Apakah Surplus Pendanaan Memberikan Dampak Terhadap Deviden Yang Dibagikan Pada Perusahaan Terindeks LQ45?

Rino Tam Cahyadi

Abstract


The LQ45 index is a group of 45 companies that have the largest level of liquidity and market share on the Indonesia Stock Exchange. The facts show that there are still inconsistencies in the distribution of dividends by several LQ45 indexed companies. Researchers investigated the topic of funding surplus factor which means that the company has more cash balances so that it is suspected could influence on the dividends. The novelty of this research is the added intervening variable namely investment opportunity set to prove the indirect relationship between surplus funding and dividends. This study uses intervening variable regression with path analysis testing: Sobel Test in testing the intervening variable. The results showed that the funding surplus proved to have no direct nor indirect effect on dividends. In addition, the researcher also finds that there is no difference in dividends distributed between companies with surplus financial condition and companies with funding deficit.


Keywords


funding surplus; investment opportunity set; deviden; pecking order theory

Full Text:

PDF

References


Amidu, M. &, & Abor, J. (2006). Determinants of Dividend Payout Ratios in Ghana. The Journal Of Risk Finance, 7(2), 136–145.

Aristantia, D., & Putra, I. M. P. D. (2015). Investment Opportunity Set dan Free Cash Flow Pada Tingkat Pembayaran Dividen Perusahaan Manufaktur. E-Jurnal Akuntansi Universitas Udayana , 11(1), 220–234.

Baker, R. E., Christensen, T. E., Cottrell, D. M., Rais, K. I., Astono, W., & Wulandari, E. R. (2017). Akuntansi Keuangan Lanjutan (Perspektif Indonesia) (2nd ed.). Salemba Empat.

Bhama, V., Jain, P. K., & Yadav, S. S. (2016). Testing the pecking order theory of deficit and surplus firms: Indian evidence. International Journal of Managerial Finance, 12(3). https://doi.org/10.1108/IJMF-06-2014-0095

Brigham, E. F., & Houston, J. F. (2014). Dasar-dasar Manajemen Keuangan. Salemba Empat.

Cahyadi, R. T., Purwanti, L., & Mardiati, E. (2018). Pengaruh Profitabilitas, Dewan Komisaris, Komisaris Independen Dan Risiko Idiosinkratis Terhadap Dividend Payout Ratio. Jurnal Economia, 14(1). https://doi.org/10.21831/economia.v14i1.19404

Horne, J. C. van, & Wachowich, J. M. (2013). Prinsip-Prinsip Manajemen Keuangan (13th ed.). Salemba Empat.

Hussain, M., & Usman, M. (2013). Investment Opportunities and Dividend Yield (Evidence from KSE). International Journal of Multidiciplinary Sciences and Engineering, 4(11), 12–16.

Kallapur, S., & Trombley, M. A. (2001). The investment opportunity set: determinants, consequences and measurement. Managerial Finance, 27(3). https://doi.org/10.1108/03074350110767060

Kieso, D. E., Warfield, T. D., & Waygandt, J. J. (2010). Financial Accounting : IFRS Edition. Wiley.

Myers, S., & Maajluf, N. (1984). Corporate Financing and Investment Decisions When Firms Have Information That Investors Do not Have. Journal of Financial Economics, 13, 187–221.

Prakoso, G. A. (2016). Pengaruh Profitabilitas, Investment Opportunity Set dan Pertumbuhan Perusahaan Terhadap Kebijakan Dividen Pada Perusahaan LQ 45 yang Terdaftar Di BEI. Universitas Negeri Yogyakarta.

Prihatini, P., & Susanti, D. (2018). Pengaruh Profitabilitas, Investment Opportunity Set, Dan Kepemilikan Manajerial Terhadap Kebijakan Dividen (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2013-2016). Jurnal Ecogen, 1(2). https://doi.org/10.24036/jmpe.v1i2.4750

Reilly, F. K., & Brown, K. C. (2012). Investment Analysis and Portofolio Management. South Western Cengage Learning.

Sartono. (2010). Manajemen Keuangan “Teori dan Aplikasi.” BPFE.

Scribner, R. (2022, June). 3 Reasons Why Some Companies Do Not Pay Dividends. Investing Simple.

Shyam-Sunder, L., & Myers, S. (1994). Testing Static Trade-off Against Pecking Order Models of Capital Structure. https://doi.org/10.3386/w4722

Simatupang, H. J., Purwanti, L., & Mardiati, E. (2019). Determinants of capital structures based on the Pecking Order Theory and Trade-off Theory. Jurnal Keuangan Dan Perbankan, 23(1). https://doi.org/10.26905/jkdp.v23i1.2579

Subramanyam, K. R., & Wild, J. J. (2014). Analisis Laporan Keuangan (D. Yanti, Ed.; 10th ed.). Salemba Empat.

Tarwiyah, L. (2018). Pengaruh Investment Opportunity set, Leverage,Profitabilitas dan Likuiditas Terhadap Kebijakan Dividen (Studi Pada Sektor Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2016). Universitas Islam Negeri Maulana Malik Ibrahim.

Utama, N. P. S. P., & Gayatri. (2018). Pengaruh Profitabilitas, Investment Opportunity Set dan Free Cash Flow Pada Kebijakan Dividen. E-Jurnal Akuntansi Universitas Udayana, 22, 976–100.




DOI: https://doi.org/10.35591/wahana.v26i1.815

Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi
ISSN : 2685-1415 (Online) | 1410-8224 (Print)
Published by Pusat Penelitian dan Pengabdian Masyarakat Politeknik YKPN Yogyakarta.
Jl. Gagak Rimang No. 2-4 Balapan, Yogyakarta 55222
Phone (0274) 560159, 562317, 513413, 563516 Fax. (0274) 561591 

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