PENGARUH MEKANISME CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DAN MEDIASI KEBIJAKAN DIVIDEN
Abstract: This study
aims to determine
and analyze 1)
the influence of
corporate governance mechanisms
on dividend policy and value of the firm; 2) the effects of dividend
policy mediated in order of causality between corporate
governance mechanisms and
value of the
firm. The sample
used was the manufacturing companies
listed in Indonesia
Stock Exchange with
the observation period
starting in 2000 to 2007. The
results showed that: 1) corporate governance mechanisms in istitutional
ownership represented by institutional
ownership have a
positive and significant
impact on dividend
policy represented by dividend
payout ratio; 2)
corporate governance mechanisms
are represented by institutional ownership,
independent boards, and
board’s size have
a positive effect
and significant impact on dividend policy, represented by Tobin's q;
and 3) the dividend policy does not mediate the relationship of causality
between corporate governance mechanisms (which are represented by boards institutional
ownership and board’s size) with Tobin's q.
Key Word: corporate governance
mechanism, value of the firm, boards independent, dividend payout ratio
Penulis: Mochamad Umar Mai
Kode Jurnal: jpakuntansidd110166
