KEBIJAKAN DIVIDEN DALAM PERSPEKTIF CATERING THEORY
DOI:
https://doi.org/10.25170/balance.v19i1.3353Kata Kunci:
Dividend Policy, Dividend Premium, Share RepurchasesAbstrak
This research is aimed to investigate the role of dividend premium and share repurchases in influencing the companies’ dividend policy. The theory used in this research is catering theory. This research uses secondary data obtained by using observation method. The data source in this research is the annual reports of manufactur companies listed on the Indonesia Stock Exchange (IDX) for the period 2017 to 2019. The sample were selected using purposive sampling method, with a total of 98 companies. This research uses analysis double linear regression test using SPSS version 20 software. The result of this research indicate that dividend premium has a positive and significant effect on dividend policy. Share repurchases has a negative and significant effect on dividend policy
Referensi
Al-Malkawi et al. (2010). Dividend Policy: A Review of Theories and Empirical Evidence . International Bulletin of Business Administration , 1451-243X.
Aharoni, G et al. (2011). The Payout Policy of Australian Firms: Dividends, Repurchases, and Soft Substitution. SSRN Electronic Journal.
Abdulkadir et al. (2014). Penelitian Implication of Catering Theory of Dividend: Evidence from Financial Firms Listed on the Nigerian Stock Exchange. . Research Journal of Finance and Accounting, 211–215.
Al-Malkawi, H. (2007). Determinants of Corporate Dividend Policy in Jordan: An Application of The Tobit Model. Journal of Applied Accounting Research, 44-70.
Anita, A., & Yulianto, A. (2016). Pengaruh Kepemilikan Manajerial dan Kebijakan Dividen Terhadap Nilai Perusahaan. Management Analysis Journal, 5(1), 17–23.
Anouar. (2012). The Impact of Catering Theory and Financial Firms Characteristic on Dividend Decision: The Case of French Market. . Groupe de Recherche en Management.
Baker, M., & Wurgler, J. (2004). A Catering Theory of Dividends. Journal of Finance, 59(3), 1125–1165.
Black, F., & Scholes, M. (1974). The Effects of Dividend Yield and Dividend Policy On Common Stock Prices and Return. Journal of Financial Economics, 1-22.
Brigham, & Houston. (2004). Fundamentals of Financial Management, 10th.
Brigham, E. F., & Houston, J. F. (2001). Manajemen Keuangan. Edisi Kedelapan. Buku 2. Jakarta: Erlangga.
Ekayanti, A. R., & Haryetti. (2012). Pengaruh Profitabilitas, Investment Opportunity Set dan Pertumbuhan Perusahaan terhadap Kebijakan Dividen pada Perushaan LQ-45 yang Terdaftar di BEI. Jurnal Ekonomi.
Fatmawati, & Ahmad, R. (2017). Teori Catering dan Karakteristik Keuangan dalam Keputusan Dividen Perusahaan BUMN di Indonesia. Jurnal Ekonomi Dan Keuangan, 1(3), 325–341.
Ferris et al. (2009). Catering Effects in Corporate Dividend Policy: The International Evidence. Journal of Banking and Finance.
Ghozali, I. (2012). Aplikasi Analisis Multivariate dengan Program IBM SPSS. Yogyakarta: Universitas Diponegoro.
Graham, J. R., & Kumar, A. (2006). Do Dividend Clienteles Exist? Evidence on Dividend Preferences of Retail Investors. The Journal of Finance, 1305-1336.
Handary, R., A., Lukviarman, N., & Febrianto, R. (2006). The Correlation of Catering Incentives To Stock Return : A Test of Catering Theory of Dividend. National Accounting Symposium IX Padang.
Jiang, Z., Kim, K. A., Lie, E., & Yang, S. (2013). Share Repurchases, Catering, and Dividend Substitution. Journal of Corporate Finance.
Khoiruddin, M., & Faizati, E. R. (2014). Market reaction to dividend announcement of companies with shares are listed as sharia securites. Jurnal Dinamika Manajemen.
Li, & Lie. (2006). Dividend Change and Catering Intensives. Journal of Financial Economics.
Li, & Zhao. (2008). Asymmetric Information and Dividend Policy. Financial Management.
Moin et al. (2020). In Search of Stock Repurchases Determinants in Listed Indonesian Firms During Regulatory Changes. Journal of Economic Behavior and Organization, 145-165.
Ming et al. (2016). Dividend Policy and Catering Theory: Evidence from Taiwan Stock Exchange. Managerial Finance, 182–205.
Mufidah, A. (2013). Buy Backs Saham sebagai Sebuah Alternatif Kebijakan. Jurnal Ekonomi Akuntansi dan Manajemen.
Nafi'ah. (2011). Strategi dan Stabilitas Pembayaran Dividen. Jurnal STIE Semarang, 3(2).
Neves et al. (2006). Dividends: New Evidence on The Catering Theory. Documento de Trabajo .
Otoritas Jasa Keuangan. (2017). Peraturan Otoritas Jasa Keuangan Nomor 30 /PJOK.04/2017 tentang Pembelian Kembali Saham yang Dikeluarkan oleh Perusahaan Terbuka.
Riyanti, D., & Yulianto, A. (2018). Catering Theory of Dividend in Dividend Policy: The Evidence from Indonesia. Management Analysis Journal.
Rochmah, H. N., & Ardianto. (2020). Catering dividend: Dividend premium and free cash flow on dividend policy. Cogent Business & Management.
Sartono, A. (2001). Manajemen Keuangan Teori dan Aplikasi. Yogyakarta: BPFE.
Stephens, C., & Weisbach, M. (1998). Actual share reacquisitions in open market repurchases programs. Journal of Finance.
Suffah, R. (2016). Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan dan Kebijakan Dividen pada Nilai Perusahaan. Jurnal Ilmu dan Riset Akuntansi.
Susanti, L., & Erlanda. (2018). Analisis Faktor-Faktor yang Mempengaruhi Stock Repurchase pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2016. Jurnal Sains Manajemen dan Akuntansi.
Tangjitprom. (2013). Dividend Premium and Dividend Payment Decision in Thailand. . International Conference on Economics, Business and Management, 50-54.
Tsuji. (2010). A Test of Catering Theory of Dividend: The Case of Japanese Electric Appliance Industry. . Journal of Management Research, 1–16.
Wansley, J., Lane, W., & Sarkar, S. (2015). The Explanation Power of Investor Opinion Divergence in Open Market Repurchases. Journal of Finance and Accounting.
Widanaputra, A. A. (2010). Pengaruh Konflik Keagenan Mengenai Kebijakan Dividen terhadap Konservatisme Akuntansi. Journal Aplikasi Manajemen, 8, 379-390.
Aharoni, G et al. (2011). The Payout Policy of Australian Firms: Dividends, Repurchases, and Soft Substitution. SSRN Electronic Journal.
Abdulkadir et al. (2014). Penelitian Implication of Catering Theory of Dividend: Evidence from Financial Firms Listed on the Nigerian Stock Exchange. . Research Journal of Finance and Accounting, 211–215.
Al-Malkawi, H. (2007). Determinants of Corporate Dividend Policy in Jordan: An Application of The Tobit Model. Journal of Applied Accounting Research, 44-70.
Anita, A., & Yulianto, A. (2016). Pengaruh Kepemilikan Manajerial dan Kebijakan Dividen Terhadap Nilai Perusahaan. Management Analysis Journal, 5(1), 17–23.
Anouar. (2012). The Impact of Catering Theory and Financial Firms Characteristic on Dividend Decision: The Case of French Market. . Groupe de Recherche en Management.
Baker, M., & Wurgler, J. (2004). A Catering Theory of Dividends. Journal of Finance, 59(3), 1125–1165.
Black, F., & Scholes, M. (1974). The Effects of Dividend Yield and Dividend Policy On Common Stock Prices and Return. Journal of Financial Economics, 1-22.
Brigham, & Houston. (2004). Fundamentals of Financial Management, 10th.
Brigham, E. F., & Houston, J. F. (2001). Manajemen Keuangan. Edisi Kedelapan. Buku 2. Jakarta: Erlangga.
Ekayanti, A. R., & Haryetti. (2012). Pengaruh Profitabilitas, Investment Opportunity Set dan Pertumbuhan Perusahaan terhadap Kebijakan Dividen pada Perushaan LQ-45 yang Terdaftar di BEI. Jurnal Ekonomi.
Fatmawati, & Ahmad, R. (2017). Teori Catering dan Karakteristik Keuangan dalam Keputusan Dividen Perusahaan BUMN di Indonesia. Jurnal Ekonomi Dan Keuangan, 1(3), 325–341.
Ferris et al. (2009). Catering Effects in Corporate Dividend Policy: The International Evidence. Journal of Banking and Finance.
Ghozali, I. (2012). Aplikasi Analisis Multivariate dengan Program IBM SPSS. Yogyakarta: Universitas Diponegoro.
Graham, J. R., & Kumar, A. (2006). Do Dividend Clienteles Exist? Evidence on Dividend Preferences of Retail Investors. The Journal of Finance, 1305-1336.
Handary, R., A., Lukviarman, N., & Febrianto, R. (2006). The Correlation of Catering Incentives To Stock Return : A Test of Catering Theory of Dividend. National Accounting Symposium IX Padang.
Jiang, Z., Kim, K. A., Lie, E., & Yang, S. (2013). Share Repurchases, Catering, and Dividend Substitution. Journal of Corporate Finance.
Khoiruddin, M., & Faizati, E. R. (2014). Market reaction to dividend announcement of companies with shares are listed as sharia securites. Jurnal Dinamika Manajemen.
Li, & Lie. (2006). Dividend Change and Catering Intensives. Journal of Financial Economics.
Li, & Zhao. (2008). Asymmetric Information and Dividend Policy. Financial Management.
Moin et al. (2020). In Search of Stock Repurchases Determinants in Listed Indonesian Firms During Regulatory Changes. Journal of Economic Behavior and Organization, 145-165.
Ming et al. (2016). Dividend Policy and Catering Theory: Evidence from Taiwan Stock Exchange. Managerial Finance, 182–205.
Mufidah, A. (2013). Buy Backs Saham sebagai Sebuah Alternatif Kebijakan. Jurnal Ekonomi Akuntansi dan Manajemen.
Nafi'ah. (2011). Strategi dan Stabilitas Pembayaran Dividen. Jurnal STIE Semarang, 3(2).
Neves et al. (2006). Dividends: New Evidence on The Catering Theory. Documento de Trabajo .
Otoritas Jasa Keuangan. (2017). Peraturan Otoritas Jasa Keuangan Nomor 30 /PJOK.04/2017 tentang Pembelian Kembali Saham yang Dikeluarkan oleh Perusahaan Terbuka.
Riyanti, D., & Yulianto, A. (2018). Catering Theory of Dividend in Dividend Policy: The Evidence from Indonesia. Management Analysis Journal.
Rochmah, H. N., & Ardianto. (2020). Catering dividend: Dividend premium and free cash flow on dividend policy. Cogent Business & Management.
Sartono, A. (2001). Manajemen Keuangan Teori dan Aplikasi. Yogyakarta: BPFE.
Stephens, C., & Weisbach, M. (1998). Actual share reacquisitions in open market repurchases programs. Journal of Finance.
Suffah, R. (2016). Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan dan Kebijakan Dividen pada Nilai Perusahaan. Jurnal Ilmu dan Riset Akuntansi.
Susanti, L., & Erlanda. (2018). Analisis Faktor-Faktor yang Mempengaruhi Stock Repurchase pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2016. Jurnal Sains Manajemen dan Akuntansi.
Tangjitprom. (2013). Dividend Premium and Dividend Payment Decision in Thailand. . International Conference on Economics, Business and Management, 50-54.
Tsuji. (2010). A Test of Catering Theory of Dividend: The Case of Japanese Electric Appliance Industry. . Journal of Management Research, 1–16.
Wansley, J., Lane, W., & Sarkar, S. (2015). The Explanation Power of Investor Opinion Divergence in Open Market Repurchases. Journal of Finance and Accounting.
Widanaputra, A. A. (2010). Pengaruh Konflik Keagenan Mengenai Kebijakan Dividen terhadap Konservatisme Akuntansi. Journal Aplikasi Manajemen, 8, 379-390.
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2022-07-20
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