The Relationship Between Dividend Payout And Ownership Structure In Indonesia
Abstract
Alroza, Widho (2005). The Relationship between Dividend Payout and Ownership
'structure In Indonesia. Yogyakarta: Universitas Islam Indonesia.
This research examines the relationship between dividend payout and
ownership structure in Indonesia as main subject of this research. Also, it examines
the relationship between dividend payout with earnings trend, past investment
opportunity, debt equity, and past dividend payout in Indonesia as additional subject
of this research.
This research is based on data of the manufacturing companies listed on
Jakarta Stock Exchange in the period of year 1999 up to year 2003. This research
uses ownership structure, earnings intensity, lagged earnings intensity, debt equity,
growth in sales intensity, and lagged dividend intensity as independent variables, and
dividend intensity as dependent variable.
This research uses proposed model by Jayesh Kumar (2004). The regression
results of the model show that in the year 2000 up to year 2003, there were no
significant influences of ownership structure, past earnings, past investment
opportunity, and debt equity toward dividend payout. In the other hand, there were
significant influences of current earnings and past dividend payout toward dividend
payout in the year 2000 up to year 2003, which currentearnings positively influences
dividend payout. Based on those results, investors who prefer to obtain profits from
dividend payout rather than capital gain, can use current earnings and past dividend
payout as objects for predicting the dividend payout.
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