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Fitratama, Venu B1024161005 - One of the best experts on this subject based on the ideXlab platform.
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DETERMINANT OF FREE CASH FLOW, LIFE CYCLE, FIRM SIZE, LEVERAGE, ASSETS GROWTH AND INVESTMENT OPPORTUNITY SET ON DIVIDEND OF MANUFACTURING COMPANIES THAT LISTED IN INDONESIA STOCK EXCHANGE
Jurnal Manajemen Update, 2020Co-Authors: Fitratama, Venu B1024161005Abstract:ABSTRACTCompany decision to give profits to their investors is involved by many things including dividend policy of company itself. Therefore, this study discusses the effects of free cash flow, life cycle, firm size, leverage, assets growth and investment opportunity set on dividend of manufacturing companies that listed in indonesia stock exchange. Dependent variable used is dividend payout ratio. Independent variables used are free cash flow, life cycle, firm size, leverage, assets growth, and investment opportunity set.The population in this study is manufacturing company listed on Indonesia Stock Exchange (BEI) in the period of 2015 - 2018. The sample collected using purposive sampling methods. Total of 28 companies were determined as samples. Method of analysis in this study is using panel data regression with basis on fixed effect model.The result of this study indicates that independent variables of free cash flow, life cycle, firm size, leverage, and investment opportunity set have positive impact toward dividend payout ratio while assets growth has negative impact on dividend payout ratio. The result of determination coefficient shows that the independent variables give affect 63.69% against dependent variable. Keywords: free cash flow, life cycle, firm size, leverage, assets growth, investment opportunity set, dividend payout ratio, dividend policy.ReferencesAhmad, R. (2009). Pengaruh Invesment Opportunity Set (IOS) Terhadap Kebijakan Dividen dengan Pemoderasi Pilihan Prosedur Akuntansi Pada Perusahaan yang Go Public di bursa Efek Jakarta. Jurnal Bisnis dan Manajemen. Vol. 5, No. 1.Anthony, J. H., & Ramesh, K. (1992). Association Between Accounting Performance Measures and Stock Prices: A Test of The Life Cycle Hypothesis. Journal of Accounting and Economics, 203-227.Brigham, E. F., & Houston, J. F. (2007). Fundamentals of Financial Management 11th Edition. South-Wester.DeAngelo, H., & DeAngelo, L. (2006). The Irrelevance of the MM Dividend Irrelevance Theorem. Journal of Financial Economics, 293-316.DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend Policy and the Earned/ Contributed Capital Mix: A Test of the Lifecycle Theory. Journal of Financial Economics, 227-254.Denis, D. J., & Osobov, I. (2008). Why Do Firms Pay Dividends? International Evidence on the Determinants of Dividend Policy. Journal of Financial Economics, 62-82.Fajriah, N. (2011). Analisis Pengaruh ROE, DER, Manajemen Ownership, Free Cash Flow, dan Size Terhadap Dividend Payout Ratio Pada Perusahaan-perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2006-2009. Skripsi Fakultas Ekonomi Universitas Diponegoro.Giriati. (2015). Free Cash Flow, Dividend Policy, Investment Opportunity Set, Opportunistic Behaviour and Firm's Value (A Study About Agency Theory). 3rd Global Conference on Business and Social Science.Gustiana, N. (2009). Pengaruh Insider Ownership, Dispersion of Ownership, Free Cash Flow, Collaterizable Assets dan Tingkat Pertumbuhan Terhadap Dividend Payout Ratio Pada Perusahaan- Perusahaan Manufaktur di Bursa Efek Indonesia Tahun 2004- 2008.Holder, M., Langrehr, F., & Hexter, J. (1998). Dividend Policy Determinants: An Investigation of the Influences of Stakeholder Theory. Financial management 27, 73-80.Keown, A. J. (2003). Financial Management : Principles and Applications 10th ed. New Jersey: Prentice Hall.Kieso, D. E., & Weygandt, J. J. (2001). Financial Management: Principles and Applications 10th Edition. New York: John Willey & Sons, Inc.Lestari, J. S. (2012). Determinants of Dividend Decision: Evidence From the Indonesia Stock Exchange. Integr. Bus. Econ. Res., 1(1) 346.Levy, H., & Sarnat, M. (1990). Capital Investment and Financial Decision 4th ed. New York: Prentice Hall.Mahadwartha, P. A. (2007). The Association of Managerial Ownership with Dividend Policy and Leverage Policy: Indonesian Firm. SSRN Working Papers Series.Miller, D., & Friesen, P. H. (1984). A Longitudinal Study of the Corporate Life Cycle. Management Science, 30: 1161-1183.Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth and the Valuation of Shares. The Journal of Business, Vol. 34 No. 4, pp. 411-433.Mollah, A. S., Keasey, K., & Short, H. (2002). The Influence of Agency Costs on Dividend Policy in An Emerging Market: Evidence from the Dhaka Stock Exchange. Working Paper, Leeds University Business School.Murhadi, W. (2008). Studi Kebijakan DIviden: Anteseden dan Dampaknya terhadap Harga Saham. Manajemen dan Kewirausahaan, 10.Myers, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decision When Firms Have Information That Investor Do Not Have. Journal of Financial Economics 13, 187-221.Puspita, F. (2009). Anallisis Faktor- Faktor yang Mempengaruhi Kebijakan Dividend Payout Ratio (Studi Kasus pada Perusahaan Yang Terdaftar di Bursa Efek Indonesia Periode 2005-2007).Riyanto, B. (n.d.). Dasar-dasar Pembelanjaan Perusahaan. Yogyakarta: BPFE, 2001.Rosdini, D. (2009). Pengaruh Free Cash Flow terhadap Dividend Payout Ratio. Working paper in Accounting and Finance.Suharli, M., & Rachpriliani, A. (2006). Studi Empiris Faktor yang Berpengaruh terhadap Ketepatan Waktu Pelaporan Keuangan. Jurnal Bisnis dan Akuntansi, Vol.8 No.1 (April): 34-55.Thanatawee, Y. (2011). Life-Cycle theory and Free Cash Flow Hypothesis: Evidence from Dividend Policy in Thailand. International Journal of Financial Research 2.Yan, Z. (2010). A New Methodology of Measuring Corporate Life-Cycle Stage. SSRN Electronic Journal
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DETERMINANT OF FREE CASH FLOW, LIFE CYCLE, FIRM SIZE, LEVERAGE, ASSETS GROWTH AND INVESTMENT OPPORTUNITY SET ON DIVIDEND OF MANUFACTURING COMPANIES THAT LISTED IN INDONESIA STOCK EXCHANGE
Jurnal Manajemen Update, 2020Co-Authors: Fitratama, Venu B1024161005Abstract:Company decision to give profits to their investors is involved by many things including dividend policy of company itself. Therefore, this study discusses the effects of free cash flow, life cycle, firm size, leverage, assets growth and investment opportunity set on dividend of manufacturing companies that listed in indonesia stock exchange. Dependent variable used is dividend payout ratio. Independent variables used are free cash flow, life cycle, firm size, leverage, assets growth, and investment opportunity set.The population in this study is manufacturing company listed on Indonesia Stock Exchange (BEI) in the period of 2015 - 2018. The sample collected using purposive sampling methods. Total of 28 companies were determined as samples. Method of analysis in this study is using panel data regression with basis on fixed effect model.The result of this study indicates that independent variables of free cash flow, life cycle, firm size, leverage, and investment opportunity set have positive impact toward dividend payout ratio while assets growth has negative impact on dividend payout ratio. The result of determination coefficient shows that the independent variables give affect 63.69% against dependent variable.Ahmad, R. (2009). Pengaruh Invesment Opportunity Set (IOS) Terhadap Kebijakan Dividen dengan Pemoderasi Pilihan Prosedur Akuntansi Pada Perusahaan yang Go Public di bursa Efek Jakarta. Jurnal Bisnis dan Manajemen. Vol. 5, No. 1.Anthony, J. H., & Ramesh, K. (1992). Association Between Accounting Performance Measures and Stock Prices: A Test of The Life Cycle Hypothesis. Journal of Accounting and Economics, 203-227.Brigham, E. F., & Houston, J. F. (2007). Fundamentals of Financial Management 11th Edition. South-Wester.DeAngelo, H., & DeAngelo, L. (2006). The Irrelevance of the MM Dividend Irrelevance Theorem. Journal of Financial Economics, 293-316.DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend Policy and the Earned/ Contributed Capital Mix: A Test of the Lifecycle Theory. Journal of Financial Economics, 227-254.Denis, D. J., & Osobov, I. (2008). Why Do Firms Pay Dividends? International Evidence on the Determinants of Dividend Policy. Journal of Financial Economics, 62-82.Fajriah, N. (2011). Analisis Pengaruh ROE, DER, Manajemen Ownership, Free Cash Flow, dan Size Terhadap Dividend Payout Ratio Pada Perusahaan-perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2006-2009. Skripsi Fakultas Ekonomi Universitas Diponegoro.Giriati. (2015). Free Cash Flow, Dividend Policy, Investment Opportunity Set, Opportunistic Behaviour and Firm's Value (A Study About Agency Theory). 3rd Global Conference on Business and Social Science.Gustiana, N. (2009). Pengaruh Insider Ownership, Dispersion of Ownership, Free Cash Flow, Collaterizable Assets dan Tingkat Pertumbuhan Terhadap Dividend Payout Ratio Pada Perusahaan- Perusahaan Manufaktur di Bursa Efek Indonesia Tahun 2004- 2008.Holder, M., Langrehr, F., & Hexter, J. (1998). Dividend Policy Determinants: An Investigation of the Influences of Stakeholder Theory. Financial management 27, 73-80.Keown, A. J. (2003). Financial Management : Principles and Applications 10th ed. New Jersey: Prentice Hall.Kieso, D. E., & Weygandt, J. J. (2001). Financial Management: Principles and Applications 10th Edition. New York: John Willey & Sons, Inc.Lestari, J. S. (2012). Determinants of Dividend Decision: Evidence From the Indonesia Stock Exchange. Integr. Bus. Econ. Res., 1(1) 346.Levy, H., & Sarnat, M. (1990). Capital Investment and Financial Decision 4th ed. New York: Prentice Hall.Mahadwartha, P. A. (2007). The Association of Managerial Ownership with Dividend Policy and Leverage Policy: Indonesian Firm. SSRN Working Papers Series.Miller, D., & Friesen, P. H. (1984). A Longitudinal Study of the Corporate Life Cycle. Management Science, 30: 1161-1183.Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth and the Valuation of Shares. The Journal of Business, Vol. 34 No. 4, pp. 411-433.Mollah, A. S., Keasey, K., & Short, H. (2002). The Influence of Agency Costs on Dividend Policy in An Emerging Market: Evidence from the Dhaka Stock Exchange. Working Paper, Leeds University Business School.Murhadi, W. (2008). Studi Kebijakan DIviden: Anteseden dan Dampaknya terhadap Harga Saham. Manajemen dan Kewirausahaan, 10.Myers, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decision When Firms Have Information That Investor Do Not Have. Journal of Financial Economics 13, 187-221.Puspita, F. (2009). Anallisis Faktor- Faktor yang Mempengaruhi Kebijakan Dividend Payout Ratio (Studi Kasus pada Perusahaan Yang Terdaftar di Bursa Efek Indonesia Periode 2005-2007).Riyanto, B. (n.d.). Dasar-dasar Pembelanjaan Perusahaan. Yogyakarta: BPFE, 2001.Rosdini, D. (2009). Pengaruh Free Cash Flow terhadap Dividend Payout Ratio. Working paper in Accounting and Finance.Suharli, M., & Rachpriliani, A. (2006). Studi Empiris Faktor yang Berpengaruh terhadap Ketepatan Waktu Pelaporan Keuangan. Jurnal Bisnis dan Akuntansi, Vol.8 No.1 (April): 34-55.Thanatawee, Y. (2011). Life-Cycle theory and Free Cash Flow Hypothesis: Evidence from Dividend Policy in Thailand. International Journal of Financial Research 2.Yan, Z. (2010). A New Methodology of Measuring Corporate Life-Cycle Stage. SSRN Electronic Journal
Antonella Rancan - One of the best experts on this subject based on the ideXlab platform.
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the italian debate on the aggregate consumption function the life cycle Hypothesis versus kaldor s theory 1960s 1970s
Social Science Research Network, 2016Co-Authors: Antonella RancanAbstract:This paper discusses the difficult acceptance of Modigliani’s LCH in Italy over the 60s and 70s and explains it by the economic and intellectual context. In particular, the paper examines connections between the LCH model and the Kaldorian consumption functions, its main competing theory in the explanation of economic growth, and the indirect involvement of Modigliani’s saving theory in the larger dispute on the capital theory. The strong influence that the Anglo-Italian school of thought exercised in the Italian theoretical and political debate in the 1960s and early 70s certainly contributed to prevent the acceptance of Modigliani’s LCH.
K Ramesh - One of the best experts on this subject based on the ideXlab platform.
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association between accounting performance measures and stock prices a test of the life cycle Hypothesis
Journal of Accounting and Economics, 1992Co-Authors: J Anthony, K RameshAbstract:Abstract This paper posits that stock market response to two accounting performance measures - sales growth and capital investment - is a function of firm life cycle stage. Firms are grouped into various life cycle portfolios using dividend payout, sales growth, and age. As predicted, the empirical results indicate a monotonic decline in the response coefficients of unexpected sales growth and unexpected capital investment from the growth to the stagnant stages. Additional analysis suggests that this relation is not driven by a firm size effect, risk differences, or measurement error in the proxies for performance measures.
J Anthony - One of the best experts on this subject based on the ideXlab platform.
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association between accounting performance measures and stock prices a test of the life cycle Hypothesis
Journal of Accounting and Economics, 1992Co-Authors: J Anthony, K RameshAbstract:Abstract This paper posits that stock market response to two accounting performance measures - sales growth and capital investment - is a function of firm life cycle stage. Firms are grouped into various life cycle portfolios using dividend payout, sales growth, and age. As predicted, the empirical results indicate a monotonic decline in the response coefficients of unexpected sales growth and unexpected capital investment from the growth to the stagnant stages. Additional analysis suggests that this relation is not driven by a firm size effect, risk differences, or measurement error in the proxies for performance measures.
Gong-soog Hong - One of the best experts on this subject based on the ideXlab platform.
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Effects of Family Life-Cycle Stages on Consumer Debts
Early Childhood Education Journal, 2004Co-Authors: Eunyoung Baek, Gong-soog HongAbstract:Using the 1998 Survey of Consumer Finances (SCF), this study examined factors related to two types of consumer debt: installment debt and credit card debt. To address the limitations of the conventional Life-Cycle Hypothesis, the study incorporated ability, willingness, and need to borrow, and prudence as well as Life-Cycle stages in the conceptual framework. The results of the double-hurdle model showed that Life-Cycle stages, willingness and ability to borrow, prudence, and the need to borrow were significant factors affecting installment debt and credit card debt. Based on the results, implications for financial counselors and educators, lenders, consumers, and policy makers are discussed.