This study examines the roles of corporate governance, dividend policy, and capital structure on ownership structure and their impact on firm value. The study analyzes manufacturing firms listed on the Indonesia Stock Exchange from 2008-2011. The results show that institutional majority ownership can cause agency problems but corporate governance and dividend policy can mitigate these issues, increasing firm value. Capital structure can also reduce agency problems but does not affect value when good governance increases debt usage. Dividend policy and capital structure are not substitutes or complements in reducing agency problems.
The influence of managerial ownership,institutional ownership and voluntaryd...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
This paper examines how information asymmetry affects the relationship between board independence and firm value in Korean firms between 1999-2006. It finds that independent outside directors, who have no business or professional ties to the firm, are positively correlated with firm value, while "gray" outside directors are not. Additionally, the positive impact of independent outside directors on firm value is more pronounced when the firm has lower information transaction costs, as measured by market microstructure models and other proxies. The results suggest that higher information asymmetry weakens the monitoring role of independent directors.
Relationship between capital structure and firm’s performance theoretical reviewAlexander Decker
This document provides a theoretical review of the relationship between capital structure and firm performance. It begins by defining capital structure as the combination of debt and equity used to finance a firm's operations. The document then discusses the main determinants of capital structure, including both internal factors like firm size, growth, and profitability, as well as external macroeconomic variables. Finally, it outlines the major theories around capital structure and their views on the relationship with firm performance and value.
Corporate governance and financing dicisions of listed firms in pakistanAlexander Decker
This document summarizes a study that examines the relationship between corporate governance mechanisms and financing decisions of listed firms in Pakistan. Specifically, it looks at how ownership concentration, board size and composition, and CEO duality relate to capital structure, measured by debt ratio. The study uses data from 24 listed banks in Pakistan from 2008-2012. It finds that ownership concentration and board size are positively correlated with debt ratio, but finds no significant relationship between board composition, CEO duality and capital structure. The document provides context on prior literature regarding how corporate governance factors like board characteristics and leadership structure have been found to impact capital structure decisions. It outlines the research methodology used in the study.
The Impact of Capital Structure on the Performance of Industrial Commodity an...IJEAB
This paper investigates the impact of capital structure on the performance of commodity and service firms listed on the Vietnamese Stock Exchange. Data used in the paper were collected from the 142 firms listed on Ho Chi Minh and Ha Noi Stock Exchange during time 2009-2015. By using the descriptive statistics and linear regression model, the findings shows that there is negative relationship between capital structure (e.i. STD. LTD and DA) and peformance of the firms (i.e. ROE) for the commodity and services firms listed on two given Stock Exchange Market of Vietnam. Following are possible implications for the study.
Article: The Impact of Selected Corporate Governance Variables in Mitigating ...McRey Banderlipe II
This study attempts to explain the role of selected corporate governance variables related to a company's board of directors in mitigating earnings management in the country. The findings revealed that the holding of multiple directorial positions by the independent directors, and the managerial ownership of the board are significant enough to limit the incentives for earnings management.
The influence of managerial ownership,institutional ownership and voluntaryd...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
This paper examines how information asymmetry affects the relationship between board independence and firm value in Korean firms between 1999-2006. It finds that independent outside directors, who have no business or professional ties to the firm, are positively correlated with firm value, while "gray" outside directors are not. Additionally, the positive impact of independent outside directors on firm value is more pronounced when the firm has lower information transaction costs, as measured by market microstructure models and other proxies. The results suggest that higher information asymmetry weakens the monitoring role of independent directors.
Relationship between capital structure and firm’s performance theoretical reviewAlexander Decker
This document provides a theoretical review of the relationship between capital structure and firm performance. It begins by defining capital structure as the combination of debt and equity used to finance a firm's operations. The document then discusses the main determinants of capital structure, including both internal factors like firm size, growth, and profitability, as well as external macroeconomic variables. Finally, it outlines the major theories around capital structure and their views on the relationship with firm performance and value.
Corporate governance and financing dicisions of listed firms in pakistanAlexander Decker
This document summarizes a study that examines the relationship between corporate governance mechanisms and financing decisions of listed firms in Pakistan. Specifically, it looks at how ownership concentration, board size and composition, and CEO duality relate to capital structure, measured by debt ratio. The study uses data from 24 listed banks in Pakistan from 2008-2012. It finds that ownership concentration and board size are positively correlated with debt ratio, but finds no significant relationship between board composition, CEO duality and capital structure. The document provides context on prior literature regarding how corporate governance factors like board characteristics and leadership structure have been found to impact capital structure decisions. It outlines the research methodology used in the study.
The Impact of Capital Structure on the Performance of Industrial Commodity an...IJEAB
This paper investigates the impact of capital structure on the performance of commodity and service firms listed on the Vietnamese Stock Exchange. Data used in the paper were collected from the 142 firms listed on Ho Chi Minh and Ha Noi Stock Exchange during time 2009-2015. By using the descriptive statistics and linear regression model, the findings shows that there is negative relationship between capital structure (e.i. STD. LTD and DA) and peformance of the firms (i.e. ROE) for the commodity and services firms listed on two given Stock Exchange Market of Vietnam. Following are possible implications for the study.
Article: The Impact of Selected Corporate Governance Variables in Mitigating ...McRey Banderlipe II
This study attempts to explain the role of selected corporate governance variables related to a company's board of directors in mitigating earnings management in the country. The findings revealed that the holding of multiple directorial positions by the independent directors, and the managerial ownership of the board are significant enough to limit the incentives for earnings management.
A critical analysis of equity ownership structure on firm’s performanceAlexander Decker
This document summarizes a research study on the relationship between equity ownership structure and firm performance of publicly listed companies in Kenya. It discusses how ownership concentration and identity can influence corporate governance and potentially affect performance. The study is based on agency, stewardship, and stakeholder theories. It reviews literature showing mixed results on the effects of state ownership, institutional ownership, and other ownership types on firm value and performance. The objective is to analyze how controlling shareholder identity influences performance of listed Kenyan companies.
Ownership and control in corporate organisations in developing countries evid...Alexander Decker
This document summarizes a study that examines how ownership and board control structures function to achieve good corporate governance in developing countries, using four large quoted corporate organizations in Ghana as case studies. The study finds that these companies have large shareholders who wield extensive control through involvement in decision-making, helping to address principal-agent issues but potentially disadvantaging small shareholders. The study also finds that boards tend to exercise more control when major shareholders do not interfere, acting more as advisory bodies otherwise. It proposes that establishing audit and remuneration committees with independent directors as well as separating CEO and chairperson roles leads to more extensive board control.
The causes and risk-taking on the change of CEO equity-based compensationMax Lai
This document summarizes a research paper that examines the determinants of changes in CEO equity-based compensation structure and the relationship between equity-based compensation and firm risk-taking. The paper finds that stock compensation increases as stock returns, firm size, and CEO oversight increase. It also finds that option compensation increases stock return risk while stock compensation decreases risk. The paper recommends that executive compensation consist mostly of restricted stock due to its lower risk profile compared to stock options.
The Level of Corporate Governance Disclosures by UK FirmsRuth Noel
This document provides an overview of a study on corporate governance disclosures by UK firms. It begins with an introduction stating the importance of corporate governance disclosures and the aim of investigating disclosure levels over time in two UK companies. A literature review then discusses why corporate governance is necessary due to conflicts between shareholders and managers. Regulations require certain disclosures and the study will analyze annual reports to assess disclosure quality and adherence to regulations. The goal is to determine if the sample companies provide transparent governance practices to investors.
Corporate governance practices and its impact on working capital management...Alexander Decker
The document summarizes a study that examined the impact of corporate governance practices on working capital management among listed manufacturing firms in Sri Lanka from 2007 to 2011. The study found that:
1) There was a significant impact of corporate governance practices on current liabilities to total assets, but not on cash conversion cycle or current assets to total assets.
2) Corporate governance practices, including board leadership structure, board size, board committees, and board meetings, were used as independent variables to measure their impact on working capital management measures like cash conversion cycle, current assets to total assets, and current liabilities to total assets.
3) Regression analysis revealed that only current liabilities to total assets were significantly influenced by corporate
1) The document examines the relationship between corporate social responsibility (CSR) and financial performance of Chinese listed companies, analyzing how CSR may have a deferred effect on improving financial metrics like return on assets (ROA) and return on equity (ROE).
2) It uses ordinary least squares regression to model the impact of current and previous years' CSR performance scores on current financial performance, controlling for factors like company size, earnings per share, industry, and age.
3) Preliminary results suggest CSR may not generate immediate financial gains but could improve financial performance over longer periods as CSR benefits materialize for stakeholders and boost a company's reputation, market share, and ultimately profits.
This document summarizes a research paper that examines the relationship between transparency and disclosure and firm performance in the banking sector of Pakistan. It constructs a transparency and disclosure index for 30 Pakistani banks from 2007-2011 based on proxies for board structure, ownership structure, and financial transparency. An empirical analysis using regression models finds that financial performance is positively related to the transparency index and its sub-indexes for board structure and financial transparency, but negatively related to the ownership structure sub-index. On average, the transparency and disclosure level in Pakistani banks is above average. The research aims to improve corporate governance and reduce information asymmetry in the banking sector through policy recommendations.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
This document summarizes a study that investigates the association between corporate governance practices, reporting quality, and firm value for public firms in Indonesia. The authors develop two indices: a Corporate Governance Index (CGI) to measure governance practices, and a Reporting Quality Index (RQI) to measure adherence to reporting guidance. Regression analysis finds that CGI is positively associated with various proxies for firm value, suggesting better governance increases value. However, RQI is negatively associated with firm value, indicating lower value firms disclose more information. This inconsistent finding warrants further research. The study contributes new indices for measuring governance and reporting quality in Indonesia.
SHAREHOLDERS' DEMOCRACY in BANGLADESH: An EVALUATIONAnamika Hore
This assignment focused on practices of SHAREHOLDERS' DEMOCRACY in BANGLADESH. In this assignment the practice of shareholders' democracy in a listed company of Bangladesh is also discussed.
The Effect of Capital Structure on Firm Performance: Empirical Evidence from ...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Mergers and acquisitions and bank performance in Europe the role of strategic...- -
This paper analyzes 262 mergers and acquisitions in the European banking sector between 1990-2004 to examine the impact of strategic similarities on bank performance. The authors find that mergers between banks with similar efficiency levels, capital structures, and business profiles led to improved post-merger performance, especially for domestic mergers focused on cost-cutting. However, differences in credit risk and activities boosted performance for cross-border mergers seeking revenue synergies. The analysis provides insights but has limitations such as a narrow time window, lack of controls for multiple mergers, and not accounting for differences in accounting standards across countries.
Influence of board size and independence iim reportBFSICM
This document examines the relationship between board size, independence, and firm performance in Indian companies. It summarizes previous research that has produced mixed results on this topic. The study analyzed data from 164 Indian companies over 6 years. The main findings were:
1) There was an inverse relationship between board size and firm performance, with smaller boards being more efficient.
2) Different levels of board independence had different impacts on firm performance, with independence between 50-60% correlating most strongly with better performance.
3) Independent directors did not effectively perform their monitoring role and improve firm performance.
4) Factors like cross-board membership and lack of training may have hindered independent directors' effectiveness.
Idiosyncratic Effect of Corporate Solvency Management Strategies on Corporate...IOSR Journals
The study identifies and evaluates the association among corporate solvency management strategies and the corporate performance valuation in Chemical industry of Pakistan. The study uses purposive sampling or judgmental sampling for selecting 30 sample companies from the sector; covering 10 years financial statements data ranging from year 2002 to 2011. Balanced panel data is taken for the purpose of study. Levin, Lin & Chu test is used to check the stationarity of data whereas White Test is used to check the heteroskedasticity of data. Panel Least square technique with fixed effects is used to generalize the relationship between studied variables. The study observed that the performance of the chemical sector in terms of market to book value is affected by internal firm and industry specific factors related to solvency management strategic decisions. Findings of the study provide with the overview of historic performance and the potential performance of the selected sector to help policy makers including finance, economics and industry experts for creating value through the idiosyncratic resources.
Impact of Firm Specific Factors on Capital Structure Decision: An Empirical S...Waqas Tariq
This document summarizes a study that examines the impact of firm-specific factors on capital structure decisions of companies listed on the Dhaka Stock Exchange in Bangladesh from 2003-2007. The study tests whether factors like profitability, tangibility, non-debt tax shield, growth opportunity, liquidity, earnings volatility, size, dividend payment, managerial ownership, and industry classification significantly impact leverage. Regression analysis found profitability, tangibility, liquidity, and managerial ownership negatively impact leverage, while growth opportunity and non-debt tax shield positively impact leverage. Size, earnings volatility, and dividend payment were not found to be significant. Results also showed debt ratios differ significantly across industries in Bangladesh.
This document provides an introduction and literature review on corporate governance practices in India. It discusses how weak corporate governance has led to corporate fraud cases. It then summarizes the regulatory efforts in India to improve transparency and accountability, including the implementation of Clause 49. The literature review highlights various studies that have evaluated corporate governance practices around the world and identified factors that help or hinder effective corporate governance. These include board independence, ownership structure, national culture, and regulatory enforcement. The document aims to assess adherence to corporate governance regulations among the largest Indian companies.
11.the reality of the changing process of accounting policies in jordanian to...Alexander Decker
This document summarizes a study on the changing of accounting policies in Jordanian tourism companies. It finds that rules and regulations do not hinder changes to accounting policies. Administrative departments do not participate in decisions to change policies, and new administrations often make changes simply because they want to. Companies make changes to attract lenders, and there is a lack of understanding of qualitative characteristics of information leading to policy changes. The study recommends organizing the policy change process and involving departments in decision making. Companies should also consider experience from consulting offices when changing policies.
Antisocial Personality Disorder Meta AnalysisJon McCormick
This document summarizes research on antisocial personality disorder (ASPD). It discusses key symptoms of ASPD such as manipulation, lack of empathy, and risk-taking behavior. The document also reviews research suggesting dysfunction in areas like the prefrontal cortex and amygdala may contribute to ASPD. Conduct disorder is described as a childhood precursor. Aggression, criminality, and high rates of re-offending in those with ASPD are also covered. The paper concludes by discussing relationships between ASPD and other disorders like borderline personality disorder and substance abuse.
Cecilia F. Peterkin has over 13 years of experience in management, training, and customer service roles. She has a strong track record of delivering tasks on time while managing multiple processes. She is highly organized with strong communication and problem-solving skills. Her experience includes managing reorganization efforts, process improvements, quality assurance, and technology projects across several industries.
La gestión de almacenes es importante para garantizar el suministro continuo de materiales y medios de producción necesarios para asegurar los servicios de forma ininterrumpida. Una buena gestión de almacén requiere recibir materiales, registrar entradas y salidas, almacenar materiales, mantener materiales y el almacén, despachar materiales, y coordinar el almacén con otros departamentos. La gestión de almacén se reconoce como una unidad de servicio que complementa los objetivos comerciales de una empresa a través de un sistema eficiente
Este documento presenta la primera sesión de un programa de intervención temprana. Explica que los niños necesitan interacciones agradables, una razón para comunicarse y una manera de comunicarse. Muestra un video de un padre e hija interactuando y resalta que el padre observa con atención a la hija y se adapta a su lenguaje. Luego describe cuatro etapas de comunicación en los niños y da ejemplos de cómo dejar que el niño tome la iniciativa observando sus intereses, esperando su respuesta y escuchando su mensaje
A critical analysis of equity ownership structure on firm’s performanceAlexander Decker
This document summarizes a research study on the relationship between equity ownership structure and firm performance of publicly listed companies in Kenya. It discusses how ownership concentration and identity can influence corporate governance and potentially affect performance. The study is based on agency, stewardship, and stakeholder theories. It reviews literature showing mixed results on the effects of state ownership, institutional ownership, and other ownership types on firm value and performance. The objective is to analyze how controlling shareholder identity influences performance of listed Kenyan companies.
Ownership and control in corporate organisations in developing countries evid...Alexander Decker
This document summarizes a study that examines how ownership and board control structures function to achieve good corporate governance in developing countries, using four large quoted corporate organizations in Ghana as case studies. The study finds that these companies have large shareholders who wield extensive control through involvement in decision-making, helping to address principal-agent issues but potentially disadvantaging small shareholders. The study also finds that boards tend to exercise more control when major shareholders do not interfere, acting more as advisory bodies otherwise. It proposes that establishing audit and remuneration committees with independent directors as well as separating CEO and chairperson roles leads to more extensive board control.
The causes and risk-taking on the change of CEO equity-based compensationMax Lai
This document summarizes a research paper that examines the determinants of changes in CEO equity-based compensation structure and the relationship between equity-based compensation and firm risk-taking. The paper finds that stock compensation increases as stock returns, firm size, and CEO oversight increase. It also finds that option compensation increases stock return risk while stock compensation decreases risk. The paper recommends that executive compensation consist mostly of restricted stock due to its lower risk profile compared to stock options.
The Level of Corporate Governance Disclosures by UK FirmsRuth Noel
This document provides an overview of a study on corporate governance disclosures by UK firms. It begins with an introduction stating the importance of corporate governance disclosures and the aim of investigating disclosure levels over time in two UK companies. A literature review then discusses why corporate governance is necessary due to conflicts between shareholders and managers. Regulations require certain disclosures and the study will analyze annual reports to assess disclosure quality and adherence to regulations. The goal is to determine if the sample companies provide transparent governance practices to investors.
Corporate governance practices and its impact on working capital management...Alexander Decker
The document summarizes a study that examined the impact of corporate governance practices on working capital management among listed manufacturing firms in Sri Lanka from 2007 to 2011. The study found that:
1) There was a significant impact of corporate governance practices on current liabilities to total assets, but not on cash conversion cycle or current assets to total assets.
2) Corporate governance practices, including board leadership structure, board size, board committees, and board meetings, were used as independent variables to measure their impact on working capital management measures like cash conversion cycle, current assets to total assets, and current liabilities to total assets.
3) Regression analysis revealed that only current liabilities to total assets were significantly influenced by corporate
1) The document examines the relationship between corporate social responsibility (CSR) and financial performance of Chinese listed companies, analyzing how CSR may have a deferred effect on improving financial metrics like return on assets (ROA) and return on equity (ROE).
2) It uses ordinary least squares regression to model the impact of current and previous years' CSR performance scores on current financial performance, controlling for factors like company size, earnings per share, industry, and age.
3) Preliminary results suggest CSR may not generate immediate financial gains but could improve financial performance over longer periods as CSR benefits materialize for stakeholders and boost a company's reputation, market share, and ultimately profits.
This document summarizes a research paper that examines the relationship between transparency and disclosure and firm performance in the banking sector of Pakistan. It constructs a transparency and disclosure index for 30 Pakistani banks from 2007-2011 based on proxies for board structure, ownership structure, and financial transparency. An empirical analysis using regression models finds that financial performance is positively related to the transparency index and its sub-indexes for board structure and financial transparency, but negatively related to the ownership structure sub-index. On average, the transparency and disclosure level in Pakistani banks is above average. The research aims to improve corporate governance and reduce information asymmetry in the banking sector through policy recommendations.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
This document summarizes a study that investigates the association between corporate governance practices, reporting quality, and firm value for public firms in Indonesia. The authors develop two indices: a Corporate Governance Index (CGI) to measure governance practices, and a Reporting Quality Index (RQI) to measure adherence to reporting guidance. Regression analysis finds that CGI is positively associated with various proxies for firm value, suggesting better governance increases value. However, RQI is negatively associated with firm value, indicating lower value firms disclose more information. This inconsistent finding warrants further research. The study contributes new indices for measuring governance and reporting quality in Indonesia.
SHAREHOLDERS' DEMOCRACY in BANGLADESH: An EVALUATIONAnamika Hore
This assignment focused on practices of SHAREHOLDERS' DEMOCRACY in BANGLADESH. In this assignment the practice of shareholders' democracy in a listed company of Bangladesh is also discussed.
The Effect of Capital Structure on Firm Performance: Empirical Evidence from ...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Mergers and acquisitions and bank performance in Europe the role of strategic...- -
This paper analyzes 262 mergers and acquisitions in the European banking sector between 1990-2004 to examine the impact of strategic similarities on bank performance. The authors find that mergers between banks with similar efficiency levels, capital structures, and business profiles led to improved post-merger performance, especially for domestic mergers focused on cost-cutting. However, differences in credit risk and activities boosted performance for cross-border mergers seeking revenue synergies. The analysis provides insights but has limitations such as a narrow time window, lack of controls for multiple mergers, and not accounting for differences in accounting standards across countries.
Influence of board size and independence iim reportBFSICM
This document examines the relationship between board size, independence, and firm performance in Indian companies. It summarizes previous research that has produced mixed results on this topic. The study analyzed data from 164 Indian companies over 6 years. The main findings were:
1) There was an inverse relationship between board size and firm performance, with smaller boards being more efficient.
2) Different levels of board independence had different impacts on firm performance, with independence between 50-60% correlating most strongly with better performance.
3) Independent directors did not effectively perform their monitoring role and improve firm performance.
4) Factors like cross-board membership and lack of training may have hindered independent directors' effectiveness.
Idiosyncratic Effect of Corporate Solvency Management Strategies on Corporate...IOSR Journals
The study identifies and evaluates the association among corporate solvency management strategies and the corporate performance valuation in Chemical industry of Pakistan. The study uses purposive sampling or judgmental sampling for selecting 30 sample companies from the sector; covering 10 years financial statements data ranging from year 2002 to 2011. Balanced panel data is taken for the purpose of study. Levin, Lin & Chu test is used to check the stationarity of data whereas White Test is used to check the heteroskedasticity of data. Panel Least square technique with fixed effects is used to generalize the relationship between studied variables. The study observed that the performance of the chemical sector in terms of market to book value is affected by internal firm and industry specific factors related to solvency management strategic decisions. Findings of the study provide with the overview of historic performance and the potential performance of the selected sector to help policy makers including finance, economics and industry experts for creating value through the idiosyncratic resources.
Impact of Firm Specific Factors on Capital Structure Decision: An Empirical S...Waqas Tariq
This document summarizes a study that examines the impact of firm-specific factors on capital structure decisions of companies listed on the Dhaka Stock Exchange in Bangladesh from 2003-2007. The study tests whether factors like profitability, tangibility, non-debt tax shield, growth opportunity, liquidity, earnings volatility, size, dividend payment, managerial ownership, and industry classification significantly impact leverage. Regression analysis found profitability, tangibility, liquidity, and managerial ownership negatively impact leverage, while growth opportunity and non-debt tax shield positively impact leverage. Size, earnings volatility, and dividend payment were not found to be significant. Results also showed debt ratios differ significantly across industries in Bangladesh.
This document provides an introduction and literature review on corporate governance practices in India. It discusses how weak corporate governance has led to corporate fraud cases. It then summarizes the regulatory efforts in India to improve transparency and accountability, including the implementation of Clause 49. The literature review highlights various studies that have evaluated corporate governance practices around the world and identified factors that help or hinder effective corporate governance. These include board independence, ownership structure, national culture, and regulatory enforcement. The document aims to assess adherence to corporate governance regulations among the largest Indian companies.
11.the reality of the changing process of accounting policies in jordanian to...Alexander Decker
This document summarizes a study on the changing of accounting policies in Jordanian tourism companies. It finds that rules and regulations do not hinder changes to accounting policies. Administrative departments do not participate in decisions to change policies, and new administrations often make changes simply because they want to. Companies make changes to attract lenders, and there is a lack of understanding of qualitative characteristics of information leading to policy changes. The study recommends organizing the policy change process and involving departments in decision making. Companies should also consider experience from consulting offices when changing policies.
Antisocial Personality Disorder Meta AnalysisJon McCormick
This document summarizes research on antisocial personality disorder (ASPD). It discusses key symptoms of ASPD such as manipulation, lack of empathy, and risk-taking behavior. The document also reviews research suggesting dysfunction in areas like the prefrontal cortex and amygdala may contribute to ASPD. Conduct disorder is described as a childhood precursor. Aggression, criminality, and high rates of re-offending in those with ASPD are also covered. The paper concludes by discussing relationships between ASPD and other disorders like borderline personality disorder and substance abuse.
Cecilia F. Peterkin has over 13 years of experience in management, training, and customer service roles. She has a strong track record of delivering tasks on time while managing multiple processes. She is highly organized with strong communication and problem-solving skills. Her experience includes managing reorganization efforts, process improvements, quality assurance, and technology projects across several industries.
La gestión de almacenes es importante para garantizar el suministro continuo de materiales y medios de producción necesarios para asegurar los servicios de forma ininterrumpida. Una buena gestión de almacén requiere recibir materiales, registrar entradas y salidas, almacenar materiales, mantener materiales y el almacén, despachar materiales, y coordinar el almacén con otros departamentos. La gestión de almacén se reconoce como una unidad de servicio que complementa los objetivos comerciales de una empresa a través de un sistema eficiente
Este documento presenta la primera sesión de un programa de intervención temprana. Explica que los niños necesitan interacciones agradables, una razón para comunicarse y una manera de comunicarse. Muestra un video de un padre e hija interactuando y resalta que el padre observa con atención a la hija y se adapta a su lenguaje. Luego describe cuatro etapas de comunicación en los niños y da ejemplos de cómo dejar que el niño tome la iniciativa observando sus intereses, esperando su respuesta y escuchando su mensaje
The document discusses SQL query analyzer tools and database maintenance. It covers SQL query analyzer, execution plans, column statistics, running the analyzer, query tuning, optimization, and other analyzer tools like the profiler and tuning advisor. It also discusses database maintenance tasks like managing transaction log files, eliminating index fragmentation, ensuring accurate statistics, and establishing an effective backup strategy. The document demonstrates some of these tools and tasks.
Redes de ordenadores y servicios de internet. 2º bac. 05. protocolo dnsTu Instituto Online
Este documento presenta un resumen del protocolo DNS (Domain Name System). Explica que DNS traduce nombres de dominio como "www.example.com" a direcciones IP para que las personas puedan acceder a sitios web de forma más fácil. Describe el proceso por el cual un servidor DNS consulta a otros servidores hasta encontrar la dirección IP correspondiente a un nombre de dominio específico. El documento también responde algunas preguntas frecuentes sobre DNS.
The document discusses the history and origins of Mother's Day. It describes how Anna Jarvis campaigned to establish an official day to honor mothers after her own mother's death. Anna started the tradition of Mother's Day in the United States in the early 1900s through letter writing campaigns and working with influential supporters. By 1914, Mother's Day was officially recognized as a national holiday to be celebrated on the second Sunday of May. However, Anna later regretted its commercialization and spent her life trying to return it to its sentimental roots.
Internet y las redes sociales virtuales. 4º eso. 2. comunidades virtualesTu Instituto Online
El documento describe las comunidades virtuales y cómo han evolucionado a través de Internet. Comenzó con Usenet y chats para intercambiar mensajes, luego foros para debatir temas, y más recientemente blogs, wikis y redes sociales que permiten compartir información de manera más social. También discute el comportamiento ético requerido al participar en comunidades virtuales.
This document discusses different learning styles and cognitive styles. It describes David Kolb's experiential learning cycle which includes concrete experience, reflective observation, abstract conceptualization, and active experimentation. It then provides examples of how this cycle applies to learning to ride a bike, use a software program, and learn algebra. It also outlines four learning styles - diverger, converger, accommodator, and assimilator - based on how people perceive and process information. Finally, it discusses Gregore's cognitive styles of concrete sequential, abstract sequential, abstract random, and concrete random as well as field independence versus field dependence.
Sistemas informáticos. 2º eso. 01. uso fluido y práctico del ordenador. ratón...Tu Instituto Online
Este documento presenta los componentes básicos de un ordenador, incluyendo la CPU, monitor, teclado, ratón e impresora. Explica el funcionamiento y tipos de teclados y ratones, así como consejos sobre su uso y mantenimiento. El documento contiene imágenes y detalles técnicos para proporcionar una introducción completa a los componentes de un ordenador y su uso.
Ampersand Academy - Course Curriculum for SAS
Training Centre Location: Ashok Nagar, Chennai.
Online Training is Also Available.
For More Details Please Visit: www.ampersandacademy.com
This study examines the impact of corporate governance and investor confidence on earnings management of firms listed on the Stock Exchange of Thailand. It uses annual data from 2015 for a sample of 408 Thai listed companies, excluding financial firms. Structural equation modeling is used to analyze the direct and indirect relationships between variables. Corporate governance factors examined include the largest shareholder, CEO duality, institutional ownership, board size, and auditor (Big 4 firm). Earnings management is measured using discretionary accruals. Investor confidence is represented by return on equity. The results found that the largest shareholder influences earnings management and investor confidence the most. Institutional ownership influences both earnings management and investor confidence. Having a Big 4 auditor influences investor confidence. However,
This document summarizes a study that examined the effects of internal factors and stock ownership structure on dividend policy and company value for manufacturing companies listed on the Indonesia Stock Exchange between 2005-2010. The study found that: (1) free cash flow, company size, and return on equity influence dividend policy and company value in different ways; (2) debt, asset growth, and financial risk affect both dividend policy and company value; (3) managerial ownership does not affect dividend policy but does affect company value, while institutional ownership positively influences both; and (4) dividend policy positively impacts company value. The study used factors like cash flow, size, debt, growth, and ownership structure to analyze their relationship with dividend policy and company
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performance of listed Deposit Money Banks (DMBs) in Nigeria between 2009 and 2018. Thirteen (13) banks were
used over 10 years making a total of 130 firm year observation. The independent variable was audit committee
size, while the dependent variable was DMB financial performance measured by return on capital employed
(ROCE). The study used an ex-post factor research approach to address the research questions and the nature of
the study data. The study used the panel fixed effect approach (and the estimates were obtained using E-views 9).
The results show that audit committee size does not significantly predict ROCE nor does audit committee financial
skill and frequency of audit committee meetings. None of the independent variables have significant predictive
power on the performance of Deposit Money Banks in Nigeria. Thus, instead of DMBs focusing on expanding the
members of Audit committee, they should instead consider other things that can be done to have an effective audit
committee, such as gender, religion, region, ownership, etc that could possibly influence the performance of banks
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Impact of Corporate Governance on Firms’ Financial Performance: Textile Secto...inventionjournals
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The influence of corporate governance and capital structure on risk, financia...Alexander Decker
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International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The Journal will bring together leading researchers, engineers and scientists in the domain of interest from around the world. Topics of interest for submission include, but are not limited to
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Women with polycystic ovary syndrome (PCOS) have elevated levels of hormones like luteinizing hormone and testosterone, as well as higher levels of insulin and insulin resistance compared to healthy women. They also have increased levels of inflammatory markers like C-reactive protein, interleukin-6, and leptin. This study found these abnormalities in the hormones and inflammatory cytokines of women with PCOS ages 23-40, indicating that hormone imbalances associated with insulin resistance and elevated inflammatory markers may worsen infertility in women with PCOS.
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The role of corporate governance, dividend policy, and capital
1. European Journal of Business and Management www.iiste.org
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol.6, No.8, 2014
134
The Role of Corporate Governance, Dividend Policy, and Capital
Structure on Ownership Structure Toward the Firm Value
Arief Yulianto *
Department of Economics, Semarang State University, Semarang, Sekaran, Gunungpati,Indonesia
Suhadak
Department of Business Administration, Brawijaya University, Jl. MT Haryono, Malang, Indonesia
Darminto
Department of Business Administration, Brawijaya University, Jl. MT Haryono, Malang, Indonesia
Siti Ragil Handayani
Department of Business Administration, Brawijaya University, Jl. MT Haryono, Malang, Indonesia
* E-mail of the corresponding author: ariefyoelianto@gmail.com
Abstract:
The purpose of this study was to determine the role of corporate governance, dividend policy and capital
structure on ownership structure toward the firm value. The study was conducted to manufacturing firms listed at
the Indonesia Stock Exchange during 2008-2011. The results showed that institutional majority ownership
structure is the cause of agency problems, which can be mitigated by corporate governance mechanism and
dividend policy, thereby increasing the value of the of the company. Capital structure can be used as a
mechanism to reduce agency problems but cannot affect the value of the company due to the implementation of
the company's corporate governance resulting in increasing debt in the capital structure and dividend policy.
Dividend policy and capital structure is not a substitute nor complementary in reducing agency problems.
Keywords: Ownership Structure, Corporate Governance, Capital Structure, Dividend Policy, Firm Value
1. Background and Goals of the Study
Gigonani et al. (2011) suggest that two types of agency problems; vertical agency problem that exist between
owners and managers and horizontal agency problems that exist between controlling (majority) shareholders and
minority owners. Separation of ownership and control functions within the company creates agency problems
when potential managerial behaviors (agents) are not in accordance with the interests of shareholders (principals)
(Jensen and Meckling, 1976), and differences in the interests of the majority shareholders to minority
shareholders (Shleifer and Vishny,1996), as found in Indonesia, as a developing country, in which institutional
shareholders become the majority shareholders and will do expropritaion to minority shareholders (Alwi, 2009).
The agency problems affect capital structure requirements and dividend policy as a monitoring mechanism on
managerial behavior (Jensen and Meckling, 1976). In addition, the agency problems can be mitigated through
monitoring done by creditors by means of the company's capital structure, to ensure that the actions done by
shareholders (majority) are in accordance with the interests of creditors (Alwi, 2009) and the use of dividends as
the monitoring of capital markets (Easterbrook, 1984).
Dividend policy is the substitution of capital structure on textile company and a complementary mechanism
without the ownership structure in reducing the agency problems. The use of dividend policy and capital
structure will give effect to the agency costs that companies use as a substitute, as reported by Ramachandran
and Packkirisamy (2010) who did research on a textile company, or as a complementary (Noronha et al.,1996).
At the time when dividend policy possess higher agency costs compared with the use of debt in the capital
structure, the company funds its operation from debt; meanwhile, funding for operation will be taken from
dividend policy when the agency cost is lower than the debt in the capital structure so resulting in ineffective
monitoring. This implies on the need of alternative monitoring to reduce agency problems (Farinha, 2003) such
as the implementation of corporate governance (Al-Shabibi and Ramesh, 2011; Dharmastuti and Wahyudi,
2013).
Corporate Governance (CG) is an alternative mechanism to reduce the agency problems since it can become a
controlling tool on the decisions taken by the company—taken based on the interests of managerial behavior and
by considering protection toward investors and creditors. The implementation of corporate governance is
mandated in Act Number 40 Year 2007 regarding Limited Company (Ltd) and Number 8 Year 1995 on capital
markets to protect the interests of investors and creditors.
2. European Journal of Business and Management www.iiste.org
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol.6, No.8, 2014
135
Shleifer and Vishny (1996) describe that the implementation of CG in a company will increase the demand made
by creditors because of the guarantee of better governance (supply-view), such as the research by Mousavi et al.
(2012); but the increase in debt in the capital structure will increase the risk of bankruptcy. Thus, companies with
good governance will reduce the possibility of debt in the capital structure (demand-view), such as research by
Mai (2010) and Hasan and Butt (2009).
Dividends distributed to shareholders is an indication that the company has good governance or, as La Porta et
al. (2000) state, an outcome hypothesis, such as research by Jiraporn et al. (2011). On the other hand, dividends
can be used as a mechanism to build the company's reputation with poor governance (substitution hypothesis),
such as research by Devi and Subramaniam (2011) which find a negative but insignificant results.
Indonesian Stock Exchange (IDX) statistics showed that manufacturing sector has funding needs and dividend
distribution that are higher than the primary and tertiary sectors, from the data on primary and tertiary sectors
throughout 2008-2011. This will potentially make agents and shareholders in manufacturing companies to act in
an opportunistic way in the use of debt in its capital structure and dividend policy.
Based on the previous description, the ownership structure causing the agency problems in a manufacturing
company can be reduced through the implementation of corporate governance, dividend policy and capital
structure, meaning thatr corporate governance will provide protection to creditors in providing credit and to
investors in dividends divided thus affecting the value of the company. However, previous studies show
inconsistencies in findings so reassessment on theories is required. The description of variables and indicatos (is
shown in table 1), as well the conceptual framework of this study is shown in figure 1
Table 1: Variables and Indicators
No Research
Variables (latent)
Indicators Notation in Model
1 Ownership
Structure (X1)
1.1.Managerial Ownership % Manajerial
1.2.Institutional Ownership % Insitusional
2 Corporate
Governance (Y1)
2.1.Number of commissioners Dwn Komisaris
2.2.Proportions of independent
commisioners
% Kom
Independent
3 Capital
Structure (Y2)
3.1.Debt equity ratio DER
3.1.Debt ratio DR
4 Dividend
Policy (Y3)
4.1.Dividend yield DY
4.2.Dividend payout ratio DPR
4.3.Dividend per share DPS
5 Firm Value (Z1) 5.1.Stock price Hrg Saham
5.2.Tobins Q ratio Q
5.3.Price book value PBV
Source: previous research
So, in the present study attempt has been made to study the role of corporate governance, dividend policy, and
capital structure on ownership structure toward the firm value. Further the discussion has been divided into four
sections. Section 2 explains research methodology used in the study. Section 3 shows results of study. Finally,
section 4 represents conclusions of the study.
3. European Journal of Business and Management www.iiste.org
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol.6, No.8, 2014
136
Figure 1: Conceptual Framework
This study is to analyze the roles of the corporate governance, dividend policy, and capital structure on
ownership structure toward the firm value with explain of research problems in this study are (a) whether
ownership structure affect corporate governance, (b) whether ownership structure affects capital structure, (c)
whether ownership structure affects dividend policy, (d) whether corporate governance affects the capital
structure, (e) whether corporate governance affects dividend policy, (f) whether capital structure affects dividend
policy, (g) whether corporate governance affects firm value, (i) whether capital structure affects firm value, and
(j) whether dividend policy affects company value.
2. Research Method
The quantitative approach to the study under explanatory design aimed to test the hypothesis according to
research problems. Secondary research data was derived from the Indonesian Capital Market Directory (ICMD)
that comes with the annual report and the Indonesian Stock Exchange (IDX) Statistics 2008-2011 for
manufacturing companies. Samples were chosen though a purposive sampling technique, for companies that (a)
pay dividends, (b) have managerial ownership, and (c) have independent commissioners as part of the company
board of commissioners--10 samples were obtained for each of the four-year period, so there were 40 units of
observation.
Measurement of variables consisted of (a) the ownership structure, that is managerial ownership referring to the
percentage of stock owned by directors and commissioners in comparison to the number of shares outstanding
(Indahningrum and Handy, 2009) and institutional ownership, that is the percentage of share owned by
institution compared to the number of shares outstanding (Wen and Jia, 2010); (b) corporate governance, namely
(ln) the number of board commissioners (Hassan and Butt, 2009) and the percentage of independent
commissioners in the board of commissioners (Wulandari and Widaryanti, 2008); (c) the capital structure, that is
debt equity ratio which refers to the percentage of debt compared to equity and debt ratio—debt ratio is the
percentage of debt compared to total assets (Abu-Rub, 2012); (d) the dividend policy, that refers to dividend
payout ratio which is the ratio of earnings per share distributed to the shareholders (Hussainey et al., 2011),
dividend yield is the ratio of stock prices compared to cash dividends (Abdelsalam et al., 2008) and dividend per
share which is the (ln) of the actual cash dividends (Ullah, 2012); (e) the value of the company, namely Tobins Q
(the ratio of the market value of shares compared to book value of debt (Abu-Rub, 2012); price-book value is the
ratio of the market price of the stock compared to its book value (Stella, 2009) and stock price is (ln) year-end
stock price (Waweru et al., 2012).
This study used a descriptive and analytical path analysis, that was the partial least square (PLS) due to the tiered
effect on the variables of the study and the need of comprehensive analysis. Data analysis of PLS was conducted
using SmartPLS and followed two-stage approach for assesing the outer model and the inner modal respectively.
3. Results and Discussion
3.1 Descriptive Analysis
Descriptive analysis is analysis to describe the general condition of the data such as total sample, minimum
number of the sample, mean, and standard deviation. The outputs for descriptive data of this study are shown in
Table 2. The results of the descriptive statistics show that the manufacturing companies had large variations in
price-book value, while the dividend yield had small variations.
4. European Journal of Business and Management www.iiste.org
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol.6, No.8, 2014
137
Table 2: Descriptive Analysis
Mean Std. Deviation
Institutional Ownership .6322 .19058
Managerial Ownership .0758 .10676
Number of Board Commissioners 5.9250 2.91229
Proportion of Independent
Commissioners
.3984 .13110
Debt Ratio .3633 .14872
Debt Equity Ratio .7667 .63374
Dividend Payout Ratio .4297 .72697
Dividend per Share 221.9250 272.91479
Dividend Yield .0521 .04754
Tobins-Q .9292 .79479
Price Book Value 1.9095 1.99766
Stock Price 9805.5000 17771.39890
Source: Results of Analysis
The descriptive statistics show that the manufacturing companies included some sub-sectors. Those sub-sectors
were automotive and components (4 firms), tobacco manufacturers (1 firm) Miscellaneous Industry (3 firms),
food and beverages (1 firm), cable (1 firm)
3.2. Path analysis
Structural equation models usually involve latent variable with multiple indicator (table 1) and followed two-
stage approach for assesing the outer model and the inner modal respectively
The measurement model or outer model specifies the relationship between and indicators and latent variabel.
Testing outer model is a test on indicator of variables, that can be described in a formative model that is in the
ownership structure, dividend policy, capital structure, and firm value and reflective model on corporate
governance variables .Using a two-tailed test with a significance level of 10%, the outer model will be
significant if the t-statistics is larger than 1.684. The results of outer model is as shown in Table 3
Based on table 3, there were 2 indicators in measuring corporate governance:number of board Commissioners,
proporton of independent Commissioners. Capital structre while all the loadings were greater than 1.684, hence
there were 2 indicator to measure. Capital structure: debt equity ratio and debt ratio. There were 2 indicators in
measuring dividend policy and fimr value. Dividen policy:dividend yield and dividend per share, firm value:
tobinsQ and sotck price. But in measuring ownership structure: 1 indicator (institutional ownership)
The results showed that the ownership structure was not the cause of the agency problems because
manufacturing companies had relatively small proportion of managerial ownership, which was only 7.58%.
Arifin (2005) mentions the small proportion of managerial ownership does not lead to opportunistic behavior
who only acts in his/her own interest. This results do not support the “opportunism behavior of agent” but
support that organizational managers’ main motivations are to serve the organization’s best interest and mission.
According to it, the manager seeks essentially to do a good job and be a good steward of the firm assets
(Donaldson and Davis, 1991). The empirical fact (table 2) shows that the average institutional ownership in the
observation periode was above 50%, ie 63.22% respectively for the years 2008, 2009, 2010 and 2011. This
means that institutional ownership have absolute voting power to expropriation minority shareholders.
Dividend payout ratio is not an indicator of dividend policy because managerial stock ownership is not
opportunistic in the allocation of retained earnings. PBV is not an indicator of the value of the company as it
relates to the activities of investment companies, not to the dividend policy and capital structure. Mulyono
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(2011) proves that PBV can be used in setting investment strategy because by using PBV ratio, investor can
predict which stocks will be undervalued and overvalued so the can gain significant return.
Table 3: Outer Model Output
Indicators Loading factors
corporate governance -> Number of Board
Commissioners 3.962
corporate governance -> Proportion of
Independent Commissioners 11.345
Managerial Ownership -> Ownership
structure
0.798
Institusional Ownership -> Ownership
structure
4.072
DPR -> dividend policy 0.116
DPS -> dividend policy 3.169
DY -> dividend policy 2.902
DR -> capital structure 4.798
DER -> capital structure 1.829
PBV -> firm value 0.318
Q -> firm value 1.740
stock price -> firm value 9.928
Source: Results of Analysis
The inner model spesifies the relationships between unobserved or latent variables. Testing of inner models is
used to test the hypothesis in accordance with the conceptual framework of the research. The results of inner
model is as shown in Table 4
Based on the formulation of the problem research that have been built as well as analysis of the research,
conclusions can be summarized as follows:
1. Corporate governance and dividend policies is showing a significant role on ownership structure
toward the firm value. Effect of each independent variable on the corporate governance, dividend
policy, capital structure and firm value are as follows:
a. Ownership structure have a significant positive affect on corporate governance
b. Ownership structure have a significant negative affect on dividend policy
c. Corporate governance have a significant positive affect on firm value
d. Dividend policy have a significant positive affect on firm value
e. Corporate governance have a significant positive affect on dividend policy.
f. Corporate governance have a significant positive affect on capital structure
2. Capital structure’s is not showing a signifikan role on ownership structure toward the firm value.
Effect of each independent variable on the corporate governance, dividend policy, capital
structure and firm value are as follows:
a. Effect of ownership structure on capital structure is significantly negative
b. Capital structure variables do not have significant affect on firm value
c. Capital structure variables do not have significant affect on dividend policy
d. does not affect the dividend policy
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Table 4: Inner Model Output
Independent Dependent Orignal Sample t-test Decision
Corporate Governance Dividend policy 0.7569 13.7199 Significant
Corporate Governance Firm Value 0.1721 2.8845 Significant
Corporate Governance Capital Structure 0.2934 3.7685 Significant
Dividend Policy Firm Value 0.8036 14.0548 Significant
Ownership Structure
Corporate
Governance
0.3067 4.4010 Significant
Ownership Structure Dividend Policy -0.2901 2.6528 Significant
Ownership Structure Capital Structure -0.6421 12.927 Significant
Capital Structure Dividend Policy -0.1194 1.3098 Insignificant
Capital Structure Firm Value 0.0676 1.2136 Insignificant
Source: Results of Analysis
4. Conclusion
The results of hypothesis testing showed that the agency problems were caused by institutional shareholders,
which does not support the statement by Jensen and Meckling (1976) which states that managerial shareholders
have opportunistic behavior. Increased institutional shareholders who did expropriation to the minority
shareholders will increase the need for monitoring of capital markets through dividends (Easterbrook, 1984);
monitoring of creditors (Alwi, 2009) and corporate governance (Dharmastuti and Wahyudi, 2013). However,
there was not any relationship found between the capital structure and dividend policy, as to give a signal of
good corporate governance, the company implements dividend payout policy (outcome hypothesis) and
increases debt as a result of the creditors’ demand (supply-view). This implies that the use of debt resulting in
reduced cashflow does not affect the company's dividend distribution to shareholders. That implies that an
increase in debt in the company's capital structure does not increase the risk due to good corporate governance;
thus, companies with capital structure from debt or non-debt will not experience an effect on their value.
Dividend policy can reduce agency problems, and investors in Indonesia are characterized by their willingness to
get dividends than capital gains. Therefoe, dividend policy and governance that provide a guarantee for dividend
payment to investors can increase the value of the company.
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Corresponding author
Author : Arief Yulianto.
Affiliation : Management Department, Department of Economics, Semarang State University,
Indonesia.
Address : C6 Building, Sekaran, Gunungpati
Email : ariefyoelianto@gmail.com