The Impact of Debt Policy, Profitability, and Liquidity on Dividend Policy of The Manufacturing Firms Listed in Indonesia Stock Exchange

Hadianto, Bram and Sahabuddin, Zainal Abidin (2016) The Impact of Debt Policy, Profitability, and Liquidity on Dividend Policy of The Manufacturing Firms Listed in Indonesia Stock Exchange. Asian Journal of Management Sciences & Education, 5 (4). pp. 27-41. ISSN 2186-845X

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Abstract

The dividend is a device for controlling shareholders to enrich themselves by transferring wealth from the debt holders. To prove it, therefore, this study wants to examine the impact of debt policy on dividend policy by profitability and liquidity as a control variable. This research population is manufacturing firms listed on the capital market of Indonesia from 2006 until 2012. Moreover, the samples get taken by a stratified random sampling method. Furthermore, to obtain and analyze the data, this study employs the archival approach and the logistic regression. Once investigating and discussing the hypothesis statistical test results, this study concludes that debt policy owns a negative influence on dividend policy. In contrast, profitability and firm liquidity have a positive effect. This situation shows that wealth transfer from debt holders to shareholders does not exist.

Item Type:	Article
Uncontrolled Keywords:	Dividend policy, debt policy, wealth transfer
Subjects:	H Social Sciences > HD Industries. Land use. Labor > HD61 Risk Management
Depositing User:	Perpustakaan Maranatha
Date Deposited:	08 Feb 2023 02:32
Last Modified:	24 Feb 2023 07:13
URI:	http://repository.maranatha.edu/id/eprint/31297

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