TY  - JOUR
T1  - The Determinant of Dividend Payout Policy in the Emerging Market of Indonesia: Internal Versus External Factors
AU - Kurniasih, Augustina AU - Siregar, Hermanto AU - Sembel, Roy AU - Achsani, Noer Azam 
JO  - Research Journal of Applied Sciences
VL  - 9
IS  - 7
SP  - 382
EP  - 388
PY  - 2014
DA  - 2001/08/19
SN  - 1815-932x
DO  - rjasci.2014.382.388
UR  - https://makhillpublications.co/view-article.php?doi=rjasci.2014.382.388
KW  - Dividend payout
KW  -dividend yield
KW  -internal-external factors
KW  -panel data
KW  -sales growth
AB  - Dividend payments allegedly influenced by internal and external factors. There were numerous research concerning the determinant of dividend in the developed markets but there was only a little in the emerging markets. Using panel data analysis, this study aims to find factors that affect the payment of dividends in Indonesia, one of the most dynamic emerging markets in the world. The results showed that internal factors affecting the payment of dividends are the policy of financing (debt to equity ratio and earnings per share), operating policies (sales growth, firm size, return on assets, gross profit margins and liquidity), agency problems (free cash flow and ownership share) and the risks facing the company. Furthermore, inflation as one of the external factors also affects dividend payments. On the other hand, growth of assets as a proxy for the investment policy was no significant impact on the dividend payment.
ER  -