Research Journal of Applied Sciences

Year: 2014
Volume: 9
Issue: 7
Page No. 382 - 388

The Determinant of Dividend Payout Policy in the Emerging Market of Indonesia: Internal Versus External Factors

Authors : Augustina Kurniasih, Hermanto Siregar, Roy Sembel and Noer Azam Achsani

References

Achsani, N.A. and H.G. Strohe, 2002. Stock market return and macroeconomic factors: Evidence from the Jakarta stock exchange of Indonesia 1990-2001. Proceedings of the 10th Annual Conference on Pacific Basin Finance, Economic and Accounting, August 7-8, 2002, Nanyang Technological University, Singapore -.

Achsani, N.A. and H.G. Strohe, 2006. Asymmetric Stock Market Interdependencies: US Dominance and Spillover Effects into Asia and Europe. In: Integration in Asia and Europe: Historical Dynamics, Political Issues and Economic Perspectives, Welfens, P.J.J., F. Knipping, S. Chirathivat and C. Ryan (Eds.). Springer, Berlin, Germany, ISBN-13: 9783540287292, pp: 145-164.

Adelegan, O., 2000. The impact of growth prospect, leverage and firm size on dividend behaviour of corporate firms in Nigeria. Proceedings of the CSAE Conference on Opportunities in Africa: Micro-Evidence on Firms and Households, April 9-10, 2000, St. Catherine's College, Oxford, UK., pp: 1-31.

Ahmed, H. and A.Y. Javid, 2009. The determinants of dividend policy in Pakistan. Int. Res. J. Finance Econ., 29: 110-125.
Direct Link  |  

Al-Malkawi, H.A.N., 2007. Determinants of corporate dividend policy in Jordan: An application of the tobit model. J. Econ. Administrative Sci., 23: 44-71.
Direct Link  |  

Al-Najjar, B., 2009. Dividend behaviour and smoothing new evidence from Jordanian panel data. Stud. Econ. Finance, 26: 182-197.
CrossRef  |  

Anand, M., 2004. Factor influencing dividend policy decisions of corporate india. ICFAI J. Applied Finance, 10: 5-16.
Direct Link  |  

Bange, M.M., 1996. Capital market forecasts of economic growth: New tests for Germany, Japan and the United States. Q. J. Bus. Econ., 35: 3-17.
Direct Link  |  

Basse, T., 2009. Dividend policy and inflation in Australia: Results from cointegration tests. Int. J. Bus. Manage., 4: 13-16.
Direct Link  |  

Carlson, J.B., 2001. Why is the dividend yield so low? Federal Reserve Bank of Cleveland, Research Department, Cleveland, OH., USA., April 1, 2001, pp: 1-4.

Chen, J. and N. Dhiensiri, 2009. Determinants of dividend policy: The evidence from New Zealand. Int. Res. J. Finance Econ., 34: 18-28.

Chew, D.H., 1993. The New Corporate Finance: Where Theory Meets Practice. McGraw-Hill, New York, USA., ISBN-13: 9780070110465, Pages: 680.

Claessens, S., S. Djankov and L.H.P. Lang, 2000. The separation of ownership and control in East Asian corporations. J. Financial Econ., 58: 81-112.
CrossRef  |  

Crutchley, C.E. and R.S. Hansen, 1989. A test of the agency theory of managerial ownership, corporate leverage and corporate dividends. J. Financial Manage., 18: 36-46.
Direct Link  |  

DeAngelo, H. and R.W. Masulis, 1980. Optimal capital structure under corporate and personal taxation. J. Financial Econ., 8: 3-29.
CrossRef  |  Direct Link  |  

Easterbrook, F.H., 1984. Two agency-cost explanation of dividends. Am. Econ. Rev., 74: 650-659.
Direct Link  |  

Fifield, S.G.M., D.M. Power and C.D. Sinclair, 2002. Macroeconomic factors and share returns: An analysis using emerging market data. Int. J. Finance Econ., 7: 51-62.
CrossRef  |  Direct Link  |  

Fung, S.K.S., 2004. Empirical studies of dividend policy: Regularities, information content and firm valuation. Ph.D. Thesis, Boston University, Boston, MA., USA.

Gill, A., N. Biger and R. Tibrewala, 2010. Determinants of dividend payout ratios: Evidence from United States. Open Bus. J., 3: 8-14.
Direct Link  |  

Gugler, K., 2003. Corporate governance, dividend payout policy and the interrelation between dividends, R&D and capital investment. J. Banking Finance, 27: 1297-1321.
CrossRef  |  Direct Link  |  

Hedensted, J.S. and J. Raaballe, 2008. Dividend determinants in Denmark. Management Working Paper 2008-3, April 12, 2008, University of Aarhus, Aarhus, Denmark, pp: 1-32.

Jensen, M.C. and W.H. Meckling, 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. J. Financial Econ., 3: 305-360.
CrossRef  |  Direct Link  |  

Jensen, M.C., 1986. Agency cost of free cash flow, corporate finance and takeovers. Am. Econ. Rev., 76: 323-329.
CrossRef  |  Direct Link  |  

Kouki, M. and M. Guizani, 2009. Ownership structure and dividend policy evidence from the Tunisian stock market. Eur. J. Scient. Res., 25: 42-53.

Kowalewski, O. and T. Oleksandr, 2007. Corporate Governance and Dividend Policy in Poland. Wharton Financial Institutions Center Working Paper No. 07-09. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=986111.

Kramer, C.F., 1997. Explaining the dividend yield in the United State. Finance Development/December 1997, pp: 24-25. https://www.imf.org/external/pubs/ft/fandd/1997/12/pdf/kramer.pdf.

Kurniasih, A., H. Siregar, R. Sembel and N.A. Achsani, 2011. Corporate devidend policy in an emerging market: Evidence from the Indonesian Stock Exchange (IDX) 2001-2008. Int. Res. J. Finance Econ., 72: 70-83.

Kurniasih, A., H. Siregar, R. Sembel and N.A. Achsani, 2011. Market reaction to the cash dividend announcement: An empirical study from the Indonesia Stock Exchange (IDX) 2004-2009. Eur. J. Econ. Finance Admin. Stud., 40: 92-100.

Lintner, J., 1956. Distribution of incomes of corporations among dividends, retained earning and taxes. Am. Econ. Rev., 46: 97-113.
Direct Link  |  

Llyod, W.P., J.S. Jahera Jr. and D.E. Page, 1985. Agency costs and dividend payout ratios. Q. J. Bus. Econ., 24: 19-29.
Direct Link  |  

Mehar, A., 2002. Corporate governance and dividend policy. MPRA Paper No. 619, pp: 1-13. http://mpra.ub.uni-muenchen.de/619/1/MPRA_paper_619.pdf.

Miller, M.H., 1988. The Modigliani-Miller propositions after thirty years. J. Econ. Perspect., 2: 99-120.
Direct Link  |  

Myers, S. and N. Majluf, 1984. Corporate financing and investment decisions when firms have information that investors do not have. J. Financial Econ., 13: 187-221.
CrossRef  |  Direct Link  |  

Pasaribu, R.B., 2011. Overreaction anomaly in Indonesia stock exchange: Case study of LQ-45 stocks. J. Econ. Bus., 5: 87-115.
Direct Link  |  

Pranowo, K., N.A. Achsani, A. Manurung and N. Nuryartono, 2010. Determinant of corporate financial distress in an emerging market economy: Empirical evidence from the Indonesian stock exchange 2004-2008. Int. Res. J. Finance Econ., 52: 81-90.
Direct Link  |  

Pranowo, K., N.A. Achsani, A. Manurung and N. Nuryartono, 2010. The dynamics of corporate financial distress in emerging market economy: Empirical evidence from the Indonesian stock exchange 2004-2008. Eur. J. Social Sci., 16: 138-149.
Direct Link  |  

Ross, S.A., 1977. The determination of financial structure: The incentive-signalling approach. Bell J. Econ., 8: 23-40.
Direct Link  |  

Rozeff, M.S., 1982. Growth, beta and agency costs as determinants of dividend payout ratios. J. Financial Res., 5: 249-259.
Direct Link  |  

Saxena, A.K., 1999. Determinants of dividend payout policy: Regulated versus unregulated firms. http://www.westga.edu/~bquest/1999/payout.html.

Stacescu, B., 2004. Dividend policy in Switzerland. October 30, 2004. http://www.phd-finance.uzh.ch/static/Courses/Downloads/SRP_Stacescu.pdf.

Design and power by Medwell Web Development Team. © Medwell Publishing 2024 All Rights Reserved