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This research aims to examine the role of resource efficiency as a measure of the activity ratio in moderating the influence of firm fundamentals as measured by profitability and debt policy. Resource efficiency in this research is grouped into two, namely efficient and inefficient companies. The population of this research are companies incorporated in the Kompas 100 Index listed on the Indonesia Stock Exchange. The sampling technique uses purposive sampling, with the criteria that companies indexed by Kompas 100 during the period 2018-2022 consistently and pay dividends. Based on the sampling results, there are 42 companies that meet the criteria, so the number of observations in this research is 210. The data analysis technique uses moderation regression. The results showed that profitability has a significant positive influence on dividend policy, but debt policy has a negative and insignificant influence on dividend policy. Resource efficiency proxied by 1-TATO is able to moderate the influence of profitability and debt policy with dividend policy. From the results of this research, it means that resource efficiency has an important role for companies in determining the firm's dividend policy.

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This research aims to examine the influence of institutional ownership and debt policy on dividend policy with profitability as a moderating variable (in IDX30 index companies listed on the Indonesian stock exchange in 2019-2021). The research method used in this research is quantitative research and uses secondary data collection techniques in the form of annual reports. The sample in this study was selected using a purposive sampling method and a sample of 16 IDX30 companies was obtained that met the sample criteria. The data analysis method used is multiple linear regression analysis and moderated regression analysis. The results of this research indicate that institutional ownership and debt policy have no effect on dividend policy. Moderating profitability can weaken the influence of institutional ownership on dividend policy. And profitability can strengthen the influence of debt policy on dividend policy. [ABSTRACT FROM AUTHOR]

This study set out to ascertain how dividend policy, profitability, and debt policy affected corporate value. In addition to determining if company size can strengthen the impact of profitability, debt policy, and dividend policy on firm value. The study's research methodology was moderate regression analysis (MRA). Theoretically, this approach is suitable for investigating the influence variable after including a moderating component. The novelty aspect of this analysis is the inclusion of firm size as a moderating variable, which is thought to strengthen or decrease the relationship between dividend policy, profitability, and debt policy and firm value. The findings of this study demonstrate how profitability and dividend policy impact corporate value. Next, the impact of dividend policy on firm value is moderated by the size of the company. However, the impact of profitability on firm value is unaffected by the size of the company.

This study analyzes the factors that affect the company's value, moderated by the debt policy. The population in this research is 49 companies listed on the Jakarta Islamic Index (JII). Determination of the sample using purposive sampling method to obtain 15 companies. The data analysis technique used moderated regression analysis (MRA). The study's results partially found that dividend policy and institutional ownership do not affect firm value. Company growth positively and significantly affects firm value. Debt policy negatively and significantly affects firm value. Debt policy cannot moderate the effect of dividend policy and company growth on firm value. However, debt policy can moderate the effect of institutional ownership on firm value. Research can complement existing theories and become a reference for company management in advancing companies and investors in investing capital.

AbstractWe use a survey approach to investigate how managers in a frontier market apply financing and dividend decision techniques in practice. 15 firm characteristics were grouped into paired subgroups for a two-sample t-test analysis that generated statistical differences, economic significance levels and ranking for each technique investigated. The Ghanaian listed firm’s sample choice was due to the country’s persistent volatile macroeconomic environment. In managing the capital structure, managers consider most relevant issuing of stock to give investors a better impression of their firms’ prospects (signalling). In choosing between short and long-term debt techniques, the most applied technique is matching the firm’s debt maturity with the assets’ useful life span. Managers are most concerned about the volatility of their earnings and cash flows on the appropriate amount of debt to use. A probe into debt policy indicates that the most valuable technique is issuing debt when the firm’s internal funds are inadequate. Under dividend policy, the most treasured technique is ensuring cash availability which deviated from existing literature. These results show that managers in frontier markets are cash-focused, which may lead to short-termism, which may be non-value-adding but important for survival in their persistent liquidity crunch markets.

The contribution of the plantation subsector to the national economy is increasing and can strengthen economic development. This study aimed to determine the effect of dividend policy, liquidity, profitability, and company size on debt policy with financial performance as an intervening variable in oil palm plantation companies listed on the Indonesia Stock Exchange in 2017-2021. This study uses an experimental approach through a quantitative technique. The total population was 27 companies. The number of samples was 75 observations. Data sources on secondary data by collecting panel data were carried out on the Eviews application with descriptive statistical tests, panel data analysis, panel data regression estimation, hypothesis testing, and path analysis. The research results showed that the dividend policy, liquidity, and profitability significantly affected debt policy. Besides that, firm size has no significant effect on debt policy. Financial performance as an intervening variable had a significant effect on debt policy. Dividend policy, liquidity, and profitability significantly affected financial performance as intervening variables. Also, firm size had no significant effect through financial performance as an intervening variable. Dividend policy, liquidity, and profitability significantly affected debt policy through financial performance as intervening variables. Meanwhile, firm size significantly affected debt policy through financial performance as an intervening variable. [ABSTRACT FROM AUTHOR]

This research aims to show the effect of debt policy on dividend policy and the moderating role of chief executive officer (CEO) share ownership in the relationship between debt policy and dividend policy. Data on the financial reports of companies in the non-financial sector listed on the Indonesia Stock Exchange from 2008 to 2020 are used as research data. Research data is sourced from www.idnfinancials.com and the company's official website. The number of samples used in testing this research was 454 observations based on purposive sampling. Data analysis in this research used logistic regression. This research shows the results that debt policy has a negative effect on dividend policy. In addition, CEO share ownership weakens the negative effect of debt policy on dividend policy. This research shows that the Indonesian Financial Services Authority needs to improve governance, especially concerning investment protection on the Indonesian Stock Exchange.

This study aims to examine dividend policies for companies listed on the Indonesia Stock Exchange during the 2018-2022 period. Agency theory argues that dividend policy can reduce agency costs and reduce agency conflicts. The percentage of institutional ownership is used as a proxy for agency costs and can be used as a mechanism for lowering agency conflict. The total sample is 44 companies listed on the IDX. The estimation uses the pooling data method and 3SLS. This research develops a simultaneous system econometric model. This study argues that high institutional ownership leads to higher agency conflict, as management and institutions collaborate to prioritize their interests over other shareholders. Conversely, low institutional ownership leads to disputes between management, low institutional, and public shareholders. The entrenchment argument predicts higher conflict in high institutional ownership, while the convergence argument predicts common agency conflict in common institutional ownership. [ABSTRACT FROM AUTHOR]

This study aims to examine the effect of free cash flow, profitability, collateralizable asset and debt policy on dividend policy. The method of data analysis in this study uses the method of multiple regression analysis on Eviews program assistance and data collection method using purposive sampling. The data used are secondary data obtained from 81 data financial statements of sector property, real estate and building construction companies listed on the Indonesia Stock Exchange in 2019-2021. The results of this study indicate that the free cash flow and collateralizable assets variable has a positive influence on dividend policy, while profitability and debt policy variable has no postitive effect on dividend policy. [ABSTRACT FROM AUTHOR]

Purpose — The purpose of this research is to determine the effect of profitability, debt policy, dividend policy and capital structure on the firm value of Islamic banks. Method — The population in this study consisted members of Islamic Financial Service Board (IFSB) period 2022, totaling 188 Islamic Financial Institutions. Using the purposive sampling technique, there was 18 Islamic banks that used as a samples with a quarterly time series data from 2021 until 2022. The data used was secondary and analyzed by panel data regression with Eviews10. Result — The results show that partially profitability, dividend policy and capital structure has significant effect on firm value of Islamic banks, but debt policy has no significant effect on firm value of Islamic banks. Meanwhile, simultaneously profitability, debt policy, dividend policy and capital structure have a significant effect on firm value of Islamic banks. Contribution — The main contribution of this research is particular to the firm value literature of Islamic banks, which is useful as a reference and investment decision making for third parties.

Purpose – Debt, dividend and investment policy constitutes a company's important financial decisions to determine firm performance. The research emphasizes on the problem of overinvestment, a phenomenon that worsens firm operation. Furthermore, it clarifies the moderation role of debt and dividend policy in mitigating the negative effect of overinvestment on firm performance in the case of Vietnamese listed companies. Design/methodology/approach – The research uses all financial statement of non-financial Vietnamese listed companies on Ho Chi Minh and Hanoi Stock Exchange in the period of 2008–2018. The data are collected from Thomson Reuters Eikon. The final data set is comprised of 669 listed companies. The study measures overinvestment though investment demand function and HP filter. Moreover, the research employs the dynamic model, so it has to apply the SGMM method to deal with the problem of endogeneity caused by the lagged dependent variable. Findings – The research finds that overinvestment is negatively associated with firm performance. Debt or dividend policy separately can moderate the negative effect of overinvestment on firm performance. However, when these two policies are combined, they lessen the positive interaction impact of each policy due to the substitution between debt and dividend policy. Research limitations/implications – The research may have two limitations. Firstly, the research measures overinvestment indirectly through investment demand function and HP filter. These two measures only help identify the sign that companies may have the problem of overinvestment because we cannot determine whether they overinvest or not in reality. Secondly, when using interaction variables, the problem of multicollinearity may be higher, and this may adjust the signs and significance level of variables in the models. Practical implications – Practically, the research proposes three policy recommendations. Firstly, a company can exploit debt or dividend policy to limit excessive free cash flow in order to constrain the problem of overinvestment. Secondly, a company should enhance its corporate governance to resolve agency problems. Thirdly, the government should make the financial sector more transparent and effective to improve monitoring functions of various parties in the capital market. Social implications – Overinvestment sometimes can cause social issues. Overinvestment means that companies make ineffective investment. If they continue this situation over a long time, companies may have financial distress or even go bankruptcy. As a result, it will slow down economic growth and increase unemployment in the economy. Originality/value – The research is supposed to make two great contributions to the existing empirical studies in two aspects. Firstly, it is the first attempt to take into consideration the interaction between overinvestment and financial policies. Secondly, it helps enhance the fundamental stance of the agency theory, which supports the interdependence of debt, dividend and investment policy.

Purpose: This study aims to explore the role of board gender diversity in enhancing the allocation of free cash flow (FCF). It examines the direct effect of board gender diversity, as well as its indirect effect, through debt and dividend policies, on the level of FCF. Design/methodology/approach: This study applies a three-stage least squares regression analysis for a sample of 367 Malaysian listed firms over the period 2011–2019. Findings: The results show that female directors significantly deter the opportunistic behavior of managers. The authors find that gender diversity – as measured by the percentage of women on the board and the percentage of female independent directors are likely to reduce excess funds. Moreover, the results reveal a significant indirect effect of board gender diversity, through dividend payouts, on the efficient allocation of FCF. The results are consistent with those in prior studies that document the benefits of board gender diversity. Practical implications: The research findings are beneficial to policymakers, as it allows them to assess the importance of diversity on boards in the monitoring of the managers, particularly as it pertains to the allocation of excess funds. Furthermore, these findings have implications for regulators as they shed light on the importance to undertake measures and reforms to promote board effectiveness by the introduction of gender diversity. Originality/value: While prior research has examined the effect of board gender diversity on firm performance, the study is the first to investigate both the direct and indirect effect of board gender diversity on the allocation of FCF. [ABSTRACT FROM AUTHOR]

The purpose of this study was to examine the effect of Free Cash Flow, Debt Policy, Return On Assets, Company Growth on Dividend Policy. The sample of this study was using 10 companies in the Consumer Goods Industry Sector on the Indonesia Stock Exchange (IDX) in 2015-2018 met all the criteria. Empirical evidence suggests that Free Cash Flow has a Significant Effect on Dividend Policy. Debt Policy Has Negative and Significant Impact on Dividend Policy. Whereas Return On Assets and Company Growth Have No Significant Effect on Dividend Policy.

Do good corporate governance practices affect the amount of intermediated debt used by corporations and their dividend payout decisions? This study addresses the direct effects of corporate governance practices on both the indebtedness and the dividend pay-outs in corporations listed on the Bratislava Stock Exchange in 2015–2017 in Slovakia. Because of the relatively weakly developed stock market, the hypothesis is set only to found whenever there is a correlation between those variables. For analyzing the data, Spearman’s rank correlation was used because of the absence of normal distribution. Furthermore, authors adjusted the data set specifically in both cases to reflect more precisely the situation and increase the significance of the models. The most important result of this paper is the finding that the application of the corporate governance principles affects financial decisions of companies. There is a correlation between the responsible application of corporate governance principles and the total debt of companies. Also, there is a correlation between the responsible application of corporate governance principles and the amount of dividends paid to shareholders.

The purpose of this research was to study the significant effect of Managerial Ownership and Dividend Policy to Debt Policy The Non-Financial sector on Listed Companies in Indonesian Stock Exchange in 2015. The method used is quantitative descriptive survey method with a descriptive and statistical analysis and regression approach. The research using the secondary data obtained from the reference center Indonesia Stock Exchange in 2015. Variable X as the independent variable is Managerial Ownership in measured by Managerial Ownership Ratio (MOWN) and Dividend Policy in measured by Dividend Payout Ratio (DPR). Meanwhile variable Y is proxied by Debt to Equity Ratio (DER). The sampling technique was conducted by random sampling. The attainable population in this research were all manufacture companies listed on the Indonesian Stock Exchange and the sample used by the computation Isaac Michael is 47 companies.The simple linier regression and resulted Ŷ=0,780+0,018X1+0,122X2. The result of this research concluded that Managerial Ownership has not affect the Debt Policy where Thitung of Managerial Ownership is 0,625 smaller than Ttabel amounted to 2,000 and Dividend Policy in has positive and significant effect the Debt Policy where Thitung of Dividend Policy is 2,192 and Ttabel amounted to 2,000. In simultan. The Influence Between Managerial Ownership and Dividend Policy with Debt Policy is not significantly related. The ability of the Managerial Ownership and Dividend Policy explain Debt Policy is 10,30%. Keyword : Managerial Ownership, Dividend Policy, Debt Policy

This study analyzes the influence of institutional ownership, dividend policy, and free cash flow on debt policy with profitability as moderating. The study population was 148 manufacturing sector companies listed on the Indonesia Stock Exchange in the 2014- 2016 period. The samples obtained were 41 companies with 123 units of analysis with purposive sampling method on predetermined criteria. Data were analyzed with SPSS 21 application with moderation regression analysis method. Institutional ownership and dividend policy have no significant effect on debt policy. Meanwhile, free cash flow has a significant positive effect on debt policy. In addition, profitability cannot moderate the significant influence of institutional ownership, dividend policy and free cash flow on debt policy is the result of research. The conclusion of this study is that companies need to improve the optimal debt policy to avoid financial difficulties in the future and the profitability ratio needs to be increased because increased debt use is determined by looking at the potential profitability of the company. [ABSTRACT FROM AUTHOR]

The purpose of this study is to examine the profitability in moderating the effect of dividend policy, firm size, and assets structure towards debt policy. The population of this study were manufacturing companies were listed on the Indonesia Stock Exchange (BEI) during 2014-2016. The population of this study were 136 companies and research samples of 37 companies. The sample selection used in this study was a purposive sampling technique obtained by 111 analysis units. Data collection techniques used are documentation techniques by collecting the required data from the financial statements. The analytical technique using moderation regression analysis using the difference absolute value test. Assets structure has a positive effect on debt policy, firm size negatively affect on debt policy and dividend policy does not significantly effect on debt policy. Profitability can be used to moderate the effect of dividend on debt policy. However, profitability can not be used to moderate firm size and assets structure towards debt policy. The conclusion of this research is that debt policy is effect by assets structure and profitability can moderate the effect of dividend policy towards debt policy. [ABSTRACT FROM AUTHOR]

The aims of the study are to examine the role of financial performance in moderating the influence of managerial ownership, dividend policy, firm growth, and firm size towards debt policy.The populations of the study are 138 companies which are listed in the Indonesia Stock Exchange (BEI) during 2013-2015period. Data were selected by purposive sampling method obtained by 333 unit of analysis.Moderated regression analysis by difference absolute value test was used to analyse data. Firm growth and firm size had a significant positive effect on debt policy. Dividend policy had a significant negative effect on debt policy, while managerial ownership didn't havesignificant effect on debt policy. Financial performance moderates significantly the effect of managerial ownership and firm size on debt policy, but unablebe used to moderate the influence of dividend policy and corporate growth on debt policy. Based on the research result, it can be concluded that the company's debt policy is influenced by dividend policy, firm growthand firmsize, and financial performance can moderate the effect of managerial ownership and firm size on debt policy. [ABSTRACT FROM AUTHOR]

The main purposes of this research is to test the influence of dividend policy, debt policy and profitability toward corporate value by considering good corporate governance as control variable. This research uses manufacturing companies population that listed on Indonesian Stock Exchange with the observation period 2005-2010. Data collection method used purposive sampling method. The amount of sample using 78 samples. This research is tested with SPSS application. This research use ordinary least square method indicate that dividend policy has a positif but not significant on corporate value, debt policy has positif but not significant on corporate value, and profitability has positif significant. Furthermore, this research using insider ownership as control variable that only can changes one independent variable, there is: coefficient of debt policy to corporate value. So, debt policy has negatif but not significant on corporate value. Simultaneously, variable of DPR, DER and ROE has significant effect to PBV and with insider ownership as control variable, variable of DPR, DER, ROE and insider ownership has significant effect to PBV.

Copyright of Accounting Analysis Journal (AAJ) is the property of Jurusan Akuntansi, Fakultas Ekonomi, Universitas Negeri Semarang and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Accounting Analysis Journal (AAJ) is the property of Jurusan Akuntansi, Fakultas Ekonomi, Universitas Negeri Semarang and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

According to the existence of conflicts of interest between managers, stockholders and creditors optimization of decision making about usage of free cash flows (FCF) in productive investment opportunities is one of the important financial decisions at firm level. Because increasing in free cash flows lead to opportunistic behavior from managers especially in the firm, which exist interest conflicts. However, decision making about dividend and debt policy can mitigate their effect. According this reasoning, this research try to investigate simultaneous relationship between free cash flow, dividend policy and leverage of 120 listed companies in the Tehran stock exchange during 2007-2011 with Three Stage Least Square Simultaneous Model (3SLS). Our findings show that firms with high leverage have lower FCF, thus there is negative relationship between FCF and debt policy. Also, dividends have negative relationship with debt. We hope our results will be useful for standard sitter and exchange market policy maker to establish several standard and regulation about voluntary disclosure of FCF. [ABSTRACT FROM AUTHOR]

The research investigates ownership structure in Indonesia in context of agency theory for non-financial firms listed on the Indonesian Stock Exchange for 2000-2007 periods. The uniqueness of characteristic of ownership structure in Indonesia, which is dominated by large institutional shareholders motivated researcher to examine the impact and its relationship to agency conflict and balancing off agency theory in Indonesian companies. In this condition, it is certainly indicating that the existing conflict is not between managers and owners but majority and minority. The study argues that in low level ownership, controlling institutional shareholder expropriates the minority shareholders. However, when the ownerships comes to higher level, the controlling shareholder will make agency conflict lower since monitoring hypothesis becoming relevant in such level. In other words, the study argues that nonlinear relation between agency conflict which is proxied by firm's performance ratios and controlling institutional ownership exist. Nevertheless, the study argues that debt and dividend policy can also be used to reduce the conflict. Thus, the study also examines the simultaneous relationships among the mechanisms used to reduce agency conflict. The result indicates that when controlling institutional shareholder has significant amount of shares, they will actively monitor the manager to ensure them making value. However, when the ownership is insignificant, controlling shareholder will harm firm value due to expropriation of controlling shareholder. Therefore, nonlinear relationship exists between controlling institutional shareholder and agency conflict. Second, debt policy and dividend policy can be used to reduce the conflict. The last, it is found that balancing off agency theory is not applied among all policies. The only bidirectional relationship is between institutional ownership and debt policy. [ABSTRACT FROM AUTHOR]

The research investigates ownership structure in Indonesia in context of agency theory for non-financial firms listed on the Indonesian Stock Exchange for 2000-2007 periods. The uniqueness of characteristic of ownership structure in Indonesia, which is dominated by large institutional shareholders motivated researcher to examine the impact and its relationship to agency conflict and balancing off agency theory in Indonesian companies. In this condition, it is certainly indicating that the existing conflict is not between managers and owners but majority and minority. The study argues that in low level ownership, controlling institutional shareholder expropriates the minority shareholders. However, when the ownerships comes to higher level, the controlling shareholder will make agency conflict lower since monitoring hypothesis becoming relevant in such level. In other words, the study argues that nonlinear relation between agency conflict which is proxied by firm's performance ratios and controlling institutional ownership exist. Nevertheless, the study argues that debt and dividend policy can also be used to reduce the conflict. Thus, the study also examines the simultaneous relationships among the mechanisms used to reduce agency conflict. The result indicates that when controlling institutional shareholder has significant amount of shares, they will actively monitor the manager to ensure them making value. However, when the ownership is insignificant, controlling shareholder will harm firm value due to expropriation of controlling shareholder. Therefore, nonlinear relationship exists between controlling institutional shareholder and agency conflict. Second, debt policy and dividend policy can be used to reduce the conflict. The last, it is found that balancing off agency theory is not applied among all policies. The only bidirectional relationship is between institutional ownership and debt policy. [ABSTRACT FROM AUTHOR]