudin Abas Mohammad Arif Efendi Mohammad Faisol Efendi Mohammad Rizal Muallifa Muallifa Mudrikah Mudrikah Muhammad Adam Yusuf MUHAMMAD AGUS SALIM Muhlis Muhlis Mursalina Mursalina Nadirotul Hasanah Nanda Diah Ayu Nurmindasari Naning Adindah Putri Nela Rahayuni Neni Elfina Ngatiningsih, Tuti Khoiriyah Nifta Asfidza Alma Nihayah Saefil Ikhsan Nike Anggita Prima Nilna Izza Amalia Nindi Aulia Riadi Nindy Wulandari Ningrum, Niken Widya Nining Tsamratul Hasanah Nizam, Muhammad Sahrun Noer Fadhilah Rahman Nor Laili Roudotul Janah Nova Istiqomah Nova Suci Indrawati Nur Aniseh Nur Haslinda Nur Kamilah Nur Mahfudh Febriansyah Nuratul Amaliah Nurfarida Nurfarida Nurhidayah Nurhidayah Nurhidayah Nurhidayah Nurhidayah Nurul Afifah Fasbiyanti Nurul Khoirini Nuryanita Rusiah Oktaningrum, Indarti Indah Olla Fathimatuz Zahro Permata Irmin Seriyarini Pipit Larasati Pratista, Ilham Pratiwi, Cantika Puspa Puguh Roni Prastowo Putra, Arif Rahman Surya Putri Ayu Khoriah Putri Dinda Erika Rachman, Fahmia Nur Fitria Rahmawati Rahmawati Ramadhan, Tri Sugiarti Raras Nur Fitiah Ratna Tri Hardaningtyas, Ratna Tri Rawiyatul Hasana Reni Evaluki Rennia Sofi Dia Anugra Heni Rico Adi Suwardianto Rifa Ariana Ningtyas Rif’atul Himmah Rif’atul Inayati Rina Wulan Novianti Risa Dewi Yanti Aceh Risna Faulia Rita Lia Novita Rizalatul Isa Rizka Nur Fittriana Rizky Adhyvian Rohma, Hindun Miftakhur Rosmah Sholichah Rovita Tri Rezeki Safitri Safitri Saiful Anwari Salsabillah, Via Amelya Saraswati, Ety Sembiring, Rinawati Septi Ning Tyas Septia Anggi Saputri Shafaratin Nurul Hasanah Shela Karlina Devi Shilvie Damayanti Lestari Shofi Eka Khairunnisa Silvia Sahara Sindi Ristanti Sinta Mayyukha Sintia Ifadatul Aulia Fatra Sintia Novita Sari Siti Kusmawati Siti Masula Siti Nur Laelatul Rohmah Siti Sara Ilham Siti Suhaebah Siti Uswatun Khasanah SOFIYULLAH SOFIYULLAH Sovi Devianita Sari Sri Puspa Nurhayati Sulton Sholehuddin, Sulton SUTRA Aji NINGTYAS Teddy Kurnia Dwi Anggoro Kusumo D Therito Akbar Firmansyah Ubaid Choiri Ubaidullah Ubaidullah Uswatun Khusnah Vachriyanti, Asma’ul Noer Veni Rikusita Vika Septirini Viqi Hendro Fahtoni Vivi Noviyanti Wahdah Lutfiana Arinta Wahyudi Kurniawan Weni Afrilliansyah Winda Irawati Wiwin Rafida Wajapa Yahsyallah Yenniria Nurhaidah Yeritama, Risma Yogi Adetya Kurniawan Yudi Purnomo Yulitasari Mila Dewi Zahro, Handini Nur Chameli Atuz Zahrotun Nisa Zainul Fikri Zidan, Moh Izzad Kamal Zila Nurdila Hafidzah Zulkarnain Zulkarnain