Main Article Content
Abstract
Purpose – This study aims to examine the possible explanations for the inconsistency between profitability and dividend policy association. It also aims to carefully investigate the explanations of the free cash flow regarding the profitability-dividend policy relationship while specifying the shape of the moderating variables.
Design/methodology/approach –This study uses LQ45-listed enterprises as research sample and adopt hierarchical moderating analysis as our methods. This study also uses 10-year observations from 2012-2020 with 170 firm-years observations represented by 17 companies.
Findings – The results showed a positive association between profitability and dividend policy, suggesting that higher profit was capable of inducing firms to provide more dividend payments for the stockholders. Furthermore, increasing free cash flow strengthened the profitability-dividend policy relationship and it play a role as a pure moderator between both variables.
Research limitations/implications – As this study use LQ45 sample firms, the interpretation from the research funding should be carefully made and generalizations should be done with caution. Also, current study does not include managerial characteristics as potential factors to influence dividend policy due to data limitation.
Practical implications – This study provide implication for managers by suggesting that the free cash flow condition of a company may be essential for deciding dividend payout policy when firms can create good profitability. Firms need to maintain its fee cash flow level to gain benefit as a driver to create favorable dividend policy for stockholders.
Originality/value – This study adds essential contribution to the moderating role literature by distinguishing the type of moderating role of free cash flow on the relationship between dividend policy and profitability. In addition, this study also incorporates hierarchy regression analysis which is different from prior similar study.
Keywords
Article Details
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References
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- Boshnak, H. A. (2023). The impact of board composition and ownership structure on dividend payout policy: evidence from Saudi Arabia. International Journal of Emerging Markets, 18(9), 3178–3200. https://doi.org/10.1108/IJOEM-05-2021-0791
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- Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323–329. https://www.jstor.org/stable/1818789
- Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
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- Litzenberger, R. H., & Ramaswamy, K. (1979). The effect of personal taxes and dividends on capital asset prices: Theory and empirical evidence. Journal of Financial Economics, 7(2), 163–195. https://doi.org/https://doi.org/10.1016/0304-405X(79)90012-6
- Liu, Q., Sono, H., & Zhang, W. (2019). Management quality and acquisition performance: New evidence based on firm profitability. The Journal of Corporate Accounting & Finance, 30(3), 44–63. https://doi.org/10.1002/jcaf.22388
- Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411–433. https://www.jstor.org/stable/2351143
- Naceur, S. Ben, Goaied, M., & Belanes, A. (2006). On the Determinants and Dynamics of Dividend Policy. https://doi.org/10.2139/ssrn.889330
- Nai, N. L., Wiyono, G., & Maulida, A. (2022). Pengaruh Profitabilitas, Struktur Kepemilikan dan Pertumbuhan Perusahaan terhadap Kebijakan Dividen Pada Perusahaan Manufaktur: Studi Kasus Perusahaan Manufaktur BEI 2018-2020. Reslaj: Religion Education Social Laa Roiba Journal, 4(4), 1059–1075. https://journal.laaroiba.ac.id/index.php/reslaj/article/view/1068
- Nerviana, R. (2015). The effect of financial ratios and company size on dividend policy. The Indonesian Accounting Review, 5(1), 23–32. https://doi.org/10.14414/tiar.v5i1.486
- Novatiani, R. A., Karim, D. F., & Saudi, M. H. (2021). Liquidity and Profitability Affecting The Dividend Policy: An Ecological Empirical Study On Consumer Goods Industry In Indonesia. Review of International Geographical Education (RIGEO), 11(1), 589–594. https://repository.widyatama.ac.id/server/api/core/bitstreams/b70787f3-c4d8-4371-8c70-0952258ac278/content
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- Pradana, S. W. L., & Sanjaya, I. P. S. (2017). Dampak Profitabilitas, Aliran Kas Bebas, dan Kesempatan Investasi terhadap Pembayaran Dividen Perusahaan Perbankan. Jurnal Keuangan Dan Perbankan, 21(1), 113–124. https://doi.org/10.26905/jkdp.v21i1.1232
- Puspaningsih, A., & Pratiwi, R. G. (2017). Determinan kebijakan dividen di Indonesia: good corporate governance (GCG) sebagai variabel intervening. Jurnal Akuntansi & Auditing Indonesia, 21(2), 118–129. https://doi.org/10.20885/jaai.vol21.iss2.art4
- Puspitaningtyas, Z. (2018). Ability of Net Income in Predicting Dividend Yield: Operating Cash Flow as A Moderating Variable. Archives of Business Research, 6(1), 226–234. https://doi.org/10.14738/abr.61.4128
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- Rochmah, H. N., & Ardianto, A. (2020). Catering dividend: Dividend premium and free cash flow on dividend policy. Cogent Business & Management, 7(1), 1812927. https://doi.org/10.1080/23311975.2020.1812927
- Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23–40. https://doi.org/10.2307/3003485
- Rozeff, M. S. (1982). Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios. The Journal of Financial Research, 5(3), 249–259. https://doi.org/10.1111/j.1475-6803.1982.tb00299.x
- Salvatori, E. G., Robiyanto, R., & Harijono, H. (2020). An Analysis of The Relationship Between Earnings and Corporate Taxes on Dividend Policy of Companies in Sri-Kehati Index. Journal of Management and Entrepreneurship Research, 1(1), 1–12. https://doi.org/10.34001/jmer.2020.6.01.1-1
- Sharma, N. (2003). The role of pure and quasi-moderators in services: an empirical investigation of ongoing customer–service-provider relationships. Journal of Retailing and Consumer Services, 10(4), 253–262. https://doi.org/10.1016/S0969-6989(02)00020-6
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- Vo, D. H., & Nguyen, V. T.-Y. (2014). Managerial Ownership, Leverage and Dividend Policies: Empirical Evidence from Vietnam’s Listed Firms. International Journal of Economics and Finance, 6(5), 274–284. https://doi.org/10.5539/ijef.v6n5p274
- Wahjudi, E. (2020). Factors affecting dividend policy in manufacturing companies in Indonesia Stock Exchange. Journal of Management Development, 39(1), 4–17. https://doi.org/10.1108/JMD-07-2018-0211
- Widyasti, I. G. A. V., & Putri, I. G. A. M. A. D. (2021). The Effect of Profitability, Liquidity, Leverage, Free Cash Flow, and Good Corporate Governance on Dividend Policies (Empirical Study on Manufacturing Companies Listed in Indonesia Stock Exchange 2017-2019). American Journal of Humanities and Social Sciences Research (AJHSSR), 5(1), 269–278. https://www.ajhssr.com/wp-content/uploads/2021/01/ZJ21501269278.pdf
- Wulandari, S., Ambarita, N. P., & Darsono, M. D. P. W. (2019). Pengaruh Free cash flow, Kepemilikan Institusional, Profitabilitas dan Leverage Tehadap Kebijakan Dividen Tunai Pada Perusahaan Property dan Real estate yang Terdaftar di Bursa Efek Indonesia. Akuisisi: Jurnal Akuntansi, 15(2), 26–34. https://doi.org/10.24127/akuisisi.v15i2.429
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References
Abor, J., & Bokpin, G. A. (2010). Investment opportunities, corporate finance, and dividend payout policy. Studies in Economics and Finance, 27(3), 180–194. https://doi.org/10.1108/10867371011060018
Akhmadi, A., & Januarsi, Y. (2021). Profitability and Firm Value: Does Dividend Policy Matter for Indonesian Sustainable and Responsible Investment (SRI)-KEHATI Listed Firms? Economies, 9(4), 163. https://doi.org/10.3390/economies9040163
Ambarwati, S. D. A. (2014). Perspektif Bird in The Hand: Penentu Dividend Payout Ratio Perusahaan Manufaktur. Jurnal Keuangan Dan Perbankan, 18(3), 345–357. https://jurnal.unmer.ac.id/index.php/jkdp/article/view/814
Arilaha, M. A. (2009). Pengaruh Free Cash Flow, Profitabilitas, Likuiditas, dan Leverage terhadap Kebijakan Dividen. Jurnal Keuangan Dan Perbankan, 13(1), 78–87. https://jurnal.unmer.ac.id/index.php/jkdp/article/view/919
Asad, M., & Yousaf, S. (2014). Impact of Leverage on Dividend Payment Behavior of Pakistani Manufacturing Firms. International Journal of Innovation and Applied Studies, 6(2), 216–221. https://ijias.issr-journals.org/abstract.php?article=IJIAS-14-129-04
Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and “The Bird in the Hand” Fallacy. The Bell Journal of Economics, 10(1), 259–270. https://doi.org/10.2307/3003330
Black, F. (1976). The Dividend Puzzle. The Journal of Portfolio Management Winter, 2(2), 5–8. https://doi.org/10.3905/jpm.1976.408558
Boshnak, H. A. (2023). The impact of board composition and ownership structure on dividend payout policy: evidence from Saudi Arabia. International Journal of Emerging Markets, 18(9), 3178–3200. https://doi.org/10.1108/IJOEM-05-2021-0791
Brigham, E. F., & Houston, J. F. (2019). Dasar-Dasar Manajemen Keuangan Buku 2 (14th ed.). Salemba Empat.
Deni, F. F., Aisjah, S., & Djazuli, A. (2016). Analisis Variabel-Variabel yang Mempengaruhi Kebijakan Dividen (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia). Jurnal Aplikasi Manajemen, 14(2), 359–365. https://jurnaljam.ub.ac.id/index.php/jam/article/view/896
Dewasiri, N. J., Koralalage, W. B. Y., Azeez, A. A., Jayarathne, P. G. S. A., Kuruppuarachchi, D., & Weerasinghe, V. A. (2019). Determinants of dividend policy: evidence from an emerging and developing market. Managerial Finance, 45(3), 413–429. https://doi.org/10.1108/MF-09-2017-0331
Easterbrook, F. H. (1984). Two Agency-Cost Explanations of Dividends. The American Economic Review, 74(4), 650–659. https://www.jstor.org/stable/1805130
Fauver, L., Hung, M., Li, X., & Taboada, A. G. (2017). Board reforms and firm value: Worldwide evidence. Journal of Financial Economics, 125(1), 120–142. https://doi.org/10.1016/j.jfineco.2017.04.010
Ferdinand, A. T. (2014). Metode Penelitian Manajemen: Pedoman Penelitian untuk Penulisan Skripsi, Tesis, dan Disertasi Ilmu Manajemen (5th ed.). Badan Penerbit Universitas Diponegoro.
Fitriana, A., Dewi, A. C., & Setiawan, D. (2018). Recent Developments in Dividend Policy: Evidence from Indonesia. Jurnal Keuangan Dan Perbankan, 22(1), 37–50. https://doi.org/10.26905/jkdp.v22i1.1799
Gordon, M. J. (1959). Dividends, Earnings, and Stock Prices. The Review of Economics and Statistics, 41(2), 99–105. https://doi.org/10.2307/1927792
Hadian, N. (2019). The Influence of Profitability and Leverage on Dividend Policy in the Banking Sector. International Journal of Innovation, Creativity and Change, 6(7), 118–129. https://www.ijicc.net/images/Vol6Iss7/6710_Hadian_2019_E_R.pdf
Husaini, Nurlela, Marzuki, Zahra, U., & Safitri, R. Z. (2022). Analysis of Company Characteristics and Ownership Structure of Dividend Policy in Indonesia with Free Cash Flow as Moderating Variable. International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration, 2(6), 1169–1178. https://radjapublika.com/index.php/IJEBAS/article/view/502
Jensen, G. R., Solberg, D. P., & Zorn, T. S. (1992). Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies. The Journal of Financial and Quantitative Analysis, 27(2), 247–263. https://doi.org/10.2307/2331370
Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323–329. https://www.jstor.org/stable/1818789
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Karang, I. W. A. H., Hermanto, H., & Suryani, E. (2020). Effect of Profitability and Leverage on Dividend Policy with Investment Opportunity Set as a Moderating Variables in Manufacturing Companies Listed on BEI Period 2014–2018. International Journal of Multicultural and Multireligious Understanding, 7(11), 191–200. https://ijmmu.com/index.php/ijmmu/article/view/2162
Khan, M. N., Naeem, M. U., Rizwan, M., & Salman, M. (2016). Factors Affecting the Firm Dividend Policy: An Empirical Evidence from Textile Sector of Pakistan. International Journal of Advanced Scientific Research and Management, 1(5), 144–149. https://ijasrm.com/wp-content/uploads/2016/05/IJASRM_V1S5_046_144_149.pdf
Lin, O. C., Thaker, H. M. T., Khaliq, A., & Thaker, M. A. M. T. (2018). The Determinants of Dividend Payout: Evidence from the Malaysian Property Market. IQTISHADIA, 11(1), 27–46. https://doi.org/10.21043/iqtishadia.v11i1.3157
Litzenberger, R. H., & Ramaswamy, K. (1979). The effect of personal taxes and dividends on capital asset prices: Theory and empirical evidence. Journal of Financial Economics, 7(2), 163–195. https://doi.org/https://doi.org/10.1016/0304-405X(79)90012-6
Liu, Q., Sono, H., & Zhang, W. (2019). Management quality and acquisition performance: New evidence based on firm profitability. The Journal of Corporate Accounting & Finance, 30(3), 44–63. https://doi.org/10.1002/jcaf.22388
Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411–433. https://www.jstor.org/stable/2351143
Naceur, S. Ben, Goaied, M., & Belanes, A. (2006). On the Determinants and Dynamics of Dividend Policy. https://doi.org/10.2139/ssrn.889330
Nai, N. L., Wiyono, G., & Maulida, A. (2022). Pengaruh Profitabilitas, Struktur Kepemilikan dan Pertumbuhan Perusahaan terhadap Kebijakan Dividen Pada Perusahaan Manufaktur: Studi Kasus Perusahaan Manufaktur BEI 2018-2020. Reslaj: Religion Education Social Laa Roiba Journal, 4(4), 1059–1075. https://journal.laaroiba.ac.id/index.php/reslaj/article/view/1068
Nerviana, R. (2015). The effect of financial ratios and company size on dividend policy. The Indonesian Accounting Review, 5(1), 23–32. https://doi.org/10.14414/tiar.v5i1.486
Novatiani, R. A., Karim, D. F., & Saudi, M. H. (2021). Liquidity and Profitability Affecting The Dividend Policy: An Ecological Empirical Study On Consumer Goods Industry In Indonesia. Review of International Geographical Education (RIGEO), 11(1), 589–594. https://repository.widyatama.ac.id/server/api/core/bitstreams/b70787f3-c4d8-4371-8c70-0952258ac278/content
Pinto, G., & Rastogi, S. (2019). Sectoral Analysis of Factors Influencing Dividend Policy: Case of an Emerging Financial Market. Journal of Risk and Financial Management, 12(3), 110. https://doi.org/10.3390/jrfm12030110
Pradana, S. W. L., & Sanjaya, I. P. S. (2017). Dampak Profitabilitas, Aliran Kas Bebas, dan Kesempatan Investasi terhadap Pembayaran Dividen Perusahaan Perbankan. Jurnal Keuangan Dan Perbankan, 21(1), 113–124. https://doi.org/10.26905/jkdp.v21i1.1232
Puspaningsih, A., & Pratiwi, R. G. (2017). Determinan kebijakan dividen di Indonesia: good corporate governance (GCG) sebagai variabel intervening. Jurnal Akuntansi & Auditing Indonesia, 21(2), 118–129. https://doi.org/10.20885/jaai.vol21.iss2.art4
Puspitaningtyas, Z. (2018). Ability of Net Income in Predicting Dividend Yield: Operating Cash Flow as A Moderating Variable. Archives of Business Research, 6(1), 226–234. https://doi.org/10.14738/abr.61.4128
Rizqia, D. A., Aisjah, S., & Sumiati. (2013). Effect of Managerial Ownership, Financial Leverage, Profitability, Firm Size, and Investment Opportunity on Dividend Policy and Firm Value. Research Journal of Finance and Accounting, 4(11), 120–130. https://iiste.org/Journals/index.php/RJFA/article/view/7168/7381
Rochmah, H. N., & Ardianto, A. (2020). Catering dividend: Dividend premium and free cash flow on dividend policy. Cogent Business & Management, 7(1), 1812927. https://doi.org/10.1080/23311975.2020.1812927
Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23–40. https://doi.org/10.2307/3003485
Rozeff, M. S. (1982). Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios. The Journal of Financial Research, 5(3), 249–259. https://doi.org/10.1111/j.1475-6803.1982.tb00299.x
Salvatori, E. G., Robiyanto, R., & Harijono, H. (2020). An Analysis of The Relationship Between Earnings and Corporate Taxes on Dividend Policy of Companies in Sri-Kehati Index. Journal of Management and Entrepreneurship Research, 1(1), 1–12. https://doi.org/10.34001/jmer.2020.6.01.1-1
Sharma, N. (2003). The role of pure and quasi-moderators in services: an empirical investigation of ongoing customer–service-provider relationships. Journal of Retailing and Consumer Services, 10(4), 253–262. https://doi.org/10.1016/S0969-6989(02)00020-6
Suhartono, A. (2015). The effect of free cash flow and ownership structure on dividend payout ratio in manufacturing companies in Indonesia. The Indonesian Accounting Review, 5(2), 129–140. https://doi.org/10.14414/tiar.v5i2.643
Vo, D. H., & Nguyen, V. T.-Y. (2014). Managerial Ownership, Leverage and Dividend Policies: Empirical Evidence from Vietnam’s Listed Firms. International Journal of Economics and Finance, 6(5), 274–284. https://doi.org/10.5539/ijef.v6n5p274
Wahjudi, E. (2020). Factors affecting dividend policy in manufacturing companies in Indonesia Stock Exchange. Journal of Management Development, 39(1), 4–17. https://doi.org/10.1108/JMD-07-2018-0211
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