Abiprayu, K. B., & Wiratama, B. (2016). Does CEO’S Hubris Affecting Dividends Payout?. Jurnal Dinamika Manajemen, 7(1), 66-75.
Ahmad, G. N., & Wardani, V. K. (2014). the Effect of Fundamental Factor to Dividend Policy: Evidence in Indonesia Stock Exchange. International Journal of Business and Commerce, 4(2), 14-25.
Anita, A & Yulianto, A. (2016). Pengaruh Kepemilikan Manajerial dan Kebijakan Dividen terhadap Nilai Perusahaan. Management Analysis Journal, 5(1), 17-23.
Ardiansari, A., & Saputra, A. (2015). Capital Market’s Reaction towards 2014 Working Cabinet Announcement (Indonesian Case Study). Jurnal Dinamika Manajemen, 6(1), 62-72.
Aswadi, E., Zain, M. M., & James, K. (2009). Institutional Investors, Political Connection and Audit Quality in Malaysia. Emerald Article.
Keown, Arthur J, et al. 2008. Manajemen Keuangan. Salemba Empat, Jakarta.
Cahyaningdyah, D., & Ressany, D. (2012). Pengaruh Kebijakan Manajemen Keuangan terhadap Nilai Perusahaan. Jurnal Dinamika Manajemen, 3(1), 20-28.
Cooper, M. J., Gulen, H., & Ovtchinnikov, A. V. (2010). Corporate Political Contributions and Stock Returns, The Journal of Finance. 67(2), 687-724.
Eckbo, E., & Verma, S. (1994). Corporate Managerial Share Ownership, Voting Power, and Cash Dividend Policy. Journal of Corporate Finance, 1, 33-62.
Erfiana, D., & Ardiansari, A. (2016). Pengaruh Masalah Keagenan, Kebijakan Dividen, dan Variabel Moderasi Growth Opportunity terhadap Nilai Perusahaan. Management Analysis Journal, 5(3), 244-256.
Firth, M., Gao, J., Shen, J., & Zhang, Y. (2016). Institutional Stock Ownership and Firms’ Cash Dividend Policies : Evidence from China. Journal of Banking Finance, 65, 91-107.
Ghozali, Imam dan Dwi Ratmono. (2013). Analisis Multivariat dan Ekonometrika: Teori, Konsep dan Aplikasi dengan Eviews 9. Semarang: Badan Penerbit Universitas Dipongoro.
Goldman, E., Rocholl, J., & So, J. (2009). Do Politically Connected Boards Affect Firm Value. Review of Financial Studies, 22(6), 2331-2360.
Goldman, E., Rocholl, J., & So, J. (2013). Politically Connected Boards of Directors and The Allocation of Procurement Contracts. Review of Finance, 17(5), 1617-1648.
Grinstein, Y., & Michaely, R. (2005). Institutional Holdings and Payout Policy. The Journal of Finance, 60(3).
Han, K. C., Lee, S. H., & Suk, D. Y. (1999). Institutional Shareholders and Dividends. Journal of Financial and Strategic Decisions, 12(1), 53-62.
Jannah, Roikhatul & Khoiruddin, Moh. (2017). Peran Financial Distress Memediasi Kepemilikan Institusional, Kepemilikan Manajerial terhadap Return Saham. Management Analysis Journal, 6(3).
Johnson, S., & Mitton, T. (2003). Cronyism and Capital Controls : Evidence from Malaysia. Journal of Financial Economics, 67(2003), 351-382.
McKnight, P. J., & Weir, C. (2009). Agency Costs, Corporate Governance Mechanisms and Ownership Structure in Large UK publicly Quoted Companies: a Panel Data Analysis. Quarterly Review of Economics and Finance, 49(2), 139-158.
Michael C. Jensen. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76(2), 323-329.
Miller, Merton & Modligiani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411-433.
Murhadi, W. R. (2010). Study on Dividend Policy : Antecedent and its Impact on Share Price., (25596).
Prasetyo, T. (2013). Dividen, Hutang dan Kepemilikan Institusional di Pasar Modal Indonesia: Pengujian Teori Keagenan. Jurnal Dinamika Manajemen, 4(2), 10-22.
Pratiwi, R., & Yulianto, A. (2016). Pengaruh Struktur dan Komisaris Independen terhadap Biaya Keagenan. Management Analysis Journal, 5(3), 215-228.
Ridloah, Siti. (2010). Faktor Penentu Struktur Modal: Studi Empirik pada Perusahaan Multifinansial. Jurnal Dinamika Manajemen, 1(2), 144-153.
Roberto, M. A. (2002). Making Difficult Decisions in Turbulent Times. Ivey Business Journal, 66(3), 14.
Sari, Lupita & Wijayanto, Andhi. (2015). Pengaruh Keputusan Investasi, Pendanaan, dan Dividen terhadap Nilai Perusahaan dengan Risiko Sebagai Variabel Mediasi. Management Analysis Journal, 4(4), 281-291.
Setiawan, E. (2014). Analisis Pengaruh Ekspropriasi dan Koneksi Politik terhadap Kebijakan Dividen Tunai Perusahaan. Universitas Indonesia.
Shapiro. 1991. “Analisis Pengaruh Return on Equity, Insider Ownership, Investment Opportunity Set, Firm Size, Cash Flow, dan Debt Ratio terhadap Dividend Payout Ratio (Studi Empiris Perusahaan Manufaktur di BEI Periode 2004-2007)â€. Skripsi Ekonomi Akuntansi, Universitas Diponegoro.
Su, Z., Fung, H., Huang, D., & Shen, C. (2014). Cash dividends, expropriation, and political Connections : Evidence from China. International Review of Economics and Finance, 29, 260-272.
Vermonte, P. J. 2012. Mendanai Partai Politik: Problem dan Beberapa Alternatif Solusinya. Analisis CSIS, 31(1), 82-94.
Yulianto, A., Suseno, D. A., & Widiyanto, W. (2016). Testing Pecking Order Theory and Trade Off Theory Models in Public Companies in Indonesia. International Journal of Economic Perspectives, 10(4), 21-28.
Yulianto, A., Kiswanto, W., & Yulianto, A. (2014). Linear and Non-linear Approaches in Testing Managerial Ownership on the Firm Value: Evidence Indonesian Firms. IOSR Journal of Business and Management (IOSR-JBM), 16(9), 1-5.
Ahmad, G. N., & Wardani, V. K. (2014). the Effect of Fundamental Factor to Dividend Policy: Evidence in Indonesia Stock Exchange. International Journal of Business and Commerce, 4(2), 14-25.
Anita, A & Yulianto, A. (2016). Pengaruh Kepemilikan Manajerial dan Kebijakan Dividen terhadap Nilai Perusahaan. Management Analysis Journal, 5(1), 17-23.
Ardiansari, A., & Saputra, A. (2015). Capital Market’s Reaction towards 2014 Working Cabinet Announcement (Indonesian Case Study). Jurnal Dinamika Manajemen, 6(1), 62-72.
Aswadi, E., Zain, M. M., & James, K. (2009). Institutional Investors, Political Connection and Audit Quality in Malaysia. Emerald Article.
Keown, Arthur J, et al. 2008. Manajemen Keuangan. Salemba Empat, Jakarta.
Cahyaningdyah, D., & Ressany, D. (2012). Pengaruh Kebijakan Manajemen Keuangan terhadap Nilai Perusahaan. Jurnal Dinamika Manajemen, 3(1), 20-28.
Cooper, M. J., Gulen, H., & Ovtchinnikov, A. V. (2010). Corporate Political Contributions and Stock Returns, The Journal of Finance. 67(2), 687-724.
Eckbo, E., & Verma, S. (1994). Corporate Managerial Share Ownership, Voting Power, and Cash Dividend Policy. Journal of Corporate Finance, 1, 33-62.
Erfiana, D., & Ardiansari, A. (2016). Pengaruh Masalah Keagenan, Kebijakan Dividen, dan Variabel Moderasi Growth Opportunity terhadap Nilai Perusahaan. Management Analysis Journal, 5(3), 244-256.
Firth, M., Gao, J., Shen, J., & Zhang, Y. (2016). Institutional Stock Ownership and Firms’ Cash Dividend Policies : Evidence from China. Journal of Banking Finance, 65, 91-107.
Ghozali, Imam dan Dwi Ratmono. (2013). Analisis Multivariat dan Ekonometrika: Teori, Konsep dan Aplikasi dengan Eviews 9. Semarang: Badan Penerbit Universitas Dipongoro.
Goldman, E., Rocholl, J., & So, J. (2009). Do Politically Connected Boards Affect Firm Value. Review of Financial Studies, 22(6), 2331-2360.
Goldman, E., Rocholl, J., & So, J. (2013). Politically Connected Boards of Directors and The Allocation of Procurement Contracts. Review of Finance, 17(5), 1617-1648.
Grinstein, Y., & Michaely, R. (2005). Institutional Holdings and Payout Policy. The Journal of Finance, 60(3).
Han, K. C., Lee, S. H., & Suk, D. Y. (1999). Institutional Shareholders and Dividends. Journal of Financial and Strategic Decisions, 12(1), 53-62.
Jannah, Roikhatul & Khoiruddin, Moh. (2017). Peran Financial Distress Memediasi Kepemilikan Institusional, Kepemilikan Manajerial terhadap Return Saham. Management Analysis Journal, 6(3).
Johnson, S., & Mitton, T. (2003). Cronyism and Capital Controls : Evidence from Malaysia. Journal of Financial Economics, 67(2003), 351-382.
McKnight, P. J., & Weir, C. (2009). Agency Costs, Corporate Governance Mechanisms and Ownership Structure in Large UK publicly Quoted Companies: a Panel Data Analysis. Quarterly Review of Economics and Finance, 49(2), 139-158.
Michael C. Jensen. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76(2), 323-329.
Miller, Merton & Modligiani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411-433.
Murhadi, W. R. (2010). Study on Dividend Policy : Antecedent and its Impact on Share Price., (25596).
Prasetyo, T. (2013). Dividen, Hutang dan Kepemilikan Institusional di Pasar Modal Indonesia: Pengujian Teori Keagenan. Jurnal Dinamika Manajemen, 4(2), 10-22.
Pratiwi, R., & Yulianto, A. (2016). Pengaruh Struktur dan Komisaris Independen terhadap Biaya Keagenan. Management Analysis Journal, 5(3), 215-228.
Ridloah, Siti. (2010). Faktor Penentu Struktur Modal: Studi Empirik pada Perusahaan Multifinansial. Jurnal Dinamika Manajemen, 1(2), 144-153.
Roberto, M. A. (2002). Making Difficult Decisions in Turbulent Times. Ivey Business Journal, 66(3), 14.
Sari, Lupita & Wijayanto, Andhi. (2015). Pengaruh Keputusan Investasi, Pendanaan, dan Dividen terhadap Nilai Perusahaan dengan Risiko Sebagai Variabel Mediasi. Management Analysis Journal, 4(4), 281-291.
Setiawan, E. (2014). Analisis Pengaruh Ekspropriasi dan Koneksi Politik terhadap Kebijakan Dividen Tunai Perusahaan. Universitas Indonesia.
Shapiro. 1991. “Analisis Pengaruh Return on Equity, Insider Ownership, Investment Opportunity Set, Firm Size, Cash Flow, dan Debt Ratio terhadap Dividend Payout Ratio (Studi Empiris Perusahaan Manufaktur di BEI Periode 2004-2007)â€. Skripsi Ekonomi Akuntansi, Universitas Diponegoro.
Su, Z., Fung, H., Huang, D., & Shen, C. (2014). Cash dividends, expropriation, and political Connections : Evidence from China. International Review of Economics and Finance, 29, 260-272.
Vermonte, P. J. 2012. Mendanai Partai Politik: Problem dan Beberapa Alternatif Solusinya. Analisis CSIS, 31(1), 82-94.
Yulianto, A., Suseno, D. A., & Widiyanto, W. (2016). Testing Pecking Order Theory and Trade Off Theory Models in Public Companies in Indonesia. International Journal of Economic Perspectives, 10(4), 21-28.
Yulianto, A., Kiswanto, W., & Yulianto, A. (2014). Linear and Non-linear Approaches in Testing Managerial Ownership on the Firm Value: Evidence Indonesian Firms. IOSR Journal of Business and Management (IOSR-JBM), 16(9), 1-5.
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Affiliations
Ratna Yunita
Universitas Negeri Semarang
Arief Yulianto
Universitas Negeri Semarang
How to Cite
1.
Yunita R, Yulianto A. Institutional Ownership, Political Connestions and Dividend Payment. MAJ [Internet]. 24Mar.2020 [cited 19Apr.2024];9(1):46-2. Available from: https://journal.unnes.ac.id/sju/maj/article/view/34971
Institutional Ownership, Political Connestions and Dividend Payment
Vol 9 No 1 (2020): Management Analysis Journal
Submitted: Oct 22, 2019
Published: Mar 24, 2020
Abstract
This study aims to examine the effect of institutional ownership and differences in the average dividend payout policy in the presence of a political connection variable. The population in this study are all companies listed on the Indonesia Stock Exchange in 2008-2017. The sample in this study was based on purposive sampling. The sample of this study were 1157 observations. The analytical method used is a dummy covariance analysis (ANCOVA) regression model. The results showed that institutional ownership had a coefficient value of 0.039768. political connections have a coefficient value of 0.042068. That is, institutional ownership and political connections have a positive influence on dividend payment policies in Indonesia.