Determinan Kebijakan Dividen pada Perusahaan Manufaktur di Indonesia
Abstract
The purpose of this paper is to examine the determinants of dividend policy of firm listed on the Indonesia Stock Exchange (IDX). The independent variables consist of profitability, corporate tax, leverage, firm size, and dividend premium. The research using data panel of 123 companies listed at Indonesia Stock Exchange during the period from 2012 to 2015. The paper applies a two-step estimation procedure. In the first step, the paper employs a logit model to estimate the parameter of the determinants of the decision to pay or not to pay dividends. In the second step, the paper estimates the parameter of the dividend payout by applying the Ordinary Least Square (OLS). The results from the logit estimation models reveal that profitability and firm size increase of the probability of companies to pay dividends. The study also finds support for signalling theory and firm life cycle theory. The result from the OLS regression provide evidence that dividend payout ratio is influenced by corporate tax and affirm taxes and tax clientele theory
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