Abiprayu, K. B., & Wiratama, B. (2016). Does Ceo’s Hubris Affecting Dividends Payout? Apakah Ceo Hubris Mempengaruhi Dividen Payout? Jurnal Dinamika Manajemen, 7(1), 66-75.
Al-Malkawi, H.-A. N., Twairesh, A. E., & Harery, K. (2013). Determinants of the Likelihood to Pay Dividends : Evidence from Saudi Arabia. Journal of American Science, 9(12), 518-528.
Al-Najjar, B., & Kilincarslan, E. (2016). The Effect of Ownership Structure on Dividend Policy : Evidence from Turkey. The International Journal of Business in Society, 16(1), 135-161.
Anita, A., Yulianto, A., Manajemen, J., Ekonomi, F., Semarang, U. N., & Artikel, I. (2016). Pengaruh Kepemilikan Manajerial dan Kebijakan Dividen terhadap Nilai Perusahaan. Management Analysis Journal, 5(1), 17-23.
Ben-nasr, H. (2015). Government Ownership and Dividend Policy : Evidence from Newly Privatized Firms, 1-59.
Bradford, W., Chen, C., & Zhu, S. (2013). Cash Dividend Policy, Corporate Pyramids, and Ownership Structure : Evidence from China. International Review of Economics and Finance, 27, 445-464.
Brigham, & Houston. (2011). Dasar-Dasar Manajemen Keuangan. Jakarta : Salemba Empat.
Cahyani, K. A., & Sanjaya, I. P. S. (2014). Analisis Perbedaan Dividen pada Perusahaan Keluarga dan Non Keluarga Berdasarkan Kepemilikan Ultimat. MODUS, 26(2), 133-144.
Cahyaningdyah, D., & Ressany, Y. D. (2012). Pengaruh Kebijakan Manajemen Keuangan terhadap Nilai Perusahaan. Jurnal Dinamika Manajemen, 3(1), 20-28.
Cao, C. (2016). Does Religion Matter to Dividend Policy ? Evidence from Buddhism and Taoism in China. Nankai Business Review International.
Carney, R. W., & Child, T. B. (2013). Changes to the Ownership and Control of East Asian Corporations between 1996 and 2008 : The Primacy of Politics. Journal of Financial Economics, 107(2), 494-513.
Chen, D., Jian, M., & Xu, M. (2009). Dividends for Tunneling in a Regulated Economy : The Case of China. Pacific-Basin Finance Journal, 17(2), 209-223.
Claessens, S., Djankov, S., Fan, J. P. H., & Lang, L. H. P. (2002). Disentangling the Incentive and Entrenchment Effects of Large Shareholdings. The Journal of Finance, 57(6), 2741-2771.
Claessens, S., Djankov, S., & Lang, L. H. P. (2000). The Separation of Ownership and Control in East Asian Corporations. Journal of Fiancial Economics, 58, 81-112.
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.
Eugene F, B., & Joel F, H. (2006). Dasar-dasar Manajemen Keuangan (Edisi 10).
Faccio, M., & Lang, L. H. P. (2002). The Ultimate Ownership of Western European Corporations. Journal of Financial Economics, 65, 365-395.
Fakhriyyah, D. D., Purnomosidhi, B., & Subekti, I. (2017). Pengaruh Tata Kelola terhadap Praktik Ekspropriasi dengan Kebijakan Dividen sebagai Variabel Pemoderasi. Jurnal Ilmiah Manajemen, 7(3), 465-483.
Farooque, O. Al, Zijl, T. Van, Dunstan, K., & Karim, A. K. M. W. (2007). Corporate Governance in Bangladesh : Link between Ownership and Financial Performance. Journal Compilation, 15(6), 1453-1468.
Ferris, S. P., Jayaraman, N., & Sabherwal, S. (2009). Catering Effects in Corporate Dividend Policy : The International Evidence. Journal of Banking and Finance, 33(9), 1730-1738.
Gilson, R. J., & Gordon, J. N. (2003). Controlling Shareholders. University of Pennsylvania Law Review, 152(785), 785-843.
Gujarati & Porter. (2015). Dasar-Dasar Ekonometrika (5th ed.). Jakarta : Salemba Empat.
He, T. T., Li, W. X. B., & Tang, G. Y. N. (2012). Dividends Behavior in State-Versus Family-Controlled Firms : Evidence from Hong Kong. Springer, 97-112.
Horne, V., & Wachowicz. (1997). Prinsip-Prinsip Manajemen Keuangan. Salemba Empat : Jakarta.
Imam Ghozali & Ratmono. (2013). Analisis Multivariat dan Ekonometrika. FEB Universitas Diponegoro Semarang.
Ismiati, P. I., & Yuniati, T. (2017). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional dan Kebijakan Hutang terhadap Kebijakan Dividen. Jurnal Ilmu dan Riset Manajemen, 6(3), 1-19.
Jayanti, I. S. D., & Puspitasari, A. F. (2017). Struktur Kepemilikan dan Kebijakan Dividen pada Perusahaan Manufaktur di Indonesia. The Indonesian Journal of Applied Business, 1(1), 1-13.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm : Managerial Behavior, Agency Costs and Ownership Structure. Journal of Fiancial Economics, 3(4), 305-360.
Juma’h, A. H., & Pacheco, C. J. O. (2008). The Financial Factors Influencing Cash Dividend Policy : A Sample of U.S. Manufacturing Companies. Inter Metro Business Journal, 4(2), 23-43.
Khoiruddin, M., & Faizati, E. R. (2014). Reaksi Pasar terhadap Dividend Announcement Perusahaan yang Sahamnya Masuk Daftar Efek Syariah. Jurnal Dinamika Manajemen, 5(2), 209-219.
Kikeri, S., Nellis, J., & Shirley, M. (1992). PRIVATIZATION The Lessons of Experience. A World Bank Publication.
Le, T., & Chizema, A. (2011). State ownership and firm performance : Evidence from the Chinese listed firms. Organizations and Markets in Emerging Economies, 2(2), 72-90.
Le, T. V., & Le, T. H. (2017). Ownership and Identities of the Largest Shareholders and Dividend Policy : Evidence from Vietnam. Organizations and Markets in Emerging Economies, 8, 86-104.
Mayapada, A. G., & Kahar, A. (2017). Pengaruh Sistem Hukum terhadap Manajemen Laba dengan Mekanisme Corporate Governance sebagai Variabel Pemoderasi (Studi pada Perusahaan Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia dan Bursa Malaysia). Jurnal Katalogis, 5(8), 182-190.
Mulyono, B. (2009). Pengaruh Debt to Equity Ratio, Insider Ownership, Size dan Investment Opportunity Set terhadap Kebijakan Dividen. Thesis, Universitas Diponegoro. Retrieved from Thesis, Universitas Diponegoro
Nursandari, M. (2015). Analisis Faktor yang Mempengaruhi Kebijakan Dividen dengan Size (Ukuran Perusahaan) sebagai Variabel Moderasi pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia. Skripsi.
Pham, H. T. T., Jung, S.-C., & Nguyen, H. T. D. (2018). The Impact of Government Ownership on Dividend Policy: Case in Vietnam and Taiwan, 1-28.
Porta, R. La, Lopez-de-silanes, F., & Shleifer, A. (1998). Corporate Ownership Around the World. NBER Working Paper Series.
Porta, R. La, Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1999). The Quality of Government. The Journal of Law, Economics, & Organization, 15(1), 222-279.
Prasetyo, T. (2013). Dividen, Hutang, dan Kepemilikan Institusional di Pasar Modal Indonesia : Pengujian Teori Keagenan. Jurnal Dinamika Manajemen, 4(1), 10-22.
Rahmawati, D. N. (2019). Pengaruh Struktur Kepemilikan dan Growth Opportunity pada Perusahaan Keluarga yang terdaftar di Bursa Efek Indonesia (BEI) Periode 2015-2017. Skripsi Universitas Islam Indonesia.
Ross, B. S. A. (1973). The Economic Theory of Agency : The Principal’s Problem. American Economic Association, 63(2), 134-139.
Rozeff, M. S. (1982). Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios. The Journal of Financial Research, 5(3), 249-259.
Sanusi, A. (2017). Metodologi Penelitian Bisnis. Jakarta : Salemba Empat.
Sari, E. L., & Wijayanto, A. (2015). Pengaruh Keputusan Investasi, Pendanaan, dan Dividen terhadap Nilai Perusahaan dengan Risiko sebagai Variabel Mediasi. Management Analysis Journal, 4(4), 281-291.
Sartono, A. (2001). Manajemen Keuangan Teori dan Aplikasi Edisi 4. Yogyakarta : BPFE.
Setiawan, D., Bandi, B., Phua, L. K., & Trinugroho, I. (2016). Ownership Structure and Dividend Policy in Indonesia. Journal of Asia Business Studies, 10(3), 230-252.
Setiawan, E., & Sari, D. (2014). Analisis Pengaruh Ekspropriasi dan Koneksi Politik terhadap Kebijakan Dividen Tunai Perusahaan. Universitas Indonesia, 1-20.
Shleifer, A., & Vishny, R. W. (1986). Large Shareholders and Corporate Control. Journal of Political Economy, 94(3), 461-488.
Shleifer, A., & Vishny, R. W. (1994). Politicians and Firms. The Quarterly Journal of Economics, 995-1025.
Shleifer, A., & Vishny, R. W. (1997). A Survey of Corporate Governance. The Journal of Finance, 52(2), 737-783.
Simorangkir, I. G., & Sadalia, I. (2010). Analisis Pengaruh Rasio Keuangan dan Potensi Pertumbuhan serta Ukuran Perusahaan terhadap Kebijakan Dividen (Studi Kasus di Bursa Efek Indonesia). Jurnal Ekonom, 13(1), 1-8.
Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung : Alfabeta.
Thanatawee, Y. (2014). Ownership Structure and Dividend Policy : Evidence from China. International Journal of Economics and Finance, 6(8), 197-204.
Wang, X., Manry, D., & Wandler, S. (2011). The Impact of Government Ownership on Dividend Policy in China. International Journal of Cardiology, 27(2), 366-372.
Warrad, L., Abed, S., Khriasat, O., & Al-Sheikh, I. (2012). The Effect of Ownership Structure on Dividend Payout Policy : Evidence from Jordanian Context. International Journal of Economics and Finance, 4(2), 187-195.
Wuisan, F., Randa, F., & Lukman. (2018). Pengaruh Struktur Kepemilikan terhadap Kebijakan Dividen Perusahaan. Simak, 16(2), 119-141.
Yulianto, A. (2013). Keputusan Struktur Modal dan Kebijakan Dividen sebagai Mekanisme Mengurangi Masalah Keagenan. Jurnal Dinamika Manajemen, 4(2), 161-179.
Yulianto, A., Aji, D., & Widiyanto, S. (2015). Testing Pecking Order Theory and Trade off Theory Models in Public Companies in Indonesia. Handbook on Business Strategy and Social Sciences, 3, 13-18.
Al-Malkawi, H.-A. N., Twairesh, A. E., & Harery, K. (2013). Determinants of the Likelihood to Pay Dividends : Evidence from Saudi Arabia. Journal of American Science, 9(12), 518-528.
Al-Najjar, B., & Kilincarslan, E. (2016). The Effect of Ownership Structure on Dividend Policy : Evidence from Turkey. The International Journal of Business in Society, 16(1), 135-161.
Anita, A., Yulianto, A., Manajemen, J., Ekonomi, F., Semarang, U. N., & Artikel, I. (2016). Pengaruh Kepemilikan Manajerial dan Kebijakan Dividen terhadap Nilai Perusahaan. Management Analysis Journal, 5(1), 17-23.
Ben-nasr, H. (2015). Government Ownership and Dividend Policy : Evidence from Newly Privatized Firms, 1-59.
Bradford, W., Chen, C., & Zhu, S. (2013). Cash Dividend Policy, Corporate Pyramids, and Ownership Structure : Evidence from China. International Review of Economics and Finance, 27, 445-464.
Brigham, & Houston. (2011). Dasar-Dasar Manajemen Keuangan. Jakarta : Salemba Empat.
Cahyani, K. A., & Sanjaya, I. P. S. (2014). Analisis Perbedaan Dividen pada Perusahaan Keluarga dan Non Keluarga Berdasarkan Kepemilikan Ultimat. MODUS, 26(2), 133-144.
Cahyaningdyah, D., & Ressany, Y. D. (2012). Pengaruh Kebijakan Manajemen Keuangan terhadap Nilai Perusahaan. Jurnal Dinamika Manajemen, 3(1), 20-28.
Cao, C. (2016). Does Religion Matter to Dividend Policy ? Evidence from Buddhism and Taoism in China. Nankai Business Review International.
Carney, R. W., & Child, T. B. (2013). Changes to the Ownership and Control of East Asian Corporations between 1996 and 2008 : The Primacy of Politics. Journal of Financial Economics, 107(2), 494-513.
Chen, D., Jian, M., & Xu, M. (2009). Dividends for Tunneling in a Regulated Economy : The Case of China. Pacific-Basin Finance Journal, 17(2), 209-223.
Claessens, S., Djankov, S., Fan, J. P. H., & Lang, L. H. P. (2002). Disentangling the Incentive and Entrenchment Effects of Large Shareholdings. The Journal of Finance, 57(6), 2741-2771.
Claessens, S., Djankov, S., & Lang, L. H. P. (2000). The Separation of Ownership and Control in East Asian Corporations. Journal of Fiancial Economics, 58, 81-112.
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.
Eugene F, B., & Joel F, H. (2006). Dasar-dasar Manajemen Keuangan (Edisi 10).
Faccio, M., & Lang, L. H. P. (2002). The Ultimate Ownership of Western European Corporations. Journal of Financial Economics, 65, 365-395.
Fakhriyyah, D. D., Purnomosidhi, B., & Subekti, I. (2017). Pengaruh Tata Kelola terhadap Praktik Ekspropriasi dengan Kebijakan Dividen sebagai Variabel Pemoderasi. Jurnal Ilmiah Manajemen, 7(3), 465-483.
Farooque, O. Al, Zijl, T. Van, Dunstan, K., & Karim, A. K. M. W. (2007). Corporate Governance in Bangladesh : Link between Ownership and Financial Performance. Journal Compilation, 15(6), 1453-1468.
Ferris, S. P., Jayaraman, N., & Sabherwal, S. (2009). Catering Effects in Corporate Dividend Policy : The International Evidence. Journal of Banking and Finance, 33(9), 1730-1738.
Gilson, R. J., & Gordon, J. N. (2003). Controlling Shareholders. University of Pennsylvania Law Review, 152(785), 785-843.
Gujarati & Porter. (2015). Dasar-Dasar Ekonometrika (5th ed.). Jakarta : Salemba Empat.
He, T. T., Li, W. X. B., & Tang, G. Y. N. (2012). Dividends Behavior in State-Versus Family-Controlled Firms : Evidence from Hong Kong. Springer, 97-112.
Horne, V., & Wachowicz. (1997). Prinsip-Prinsip Manajemen Keuangan. Salemba Empat : Jakarta.
Imam Ghozali & Ratmono. (2013). Analisis Multivariat dan Ekonometrika. FEB Universitas Diponegoro Semarang.
Ismiati, P. I., & Yuniati, T. (2017). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional dan Kebijakan Hutang terhadap Kebijakan Dividen. Jurnal Ilmu dan Riset Manajemen, 6(3), 1-19.
Jayanti, I. S. D., & Puspitasari, A. F. (2017). Struktur Kepemilikan dan Kebijakan Dividen pada Perusahaan Manufaktur di Indonesia. The Indonesian Journal of Applied Business, 1(1), 1-13.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm : Managerial Behavior, Agency Costs and Ownership Structure. Journal of Fiancial Economics, 3(4), 305-360.
Juma’h, A. H., & Pacheco, C. J. O. (2008). The Financial Factors Influencing Cash Dividend Policy : A Sample of U.S. Manufacturing Companies. Inter Metro Business Journal, 4(2), 23-43.
Khoiruddin, M., & Faizati, E. R. (2014). Reaksi Pasar terhadap Dividend Announcement Perusahaan yang Sahamnya Masuk Daftar Efek Syariah. Jurnal Dinamika Manajemen, 5(2), 209-219.
Kikeri, S., Nellis, J., & Shirley, M. (1992). PRIVATIZATION The Lessons of Experience. A World Bank Publication.
Le, T., & Chizema, A. (2011). State ownership and firm performance : Evidence from the Chinese listed firms. Organizations and Markets in Emerging Economies, 2(2), 72-90.
Le, T. V., & Le, T. H. (2017). Ownership and Identities of the Largest Shareholders and Dividend Policy : Evidence from Vietnam. Organizations and Markets in Emerging Economies, 8, 86-104.
Mayapada, A. G., & Kahar, A. (2017). Pengaruh Sistem Hukum terhadap Manajemen Laba dengan Mekanisme Corporate Governance sebagai Variabel Pemoderasi (Studi pada Perusahaan Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia dan Bursa Malaysia). Jurnal Katalogis, 5(8), 182-190.
Mulyono, B. (2009). Pengaruh Debt to Equity Ratio, Insider Ownership, Size dan Investment Opportunity Set terhadap Kebijakan Dividen. Thesis, Universitas Diponegoro. Retrieved from Thesis, Universitas Diponegoro
Nursandari, M. (2015). Analisis Faktor yang Mempengaruhi Kebijakan Dividen dengan Size (Ukuran Perusahaan) sebagai Variabel Moderasi pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia. Skripsi.
Pham, H. T. T., Jung, S.-C., & Nguyen, H. T. D. (2018). The Impact of Government Ownership on Dividend Policy: Case in Vietnam and Taiwan, 1-28.
Porta, R. La, Lopez-de-silanes, F., & Shleifer, A. (1998). Corporate Ownership Around the World. NBER Working Paper Series.
Porta, R. La, Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1999). The Quality of Government. The Journal of Law, Economics, & Organization, 15(1), 222-279.
Prasetyo, T. (2013). Dividen, Hutang, dan Kepemilikan Institusional di Pasar Modal Indonesia : Pengujian Teori Keagenan. Jurnal Dinamika Manajemen, 4(1), 10-22.
Rahmawati, D. N. (2019). Pengaruh Struktur Kepemilikan dan Growth Opportunity pada Perusahaan Keluarga yang terdaftar di Bursa Efek Indonesia (BEI) Periode 2015-2017. Skripsi Universitas Islam Indonesia.
Ross, B. S. A. (1973). The Economic Theory of Agency : The Principal’s Problem. American Economic Association, 63(2), 134-139.
Rozeff, M. S. (1982). Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios. The Journal of Financial Research, 5(3), 249-259.
Sanusi, A. (2017). Metodologi Penelitian Bisnis. Jakarta : Salemba Empat.
Sari, E. L., & Wijayanto, A. (2015). Pengaruh Keputusan Investasi, Pendanaan, dan Dividen terhadap Nilai Perusahaan dengan Risiko sebagai Variabel Mediasi. Management Analysis Journal, 4(4), 281-291.
Sartono, A. (2001). Manajemen Keuangan Teori dan Aplikasi Edisi 4. Yogyakarta : BPFE.
Setiawan, D., Bandi, B., Phua, L. K., & Trinugroho, I. (2016). Ownership Structure and Dividend Policy in Indonesia. Journal of Asia Business Studies, 10(3), 230-252.
Setiawan, E., & Sari, D. (2014). Analisis Pengaruh Ekspropriasi dan Koneksi Politik terhadap Kebijakan Dividen Tunai Perusahaan. Universitas Indonesia, 1-20.
Shleifer, A., & Vishny, R. W. (1986). Large Shareholders and Corporate Control. Journal of Political Economy, 94(3), 461-488.
Shleifer, A., & Vishny, R. W. (1994). Politicians and Firms. The Quarterly Journal of Economics, 995-1025.
Shleifer, A., & Vishny, R. W. (1997). A Survey of Corporate Governance. The Journal of Finance, 52(2), 737-783.
Simorangkir, I. G., & Sadalia, I. (2010). Analisis Pengaruh Rasio Keuangan dan Potensi Pertumbuhan serta Ukuran Perusahaan terhadap Kebijakan Dividen (Studi Kasus di Bursa Efek Indonesia). Jurnal Ekonom, 13(1), 1-8.
Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung : Alfabeta.
Thanatawee, Y. (2014). Ownership Structure and Dividend Policy : Evidence from China. International Journal of Economics and Finance, 6(8), 197-204.
Wang, X., Manry, D., & Wandler, S. (2011). The Impact of Government Ownership on Dividend Policy in China. International Journal of Cardiology, 27(2), 366-372.
Warrad, L., Abed, S., Khriasat, O., & Al-Sheikh, I. (2012). The Effect of Ownership Structure on Dividend Payout Policy : Evidence from Jordanian Context. International Journal of Economics and Finance, 4(2), 187-195.
Wuisan, F., Randa, F., & Lukman. (2018). Pengaruh Struktur Kepemilikan terhadap Kebijakan Dividen Perusahaan. Simak, 16(2), 119-141.
Yulianto, A. (2013). Keputusan Struktur Modal dan Kebijakan Dividen sebagai Mekanisme Mengurangi Masalah Keagenan. Jurnal Dinamika Manajemen, 4(2), 161-179.
Yulianto, A., Aji, D., & Widiyanto, S. (2015). Testing Pecking Order Theory and Trade off Theory Models in Public Companies in Indonesia. Handbook on Business Strategy and Social Sciences, 3, 13-18.
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Affiliations
Pavita Bayu Putri
Universitas Negeri Semarang
Arief Yulianto
Universitas Negeri Semarang
How to Cite
1.
Putri P, Yulianto A. Government Ownership and Dividend Payment Policy. MAJ [Internet]. 18Jun.2020 [cited 9Nov.2024];9(2):179-86. Available from: https://journal.unnes.ac.id/sju/maj/article/view/37344
Government Ownership and Dividend Payment Policy
Vol 9 No 2 (2020): Management Analysis Journal
Submitted: Feb 10, 2020
Published: Jun 18, 2020
Abstract
The purpose of this study to examine and analyze differences in the average policy of dividend payments with government ownership in companies listed on the Indonesia Stock Exchange in period 2008-2017. Previous research still shows differences in research results or inconsistent results between one study and another. The results showed that the average dividend payment policy carried out by the government was higher than companies that did not have government ownership. This is considered as government ownership, so the amount of dividends distributed will increase. Based on the results of this study it can be concluded that government ownership provides an average higher dividend payment policy than non-government ownership. Suggestions for company management, in making dividend payment policies, the company should always consider the interests of the company’s owners. Investors should pay attention to factors outside the economy in investing. For further researchers, it can be used as an additional reference and research can be done one by one sector.