Tobit Regression Analysis on Factors Influencing Dividend Policy of Indonesian Manufacturing Firms

被引：0

作者：

Warganegara, Dezie L. ^{[1
]}

Indrawati, Titik ^{[1
]}

Steelyana, Evi ^{[1
]}

Warganegara, Doni S. ^{[2
]}

Loo, Mark Kam Loon ^{[3
]}

机构：

[1] Bina Nusantara Univ, Fac Econ & Commun, Dept Accounting, Jakarta 11480, Indonesia

[2] Univ Lampung, Dept Accounting, Jl Prof Dr Ir Sumantri Brojonegoro,RW 1, Bandar Lampung 35145, Lampung, Indonesia

[3] Concordia Univ Edmonton, Mihalcheon Sch Management, Edmonton, AB T5B 4E4, Canada

来源：

PERTANIKA JOURNAL OF SOCIAL SCIENCE AND HUMANITIES | 2020年 / 28卷

关键词：

Dividend policies; Indonesia Stock Exchange; manufacturing firms; Tobit regression; FREE CASH FLOW; DETERMINANTS;

D O I：

暂无

中图分类号：

C [社会科学总论];

学科分类号：

03 ; 0303 ;

摘要：

This study seeks to examine the determinants of dividend policies of manufacturing companies in Indonesia. The data for this study were drawn from a balanced sample of 111 public manufacturing firms listed in the Indonesia Stock Exchange between 2009 and 2013. A Tobit regression analysis with cluster-robust standard errors was then employed to find the effects of firm size, profitability, sales growth, financial leverage, and inter-period on the magnitude of dividend yield. This study finds that firm size, profitability, and sales growth positively influence the magnitude of dividends paid relative to stock prices received by shareholders. On the other hand, it also finds that financial leverage negatively affects dividends. Another result suggests the levels of dividends vary across time.

引用

页码：243 / 252

页数：10

共 23 条

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