VALUE OF THE FIRM: INFLATION AND ROLE OF DIVIDEND DECISION MEDIATION

Sumani Sumani(1*),

(1) 
(*) Corresponding Author

Abstract


The objective of this study was to determine the effect of leverage, insider ownership, investment opportunity set (IOS) and inflation on dividend decision. Besides, to prove the effect of leverage, insider ownership, investment opportunity set (IOS) and inflation on firm value through the role of dividend decision mediation and to determine the direct effect of dividend policy on a value of the firm in the consumer goods industry sector. The population is companies in the consumer goods industry sector listed on the IDX during the period 2010-2018. The sampling method uses purposive sampling technique — the total sample of 38 companies using 342-panel data. The analytical method used is path analysis. The results showed that insider ownership and investment opportunity set (IOS) significantly influence dividend decision. However, leverage and inflation do not affect the dividend decision. Also, insider ownership and inflation have a significant effect on the value of the firm, but leverage and investment opportunity sets (IOS) do not affect. Dividend decision affects the value of the firm; besides, dividend decision is proven to significantly play a role in mediating the influence of insider ownership and investment opportunity sets (IOS) on the value of the firm.


Keywords


Dividend decision, inflation, the value of the firm

Full Text:

PDF

References


Type of Entry References Text Citations

Journal Article, One Author Amaech, E. P. (2013). Application of computed financial ratios in fraud detection modelling: a study of selected banks in Nigeria. Asian Economic and Financial Review. 3(11), 1405-1418

Amidu, M. (2007). How does dividend policy affect the performance of the firm on Ghana Stock Exchange ?. Investment Management and Financial Innovations. 4(2) 103 - 112.

Ardiyanti, N.R.S.A. (2015). Pengaruh Faktor-Faktor Fundamental dan Teknikal terhadap Dividend Payout Ratio. Jurnal Riset Akuntansi dan Perpajakan. 2(2), 218 – 229.

Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and "the bird in the hand" fallacy. Bell Journal of Economics. 10(2), 259 – 270.

Berry. Y. (2016) .Hubungan Kebijakan Dividen dan Nilai Perusahaan Pada Tahap Mature dan Growth. JRAK. 7(1), 65-73.

Budagaga, A. (2017). Dividend Payment and its Impact on the Value of Firms Listed on Istanbul Stock Exchange: A Residual Income Approach. International Journal of Economics and Financial Issues. 7(2), 370-376.

Djumahir. (2007). Pengaruh Variabel-variabel Mikro dan Variabel-variabel Makro terhadap Financial Distress Pada Perusahaan Industri Food and Beverages yang Terdaftar di Bursa Efek Jakarta. Jurnal Aplikasi Manajemen. 5(3), 484 – 492.

Lintner, J. (1956). Distribution of Income of Corporations Among Dividends, Retained Earnings, and Taxes. American Economic Review. 46 (2), 97 – 113.

Mardiyati, U. (2012). Pengaruh Kebijakan Dividen, Kebijakan Hutang, dan Profitabilitas Terhadap Nilai Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2005-2001. Jurnal Riset Manajemen Sains Indonesia (JRMSI), 3(1), 1-16.

Myers, S. C. (1977). The determinant of Corporate Borrowing. Journal of Financial Economics 9 (3), 237-264.

Panchal, N. (2018). How does Dividend Policy Impact the Value of the Firm? – An analysis of Selected Indian Sectors. ASEAN Journal of Management. 9(1), 99-106.

Petitt, R. R. (1977). Taxes, Transactions Costs and the Clientele Effect of Dividends. Journal of Financial Economics. 5, 89 – 96.

Rozeff, M. S. (1982). Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios. Journal of Financial Research. 5(3), 249 – 259.

Senata, M. (2016). Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan yang tercatat pada Indeks LQ-45 Bursa Efek Indonesia. Jurnal Wira Ekonomi Mikriskil : JWEM. 6(1), 42 – 56.

Walter, J. E. (1963). Dividend Policy: Its Influence on the Value of the Enterprise. Journal of Finance. 12 (2), 280 – 291.

Watts, R. (1973). The Information Content of Dividends. Journal of Business. 46(2). 191 – 211 (Amaech, 2013)

(Amidu, 2007)

(Ardiyanti, 2015)

(Bhattarcharya, 1979)

(Berry, 2016)

(Budagaga, 2017)

(Djumahir, 2007)

(Lintner, 1956)

(Mardiyanti, 2012)

(Myers, 1977)

(Panchal, 2018)

(Petitt, 1977)

(Rozeff, 1982)

(Senata, 2016)

(Walter, 1963)

(Watts, 1963)

Journal Article, 2 or More than 2 Author Allen , F. Bernardo, A. E. and Welch, I. (2000). A Theory of Dividends Based on Tax Clienteles; Journal of Finance, 55(6), 2499 – 2536.

Arko, C.A. Abor, J., Adjasi, K.D.C., & Amidu, M. (2014) What Influence Dividend Decisions of Firms in Sub-Saharan African?. Journal of Accounting in Emerging Economics, 4(1), 57-78.

Baker, M. and Wurger, J. (2004). A Catering Theory of Dividends. Journal of Finance. 59 (3), 1125 – 1165.

Boyd, J. and Jagannathan, R. (1994). Ex-Dividend Price Behavior of Common Stocks: Fitting Some Pieces of the Puzzle. Review of Financial Studies. 7(4), 711 – 741.

Brav, A. Graham, J. Harvey, C. dan Michaely, R. (2005). Payout Policy in the 21st Century. Journal of Financial Economics.

Fama, E. and Babiak, H. (1968). Dividend Policy: An Empirical Analysis. Journal of the American Statistical Association. 63(324),1132 – 1161.

Fidhayatin, S. K. dan Dewi, N. (2012). Analisis nilai perusahaan, kinerja perusahaan dan Kesempatan bertumbuh perusahaan terhadap return Saham pada perusahaan manufaktur yang listing di bei. The Indonesian Accounting Review. 2(2), 203 – 214

Haryetti dan Ekayanti, RA. (2012). Pengaruh Profitabilitas , Investment Opportunity Set dan Pertumbuhan Perusahaan Terhadap Kebijakan Dividen Pada Perusahaan LQ-45 yang Terdaftar di BEI. Jurnal Ekonomi. 20(3), 1-18.

Hasibuan, V. Dzulkirom, M, AR. dan Endang, NG, NP. (2016). Pengaruh Leverage dan Profitabilitas Terhadap Nilai Perusahaan (Studi pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2012-2015. Jurnal Admnistrasi Bisnis. 39(1), 139-147.

Janah, S.S. dan Azizah, D. F. (2019). Pengaruh Insider Ownership, Institutional Ownership, Collateralizable Assets dan Debt To Total Assets Terhadap Dividend Payout Ratio. (Studi pada Perusahaan non-Keuangan yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2015-2017. Jurnal Administrasi Bisnis (JAB). 74(1), 19-29.

Kighir, A.E., Omar, N.H., and Mohamed, N. (2015). Corporate Cash Flow and Dividends Smoothing: a panel data Analysis at Bursa Malaysia. Journal of Financial Reporting and Accounting. 13(1), 2-19.

Litzenberger, R. H. and Ramaswamy, K. (1982). The Effects of Dividends on Common Stock Prices Tax Effects or Information Effects. Journal of Finance. 37(2),429 – 443.

Mangasih dan Asandimitra. (2017). Pengaruh Insider Ownership, Institutional Ownership, Dispersion Of Ownership, Collateralizable Assets, dan Board Independence Terhadap Kebijakan Dividen Pada Sektor Finance Periode 2011-2015. Jurnal Ilmu Manajemen. 5(3),12-23

Marlina, L. dan Danica, C. (2009). Analisis Pengaruh Cash Position, Debt to Equity Ratio dan Return on Assets Terhadap Dividend Payout Ratio. Jurnal Manajemen Bisnis. 2 (1),1- 6.

Miller, M. and Modligiani, F. (1961). Dividend Policy, Growth and The Valuation of Shares. Journal of Business, 34, 411 – 433.

Munthe, K. dan Hotmauli, S. (2018). Pengaruh Inflasi, Suku Bunga dan Nilai Tukar Terhadap Return Saham Pada Perusahaan Manufaktur di Bursa Efek Indonesia Pada Periode 2013 – 2016. Jurnal Manajemen dan Bisnis. 18(2), 101-113.

Oliver, E. C. Iniviei, E. S., and Daniel, E.S. (2016). Effect of Dividend Policy on the Value of Firms (Empirical Study of Quoted Firms in Nigeria Stock Exchange). Research Journal of Finance and Accounting. 7(3), 17-24.

Sofyaningsih dan Hardiningsih. (2011). Struktur Kepemilikan, Kebijakan Dividen, Kebijakan Utang dan Nilai Perusahaan. Jurnal Dinamika Keuangan dan Perbankan. 3(1), 68-67.

Supriyanah dan Ghoniyah, N. (2015). Kebijakan Pendanaan, Insider Ownership dan Firm Size terhadap Nilai Perusahaan yang Listed di Bursa Efek Indonesia (BEI) Tahun 2010-2013. EKOBIS. 16(1), 68-79.

Yarram, S.R., & Dollery, B. (2015). Corporate Governance and Financial Policies. Managerial Finance. 41(3), 267-285 (Allen et al., 2000)

(Arko et al., 2014)

(Baker and Wurger, 2004)

(Boyd and Jagannathan, 1994)

(Brav et al., 2005)

(Fama and Babiak, 1968)

(Fidhayatin dan Dewi, 2012)

(Haryetti dan Ekayanti, 2012)

(Hasibuan et al., 2016)

(Jannah dan Azizah, 2019)

(Kighir et al., 2015)

(Litzenberger. and Ramaswamy, 1982)

(Mangasih dan Asandimitra, 2017)

(Marlina dan Danica, 2009)

(Miller and Modligiani, 1961)

(Munthe dan Hotmauli, 2018)

(Oliver et al., 2016)

(Sofyaningsih dan Hardiningsih, 2011)

(Supriyanah dan Ghoniyah, 2015)

(Yarram and Dollery, 2015)

Journal Article Retrieve Online with NO DOI (Digital Object Identifier) Hariyono, M.S. dan Lestari, P. L.(2016) Pengaruh Struktur Kepemilikan, IOS, dan ROI terhadap Nilai Perusahaan Pada Perusahaan Food and Beverage. E-Jurnal Manajemen Unud, 4(4), 1599-1626. (Hariyono dan Lestari, 2016)

Journal Article Retrieve Online with DOI (Digital Object Identifier) Egbunike, C.F. and Okerekeoti, C.U. (2018) Macroeconomic factors, firm Characteristics and Financial Performance: A Study of Selected Quoted Manufacturing Firms in Nigeria. Asian Jurnal of Accounting Research. 3(2). DOI: https://doi.org/10.1108/AJAR-09-2018-0029

Guizani, M. (2018). The mediating effect of Dividend Payout on the Relationship Between Internal Governance and Free Cash Flow. Corporate Governance International Journal of Business in Society. 1-25. https://doi.org/10.1108/CG-01-2018-0011

(Egbunike and Okerekeoti, 2018)

(Guizani, 2018)

Book Al Najjar, B. (2012). Dividends Behaviour Andsmoothing New Evidence From Jordanian Panel Data. University of the West England.

Brigham, E.F. dan Houston, J. (2011). Dasar-Dasar Manajemen Keuangan. Buku 2 Edisi Kesebelas. Jakarta: Salemba Empat.

Ghozali, I. (2014). Aplikasi Analisis Multivaririate dengan Program SPSS, Edisi 6. Semarang: Badan Penerbit Undip

Ghozali, I. (2017). Model Persamaan Struktural Konsep dan Aplikasi dengan Program AMOS 24. Edisi 7. Semarang: Badan Penerbit Undip

Gordon, M. (1961). “The Investment, Financing, and Valuation of Corporation”, Review of Economics and Statistics.

Harmono. (2014). Manajemen Keuangan Berbasis Balanced Scorecard Pendekatan Teori, Kasus dan Riset Bisnis. Jakarta: PT Bumi Aksara.

Jumingan (2014). Analisis Laporan Keuangan. Jakarta : PT. Bumi Aksara.

Syamsuddin, L. (2011). Manajemen Keuangan Perusahaan. Jakarta: Rajawali Pers.

Tandelilin, E. (2010). Portofolio dan Investasi: Teori dan Aplikasi, Edisi Pertama. Yogyakarta: Kanisius.

Wiagustini, N.P. (2010). Dasar-Dasar Manajemen Keuangan. Denpasar. Udayana University Press. (Al Najjar, 2012)

(Brigham dan Houston, 2011)

(Ghozali, 2014)

(Ghozali, 2017)

(Gordon, 1961)

(Harmono, 2014)

(Jumingan, 2014)

(Syamsuddin, 2011)

(Tandelilin, 2010)

(Wiagustini, 2010)

Website http://.kontan.co.id/new/sektor-barang-konsumsi-dan-perbankan-bisa-jadi-andalan-di-2012).

https://www.bisnis.com/amp//read/20170303/190/633538/saham-saham-konsumer-kian-diminati-investor

(kontan.co.id, 2012)

(bisnis.com, 2017)

Proceedings Haruman, T. (2008). Pengaruh Struktur Kepemilikan terhadap Keputusan Pendanaan (Prespektif Agency Theory) Survey Pada Perusahaan Manufaktur di PT. Bursa Efek Indonesia. National Conference on Management Research. Makasar, 27 Novemver 2008. (Haruman, 2008)




DOI: https://doi.org/10.24123/jmb.v19i1.452

Article Metrics

Abstract view : 0 times
PDF - 0 times

Refbacks

  • There are currently no refbacks.




Copyright (c) 2019 Sumani Sumani

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License. ISSN: 1412-3789. e-ISSN: 2477-1783.

Google Scholar Google ScholarGARUDA - Garba Rujukan Digital
 mabis statistics