PENGARUH INSIDER OWNERSHIP, INSTITUTIONAL OWNERSHIP, DISPERSION OF OWNERSHIP, COLLATERALIZABLE ASSETS, DAN BOARD INDEPENDENCE TERHADAP KEBIJAKAN DIVIDEN PADA SEKTOR FINANCE PERIODE 2011-2015
Abstract: The purpose of this
study is to examine the factors influencing the dividend policy, namely,
insider ownership, institutional of ownership, dispersion of ownership,
collateralizable assets, and board independence. The factors influencing this
dividend policy were checked by using method of Logit Regression.Having studied
using logit regression, the results obtained that there are three factors that
influence the dividend policy, namely, insider ownership, institutional of
ownership, and collateralizable assets. Insider ownership negatively affected
the dividend policy since the increasing number of insider ownership increased
the control of the company so that the shareholders felt safe to reinvest.
Institutional of ownership negatively affected the dividend policy since the
institutions had a majority stake in the company so that little fraud occurring
which made them reinvest. Collateralizable assets positively affected the
dividend policy since greater collateralizable assets increased the
distribution of dividends to shareholders. While there are two factors that did
not affect the dividend policy, namely, the dispersion of ownership and board independence. The dispersion of
ownership did not affect the dividend policy because the results of the data
obtained show that the shareholding in the company was only < 5%. Thus, the
influence of decision-making was small. Furthermore, board independence also
had no effect on dividend policy because the independent commissioners were
only part of the board of commissioners.
Keywords: dividend policy,
insider ownership, institutional ownership, dispersion of ownership,
collateralizable assets, board independence
Penulis: GREVIA VIOLETTA
MANGASIH
Kode Jurnal: jpmanajemendd171190
