Profitability Of Dividend Payers

Most of the firms are looking for profits as their main objective which make them develops strategies to get the target profit. In circumstances that firms get the target profit, then normally they shall distribute the earnings as dividends to shareholders. The objective of this study is to provide an empirical finding about profitability between firms namely higher dividend payers and lower dividend payers. This study uses data of listed firms in period of 2010 to 2016 which drawn from Indonesia Stock Exchange. This study uses 146 listed firms in period of 2010 to 2016 which gives 1022 as total observe data. In term of hypothesis testing, this study uses mean difference test. This study finds that firms with higher dividends have better profitability rather than the lower which means this study accepts the hypothesis that higher dividend payers have better profitability

The Signals Of Dividend

Dividend decisions is a type of policy that earnings should be distributed to shareholders and sometimes contrast with the interest by insiders whether to retain or reinvest. The objective of this study is to examine the determinants of dividend policy on 230 listed firms in period of 2010 to 2011 and conducts logistic regression for hypothesis testing. This study finds that profitability, firm size, and institutional ownership are significant to dividend policy while managerial ownership is insignificant. This findings indicate that most of listed firms of the sample of this study determine the dividend policy based on profits. This study also finds that more larger the firms or institutional ownership then they tend to increase the dividends. Limited to sample, this study proves that agency theory is not applicable for dividend policy in Indonesia as the managerial ownership have no relationship with the dividend policy

Does Maturity Signals High Risk and High Return?

The objective of this study is to examine the interaction between firm maturity and firm growth opportunities over risk and its impact on returns. This study uses 135 firms listed in Indonesia Stock Exchange during 2010 to 2016 as sample which gives 945 as total observed data. This study conducts path analysis in term for hypothesis testing and finds that firm maturity has significant role to increase the risk which gives impact on increasing the returns. In context of Indonesian firms, the findings imply that mature firms will have higher risk and higher returns

Prospensity to pay dividend : testing for life cycle and free cash flow theories

The purpose of this study is to provide evidences in context of life cycle and free cash flow theories. The study examines the potential factors of firms to pay dividend by conducting logistic regression with sample of 138 firms listed in Indonesia Stock Exchange for period 2010 till 2015. The result of analysis shows that dividend payers generally are firms at mature stage which is consistent with life cycle theory. Also, these mature firms normally are larger firms, more profitable, higher earnings, higher debt and diminish for investment opportunities. In addition, the higher debt for dividend payers indicates the existence of free cash flow effects.peer-reviewe

Agent, steward, and dividend policy

Purpose: The main objective of this study is to examine whether the dividend policy of Indonesian firms is based on agency theory or stewardship theory. The study investigates the relationship between profitability, non-discretionary accruals, discretionary accruals and dividend policy. Design/Methodology/Approach: The final sample of this study is a total of 28 firms of consumers‘ goods industries listed in Indonesia Stock Exchange during the period of 2010 to 2017 and conducts logistic regression for hypotheses testing. Findings: The result of the first model shows that ROA and non-discretionary accruals (non-disc) have positive sign and they are significant on dividend policy. The second model shows that ROA has a positive and significant effect on dividend policy, while non-disc is insignificant on dividend policy. The third model shows that ROA and non-disc are consistently positive and significant, while discretionary accruals are consistently insignificant on dividend policy. The fourth model shows that ROA and non-disc have positive sign and significant on dividend policy, while disc is insignificant on dividend policy. The fifth model shows that ROA and non-disc have a positive and significant sign on dividend policy, while DAR, AG and disc are insignificant on dividend policy. The results of profitability on all models also indicate that the objective of managers for most Indonesian dividend payers are align with the objective of stockholders in context of stewardship. The findings imply that most of firms as payers tend to increase dividends when their profitability increases. Practical Implications: It appears that dividend payers with strong profitability as based on their policy, generally do not engage in managing its earnings while reporting the accounting information. Originality/Value: The study provides empirical evidence for dividend policy in context of agency and stewardship perspectives. This study also identifies the behavior of firm insiders whether play as an agent or steward in relationship with their principals.peer-reviewe

Determination of Flow Properties of Mud Slurry

Although many types of viscometer are available, most of them are quite unsuitable for collecting scientific or engineering data. Due to various features of their construction make it impossible to determine both shear stress and shear rate at the same known point in the equipment. The flow curve therefore can not be constructed from data obtained with such devices. Most of these unsatisfactory instruments give complex reading functions of several type of fluid properties. The aim of this study will examine the viscous properties and to make curve of mud slurry by horizontal pipe as viscometer. These viscometer determine relationships between shear stress and shear rate. The diameter of pipe was 12,7 mm. The length of pipe was 1000 mm. Calculated the shear stress and the shear rate by measuring the pressure loss gradient and the gradient of velocity, respectively. Weight fraction of mud slurry were 20 %, 30 % and 45 %. The results indicated the apparent viscosity of mud slurry is not proportional to the shear stress and shear rate but the relationship could be approximated by power law’s mode with the index n = 0.93 – 1.

Modal Intelektual dan Kinerja Perusahaan (Studi pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode 2009 S/d 2012)

This study explores the way in which intellectual capital characteristics contribute towards a competitive advantage. The principal purpose of this study was to investigate the association between the efficiency ofValue Added Intellectual Coeficient (VAICTM) by the major components of a firm's resource base, physical capital(VACA), human capital(VAHU) and structural capital(STVA) and traditional dimensions offinancial company's performance:Asset Turn Over. The findings show that:as partial,intellectual capital (VAICTM), physical capital not significantly influences to company's performance.. Simultaneously, physical capital, human capital, structural capital influences company's performance. The empirical findings suggest thattransition in thinking about a new structure and process supporting a company's productive assets. Human capital, remains the most significant indicator for VAICTM and financial company's performance, role as principal driver for value creation