Dividend Policy of Indonesian State-Owned Enterprises

Wahyuni Rusliyana Sari



The purpose of this research is to identify the factors that influence the dividend policy. The model considered the impact of ownership structure, firm size, growth opportunities, financial leverage, profitability, business risk, age, previous year’s dividends, and global crisis 2008 on dividend payout ratio. Sample in this research is state-owned enterprises listed in Indonesian Stock Exchange between the years from 2004-2013. With using purposive sampling, the total of the sample in this research is 8 state-owned companies. The methodology of this research was multiple regression linier. The result of this research find that firm size, previous year’s divi­dends, and global crisis 2008 significant to dividend payout ratio. Ownership structure, growth opportunities, financial leverage, profitability, business risk, and age do not have significant to dividend payout ratio. This result indicates that the companies management has to consider firm size, previous year’s dividends, and global crisis 2008 in dividend payout ratio.


dividend payout ratio, ownership structure; size, growth, financial levegare

Full Text:



Al-Kuwari, Duha. 2009. Determinants of the Dividend Policy in Emerging Stock Exchange: The Case of GCC Countries. Global Economy and Finance Journal Vol. 2 No. 2, 38-63.

Arif, Ahmed, Afsheen Abrar, Mehwish Aziz Khan, Ferheen Kayani and Syed Zulfiqar Ali Shah. 2011. Dividend Policy and Earnings Management: An Empirical Study of Pakistani Listed Companies. Information Management and Business Review Vol.3 No.2, 68-77.

Black, F. 1976. The Dividend Puzzle, The Journal of Portfolio Management, Winter, Vol. 2(2), 5-8

Bodie Zvi., Alex Kane., Alan J. Marcus and Ravi Jain. 2014. Investments, 9th edition. Singapore: Mc Graw Hill Education.

Chen, Jianguo and Nont Dhiensiri. 2009. Determinants of Dividend Policy: The Evidence from New Zealand. International Research Journal of Finance and Economics - Issue 34, 18-28.

David. 2010. Analisis Cash Position, Leverage, Growth, Liquidity Terhadap Dividend Payout Ratio Pada Perusahaan-Perusahaan yang go public di Bursa Efek Indonesia. Telaah Manajemen. Vol. 5 No.1, 1-16.

Echchabi, A and Azouzi, D. 2016. Determinants of Dividend Payout Ratios In Tunusia: Insights In Light of The Jasmine Revolution Journal of Accounting, Finance and Auditing Studies. Vol 2 No 1 Pg 1-13

Gitman, Lawrence J and Chad J. Zutter. 2015. Principles of Managerial Finance, 14th edition. USA: Pearson.

Khan, F, A and Ahmad, N. 2017. Determinnats of Dividend Payout: An Empirical Study of Pharmaceutical Companies of Pakistan Stock Exchange (PSX). Journal of Financial Studies & Research. Vol 2017, Article ID 538214, Pg.1-16.

King, R. 2015. Determinants of Dividend Payout Ratios in Kenya. Research Journal of Finance and Accounting. Vol 6 No 1 Pg. 48-52.

Kouki, Mondher and Moncef Guizani. 2009. Ownership Structure and Dividend Policy Evidence from the Tunisian Stock Market. European Journal of Scientific Research. Vol. 25 No.1, 42- 53.

Labhane, N. B and Das, R. C. 2015. Determinants of Dividend Payout Ratio: Evidence from Indian Companies. Business and Economic Research. Vol 5, No. 2 Pg 217-241.

Lily, Jaratin, Sundar Venkatesh and Thumwimon Sukesrm. 2008. Determinants of Dividend Payout in Thailand. UBU Journal Vol 11 No.3, 73-81.

Lintner, J. 1962. Dividends, Earnings, Leverage, Stock Prices, and the Supplay of Capital to Corporations. Review of Economics and Statistics 44, pp. 243-269.

Lintner, J., 1956, Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. American Economic Review. 46, 97- 113.

Maladjian, C and Khoury, R. E. 2014. Determinants of the Dividned Policy: An Empirical Study on the Lebanese Listed Banks. International Journal of Economics and Finance, Vol 6, No. 4 Pg. 240-256.

Miller, M. and D. Modigliani, 1961, Dividend Policy, Growth, and the Valuation of Shares. Journal of Business 34, 411- 433.

Satriani, Wahyu. 2014. Investasi ORI 11 lebih menarik dari deposito? http://investasi.kontan.co.id/news/ investasi-ori-11-lebih-menarik-dari-deposito

Sharid, S, J, S., Salehi, M., & Bahadori, H. 2010. Ownership Structure of Iranian Evidence and Payout Ratio. Asian Social Science. Vol. 6, No. 7 Pag. 36- 42.

DOI: http://dx.doi.org/10.35917/tb.v18i1.92


  • There are currently no refbacks.

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License. ISSN 2541-6790. joomla visitors View My Stats