Siahaan, Antonius TP. OWNERSHIP CONCENTRATION, CORPORATE LIQUIDITY, AND DIVIDEND PAYMENT POLICY: EVIDENCE FROM INDONESIAN FINANCIAL INDUSTRIES. International Journal of Business and Society.
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Abstract
The main objective of this research is to analyze the effect of ownership concentration and corporate liquidity on dividend payment policy in the Indonesian financial industry. Dividend payment is measured using dividend pay-out ratio on measuring dividend payment. Corporate ownership concentration is measured using the number of shares held by legal individual investors and large block shareholders. Ownership concentration is divided into three categories, which are inside shareholders, stable shareholders, and market shareholders. Corporate liquidity is measured by corporate profit, defined by retained earnings/total assets and retained earnings/total equity, corporate leverage (total liabilities/total assets), and corporate size (log normal total assets). We apply data panel regression and the robust least square method. Based on the robust least square method of testing data panel regression, we find there is a relationship between insider shareholder, market shareholder, and dividend payment policy. In contrast, there is no relationship between stable shareholder and dividend payment policy. We also found a relationship between corporate profit, which variable is retained earnings/total assets, corporate leverage, and corporate size, and dividend payment policy. These results lead to the conclusion that dividend payments increase when ownership by inside shareholders decreases, and that when ownership by market shareholders increase corporate profit will also increase, and corporate leverage and corporate size decreases. Keywords: dividend payment policy, ownership concentration, corporate liquidity. ___________________________________
| Item Type: | Article |
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| Subjects: | H Social Sciences > HG Finance > HG4001-4285 Finance management. Business finance. |
| Divisions: | Faculty of Business Administration and Communication > Department of Business Administration |
| Depositing User: | Antonius Siahaan |
| Date Deposited: | 08 Apr 2023 08:15 |
| Last Modified: | 08 Apr 2023 08:15 |
| URI: | http://repository.sgu.ac.id/id/eprint/2450 |
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