Firm Size As A Moderation Factor: Testing The Relationship of Capital Structure With Dividend Policy

Authors

  • Akhmadi Akhmadi University of Sultan Ageng Tirtayasa
  • Bambang Mahmudi University of Sultan Ageng Tirtayasa
  • Moh Muksin University of Sultan Ageng Tirtayasa
  • Indra Suhendra University of Sultan Ageng Tirtayasa
  • Rina F University of Sultan Ageng Tirtayasa

DOI:

https://doi.org/10.47312/ambr.v5i2.313

Keywords:

DAR, ROE, DPR, Firm Size

Abstract

This study examines size as a variable that can strengthen and weaken the relationship between debt policy and dividend policy. Presearch using a sample of 26 companies  of 65 population Basic industrial and chemical manufacturing companies listed on the Indonesia Stock Exchange in 2011-2015, which is determined by purposive technique. The variables observed include debt policy as an independent variable, dividend policy as the dependent variable, and firm size as a moderating variable. The analysis tool uses regression moderating analysis (MRA). The results prove that the Debt to Asset Ratio (DAR) has a negative and insignificant effect on the Dividend Payout Ratio (DPR), firm size negatively moderates and there is a significant relationship between capital structure and dividend policy.

Downloads

Download data is not yet available.

References

Ambarwati, Sri Dwi Ari, 2012. Advanced Financial Management. Yogyakarta: Graha Science.

Damayanti, S., and Achyani, F., 2006. Analysis of the Influence of Investment, Liquidity, Profitability, Company Growth, and Company Size on Dividend Payout Ratio Policy, Journal of Accounting and Finance Vol.5 No.1 April, pp. 51-62 .

Dewi, Ni Wayan Trisna and Sedana, Ida Bagus Panji. 2012. Effect of Capital Structure, Liquidity and Growth on Dividend Policy on the IDX. Accounting Journal. Vol. 16, No.3. Bali: Udayana University.

Dewi, Sisca Christianty. 2008. Effect of Managerial Ownership, Institutional Ownership, Debt Policy, Profitability and Company Size on Dividend Policy. Journal of Accounting and Business. 10 (1): 47-58

Elsa. 2012. "The Effect of Profitability, Asset Structure and Company Size on Capital Structure in Manufacturing Companies in the Food and Beverage Industry Listed on the Indonesia Stock Exchange (IDX)"

Fahmi, Irham. 2013. Financial Statement Analysis. Bandung: Alfabeta.

Gita and Rohmawati (2010. Effect of Aktova Structure, Profitability, Dividend Policy on Capital Structure in Banks Listed on the Indonesia Stock Exchange in 2005-2009. AKRUAL 2 (1) (2010): 76-91 e-ISSN: 2502-6380)

Hadianto, Bram. 2007. "The Effect of Asset Structure, Company Size, and Profitability on the Capital Structure of Issuers in the Indonesian Telecommunications Sector 2000-2006: A Pecking Order Hypothesis Testing", Management Journal, Volume 7 No.2.

Halim, Abdul. 2015. Investment Analysis in Financial Assets. Mitra Wacana Media. Jakarta.

Hanafi, Mamduh. (2004). "Financial Management", BPFE, Yogyakarta

Karadeniz et al. 2009. Determinants of Capital Structure: Evidence from Turkish Lodging Companies. International Journal of Contemporary Hospitality Management. 21 (5). 594-609.

Cashmere. 2012. Financial Statement Analysis. Rajawali Press, Jakarta.

Khoiro, Evada El Ummah, Suhadak, Siti Ragil Handayani. 2013. The Influence Of Capital Structure And Firm Size On Profitability And Devidend Policy (An Empirical Study at Property and Real Estate Sector Listed in Indonesia Stock Exchange during the periods of 2009-2012)

Lanawati and Amilin 2015. "Cash Ratio, Debt to Equity Ratio, Return on Asset, Firm Size, Growth and Dividend Payout Ratio in Manufacturing Companies in Indonesia". Journal of Financial Science and Research Volume 7 no.6. Bandung

Levy, H., and M. Sarnat, 1990. Capital Investment and Financial Decisions, Fourth Edition, Prentice Hall Inc.

Maidah, Iflahatul. 2016. Profitability, Asset Structure, Company Size affect the Capital Structure of Trading Companies on the IDX. Journal of Management Science and Research. Volume 5, Number 7, July 2016. ISSN 2461-0593.

Maidah, Iflahul. 2016. "The Effect of Profitability, Asset Structure, and Company Size Affecting the Capital Structure of Trading Companies on the IDX". Journal of Financial Science and Research. Volume 5 Number 7, July 2016. ISSN 2461-0593

Mulyawan, Setya. 2015. Financial Management. CV.Pustaka Setia. Bandung

Najmudin. (2011). Financial Management and Modern Syar'iyyah Actualization. Yogyakarta: Andi.

Nurhayati, Mafizatun 2013, Profitability, Liquidity and Company Size Impact on Dividend Policy and Non-Service Sector Firm Value, Journal of Finance and Business, Vol. 5, No. 2, July 2013.

Nursandari, Meilina, 2013. Analysis of Factors Affecting Dividend Policy with Size as a Moderation Variable in Manufacturing Companies Listed on the Indonesia Stock Exchange. Thesis. Yogyakarta: Yogyakarta State University

Osarentin, IGBINOSA Sunday. Chijuka, Ify Michael. 2011. "The Determinants of Capital Structure of Losted Firms In Nigeria". European Journal of Accounting Auditing and Finance Research Vol. 2, No.10, pp. 96-111, December 2014 Published by European Center for Research Training and Development UK (www.eajournals.org).University of Benin Nigeria

Raharjaputra, Hendra. 2011. Practical guide to Financial Management and Accounting for Corporate Executives. Four Salemba. Jakarta.

Research Journal of Finance and Accounting, Volume 4, pp. 53-59.

Riyanto, Bambang. (2011) .Basics of company spending. fourth edition, seventh edition, Yogyakarta: BPFE Yogyakarta.

Sisca Christianty Dewi, 2008. The Influence of Managerial Ownership, Institutional Ownership, Debt Policy, Profitability and Company Size on Dividend Policy volume 10 number 1. Pages 47-58 April 2008.

Siswantini, Wiwin, 2014. "The Effect of Financial Ratio Analysis on, Vol 2, No.1, 2009, pages 1-6. Dividend Policy (Empirical Study on Real Estate Companies and Property Listed on the Indonesia Stock Exchange) ". Journal of Organization and Management, Vol 10, No.2, 2014, pages 136-147.

Suad Husnan and Enny Pujiastuti. 2002. Management Basics Third Edition. Yogyakarta UPP-AMP YKPN

Sulistyowati, Agnes, Suhadak and Achmad Husaini, (2013), The effect of capital structure on dividend payments (studies on companies listed on the Indonesia Stock Exchange 2010-2012), Faculty of Administrative Sciences, Brawijaya University, Malang.

Sumiadji. (2011). Analysis of financial variables that affect dividend policy accounting dynamics journal, Vol 3 no. 2 ISSN 2085-4277. State University of Malang, Indonesia.

Sunarto and Agus (2009). The Effect of Leverage, Size and Company Growth on Profitability. TEMA Journal Vol 6 Edition 1, March Bambang Koencoro & Marlien 2009 pp. 86-103

Tariq. 2015. "The Joint Determinants of Leverage and Dividend Policy: A Balanced Panel Study of Non Financial Firms of India and Pakistan". Rhine-Waal University of Applied Sciences / Germany . European Scientific Journal April 2015 edition vol.11, No.10 ISSN: 1857 - 7881 (Print) e - ISSN 1857- 7431

Veeramuthu, Ramachandran. 2010. "The Impact of Firm Size on Dividend Behavior: A Study With Reference to Corporate Firms across Industries in India". Managing Global Transitions. Volume 8 Number 1 Spring 2010

Vo, DH, & Nguyen, VTYen. (2014). Managerial ownership, leverage, and dividend policies: Empirical evidence from Vietnam Listed Firm. International Journal of Economics and Finance, Vol. 6, No.5, ISSN 1916 - 971X

Vol. 4, No.1, 2013

Youssef, El-Ghonamie. 2015. "Factors That Determine Capital Structure in Building Materials and Construction Listed Firms: Egypt Case". International Journal of Financial Research Vol. 6, No. 4; 2015

Zhang, Xuangfeng. 2014. Does Ownership Structure Matter for Dividend Yield? Evidence from the Hongkong Stock Exchange. Business and Economic Research. Volume 4 No.2. ISSN 2162-4860

Downloads

Published

2020-12-27

Issue

Section

Articles