DIVIDEND POLICY REVIEWED FROM GOVERNANCE AND SPECIFIC CHARACTERISTICS OF COMPANIES: AN EMPIRICAL STUDY IN INDONESIA

Abstract

This research aims to determine the factors that influence dividend policy. The independent variables used in this research are corporate governance, namely institutional ownership, managerial ownership, foreign ownership, concentrated ownership, individual ownership, and company-specific characteristic variables including firm size, leverage, growth opportunities, firm risk, profitability, liquidity. The sample in this study used a purposive sampling technique on consumer non-cyclical companies listed on the Indonesia Stock Exchange for the 2020-2022 period. The data obtained comes from the websites of each firm. Sample obtained was 74 companies. This type of research is quantitative using the logistic regression analysis method. Based on the research results, it can be concluded that corporate governance variables, namely institutional ownership, managerial ownership, foreign ownership, concentrated ownership and individual ownership have no effect on dividend policy. Meanwhile, company-specific characteristic variables, namely firm size, have a positive effect on dividend policy, leverage has a negative effect on dividend policy. Meanwhile, growth opportunities, firm risk, profitability and liquidity have a negative effect on dividend policy.