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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

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.

LIKUIDITAS SEBAGAI PREDIKTOR PROFITABILITAS: SEBUAH STUDI EMPIRIS PADA PERUSAHAAN SEKTOR INDUSTRI MANUFAKTUR Powell Gian Hartono; Henny Setyo Lestari; Richy Wijaya; Agus Budi Hartono; Georgina Maria Tinungki
Derivatif : Jurnal Manajemen Vol 14, No 2 (2020): November
Publisher : Universitas Muhammadiyah Metro Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24127/jm.v14i2.475

The purpose of this study is to examine the effect of liquidity with proxies are the current ratio (CR), and the quick ratio (QR) to profitability with proxies are the return on assets (ROA) and the return on equity (ROE), on manufacturing sector companies listed on the Indonesia Stock Exchange with the research periods are 2014 - 2018. The purposive sampling method was used, and as many as twenty companies were sampled. The test uses multiple linear regression analysis; the stage are classical assumption test, the goodness of fit test, F-test, and T-test. The results obtained in the first model with ROA as the criterion are CR and QR as the significant predictors. The results obtained in the second model with ROE as the criterion is QR as the significant predictor, while CR has no significant effect to ROE. These results indicate that each profitability ratio is specifically influenced by the respective liquidity ratios studied so that companies can pay more attention to matters related to these variables in order to support efforts to increase company profitability.Keywords: Current Ratio, Manufacturing Company, Return on Assets, Return on Equity, Quick Ratio

Determinants of Dividend Policy of Real Estate, Property, and Building Construction Companies Listed in IDX with Unbalanced Panel Data Approach Powell Gian Hartono; Anita Roosmalina Matusin
TIJAB (The International Journal of Applied Business) Vol. 4 No. 2 (2020): NOVEMBER 2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/tijab.V4.I2.2020.139-156

This study involved companies engaging in real estate, property, and building construction companies listed in IDX for 2013 - 2019 period as the population. Unbalanced panel data regression was employed using the SPSS version 22 and E-Views version 10 to analyze the data and to test the hypotheses. The results showed that the previous year's dividend had a positive effect on dividend policy, while company size had a negative effect on dividend policy. This study proved that previous year's dividend and company size were key variables that determined companies’ dividend policy and they were major investment considerations for investors in order to obtain optimal returns.

COVID-19 Pandemic, Dividend Policy, and Stock Market Reaction: Evidence from the Manufacturing Companies in Indonesia Powell Gian Hartono; Muhammad Yaasiin Raya
Jurnal Keuangan dan Perbankan Vol 26, No 4 (2022): OCTOBER 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i4.8226

This study aimed to examine the impact of the COVID-19 crisis on the dividend policy of Indonesia’s manufacturing companies and the stock market reaction to this corporate action in 2020. The purposive sampling technique was used to select 87 manufacturing companies to examine the impact of the crisis on dividend policy from 2014 to 2020, while the market reaction was tested on 42 companies. Data were analyzed using the dynamic panel data regression with the SYS-GMM estimation method, as well as the one sample T-test and the Wilcoxon sign-ranked tests. The findings showed that Indonesia’s manufacturing companies formulated a positive dividend policy during the COVID-19 pandemic. The stock market reaction to this corporate action was weak, meaning it became sluggish during a crisis. These results indicate that the effort to signal the market positively was ineffective. Therefore, companies must formulate corporate actions or other managerial policies to reduce capital market sluggishness in crisis. They should also implement an optimal dividend policy to increase their value to contribute to the Indonesian economy, specifically in crisis conditions, such as the COVID-19 pandemic.

COVID-19, Profitabilitas, dan Kebijakan Dividen: Uji Robustness untuk Model Mediasi Menggunakan SEM Berbasis Kovarian Powell Gian Hartono; Georgina Maria Tinungki; Kiandra Putri Susanto
International Journal of Digital Entrepreneurship and Business Vol 4 No 1 (2023): International Journal of Digital Entrepreneurship and Business (IDEB)
Publisher : STIE-JIC

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52238/ideb.v4i1.106

This study aims to test the mediating effect of profitability on the COVID-19 pandemic crisis toward dividend policy in Indonesia. The study was conducted between 2014 and 2020, with samples selected from real estate, property, and construction companies using a purposive sampling technique with pre-determined criteria. Furthermore, covariance-based structural equation modeling was used as the statistical analysis tool to test causality, and a robustness test was conducted on two empirical model approaches. The results showed that the COVID-19 pandemic crisis had a positive effect on profitability, which in turn had a positive effect on dividend policy. In the mediation test, the crisis positively affected dividend policy significantly mediated by profitability. This shows that real estate, property, and construction companies in Indonesia tend to reduce dividend levels during the crisis. Therefore, the management needs to pay attention to the mediating effect of profitability to determine dividend policy during a problem optimally. Investors also need to consider the mediating effect of profitability to obtain optimal returns in the form of dividends, specifically for real estate, property, and construction companies.

MENGEKPLORASI HUBUNGAN KUALITAS JASA DAN KEPUASAN SISWA PROGRAM PRE-UNIVERSITY SELAMA PANDEMI COVID-19 Fransisca Laij; Powell Gian Hartono
Value : Jurnal Manajemen dan Akuntansi Vol. 18 No. 2 (2023): Mei - Agustus 2023
Publisher : Prodi Ilmu Manajemen, Fakultas Ekonomi Universitas Muhammadiyah Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32534/jv.v18i2.4491

Penelitian ini mengeksplorasi hubungan kausalitas di antara kualitas jasa terhadap kepuasan siswa pada program pre-university di masa pandemi COVID-19. Populasi penelitian ini adalah siswa program pre-university yang diselenggarakan oleh Jakarta International College (JIC). Purposive sampling technique diadaptasi dengan beberapa kriteria sampel yang ditetapkan, yaitu responden merupakan siswa program pre-university yang diselenggarakan oleh JIC. Siswa Foundation Year (FY) yang dijadikan sampel merupakan siswa yang menjalani studi di masa pandemi COVID-19, serta siswa yang menjalani studinya melalui media daring sejak tahun 2020 – 2022. Alat analisis statistik yang digunakan adalah regresi linear berganda, serta uji instrumen dan analisis statistik deskriptif. Data empiris diolah menggunakan SPSS versi 22. Hasil yang didapatkan adalah reliabilitas, daya tanggap, jaminan, serta empati atas kualitas jasa berpengaruh positif terhadap kepuasan siswa. Analisis statistik deskriptif menunjukkan bahwa keseluruhan siswa program FY menunjukkan persepsi sangat puas atas kualitas jasa yang diberikan. Selain itu, walaupun secara statistik deskriptif menunjukkan bahwa persepsi siswa masuk pada kategori puas hingga sangat puas, penelitian ini memberi implikasi manajerial kepada institusi penyelenggara program untuk terus meningkatkan dimensi jaminan kualitas jasa untuk kepuasan siswa. Kata Kunci: Kualitas Jasa, Kepuasan Siswa, JIC, Foundation Year.

The Influence of Gross Regional Domestic Product Per Capita and Foreign Direct Investment on Income Inequality: An Empirical Study of 34 Provinces in Indonesia Maichal, Maichal; Hartono, Powell Gian; Firman, Afrizal; Yudha, I Made Endra Kartika
Journal of Economics Research and Social Sciences Vol 8, No 2: August 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jerss.v8i2.23256

The study investigates the correlation between Gross Regional Domestic Product (GRDP) per capita, Foreign Direct Investment (FDI), and the Gini coefficient using panel data from 34 provinces in Indonesia from 2015 to 2023. A panel data regression analysis method was employed for data processing to optimize estimation results. The results obtained from the analysis using the Fixed Effects Model (FEM) consistently show strong positive outcomes. The findings imply a direct connection between higher GRDP per capita, increased FDI, and a higher Gini coefficient, suggesting that more significant foreign investment and higher per capita GDP contribute to increased income inequality across the Indonesian provinces. The study emphasizes the critical role of regional governments in addressing these disparities. It suggests strategies such as implementing regional policies to boost investment, enhancing infrastructure, creating more business opportunities, and promoting tourism. The proposal to establish the National Capital City (IKN) in East Kalimantan is presented as a long-term solution to reduce income inequality among the provinces.

Assessing the Role of Financial Self-Efficacy to Enhance Financial Well-Being among University Students in Western Java Land, Indonesia Yuyun Karystin Meilisa Suade; Powell Gian Hartono; Erwin Erwin; Monalisa Monalisa; St Salmah Sharon
Jurnal Proaksi Vol. 11 No. 3 (2024): Juli - September
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32534/jpk.v11i3.6245

Keyakinan diri untuk mengelola keuangan pribadi adalah penting untuk membentuk perilaku keuangan guna mencapai kesejahteraan finansial di masa depan. Oleh sebab itu, penelitian ini menguji pengaruh financial self-efficacy terhadap financial well-being. Subjek penelitian adalah mahasiswa yang berdomisili di provinsi Banten, DKI Jakarta dan Jawa Barat. Penelitian ini menggunakan desain kuantitatif dengan sampel 124 responden terpilih. Data dianalisis menggunakan Structural Equation Modelling – Partial Least Square (SEM-PLS) dengan SMARTPLS Versi 3. Lebih lanjut, sub-sampel Robustness Check dilakukan dengan membagi kelompok sampel yang terdiri atas Kelompok Mahasiswa Banten dan DKI Jakarta dan Kelompok Mahasiswa Jawa Barat. Temuan menunjukkan bahwa Financial Self-Efficacy berpengaruh positif terhadap Financial Well-Being. Kemudian, hasil sub-sampel Robustness Check menunjukkan hasil yang konsisten antara sampel utama, dan kedua kelompok uji Robust. Temuan ini menunjukkan perlunya universitas di Banten, DKI Jakarta, dan Jawa Barat mengembangkan program edukasi keuangan untuk meningkatkan financial self-efficacy mahasiswa. Lembaga keuangan dan pembuat kebijakan juga dapat bekerja sama dengan universitas untuk menyediakan sumber daya guna meningkatkan kesejahteraan finansial mahasiswa.

The Influence of Gross Regional Domestic Product Per Capita and Foreign Direct Investment on Income Inequality: An Empirical Study of 34 Provinces in Indonesia Maichal, Maichal; Hartono, Powell Gian; Firman, Afrizal; Yudha, I Made Endra Kartika
Journal of Economics Research and Social Sciences Vol. 8 No. 2: August 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jerss.v8i2.23256

The study investigates the correlation between Gross Regional Domestic Product (GRDP) per capita, Foreign Direct Investment (FDI), and the Gini coefficient using panel data from 34 provinces in Indonesia from 2015 to 2023. A panel data regression analysis method was employed for data processing to optimize estimation results. The results obtained from the analysis using the Fixed Effects Model (FEM) consistently show strong positive outcomes. The findings imply a direct connection between higher GRDP per capita, increased FDI, and a higher Gini coefficient, suggesting that more significant foreign investment and higher per capita GDP contribute to increased income inequality across the Indonesian provinces. The study emphasizes the critical role of regional governments in addressing these disparities. It suggests strategies such as implementing regional policies to boost investment, enhancing infrastructure, creating more business opportunities, and promoting tourism. The proposal to establish the National Capital City (IKN) in East Kalimantan is presented as a long-term solution to reduce income inequality among the provinces.

Faktor-Faktor Penentu Peluang Inovasi: Studi Empiris untuk UMKM di Jakarta Perdana, Cipta Canggih; Hartono, Powell Gian; Monalisa, Monalisa; Suade, Yuyun Karystin Meilisa
Value : Jurnal Manajemen dan Akuntansi Vol. 19 No. 3 (2024): September - Desember 2024
Publisher : Program Studi Manajemen, Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32534/jv.v19i3.6506

Pemanfaatan media sosial di usaha mikro, kecil, dan menengah (UMKM) semakin marah untuk kegiatan pemasarannya. Oleh sebab itu, penelitian ini menguji dan menganalisis dampak Pemanfaatan Media Sosial dan Orientasi Pelanggan terhadap Peluang Inovasi bagi UMKM di Jakarta. Sampel diambil dengan pendekatan purposive sampling method, sehingga terpilih sebanyak 107 UMKM ditetapkan sebagai sampel. Dengan pendekatan kuantitatif, penelitin menguji variabel-variabel dengan metode statistik partial least square-structural equation modeling (SEM-PLS). Hasil penelitian ini adalah terbukti terdapat pengaruh positif Pemanfaatan Media Sosial dan Orientasi Pelanggan terhadap Peluang Inovasi secara parsial. Sehingga, penelitian ini memberikan kontribusi bagi UMKM untuk penggunaan media sosial untuk meningkatkan peluang inovasi, serta orientasi konsumen untuk meningkatnya.

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