International Journal of Social Science & Economic Research
Submit Paper

Title:
THE INFLUENCE OF INSTITUTIONAL OWNERSHIP, INDIVIDUAL OWNERSHIP, AND MANAGERIAL OWNERSHIP TOWARD DIVIDEND PAYOUT RATIO AT NON-FINANCIAL COMPANIES REGISTERED IN INDONESIA STOCK EXCHANGE IN 2012-2016

Authors:
Rani Dhuhri, Yossi Diantimala

|| ||

*Rani Dhuhri, Yossi Diantimala
Master of Accounting Program, Faculty of Economics and Business, University of Syiah Kuala, Banda Aceh, Indonesia
*Corresponding Author

MLA 8
Dhuhri, Rani, and Yossi Diantimala. "THE INFLUENCE OF INSTITUTIONAL OWNERSHIP, INDIVIDUAL OWNERSHIP, AND MANAGERIAL OWNERSHIP TOWARD DIVIDEND PAYOUT RATIO AT NON-FINANCIAL COMPANIES REGISTERED IN INDONESIA STOCK EXCHANGE IN 2012-2016." Int. j. of Social Science and Economic Research, vol. 3, no. 3, Mar. 2018, pp. 786-801, ijsser.org/more2018.php?id=55. Accessed 2018.
APA
Dhuhri, R., & Diantimala, Y. (2018, March). THE INFLUENCE OF INSTITUTIONAL OWNERSHIP, INDIVIDUAL OWNERSHIP, AND MANAGERIAL OWNERSHIP TOWARD DIVIDEND PAYOUT RATIO AT NON-FINANCIAL COMPANIES REGISTERED IN INDONESIA STOCK EXCHANGE IN 2012-2016. Int. j. of Social Science and Economic Research, 3(3), 786-801. Retrieved from ijsser.org/more2018.php?id=55
Chicago
Dhuhri, Rani, and Yossi Diantimala. "THE INFLUENCE OF INSTITUTIONAL OWNERSHIP, INDIVIDUAL OWNERSHIP, AND MANAGERIAL OWNERSHIP TOWARD DIVIDEND PAYOUT RATIO AT NON-FINANCIAL COMPANIES REGISTERED IN INDONESIA STOCK EXCHANGE IN 2012-2016." Int. j. of Social Science and Economic Research 3, no. 3 (March 2018), 786-801. Accessed , 2018. ijsser.org/more2018.php?id=55.

References
[1]. Abdullah, S. 2001. Relationship among Managerial Ownership, Capital Structure, and Dividend. Journal of Management and Business, Vol 3, No. 2 Mei.
[2]. Abreu, J.F., & Gulamhussen, M. A. 2013. Dividen Payouts: Evidence from U.S. Bank Holding Companies in the Context of Financial Crisis. Journal of Corporate Financ 22 Elsevier, 54-65.
[3]. Azouzi, D. 2016. Determinants Of Dividend Payout Ratios In Tunisia: Insights In Light Of The Jasmine Revolution. Journal Of Accounting, Finance And Auditing Studies Vol 2, Issue 1, P. 1- 13.
[4]. Brennan, M.J., Cao, H. H., Strong, N., and Xu, X. 2008. The Dynamics of International Equity Market Expectations. Journal of Financial Economics, 77, 257-288.
[5]. Brigham, E. F. & Houston, J.F. 2010. The Principles of Financial Management.11thed. Jakarta: Salemba Empat Publishing Agency
[6]. Budiarso, N.S. 2017. Prospensity to Pay Dvidend: Testing for Life Cycle and Free Cash Flow Theories. Journal Of Accounting, Finance And Auditing Studies Vol 3, Issue 2, P. 1-15.
[7]. Bungin, B. 2013. Social & Economic Research Methodology: Quantitative and Qualitative Formats for Sociology, Public Policy, Communications, Management, and Marketing Studies. Jakarta: Kencana Publishing Agency
[8]. Dewi, S.C. 2008. The Effect of Managerial Ownership, Institutional Ownership, Debt Policy, Profitability, and Company Size Against Dividend Policy. Journal of Business and Accounting. 10 (1). 7-58.
[9]. Dian, K. 2010. The Influence of Institutional Investors and Individuals on Day-of-The-Week Effect at Indonesia Stock Exchange. Master of Management Program. Jakarta.
[10]. Diyah, P. and Eman, W. 2009. Effect of Ownership Structure and Dividend Policy on Corporate Value. Financial Decision as Intervening Variable. Journal of Business Economics and Ventura Accounting. Vol. 12. No. 1, p. 71-86.
[11]. Farinha, J. 2002. Dividend Policy, Corporate Governance and the Managerial Entrenchment Hypothesis: An Empirical Analysis. Journal of Financial Research
[12]. Febrianti, I. 2017. The Influence of Profitability, Liquidity, Corporate Growth, Company Size, Leverage, and Managerial Ownership to Payout Ratio Dividends in Manufacturing Companies Listed on Indonesia Stock Exchange 2011-2015. Unpublished Thesis. Faculty of Economics and Business of Syiah Kuala University, Banda Aceh
[13]. Fees, Reeve, Warren. 2005. Introduction to Accounting. Jakarta: Salemba Four Publishing Agency
[14]. Ghozali, I. 2013. Multivariate Analysis Application with SPSS Program. Publishing Agency of Diponegoro University. Semarang.
[15]. Harahap, S. S. 2011. Critical Analysis of Financial Statements. Jakarta: Raja Grafindo Persada Pubishing Agency
[16]. Harmawan, H. 2015. The Effect of Institutional Ownership, Profitability, Debt Policy, and Firm Size on Dividend Policy in Non-Finance Companies. Program.of Management Study. Yogyakarta State University.
[17]. Hartono, J. 2009. Portfolio Theory and Investment Analysis, Five Edition, Yogyakarta: BPFE.
[18]. Hervina, A. H. 2015. Effect of Managerial Ownership Shares, Institutional Ownership, Debt Policy, Dividend Policy, and Size of Manufacturing Companies on BEI. Unpublished Thesis. Program of Management Study. Yogyakarta State University.
[19]. Idawati, I. A and Gede, M. S. 2013. Effect of Profitability, Liquidity, Company Size on Dividend Policy of Manufacturing Companies in BEI. Unpublished Thesis. Journal of Management. Management Dept, Udayana University. Vol. 3, No.6: 1604-1619.
[20]. Ismiyanti, F. and Hanafi, M. M. 2003. Managerial Ownership, Institutional Ownership, Risk, Debt Policy, and Dividend Policy Stimulant Equation Analysis. Symposium Journal of Accounting Vol. 6, No. 7, pp. 260-277.
[21]. Jain, R. (2007). Institutional and Individual Investor Preferences for Dividends and Share Repurchase. Journal of economics and Business 59, 406-429. National University of Singapore, Business School, Singapore.
[22]. Jain, R. (2007). Institusional and Individual Investor Preferences for Dividends and Share Repurchases. Journal of Economics and Business 59, 406-429. Business School, National University of Singapore.
[23]. Junaidi, NHA, & Wiguna, M. 2014. Influence of Return on Equity (ROE), Cash Ratio (CR), Debt to Equity Ratio (DER), and Earning Per Share (EPS) on Dividend Payout Ratio at Jakarta Islamic Index Company Listing in IDX Period 2008-2012. Journal of Management, Faculty of Economics and Business, University of Syiah Kuala
[24]. Komang, A. P. S. N and Gusti, A. Y. B. 2016. The Effect of Managerial Ownership, Institutional Ownership, Free Cash Flow and Profitability on Dividend Policy. Unpublished Thesis. E-Journal of Accounting. Udayana University. ISSN: 2302-8566. Vol. 15. 3. June: 2439-2466.
[25]. Kumar, S. 2007. Analysis of Effect of Ownership Structure, Investment Opportunity Set (IOS), and Financial Ratios on Payout Ratio Dividend. Unpublished Thesis. Master of Management Program, Diponegoro University.
[26]. Mahadwartha, P.A and Jogiyanto, H. 2002. Test of Agency Theory in Interdependence Relationship between Debt Policy and Dividend Policy. Seminar Paper, National Symposium on Accounting V, Indonesian Institute of Accountants, p. 635-647.
[27]. Mahaputra, G. A., & Wirawati, N. G. 2014. Influence of Financial Factor and Company Size on Dividend Payout Ratio of Banking Companies. E-Journal of Accounting Udayana University 9 (3), 695-708.
[28]. Manurung, J. J., and Adler, H. 2009. Financial Economics and Monetary Policy. First Print. Jakarta: Salemba Empat Publishing Agency
[29]. Meita, A.W. 2016. The Effect of Institutional Ownership, Debt Policy and Firm Size on Dividend Policy in Manufacturing Companies Listed in List of Sharia Securities and Indonesia Stock Exchange. Unpublished Thesis. Sharia Financial Studies Program. State Islamic University Sunan Kalijaga. Yogyakarta
[30]. Nur, F. A. M. 2016. Influence of Debt Policy, Ownership Structure, and Free Cash Flow on Dividend Policy. Journal of Accounting Science and Research: Volume 5, Number 8, August Nuringsih, K. 2005. Analysis of Effect of Managerial Ownership, Debt Policy, ROA and Company Size on Dividend Policy: 1995-1996. Unpublished Paper. Journal of Accounting and Finance, Indonesia, July-December, vol. 2, No. 2, p. 103-123.
[31]. Pujiati. 2015. The Influence of Managerial Ownership, Institutional Ownership, and Investment Opportunities on Dividend Policy with Liquidity as a Moderating Variable. Unpublished Paper. Accounting Study Program. Faculty of Economics and Business, State University of Yogyakarta.
[32]. Puspitaningtyas, Z. 2011. Decision Usefulness Approach of Accounting Information: How Accounting Information becomes Useful ?. ACCRUAL. Journal of Accounting, Vol. 2, No. 1, p. 85-100.
[33]. Putri, I. F., and Mohamad, N. 2006. Simultaneous Equation Analysis of Managerial Ownership, Institutional Ownership, Risks, Debt Policy and Dividend Policy in Agency Theory. Perspective. National Symposium on Accounting 9th. Padang. Indonesia
[34]. Rizka, P. I., and Ratih, H. 2009. Effect of Managerial Ownership, Institutional Ownership, Dividend, Corporate Growth, Free Cash Flow and Profitability to Debt Policy. Journal Business and Accounting
[35]. Santoso, S. 2002. SPSS Parametric Statistics Training Book. Jakarta: PT. Elex Media Komputindo.
[36]. Scott, W. R. 2003. Financial Accounting Theory, 3 rd. edition, Toronto: Pearson Education Canada Inc.
[37]. Sekaran, U., & Bougie, R. 2006. Research Method for Business. New York: John Wiley and Sons Ltd.
[38]. Septiyanti, R. 2003. Analysis of Relationship Between Minority Shareholding and Payout Ratio Dividend with Profit As Moderating Variables". National Symposium on Accounting VI: p. 588 - 596.
[39]. Setya, D. J. I., and Ayu, F. P. 2017. Ownership Structure and Dividend Policy in Manufacturing Companies in Indonesia. The Indonesian Journal Of Applied Business. Volume 1, No. 1, April Siallagan, H and Machfoedz, M. 2006. Corporate Governance Mechanism, Profit Quality and Corporate Values. National Symposium on Accounting IX. Padang, 23-26 August .
[40]. Sofia, K. A. 2012. The Influence Analysis of Dividend Payment and Stock Repurchase Circulated Against Institutional and Individual Investor Preferences Reviewed by Taxation Securities of Non-Financial Companies Listed on IDX 2000-2010. Unpublished Thesis. Faculty of Economics and Business, Accounting dept. Depok. West Java, indonesia
[41]. Sponholtz, C. 2005. Separating Stock Market's Reaction to Simultaneous Dividend and Earnings Announcements: Working Paper. University of Aarhus C. Denmark.
[42]. Suad, H. 2010. Financial Management Theory and Application (Long Term Decision). Fourth Edition. BPFE: Yogyakarta.
[43]. Sugiyono. 2012. Business Research Method (Quantitative Approach, Qualitative, and R & D). Alfabeta: Publishing Agency. Bandung. Indonesia
[44]. Sukirni, D. 2012. Managerial Ownership, Institutional Ownership, Dividend Policy, and Debt Policy Analysis of Corporate Value. FEB's Unnes Accounting Journal. ISSN 2252-6765.
[45]. Sunarto. 2004. Analysis of the Effect of Managerial Ownership, Investment Opportunity Set (IOS), Return On Assets (ROA), and Debt To Equity Ratio on Dividend Payout Ratio (Case Study on LQ45 Shares in Jakarta Stock Exchange). Unpublished Thesis. Master of Accounting Program,
[46]. Diponegoro University. Sutrisno. 2012. Financial Management Theory, Concepts and Applications (8th ed.). Yogyakarta: Ekonisia. Publishing Agency
[47]. Syamsuddin, L. 2011. Corporate Finance Management. Jakarta: Raja Grafindo Persada Publishing Agency
[48]. Tandelilin, E and Wilbeforce, T. 2002. Cant Debt and Dividend Policies Substitute Insider Ownership In Controlling Equity Agency Cost ?. Gadjah Mada International journal of business, Vol. 4 (1).
[49]. Tarjo. 2005. Free Cash Flow Analysis and Managerial Ownership of Debt Policy in Public Companies in Indonesia. Journal of Indonesian Accounting Research. Vol. , pp: 82-104.
[50]. Thanatawee, Yordying. 2013. Ownership Structure and Dividend Policy: Evidence From Dividend Policy in Thailand. International Journal of Financial Research 2 (2), 52-60.
[51]. Van Horne, J. C & Wachowicz, J. M .. 2007. Principles of Financial Management. Jakarta: Salemba Empat Publishing Agency
[52]. Wahidahwati. 2002. Managerial Ownership and Agency Conflicts: Analysis of Nonlinear Simultaneous Equations of Managerial Ownership, Risk Acceptance, Debt Policy, and Dividend Policy. Proceedings of the National Symposium on Accounting V Semarang, 5-6 September, p. 601-623.
[53]. Wahid, S. 2004. Regression Analysis Using SPSS. Yogyakarta. Andi Publishing agency Widarjo, W. 2011. Intellectual Capital Influence and Intellectual Capital Disclosure at Corporate Value. National Symposium on Accounting XIV. Aceh: 21-22 July. 2011.
[54]. Yuningsih. 2008. Insider Ownership, Free Cash Flow, and Dividend Policy in the Manufacturing Companies Listed on JSE. Journal of Economic and Business Research. Vol. 8 (1): 20-25.
[55]. Zou, H ... & Zhu, M. 2009. Dividend Decisions in the Property and Liability Incurance Industry: Mutual Versus Stock. Companies. Review of Quantitative and Accounting 33 Springer. 113-139

Abstract:
The study was conducted to examine the influence of the institutional, individual, and managerial stock ownership toward dividend payout ratio at non-financial company registered in Indonesian Stock Exchange (IDX) in 2012-2016. The research employs purposive sampling technique in data collecting process by which it uses 187 companies as the unit of analysis and it uses Multiple Linear Regression with F-test and T-test as a tool of technical analysis. The result indicated that the institutional ownership, individual ownership, and managerial ownership have a simultenous effect on dividend payout ratio. And tested partially, the institutional ownership, individual ownership and managerial ownership has a negatively significant effect on dividend payout ratio

IJSSER is Member of