Struktur Kepemilikan Keluarga Terhadap Dividen Studi Perusahan di Indonesia
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Jun 11, 2021
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Abstract
Studi penelitian ini bertujuan untuk menguji perusahaan yang dikendalikan keluarga yang di proksikan family ownership (kepemilkan keluarga), family generation, dan struktur modal terhadap kebijakan dividen yang diukur dengan dividend payout ratio (DPR) pada seluruh perusahaan keluarga tercacat di Bursa Efek Indonesia 2012-2018. Jumlah observasi 427 dengan menggunakan metode purposive sampling. Hasil regresi berganda menunjukkan bahwa family ownership berpengaruh negatif terhadap kebijakan dividen. Semakin tinggi family ownership semakin rendah dividen yang dibagikan perusahaan. Generasi keluarga pada founder/pendiri berpengaruh positif terhadap kebijakan dividen, generasi penerusnya dan generasi mix tidak berpengaruh terhadap dividen policy. Hal ini menunjukkan bahwa perusahaan yang masih dikontrol oleh pendirinya akan mengeluarkan dividen yang tinggi dibandingkan dengan jika dikontrol oleh generasi penerusnya. Struktur modal tidak berpengaruh terhadap kebijakan dividen
Kata kunci: Kontrol Kepemilikan Keluarga, Generasi keluarga, Struktur Modal, Kebijakan dividen
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LPPM Politeknik Piksi Ganesha Indonesia
How to Cite
Fitriana, A., & Shella Rizqi Amelia. (2021). Struktur Kepemilikan Keluarga Terhadap Dividen Studi Perusahan di Indonesia. Jurnal E-Bis, 5(1), 202-217. https://doi.org/10.37339/e-bis.v5i1.532
References
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Al-Najjar, B. and Kilincarslan, E. (2016) ‘The effect of ownership structure on dividend policy: evidence from Turkey’, Corporate Governance: The international journal of business in society, 16(1), pp. 135–161. doi: 10.1108/CG-09-2015-0129.
Al-Najjar, B. and Kilincarslan, E. (2017) ‘Corporate dividend decisions and dividend smoothing: New evidence from an empirical study of Turkish Firms’, International Journal of Managerial Finance, 13(3), pp. 304–331. doi: 10.1108/IJMF-10-2016-0191.
Amaliyah, F. and Herwiyanti, E. (2019) ‘Pengaruh Kepemilikan Institusional, Dewan Komisaris Independen, dan Komite Audit terhadap Nilai Persuahaan Sektor Pertambangan’, Jurnal Akuntansi, 09(3), pp. 187–200.
Baker, H. K. and Powell, G. E. (2012) ‘Dividend policy in Indonesia: survey evidence from executives’, Journal of Asia Business Studies, 6(1), pp. 79–92. doi: 10.1108/15587891211191399.
Bhaumik, S. K., Driffield, N. and Pal, S. (2010) ‘Does ownership structure of emerging-market firms affect their outward FDI the case of the Indian automotive and pharmaceutical sectors’, Journal of International Business Studies. Palgrave Macmillan, 41(3), pp. 437–450. doi: 10.1057/jibs.2009.52.
Bokpin, G. A. (2011) ‘Ownership Structure, corporate governance and dividend performance on the Ghana Stock Exchange’, Journal of Applied Accounting Research, 12(1), pp. 61–73. doi: 10.1108/09675421111130612.
Claessens, S. and Fan, J. P. H. (2002) ‘Corporate Governance in Asia: A Survey’, International Review of Finance, 3(2), pp. 71–103. doi: 10.1111/1468-2443.00034.
Darmadi, S. and Sodikin, A. (2013) ‘Information Disclosure by Family-Controlled Firms The Role of Board Independence and Institutional Ownership’, Asian Review of Accounting, 21(3), pp. 223–240. doi: 10.1108/ARA-01-2013-0009.
Guizani, M. and Kouki, M. (2012) ‘Ownership-Control Discrepancy and Dividend Policy: Evidence from Tunisia’, International Business Research, 5(1), pp. 127–139. doi: 10.5539/ibr.v5n1p127.
Habbe, A. H. (2002) ‘Pengaruh Life-Cycle Perusahaan terhadap Incremental Value-Relevance Informasi Laba’, Jurnal Akuntansi dan Investasi, 3(1), pp. 1–19.
Hamberg, M., Fagerland, E. A. and Nilsen, K. K. (2013) ‘Founding-family firms and the creation of value: Swedish evidence’, Managerial Finance, 39(10), pp. 963–978. doi: 10.1108/MF-11-2012-0228.
Harada, K. and Nguyen, P. (2011) ‘Ownership concentration and dividend policy in Japan’, Managerial Finance, 37(4), pp. 362–379. doi: 10.1108/03074351111115313.
Huang, W. and Paul, D. L. (2017) ‘Institutional holdings, investment opportunities and dividend policy’, Quarterly Review of Economics and Finance. Board of Trustees of the University of Illinois, 64(17), pp. 152–161. doi: 10.1016/j.qref.2016.06.008.
Isakov, D. and Weisskopf, J. P. (2015) ‘Pay-out policies in founding family firms’, Journal of Corporate Finance, 33(3), pp. 330–344. doi: 10.1016/j.jcorpfin.2015.01.003.
Jiraporn, P. and Ning, Y. (2006) ‘Dividend Policy, Shareholder Rights, and Corporate Governance’, Journal of Applied Finance, 16(2), pp. 24–36.
Jones, S. and Sharma, R. (2001) The Association Between The Investment Opportunity Set and Corporate Financing and Dividend Decisions: Some Australian evidence, Managerial Finance. doi: 10.1108/03074350110767097.
Lucyanda dan Lilyana (2012) ‘Pengaruh Free Cash Flow dan Struktur Kepemilikan Terhadap Dividend Payout Ratio’, Jurnal Dinamika Akuntansi, 4(2), pp. 129–138.
Miller, D., Le Breton-Miller, I. and Lester, R. H. (2011) ‘Family and Lone Founder Ownership and Strategic Behaviour: Social Context, Identity, and Institutional Logics’, Journal of Management Studies, 48(1), pp. 1–25. doi: 10.1111/j.1467-6486.2009.00896.x.
Morck, R. and Yeung, B. (2003) ‘Agency problems in large family business groups’, Entrepreneurship Theory & Practice, 27(4), pp. 367–382. doi: 10.1111/1540-8520.t01-1-00015.
Porta, R. La, Lopez-de-Silanez, F. and Shleifer, A. (1999) ‘Corporate Ownership around the World Corporate Ownership Around the World’, Journal Finance, 54(2), pp. 471–517.
Ratnawardhani, E. A. (2017) ‘Kebijakan Deviden Sebagai Variabel Intervening Atas Pengaruh Corporate Governance Terhadap Nilai Perusahaan’, Jurnal Akuntansi Aktual, 4(2), pp. 134–141.
Reyna, J. M. S. M. (2017) ‘Ownership structure and its effect on dividend policy in the Mexican context’, Contaduria y Administracion. Universidad Nacional Autónoma de México, Facultad de ContadurÃa y Administración, 62(4), pp. 1199–1213. doi: 10.1016/j.cya.2015.12.006.
Setiaâ€Atmaja, L. (2010) ‘Dividend and debt policies of family controlled firms’, International Journal of Managerial Finance, 6(2), pp. 128–142. doi: 10.1108/17439131011032059.
Setianto, R. H. and Sari, P. K. (2017) ‘Perusahaan Keluarga dan Kebijakan Dividen di Indonesia’, Jurnal Siasat Bisnis, 21(2), pp. 107–118.
Setiawan, D. et al. (2016) ‘Ownership structure and dividend policy in Indonesia’, Journal of Asia Business Studies, 10(3), pp. 230–252.
Setiawan, D. and Phua, L. K. (2013) ‘Corporate governance and dividend policy in Indonesia’, Business Strategy Series, 14(5/6), pp. 135–143.
Sumanti, J. C. and Mangantar, M. (2015) ‘Analisis Kepemilikan Manajerial, Kebijakan Hutang dan Profitabilitas terhadap Kebijakan Dividen dan Nilai Perusahaan pada perusahaan manufaktur yang terdaftar di BEI’, Jurnal EMBA, 3(1), pp. 1141–1151.
Tabalujan, B. S. (2002) ‘Family-Controlled Listed Companies in Indonesia Introduction’, UNSW Law Journal, 25(2), pp. 486–514.
Travlos, N., Trigeorgis, L. and Vafeas, N. (2001) ‘Shareholder wealth effects of dividend policy changes in an emerging stock market: The case of Cyprus’, Multinational Finance Journal, 5(2), pp. 87–112.
Tse, C. and Jia, J. Y. (2007) ‘The impacts of corporate ownership structure on the incentive of using capital structure to signal’, Studies in Economics and Finance, 24(2), pp. 156–181. doi: 10.1108/10867370710756192.
Ullah, H., Fida, A. and Khan, S. (2012) ‘The impact of ownership structure on dividend policy evidence from emerging markets KSE-100 index Pakistan’, International Journal of Business and Social Science, 3(9), pp. 298–307.
Villalonga, B. and Amit, R. (2004) ‘How do family ownership, control, and management affect firm value ?’, Journal of Financial Economic, 80(2), pp. 387–417. doi: 10.1016/j.jfineco.2004.12.005.
Wei, Z. et al. (2011) ‘Family Control, Institutional Environment and Cash Dividend Policy: Evidence from China’, China Journal of Accounting Research. Sun Yat-sen University, 4(1–2), pp. 29–46. doi: 10.1016/j.cjar.2011.04.001.
Wijayanti, L. (2014) ‘Pengaruh kontrol keluarga dan komisaris independen Terhadap Kebijakan Dividen Dan Struktur Modal Pada Perusahaan yang terdaftar di BEI’, Jurnal Ekonomi dan Bisnis Indonesia, 1(1), pp. 81–89.
Yoshikawa, T. and Rasheed, A. A. (2010) ‘Family control and ownership monitoring in family-controlled firms in Japan’, Journal of Management Studies, 47(2), pp. 274–295. doi: 10.1111/j.1467-6486.2009.00891.x.
Zuhro, F. and Suwitho (2016) ‘Pengaruh ukuran perusahaan dan profitabilitas terhadap struktur modal’, Jurnal Ilmu dan Riset Manajemen, 5(5), pp. 1–16.
Al-Najjar, B. and Kilincarslan, E. (2016) ‘The effect of ownership structure on dividend policy: evidence from Turkey’, Corporate Governance: The international journal of business in society, 16(1), pp. 135–161. doi: 10.1108/CG-09-2015-0129.
Al-Najjar, B. and Kilincarslan, E. (2017) ‘Corporate dividend decisions and dividend smoothing: New evidence from an empirical study of Turkish Firms’, International Journal of Managerial Finance, 13(3), pp. 304–331. doi: 10.1108/IJMF-10-2016-0191.
Amaliyah, F. and Herwiyanti, E. (2019) ‘Pengaruh Kepemilikan Institusional, Dewan Komisaris Independen, dan Komite Audit terhadap Nilai Persuahaan Sektor Pertambangan’, Jurnal Akuntansi, 09(3), pp. 187–200.
Baker, H. K. and Powell, G. E. (2012) ‘Dividend policy in Indonesia: survey evidence from executives’, Journal of Asia Business Studies, 6(1), pp. 79–92. doi: 10.1108/15587891211191399.
Bhaumik, S. K., Driffield, N. and Pal, S. (2010) ‘Does ownership structure of emerging-market firms affect their outward FDI the case of the Indian automotive and pharmaceutical sectors’, Journal of International Business Studies. Palgrave Macmillan, 41(3), pp. 437–450. doi: 10.1057/jibs.2009.52.
Bokpin, G. A. (2011) ‘Ownership Structure, corporate governance and dividend performance on the Ghana Stock Exchange’, Journal of Applied Accounting Research, 12(1), pp. 61–73. doi: 10.1108/09675421111130612.
Claessens, S. and Fan, J. P. H. (2002) ‘Corporate Governance in Asia: A Survey’, International Review of Finance, 3(2), pp. 71–103. doi: 10.1111/1468-2443.00034.
Darmadi, S. and Sodikin, A. (2013) ‘Information Disclosure by Family-Controlled Firms The Role of Board Independence and Institutional Ownership’, Asian Review of Accounting, 21(3), pp. 223–240. doi: 10.1108/ARA-01-2013-0009.
Guizani, M. and Kouki, M. (2012) ‘Ownership-Control Discrepancy and Dividend Policy: Evidence from Tunisia’, International Business Research, 5(1), pp. 127–139. doi: 10.5539/ibr.v5n1p127.
Habbe, A. H. (2002) ‘Pengaruh Life-Cycle Perusahaan terhadap Incremental Value-Relevance Informasi Laba’, Jurnal Akuntansi dan Investasi, 3(1), pp. 1–19.
Hamberg, M., Fagerland, E. A. and Nilsen, K. K. (2013) ‘Founding-family firms and the creation of value: Swedish evidence’, Managerial Finance, 39(10), pp. 963–978. doi: 10.1108/MF-11-2012-0228.
Harada, K. and Nguyen, P. (2011) ‘Ownership concentration and dividend policy in Japan’, Managerial Finance, 37(4), pp. 362–379. doi: 10.1108/03074351111115313.
Huang, W. and Paul, D. L. (2017) ‘Institutional holdings, investment opportunities and dividend policy’, Quarterly Review of Economics and Finance. Board of Trustees of the University of Illinois, 64(17), pp. 152–161. doi: 10.1016/j.qref.2016.06.008.
Isakov, D. and Weisskopf, J. P. (2015) ‘Pay-out policies in founding family firms’, Journal of Corporate Finance, 33(3), pp. 330–344. doi: 10.1016/j.jcorpfin.2015.01.003.
Jiraporn, P. and Ning, Y. (2006) ‘Dividend Policy, Shareholder Rights, and Corporate Governance’, Journal of Applied Finance, 16(2), pp. 24–36.
Jones, S. and Sharma, R. (2001) The Association Between The Investment Opportunity Set and Corporate Financing and Dividend Decisions: Some Australian evidence, Managerial Finance. doi: 10.1108/03074350110767097.
Lucyanda dan Lilyana (2012) ‘Pengaruh Free Cash Flow dan Struktur Kepemilikan Terhadap Dividend Payout Ratio’, Jurnal Dinamika Akuntansi, 4(2), pp. 129–138.
Miller, D., Le Breton-Miller, I. and Lester, R. H. (2011) ‘Family and Lone Founder Ownership and Strategic Behaviour: Social Context, Identity, and Institutional Logics’, Journal of Management Studies, 48(1), pp. 1–25. doi: 10.1111/j.1467-6486.2009.00896.x.
Morck, R. and Yeung, B. (2003) ‘Agency problems in large family business groups’, Entrepreneurship Theory & Practice, 27(4), pp. 367–382. doi: 10.1111/1540-8520.t01-1-00015.
Porta, R. La, Lopez-de-Silanez, F. and Shleifer, A. (1999) ‘Corporate Ownership around the World Corporate Ownership Around the World’, Journal Finance, 54(2), pp. 471–517.
Ratnawardhani, E. A. (2017) ‘Kebijakan Deviden Sebagai Variabel Intervening Atas Pengaruh Corporate Governance Terhadap Nilai Perusahaan’, Jurnal Akuntansi Aktual, 4(2), pp. 134–141.
Reyna, J. M. S. M. (2017) ‘Ownership structure and its effect on dividend policy in the Mexican context’, Contaduria y Administracion. Universidad Nacional Autónoma de México, Facultad de ContadurÃa y Administración, 62(4), pp. 1199–1213. doi: 10.1016/j.cya.2015.12.006.
Setiaâ€Atmaja, L. (2010) ‘Dividend and debt policies of family controlled firms’, International Journal of Managerial Finance, 6(2), pp. 128–142. doi: 10.1108/17439131011032059.
Setianto, R. H. and Sari, P. K. (2017) ‘Perusahaan Keluarga dan Kebijakan Dividen di Indonesia’, Jurnal Siasat Bisnis, 21(2), pp. 107–118.
Setiawan, D. et al. (2016) ‘Ownership structure and dividend policy in Indonesia’, Journal of Asia Business Studies, 10(3), pp. 230–252.
Setiawan, D. and Phua, L. K. (2013) ‘Corporate governance and dividend policy in Indonesia’, Business Strategy Series, 14(5/6), pp. 135–143.
Sumanti, J. C. and Mangantar, M. (2015) ‘Analisis Kepemilikan Manajerial, Kebijakan Hutang dan Profitabilitas terhadap Kebijakan Dividen dan Nilai Perusahaan pada perusahaan manufaktur yang terdaftar di BEI’, Jurnal EMBA, 3(1), pp. 1141–1151.
Tabalujan, B. S. (2002) ‘Family-Controlled Listed Companies in Indonesia Introduction’, UNSW Law Journal, 25(2), pp. 486–514.
Travlos, N., Trigeorgis, L. and Vafeas, N. (2001) ‘Shareholder wealth effects of dividend policy changes in an emerging stock market: The case of Cyprus’, Multinational Finance Journal, 5(2), pp. 87–112.
Tse, C. and Jia, J. Y. (2007) ‘The impacts of corporate ownership structure on the incentive of using capital structure to signal’, Studies in Economics and Finance, 24(2), pp. 156–181. doi: 10.1108/10867370710756192.
Ullah, H., Fida, A. and Khan, S. (2012) ‘The impact of ownership structure on dividend policy evidence from emerging markets KSE-100 index Pakistan’, International Journal of Business and Social Science, 3(9), pp. 298–307.
Villalonga, B. and Amit, R. (2004) ‘How do family ownership, control, and management affect firm value ?’, Journal of Financial Economic, 80(2), pp. 387–417. doi: 10.1016/j.jfineco.2004.12.005.
Wei, Z. et al. (2011) ‘Family Control, Institutional Environment and Cash Dividend Policy: Evidence from China’, China Journal of Accounting Research. Sun Yat-sen University, 4(1–2), pp. 29–46. doi: 10.1016/j.cjar.2011.04.001.
Wijayanti, L. (2014) ‘Pengaruh kontrol keluarga dan komisaris independen Terhadap Kebijakan Dividen Dan Struktur Modal Pada Perusahaan yang terdaftar di BEI’, Jurnal Ekonomi dan Bisnis Indonesia, 1(1), pp. 81–89.
Yoshikawa, T. and Rasheed, A. A. (2010) ‘Family control and ownership monitoring in family-controlled firms in Japan’, Journal of Management Studies, 47(2), pp. 274–295. doi: 10.1111/j.1467-6486.2009.00891.x.
Zuhro, F. and Suwitho (2016) ‘Pengaruh ukuran perusahaan dan profitabilitas terhadap struktur modal’, Jurnal Ilmu dan Riset Manajemen, 5(5), pp. 1–16.