PENGARUH STRUKTUR KEPEMILIKAN TERHADAP KEBIJAKAN DEVIDEN DAN NILAI PERUSAHAAN
Keywords:
Ownership Structure, Dividend Policy, Company ValueAbstract
This study aims to develop and analyze the effect of ownership structure on dividend policy and firm value on manufacturing companies listed on Indonesian stock exchanges. The result showed that managerial ownership variable to dividend policy had positive and significant effect of 3,005 with t value 0,617 with standard of error 4,874 at significance level 0,537 and company value equal to 0,048 with value t equal to 1,079 with standard of error (SE) 0.045 at significance level of 0.281. The institutional ownership of the dividend policy had negative effect of -1.497 with the value of t equal to -2.981 with the standard of error 0,502 at significance level 0,003 and at company value equal to 0,064 with t value equal to 2,990 with standard of error 0,21 at significance level 0.003. While dividend policy to firm value have positive and significant effect equal to 0,025 with t value equal to 37,398 with standard of error 0,001 at 0.000 significance level. The results of this study indicate that when the proportion of managerial and institutional ownership increases, it will be followed by a decrease in dividend payments but will increase the value of the company.
References
Agrawal, A., dan G. Mandelker (1990), “Large shareholders and the monitoring of managers”. Journal of Financial and Quantitative Analysis, Vol. 25, No. 2 pp. 143 - 161.
Allen, F., Bernardo, A. E & Welch, I. 2000. A Theory of Dividends Based on Tax Clienteles. The Journal of Finance. Vol. 55, No. 6, pp: 2499-2536.
Barclay, M. J., dan C. W. Smith, Jr. (1988), “Corporate Payout Policy: Cash Dividends versus Open-Market Repurchases". Journal of Financial Economics, Vol. 22, pp. 61-82.
Berle, Adolf, dan Gardiner Means (1932), “The Modern Corporation and Private property”. Mac-Millan, New York.
Bethel, J.E. dan Julia Liebeskind (1993), “The Effect of Ownership Structure on Corporate Structuring”. Strategi management Journal, Vol. 14: pp. 15 – 31.
Black, F., dan Scholes, M. (1974), The effects of dividend yield and dividend policy on common stock prices and returns. Journals of Financial Economics, Vol. 1: pp. 1-22.
Boanyah, Ebenezer Adu, Desmond Tutu Ayentimi and Osei Yaw Frank. 2013. Determinants of Dividend Payout Policy of Some Selected Manufacturing Firms Listed on The Ghana Stock Exchange. Journal of Finance and Accounting, 4(5): pp: 49-60
Brealey, R. dan S. Myers (2008), Principles of Corporate Finance, 8th edn. London: McGraw-Hill.
Brigham, Eugene F. dan Houston Joel F. (2006), “Dasar-Dasar Manajemen Keuangan Jilid 1”. Alih Bahasa Ali Akbar Yulianto, Edisi Kesepuluh, Penerbit Salemba Empat, Jakarta.
Crutchley, C.E dan R. Hansen (1989), “A Test of Agency Theory of Managerial Ownership, Corporate Leverage, Corporate Dividends”. Financial Management, Vol. 18; pp. 35-57.
Easterbrook, F. H. (1984), "Two AgencyCost Explanations of Dividends". American Economic Review, Vol. 74: pp. 650-659.
Eckbo B. Espen, Savita Verma, 1994, Managerial Share Ownership, Voting Power, and Cash Dividend Policy, Journal of Corporate Finance1 : 33-62
Eisenhardt, K. M., 1989. Building Theories from Case Study Research, Academy of Management Review, vol. 14, no. 4, pp 532-550,
Fama, E. F., dan K. R. French (2002), “Testing Trade-Off and Pecking Order Predictions About Dividends and Debt.” Review of Financial Studies, Vol. 15: pp. 1-33.
Gitman, L.J, 2000, “Principle of Management Finance,” 9th d, Addison Wasler, Massachussets.
Guizani, Moncef and Ezzeddine Abaoub. 2012. Does The Contribution Of Dividend To Firm Value Depend On Controling Shareholders ?. International Journal Of Disclosure and Governance, 9(1): pp:6277
Holderness, C.G., dan Sheehan, D.P. (1988), “The role of majority shareholders in publicly held corporations: An exploratory analysis”. Journal of Financial Economics, Vol. 20: pp. 317-40.
Iturriaga, Felix J. Lopez dan Sanz, Juan Antonio Rodiguez (2000), “Ownership Structure, Corporate Value and Firm Investment: A Spanish Firms.
Iturriaga, Lopez, Felix J., Rodriguez Sanz, and Juan Antonio. 2001. Ownership Structure, Corporate Value, and Firm Investment: A Simultaneous Equations Analysis of Spanish Companies. Journal of Management & Governance, 5(2): p:179-204 Simultaneous Equations Analysis”. Direction General de Ensenanza Superior e Investigacion Cientifica.
Jensen, Michael C. (1986), "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers", American Economic Review. Vol. 76: pp. 23-329
Jensen, Michael C. dan William H. Meckling. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
Jensen, Michael C., dan Smith, Jr Clifford W. (1994), ”The Modern Theory of Corporate Finance”. Mc Graw – Hill Book Company.
Jiang, Jun and Komain Jiranyakul. 2013. Capital Structure, Cost Of Debt And Dividend Payout of Firms in New York And Shanghai Stock Exchanges. International Journal Of Economics and Financial Issues, 3(1): pp:113-12
Jiraporn, Pornsit, dan Yixi Ning (2006), “Dividend Policy, Shareholder Rights, and Corporate Governance”. Journal of Applied Finance – Fall/winter 2006.
Jose, M.L., dan J.L. Stevens (1989), “Capital Market Valuation of Dividend Policy”. Journal of Business Finance & Accounting, Vol. 16: pp. 651-662.
Leland, Hayne E. dan David H. Pyle. (1997). Informational Asymmetries, Financial Structure, and Financial Intermediation. The Journal of Finance, 32(2), 371387
Martin, John D., Keown, Arthur J., Petty, J. William, dan Scott, Jr., David F. (1994), “Dasar-Dasar Manajemen Keuangan”. Edisi Kelima, Raja Grafindo Persada, Jakarta.
Miller, M. H., dan F. Modigliani (1961), "Dividend Policy, Growth, and the Valuation of Shares". Journal of Business, Vol. 34: pp. 411-433
Murekefu, Timothy Mahalang’ang’a and Ochuodho Peter Ouma. 2012. The Relationship Between Dividend Payout and Firm Performance : A Study of Listed Companies in Kenya. European Scientific Journal, 8(9): pp: 199-215
Navissi, F., dan Naiker, V. (2006), ”Institutional ownership and corporate value”. Managerial Finance, Vol. 32, No. 3: pp. 247-256.
Okpara, Godwin Chigozie. 2012. AsyModiglani dan Milleretric Information And Dividen Policy in Emerging Markets : Empirical Evidence From Nigeria. International Journal Of Economics And Finance, 2(4): pp:212-220
Qureshi, Muhammad Azeem (2006), “System dynamics modelling of firm value”. Journal of Modelling in Management. Vol. 2, No. 1, pp. 24-39
Rozeff, M. S. (1982), "Growth, Beta, and Agency Costs as Determinants of Dividend Payout Ratios". Journal.
Shleifer, A. dan R.W. Vishny (1986), “Large Shareholders and Corporate Control,” The Journal of Political Economy 94, 461-488.
Sujoko dan Soebiantoro, Ugy. 2007. Pengaruh Struktur Kepemilikan Saham, Leverage, Faktor Intern dan Faktor Ekstern terhadap Nilai Perusahaan (Studi Empirik pada Perusahaan Manufaktur dan Non Manufaktur di Bursa Efek Jakarta), Jurnal Manajemen dan Kewirausahaan. Vol 9: Hal. 41-48.
Sujoko dan Soebiantoro, Ugy. 2007. Pengaruh Struktur Kepemilikan Saham, Leverage, Faktor Intern dan Faktor Ekstern terhadap Nilai Perusahaan (Studi Empirik pada Perusahaan Manufaktur dan Non Manufaktur di Bursa Efek Jakarta), Jurnal Manajemen dan Kewirausahaan. Vol 9: Hal. 41-48.
Walker, M Mark (2000), ”Corporate Take Over, Strategic Objectives, and Acquiringn Firm Shareholders Wealth”. Financial Management, Winter: pp. 36-46.
Wright, Peter, dan Ferris, Stephen P. (1997), ”Agency Conflict & Corporate Stategy: The Effect of Divestment on Corporate Value”. Strategic Management Journal. Vol. 18: pp. 77-83.
Agrawal, A., dan G. Mandelker (1990), “Large shareholders and the monitoring of managers”. Journal of Financial and Quantitative Analysis, Vol. 25, No. 2 pp. 143 - 161.
Allen, F., Bernardo, A. E & Welch, I. 2000. A Theory of Dividends Based on Tax Clienteles. The Journal of Finance. Vol. 55, No. 6, pp: 2499-2536.
Barclay, M. J., dan C. W. Smith, Jr. (1988), “Corporate Payout Policy: Cash Dividends versus Open-Market Repurchases". Journal of Financial Economics, Vol. 22, pp. 61-82.
Berle, Adolf, dan Gardiner Means (1932), “The Modern Corporation and Private property”. Mac-Millan, New York.
Bethel, J.E. dan Julia Liebeskind (1993), “The Effect of Ownership Structure on Corporate Structuring”. Strategi management Journal, Vol. 14: pp. 15 – 31.
Black, F., dan Scholes, M. (1974), The effects of dividend yield and dividend policy on common stock prices and returns. Journals of Financial Economics, Vol. 1: pp. 1-22.
Boanyah, Ebenezer Adu, Desmond Tutu Ayentimi and Osei Yaw Frank. 2013. Determinants of Dividend Payout Policy of Some Selected Manufacturing Firms Listed on The Ghana Stock Exchange. Journal of Finance and Accounting, 4(5): pp: 49-60
Brealey, R. dan S. Myers (2008), Principles of Corporate Finance, 8th edn. London: McGraw-Hill.
Brigham, Eugene F. dan Houston Joel F. (2006), “Dasar-Dasar Manajemen Keuangan Jilid 1”. Alih Bahasa Ali Akbar Yulianto, Edisi Kesepuluh, Penerbit Salemba Empat, Jakarta.
Crutchley, C.E dan R. Hansen (1989), “A Test of Agency Theory of Managerial Ownership, Corporate Leverage, Corporate Dividends”. Financial Management, Vol. 18; pp. 35-57.
Easterbrook, F. H. (1984), "Two AgencyCost Explanations of Dividends". American Economic Review, Vol. 74: pp. 650-659.
Eckbo B. Espen, Savita Verma, 1994, Managerial Share Ownership, Voting Power, and Cash Dividend Policy, Journal of Corporate Finance1 : 33-62
Eisenhardt, K. M., 1989. Building Theories from Case Study Research, Academy of Management Review, vol. 14, no. 4, pp 532-550,
Fama, E. F., dan K. R. French (2002), “Testing Trade-Off and Pecking Order Predictions About Dividends and Debt.” Review of Financial Studies, Vol. 15: pp. 1-33.
Gitman, L.J, 2000, “Principle of Management Finance,” 9th d, Addison Wasler, Massachussets.
Guizani, Moncef and Ezzeddine Abaoub. 2012. Does The Contribution Of Dividend To Firm Value Depend On Controling Shareholders ?. International Journal Of Disclosure and Governance, 9(1): pp:6277
Holderness, C.G., dan Sheehan, D.P. (1988), “The role of majority shareholders in publicly held corporations: An exploratory analysis”. Journal of Financial Economics, Vol. 20: pp. 317-40.
Iturriaga, Felix J. Lopez dan Sanz, Juan Antonio Rodiguez (2000), “Ownership Structure, Corporate Value and Firm Investment: A Spanish Firms.
Iturriaga, Lopez, Felix J., Rodriguez Sanz, and Juan Antonio. 2001. Ownership Structure, Corporate Value, and Firm Investment: A Simultaneous Equations Analysis of Spanish Companies. Journal of Management & Governance, 5(2): p:179-204 Simultaneous Equations Analysis”. Direction General de Ensenanza Superior e Investigacion Cientifica.
Jensen, Michael C. (1986), "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers", American Economic Review. Vol. 76: pp. 23-329
Jensen, Michael C. dan William H. Meckling. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
Jensen, Michael C., dan Smith, Jr Clifford W. (1994), ”The Modern Theory of Corporate Finance”. Mc Graw – Hill Book Company.
Jiang, Jun and Komain Jiranyakul. 2013. Capital Structure, Cost Of Debt And Dividend Payout of Firms in New York And Shanghai Stock Exchanges. International Journal Of Economics and Financial Issues, 3(1): pp:113-12
Jiraporn, Pornsit, dan Yixi Ning (2006), “Dividend Policy, Shareholder Rights, and Corporate Governance”. Journal of Applied Finance – Fall/winter 2006.
Jose, M.L., dan J.L. Stevens (1989), “Capital Market Valuation of Dividend Policy”. Journal of Business Finance & Accounting, Vol. 16: pp. 651-662.
Leland, Hayne E. dan David H. Pyle. (1997). Informational Asymmetries, Financial Structure, and Financial Intermediation. The Journal of Finance, 32(2), 371387
Martin, John D., Keown, Arthur J., Petty, J. William, dan Scott, Jr., David F. (1994), “Dasar-Dasar Manajemen Keuangan”. Edisi Kelima, Raja Grafindo Persada, Jakarta.
Miller, M. H., dan F. Modigliani (1961), "Dividend Policy, Growth, and the Valuation of Shares". Journal of Business, Vol. 34: pp. 411-433
Murekefu, Timothy Mahalang’ang’a and Ochuodho Peter Ouma. 2012. The Relationship Between Dividend Payout and Firm Performance : A Study of Listed Companies in Kenya. European Scientific Journal, 8(9): pp: 199-215
Navissi, F., dan Naiker, V. (2006), ”Institutional ownership and corporate value”. Managerial Finance, Vol. 32, No. 3: pp. 247-256.
Okpara, Godwin Chigozie. 2012. AsyModiglani dan Milleretric Information And Dividen Policy in Emerging Markets : Empirical Evidence From Nigeria. International Journal Of Economics And Finance, 2(4): pp:212-220
Qureshi, Muhammad Azeem (2006), “System dynamics modelling of firm value”. Journal of Modelling in Management. Vol. 2, No. 1, pp. 24-39
Rozeff, M. S. (1982), "Growth, Beta, and Agency Costs as Determinants of Dividend Payout Ratios". Journal.
Shleifer, A. dan R.W. Vishny (1986), “Large Shareholders and Corporate Control,” The Journal of Political Economy 94, 461-488.
Sujoko dan Soebiantoro, Ugy. 2007. Pengaruh Struktur Kepemilikan Saham, Leverage, Faktor Intern dan Faktor Ekstern terhadap Nilai Perusahaan (Studi Empirik pada Perusahaan Manufaktur dan Non Manufaktur di Bursa Efek Jakarta), Jurnal Manajemen dan Kewirausahaan. Vol 9: Hal. 41-48.
Sujoko dan Soebiantoro, Ugy. 2007. Pengaruh Struktur Kepemilikan Saham, Leverage, Faktor Intern dan Faktor Ekstern terhadap Nilai Perusahaan (Studi Empirik pada Perusahaan Manufaktur dan Non Manufaktur di Bursa Efek Jakarta), Jurnal Manajemen dan Kewirausahaan. Vol 9: Hal. 41-48.
Walker, M Mark (2000), ”Corporate Take Over, Strategic Objectives, and Acquiringn Firm Shareholders Wealth”. Financial Management, Winter: pp. 36-46.
Wright, Peter, dan Ferris, Stephen P. (1997), ”Agency Conflict & Corporate Stategy: The Effect of Divestment on Corporate Value”. Strategic Management Journal. Vol. 18: pp. 77-83.
Allen, F., Bernardo, A. E & Welch, I. 2000. A Theory of Dividends Based on Tax Clienteles. The Journal of Finance. Vol. 55, No. 6, pp: 2499-2536.
Barclay, M. J., dan C. W. Smith, Jr. (1988), “Corporate Payout Policy: Cash Dividends versus Open-Market Repurchases". Journal of Financial Economics, Vol. 22, pp. 61-82.
Berle, Adolf, dan Gardiner Means (1932), “The Modern Corporation and Private property”. Mac-Millan, New York.
Bethel, J.E. dan Julia Liebeskind (1993), “The Effect of Ownership Structure on Corporate Structuring”. Strategi management Journal, Vol. 14: pp. 15 – 31.
Black, F., dan Scholes, M. (1974), The effects of dividend yield and dividend policy on common stock prices and returns. Journals of Financial Economics, Vol. 1: pp. 1-22.
Boanyah, Ebenezer Adu, Desmond Tutu Ayentimi and Osei Yaw Frank. 2013. Determinants of Dividend Payout Policy of Some Selected Manufacturing Firms Listed on The Ghana Stock Exchange. Journal of Finance and Accounting, 4(5): pp: 49-60
Brealey, R. dan S. Myers (2008), Principles of Corporate Finance, 8th edn. London: McGraw-Hill.
Brigham, Eugene F. dan Houston Joel F. (2006), “Dasar-Dasar Manajemen Keuangan Jilid 1”. Alih Bahasa Ali Akbar Yulianto, Edisi Kesepuluh, Penerbit Salemba Empat, Jakarta.
Crutchley, C.E dan R. Hansen (1989), “A Test of Agency Theory of Managerial Ownership, Corporate Leverage, Corporate Dividends”. Financial Management, Vol. 18; pp. 35-57.
Easterbrook, F. H. (1984), "Two AgencyCost Explanations of Dividends". American Economic Review, Vol. 74: pp. 650-659.
Eckbo B. Espen, Savita Verma, 1994, Managerial Share Ownership, Voting Power, and Cash Dividend Policy, Journal of Corporate Finance1 : 33-62
Eisenhardt, K. M., 1989. Building Theories from Case Study Research, Academy of Management Review, vol. 14, no. 4, pp 532-550,
Fama, E. F., dan K. R. French (2002), “Testing Trade-Off and Pecking Order Predictions About Dividends and Debt.” Review of Financial Studies, Vol. 15: pp. 1-33.
Gitman, L.J, 2000, “Principle of Management Finance,” 9th d, Addison Wasler, Massachussets.
Guizani, Moncef and Ezzeddine Abaoub. 2012. Does The Contribution Of Dividend To Firm Value Depend On Controling Shareholders ?. International Journal Of Disclosure and Governance, 9(1): pp:6277
Holderness, C.G., dan Sheehan, D.P. (1988), “The role of majority shareholders in publicly held corporations: An exploratory analysis”. Journal of Financial Economics, Vol. 20: pp. 317-40.
Iturriaga, Felix J. Lopez dan Sanz, Juan Antonio Rodiguez (2000), “Ownership Structure, Corporate Value and Firm Investment: A Spanish Firms.
Iturriaga, Lopez, Felix J., Rodriguez Sanz, and Juan Antonio. 2001. Ownership Structure, Corporate Value, and Firm Investment: A Simultaneous Equations Analysis of Spanish Companies. Journal of Management & Governance, 5(2): p:179-204 Simultaneous Equations Analysis”. Direction General de Ensenanza Superior e Investigacion Cientifica.
Jensen, Michael C. (1986), "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers", American Economic Review. Vol. 76: pp. 23-329
Jensen, Michael C. dan William H. Meckling. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
Jensen, Michael C., dan Smith, Jr Clifford W. (1994), ”The Modern Theory of Corporate Finance”. Mc Graw – Hill Book Company.
Jiang, Jun and Komain Jiranyakul. 2013. Capital Structure, Cost Of Debt And Dividend Payout of Firms in New York And Shanghai Stock Exchanges. International Journal Of Economics and Financial Issues, 3(1): pp:113-12
Jiraporn, Pornsit, dan Yixi Ning (2006), “Dividend Policy, Shareholder Rights, and Corporate Governance”. Journal of Applied Finance – Fall/winter 2006.
Jose, M.L., dan J.L. Stevens (1989), “Capital Market Valuation of Dividend Policy”. Journal of Business Finance & Accounting, Vol. 16: pp. 651-662.
Leland, Hayne E. dan David H. Pyle. (1997). Informational Asymmetries, Financial Structure, and Financial Intermediation. The Journal of Finance, 32(2), 371387
Martin, John D., Keown, Arthur J., Petty, J. William, dan Scott, Jr., David F. (1994), “Dasar-Dasar Manajemen Keuangan”. Edisi Kelima, Raja Grafindo Persada, Jakarta.
Miller, M. H., dan F. Modigliani (1961), "Dividend Policy, Growth, and the Valuation of Shares". Journal of Business, Vol. 34: pp. 411-433
Murekefu, Timothy Mahalang’ang’a and Ochuodho Peter Ouma. 2012. The Relationship Between Dividend Payout and Firm Performance : A Study of Listed Companies in Kenya. European Scientific Journal, 8(9): pp: 199-215
Navissi, F., dan Naiker, V. (2006), ”Institutional ownership and corporate value”. Managerial Finance, Vol. 32, No. 3: pp. 247-256.
Okpara, Godwin Chigozie. 2012. AsyModiglani dan Milleretric Information And Dividen Policy in Emerging Markets : Empirical Evidence From Nigeria. International Journal Of Economics And Finance, 2(4): pp:212-220
Qureshi, Muhammad Azeem (2006), “System dynamics modelling of firm value”. Journal of Modelling in Management. Vol. 2, No. 1, pp. 24-39
Rozeff, M. S. (1982), "Growth, Beta, and Agency Costs as Determinants of Dividend Payout Ratios". Journal.
Shleifer, A. dan R.W. Vishny (1986), “Large Shareholders and Corporate Control,” The Journal of Political Economy 94, 461-488.
Sujoko dan Soebiantoro, Ugy. 2007. Pengaruh Struktur Kepemilikan Saham, Leverage, Faktor Intern dan Faktor Ekstern terhadap Nilai Perusahaan (Studi Empirik pada Perusahaan Manufaktur dan Non Manufaktur di Bursa Efek Jakarta), Jurnal Manajemen dan Kewirausahaan. Vol 9: Hal. 41-48.
Sujoko dan Soebiantoro, Ugy. 2007. Pengaruh Struktur Kepemilikan Saham, Leverage, Faktor Intern dan Faktor Ekstern terhadap Nilai Perusahaan (Studi Empirik pada Perusahaan Manufaktur dan Non Manufaktur di Bursa Efek Jakarta), Jurnal Manajemen dan Kewirausahaan. Vol 9: Hal. 41-48.
Walker, M Mark (2000), ”Corporate Take Over, Strategic Objectives, and Acquiringn Firm Shareholders Wealth”. Financial Management, Winter: pp. 36-46.
Wright, Peter, dan Ferris, Stephen P. (1997), ”Agency Conflict & Corporate Stategy: The Effect of Divestment on Corporate Value”. Strategic Management Journal. Vol. 18: pp. 77-83.
Agrawal, A., dan G. Mandelker (1990), “Large shareholders and the monitoring of managers”. Journal of Financial and Quantitative Analysis, Vol. 25, No. 2 pp. 143 - 161.
Allen, F., Bernardo, A. E & Welch, I. 2000. A Theory of Dividends Based on Tax Clienteles. The Journal of Finance. Vol. 55, No. 6, pp: 2499-2536.
Barclay, M. J., dan C. W. Smith, Jr. (1988), “Corporate Payout Policy: Cash Dividends versus Open-Market Repurchases". Journal of Financial Economics, Vol. 22, pp. 61-82.
Berle, Adolf, dan Gardiner Means (1932), “The Modern Corporation and Private property”. Mac-Millan, New York.
Bethel, J.E. dan Julia Liebeskind (1993), “The Effect of Ownership Structure on Corporate Structuring”. Strategi management Journal, Vol. 14: pp. 15 – 31.
Black, F., dan Scholes, M. (1974), The effects of dividend yield and dividend policy on common stock prices and returns. Journals of Financial Economics, Vol. 1: pp. 1-22.
Boanyah, Ebenezer Adu, Desmond Tutu Ayentimi and Osei Yaw Frank. 2013. Determinants of Dividend Payout Policy of Some Selected Manufacturing Firms Listed on The Ghana Stock Exchange. Journal of Finance and Accounting, 4(5): pp: 49-60
Brealey, R. dan S. Myers (2008), Principles of Corporate Finance, 8th edn. London: McGraw-Hill.
Brigham, Eugene F. dan Houston Joel F. (2006), “Dasar-Dasar Manajemen Keuangan Jilid 1”. Alih Bahasa Ali Akbar Yulianto, Edisi Kesepuluh, Penerbit Salemba Empat, Jakarta.
Crutchley, C.E dan R. Hansen (1989), “A Test of Agency Theory of Managerial Ownership, Corporate Leverage, Corporate Dividends”. Financial Management, Vol. 18; pp. 35-57.
Easterbrook, F. H. (1984), "Two AgencyCost Explanations of Dividends". American Economic Review, Vol. 74: pp. 650-659.
Eckbo B. Espen, Savita Verma, 1994, Managerial Share Ownership, Voting Power, and Cash Dividend Policy, Journal of Corporate Finance1 : 33-62
Eisenhardt, K. M., 1989. Building Theories from Case Study Research, Academy of Management Review, vol. 14, no. 4, pp 532-550,
Fama, E. F., dan K. R. French (2002), “Testing Trade-Off and Pecking Order Predictions About Dividends and Debt.” Review of Financial Studies, Vol. 15: pp. 1-33.
Gitman, L.J, 2000, “Principle of Management Finance,” 9th d, Addison Wasler, Massachussets.
Guizani, Moncef and Ezzeddine Abaoub. 2012. Does The Contribution Of Dividend To Firm Value Depend On Controling Shareholders ?. International Journal Of Disclosure and Governance, 9(1): pp:6277
Holderness, C.G., dan Sheehan, D.P. (1988), “The role of majority shareholders in publicly held corporations: An exploratory analysis”. Journal of Financial Economics, Vol. 20: pp. 317-40.
Iturriaga, Felix J. Lopez dan Sanz, Juan Antonio Rodiguez (2000), “Ownership Structure, Corporate Value and Firm Investment: A Spanish Firms.
Iturriaga, Lopez, Felix J., Rodriguez Sanz, and Juan Antonio. 2001. Ownership Structure, Corporate Value, and Firm Investment: A Simultaneous Equations Analysis of Spanish Companies. Journal of Management & Governance, 5(2): p:179-204 Simultaneous Equations Analysis”. Direction General de Ensenanza Superior e Investigacion Cientifica.
Jensen, Michael C. (1986), "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers", American Economic Review. Vol. 76: pp. 23-329
Jensen, Michael C. dan William H. Meckling. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
Jensen, Michael C., dan Smith, Jr Clifford W. (1994), ”The Modern Theory of Corporate Finance”. Mc Graw – Hill Book Company.
Jiang, Jun and Komain Jiranyakul. 2013. Capital Structure, Cost Of Debt And Dividend Payout of Firms in New York And Shanghai Stock Exchanges. International Journal Of Economics and Financial Issues, 3(1): pp:113-12
Jiraporn, Pornsit, dan Yixi Ning (2006), “Dividend Policy, Shareholder Rights, and Corporate Governance”. Journal of Applied Finance – Fall/winter 2006.
Jose, M.L., dan J.L. Stevens (1989), “Capital Market Valuation of Dividend Policy”. Journal of Business Finance & Accounting, Vol. 16: pp. 651-662.
Leland, Hayne E. dan David H. Pyle. (1997). Informational Asymmetries, Financial Structure, and Financial Intermediation. The Journal of Finance, 32(2), 371387
Martin, John D., Keown, Arthur J., Petty, J. William, dan Scott, Jr., David F. (1994), “Dasar-Dasar Manajemen Keuangan”. Edisi Kelima, Raja Grafindo Persada, Jakarta.
Miller, M. H., dan F. Modigliani (1961), "Dividend Policy, Growth, and the Valuation of Shares". Journal of Business, Vol. 34: pp. 411-433
Murekefu, Timothy Mahalang’ang’a and Ochuodho Peter Ouma. 2012. The Relationship Between Dividend Payout and Firm Performance : A Study of Listed Companies in Kenya. European Scientific Journal, 8(9): pp: 199-215
Navissi, F., dan Naiker, V. (2006), ”Institutional ownership and corporate value”. Managerial Finance, Vol. 32, No. 3: pp. 247-256.
Okpara, Godwin Chigozie. 2012. AsyModiglani dan Milleretric Information And Dividen Policy in Emerging Markets : Empirical Evidence From Nigeria. International Journal Of Economics And Finance, 2(4): pp:212-220
Qureshi, Muhammad Azeem (2006), “System dynamics modelling of firm value”. Journal of Modelling in Management. Vol. 2, No. 1, pp. 24-39
Rozeff, M. S. (1982), "Growth, Beta, and Agency Costs as Determinants of Dividend Payout Ratios". Journal.
Shleifer, A. dan R.W. Vishny (1986), “Large Shareholders and Corporate Control,” The Journal of Political Economy 94, 461-488.
Sujoko dan Soebiantoro, Ugy. 2007. Pengaruh Struktur Kepemilikan Saham, Leverage, Faktor Intern dan Faktor Ekstern terhadap Nilai Perusahaan (Studi Empirik pada Perusahaan Manufaktur dan Non Manufaktur di Bursa Efek Jakarta), Jurnal Manajemen dan Kewirausahaan. Vol 9: Hal. 41-48.
Sujoko dan Soebiantoro, Ugy. 2007. Pengaruh Struktur Kepemilikan Saham, Leverage, Faktor Intern dan Faktor Ekstern terhadap Nilai Perusahaan (Studi Empirik pada Perusahaan Manufaktur dan Non Manufaktur di Bursa Efek Jakarta), Jurnal Manajemen dan Kewirausahaan. Vol 9: Hal. 41-48.
Walker, M Mark (2000), ”Corporate Take Over, Strategic Objectives, and Acquiringn Firm Shareholders Wealth”. Financial Management, Winter: pp. 36-46.
Wright, Peter, dan Ferris, Stephen P. (1997), ”Agency Conflict & Corporate Stategy: The Effect of Divestment on Corporate Value”. Strategic Management Journal. Vol. 18: pp. 77-83.
Published
2023-01-31
How to Cite
Misrah, M. (2023). PENGARUH STRUKTUR KEPEMILIKAN TERHADAP KEBIJAKAN DEVIDEN DAN NILAI PERUSAHAAN. Jurnal Bisnis Dan Kewirausahaan, 12(1), 80–90. https://doi.org/10.37476/jbk.v12i1.3818
Issue
Section
Articles
Copyright & Licensing
1.jpg){kind=logo}
