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Leadership and Dividend Policy in Emerging Markets: A Systematic Literature Review and Conceptual Framework Melli, Melli; Wardi, Yunia; Rusdi, Rino
JURNAL MANAJEMEN UNIVERSITAS BUNG HATTA Vol 21 No 1 (2026): Jurnal Manajeman Universitas Bung Hatta
Publisher : Management Department, Faculty of Economics and Business, Universitas Bung Hatta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37301/jmubh.v21i1.29239

Abstract

This systematic literature review examines how leadership-related factors are positioned in the literature alongside established financial determinants of dividend policy in emerging markets. Following PRISMA guidelines, the study reviews 26 peer-reviewed articles published between 2015 and 2025 and synthesizes evidence related to profitability, capital structure, leadership styles, corporate governance, and ESG practices. The findings confirm that profitability (ROA) and capital structure (DER) remain the most robust and consistently supported determinants of dividend policy, in line with established corporate finance theories. Evidence linking leadership styles to dividend decisions is limited and fragmented, with leadership primarily discussed as a contextual or complementary factor influencing managerial preferences rather than as a primary explanatory variable. From a theoretical perspective, this review clarifies the boundaries of current dividend policy theory by situating leadership as a conditioning construct operating through governance and ethical considerations, rather than as an independent determinant. From a practical perspective, the findings suggest that managers and boards in emerging markets should interpret dividend decisions not only through financial performance indicators but also within broader governance and leadership contexts, particularly when balancing payout stability and long-term investment priorities. The proposed conceptual framework remains exploratory and highlights the need for future empirical studies using longitudinal data and rigorous econometric methods to assess the moderating role of leadership in dividend policy decisions.
Emotional Exhaustion and Family Support in the Link Between Transactional Leadership and Crew Retention Nazarwin; Rusdi, Rino; Abror; Putra, Riki Wanda
Ilomata International Journal of Management Vol. 7 No. 2 (2026): April 2026
Publisher : Yayasan Sinergi Kawula Muda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61194/ijjm.v7i2.1993

Abstract

This study examines how transactional leadership (TL) influences the retention intention (RI) of Indonesian seafarers through the mediating role of emotional exhaustion (EE) and the moderating effect of family support (FS). The research uses the Job Demands–Resources (JD–R) model to explain how excessive supervision, strict compliance, and punitive control can increase psychological strain and emotional fatigue. Data were collected from 298 crew members working on medium-sized vessels operated by national shipping companies and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results show that TL positively affects EE (β = 0.292, p < 0.001) and indirectly reduces RI (β = 0.037, p = 0.018), while maintaining a direct positive impact on RI (β = 0.317, p < 0.001). EE partially mediates the TL–RI relationship, suggesting that emotional fatigue can lead to “forced retention” driven by family and financial obligations. FS has a strong positive influence on RI (β = 0.576, p < 0.001) and moderates the EE–RI link (β = 0.102, p = 0.007), indicating its buffering role against emotional strain. Overall, the study highlights that balancing transactional leadership with supportive resources and structured recovery policies is crucial for sustaining crew retention in the maritime industry.