DIVIDEND POLICY: ANALYSIS AND IMPLICATIONS FOR CORPORATE DECISIONS
Main Article Content
The decision to distribute profits to shareholders is one of the key decisions taken by shareholders , and has a significant impact on company value and shareholder satisfaction. This article conducts an in-depth literature review to understand the concept of dividend policy and the various factors that influence it, such as the company's financial condition, investment needs, shareholder preferences, and market situation. The research method used is descriptive analysis carried out by collecting secondary data from various relevant sources. The research results provide valuable insights for companies in making better decisions regarding dividend policy, as well as offering practical guidance for policy makers and corporate managers in improving the transparency, effectiveness and adaptability of their dividend policies.
Allen, F., & Michaely, R. (2003). Payout Policy. Handbook of the Economics of Finance, 1, 337-429.
Almeida, H., & Philippon, T. (2007). The Risk-Adjusted Cost of Financial Distress. Journal of Finance, 62(6), 2557-2586.
Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy. Bell Journal of Economics, 10(1), 259-270.
Black, F. (1976). The Dividend Puzzle. The Journal of Portfolio Management, 2(2), 5-8.
Brigham, E. F., & Ehrhardt, M. C. (2017). Financial Management: Theory & Practice (15th ed.). Cengage Learning.
Brigham, E.F., & Houston, J.F. (2004). Fundamentals of Financial Management. South-Western Educational Publishing.
Creswell, J. W. (2014). Research design: Qualitative, quantitative, and mixed methods approaches. Sage publications.
Edusaham. (nd). Definition of Dividends, Types, Policies and Influencing Factors.
Economic management. (nd). Dividend Policy Theory: Relevance, Irrelevance, and Influencing Factors.
Gordon, M. J. (1959). Dividends, earnings, and stock prices. The Review of Economics and Statistics, 41(2), 99-105.
Gordon, M. J. (1963). Optimal Investment and Financing Policy. The Journal of Finance, 18(2), 264-272.
Jegadeesh, N., & Wu, D. (2013). The Habits of Hedge Funds: Do They Run for the Money?. Journal of Financial Economics, 107(2), 239-257.
Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76(2), 323-329.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
John, K., & Williams, J. (1985). Dividends, Dilution, and Taxes: A Signaling Equilibrium. The Journal of Finance, 40(4), 1053-1070.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency Problems and Dividend Policies Around the World. The Journal of Finance, 55(1), 1-33.
Lintner, J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. The American Economic Review, 46(2), 97-113.
Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411-433.
Miller, M. H., & Scholes, M. S. (1982). Dividends and Taxes: Some Empirical Evidence. Journal of Political Economy, 90(6), 1118-1141.
Modigliani, F., & Miller, M. H. (1961). Dividend policy, growth, and the valuation of shares. Journal of Business, 34(4), 411-433.
Nisa, RC (2020). The Influence of Dividend Policy, Debt Policy, and Profit Growth on Company Value. Sriwijaya Journal of Management and Business, 16(3).
Nisa, RC (2020). The Influence of Investment Decisions, Funding Decisions, and Dividend Policy on Company Value. Sriwijaya Journal of Management and Business, 16(3).
Oktavia, MD (2018). The Influence of Investment Decisions, Funding Decisions and Dividend Policy on Company Value. Scientific Journal of Management Economics Students, 3(1).
Lesson. (nd). Understanding Dividend Policy: Theory, Types and Factors that Influence Dividend Policy.
Riadi, B. (2018). Impact of Dividend Policy on Shareholders' Wealth and Firm Value. Journal of Finance and Corporate Governance, 7(2), 234-245.
Riadi, M. (2018). Theories, Types and Factors that Influence Dividend Policy. Literature review.
Ross, S. A., Westerfield, R. W., & Jaffe, J. (2002). Corporate Finance. McGraw-Hill/Irwin.
Rozeff, M. S. (1982). Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios. Journal of Financial Research, 5(3), 249-259.
Sejati, A. (2020). Dividend Policy: Theoretical Perspectives and Practical Implications. Journal of Financial Studies, 12(1), 45-62.
Sejati, FR, Ponto, S., Sumartono, S., Sumbari, NN, & Prasetianingrum, S. (2020). Factors Influencing Dividend Policy. Indonesian Accounting and Finance Periodical, 5(2).
Siregar, RMS (2018). Dividend Policy and Company Financial Performance. Journal of Indonesian Economy, 1(1).