Factors affecting the dividend payout ratio of agriculture and mining companies
DOI:
https://doi.org/10.25170/jak.v14i1.949Keywords:
Cash Ratio, Sales Growth, Investment Opportunity Set, Dividend Payout RatioAbstract
The main purpose of this research was to determine the effect of Cash Ratio (CR), Sales Growth (SG), and Investment Opportunity Set (IOS), on Dividend Payout Ratio (DPR). This quantitative research used a sample of 18 agriculture and mining companies listed in Indonesia Stock Exchange (IDX) within the period of 2013-2017. The data used in this research were ssecondary data such as financial statement and annual reports. Data analysis employed panel data regression test with Eviews program version 10. The results of hypothesis testing show that cash ratio has a significant and positive effect on dividend payout ratio, but sales growth and investment opportunity set do not have a significant effect on dividend payout ratio. Meanwhile, the simultaneous hypothesis results show that cash ratio, sales growth, and investment opportunity set have an effect on dividend payout ratio. This study adds new independent variables that are different from the reference research, namely the cash ratio and investment opportunity set.
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Akmal, Zainudin, Yulianti. (2016). Pengaruh return on asset, sales growth, firm size dan debt to equity ratio terhadap pembayaran dividen pada perusahaan manufaktur sub sektor perusahaan makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2010-2014. (The effect of return on asset, sales growth, firm size and debt to equity ratio on dividen payment in manufacturing companies – sub sector of food and beverage listed in the Indonesia Stock Exchange within the period of 2010-2014) Jurnal Ekonomi Manajemen dan Akuntansi Universitas Serambi Mekkah, 2(2).
Artini, P. (2016). Pengaruh investment opportunity set, total asset turn over dan sales growth terhadap kebijakan dividen. (The effect of opportunity set, total asset turn over and sales growth on dividen policy) E-Jurnal Manajemen Unud, 5(2), 1309-1337.
Bhattacharya, S. (1979). Imperfect information, dividend policy, and "the bird in the hand" fallacy. Bell Journal of Economics, 10(1), 259-270.
Cahyo, A. D. (2014). Pengaruh laba bersih, arus kas operasi, dan invesment opportunity set terhadap kebijakan dividen perusahaan manufaktur yang terdaftar di BEI periode 2009-2012. (The effect of net income, operating cash flow and investment opportunity set on dividend policy of manufacturing companies listed on the IDX within the period of 2009-2012) Jurnal Ekonomi Universitas Maritim Raja Ali Haji.
Gill, A., Biger, N., Tibrewela, R. (2010). Determinants of dividend payout ratios: evidence from United States. The Open Business Journal, (3), 8-14.
Gitman, L. J., Zutter, C. J. (2015). Principles of Managerial Finance. United States: Pearson Education Ltd.
Gujarati, D. N., Porter D. C. (2016). Dasar–dasar Ekonometrika. (The Basic of Econometrics) Jakarta: Salemba Empat.
Halim, J. J. (2013). Faktor-faktor yang mempengaruhi kebijakan dividen perusahaan yang terdaftar di Bursa Efek Indonesia pada sektor industri barang konsumsi periode 2008-2011. (Factors affecting the dividend policy of companies listed on the Indonesia Stock Exchange in the consumer goods industry sector within the period of 2008-2011) Jurnal Ilmiah Mahasiswa Universitas Surabaya, 2(2).
Hendrianto, S. (2017). Analisis pengaruh cash ratio, debt to equity ratio, dan return on asset terhadap dividend payout ratio pada perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia. (Analysis of the influence of cash ratio, debt to equity ratio, and return on assets on dividend payout ratio of mining companies listed on the Indonesia Stock Exchange) Jurnal Universitas Muhammadiyah Tangerang, 1(2).
Kesuma, A. (2009). Analisis faktor yang mempengaruhi struktur modal serta pengaruhnya terhadap harga saham perusahaan real estate yang go public di Bursa Efek Indonesia. (Analysis of factors affecting capital structure and its effect on the stock price of go-public real estate companies listed on the Indonesia Stock Exchange). Jurnal Manajemen dan Kewirausahaan Universitas Petra, 11(1).
Poernawarman. (2015). Pengaruh return on asset, sales growth, asset growth, cash flow, dan likuiditas terhadap dividend payout ratio perusahaan perbankan di Bursa Efek Indonesia tahun 2009 – 2013. (The effect of return on assets, sales growth, asset growth, cash flow, and liquidity on the dividend payout ratio of banking companies on the Indonesia Stock Exchange within the period of 2009-2013) Jurnal Fakultas Ekonomi Universitas Riau, 2(1).
Putri, D. A. (2013). Pengaruh investment opportunity set, kebijakan utang dan ukuran perusahaan terhadap kebijakan dividen pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI). (The effect of investment opportunity set, debt policy and company size on dividend policy of manufacturing companies listed on the Indonesia Stock Exchange) E-Jurnal Manajemen UNP, 2(2).
Sarmento, J. N. L. (2014). The effects of investment opportunity set (IOS) and corporate-financing on dividend payout policy (a study on automotive and components companies listed in Indonesia Stock Exchange period 2009-2011). Jurnal Administrasi Bisnis Universitas Brawijaya, 13(2).
Swastyastu, M.W., Yuniarta G.A., Atmadja A.T. (2014). Analisis faktor-faktor yang mempengaruhi kebijakan dividend payout ratio yang terdaftar di Bursa Efek Indonesia (BEI). (Analysis of factors affecting the dividend payout ratio policy of companies listed on the Indonesia Stock Exchange) Jurnal Ilmiah Akuntansi UNDIKSHA, 2(1).
Wicaksana, I. G. A. (2012). Pengaruh cash ratio, debt to equity ratio, dan return on asset terhadap kebijakan dividen pada perusahaan manufaktur di BEI. (The effect of cash ratio, debt to equity ratio, and return on assets on dividend policy of manufacturing companies listed on the IDX) E-Journal Akuntansi Universitas Udayana.
Winarko, S. P. (2017). Pengaruh cash ratio, debt to equity ratio, return on assets, dan tax rate terhadap dividend payout ratio pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. (The effect of cash ratio, debt to equity ratio, return on assets, and tax rate on dividend payout ratio of manufacturing companies listed on the Indonesia Stock Exchange) Jurnal Akuntansi & Ekonomi FE. UN PGRI Kediri, 2(1).
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Published
2020-08-28
How to Cite
Panggabean, R. R., & Martin, A. (2020). Factors affecting the dividend payout ratio of agriculture and mining companies. Jurnal Akuntansi, 14(1), 46–64. https://doi.org/10.25170/jak.v14i1.949
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