Pengaruh Pengungkapan Informasi Lingkungan, Sosial, Tata Kelola, Ekonomi, dan Pendekatan Manajemen Terhadap Kebijakan Dividen

Muhammad Ihsan, Zuraida Zuraida

Abstract


This research aims to determine the influence of Environmental, Social, Governance (ESG) disclosure, Economic disclosure, and Management Approach on Dividend Policy proxied by Dividend Payout Ratio and Dividend Yield. The study incorporates five control variables: company size, age, leverage, profitability, and liquidity. The data used in this research are secondary data obtained from the financial and sustainability reports of companies listed on the Indonesia Stock Exchange in the IDX ESG Leaders Index for the period 2020-2022. The results indicate that the disclosure of environmental, governance, and management information does not have a significant influence on dividend policy, both in terms of Dividend Payout Ratio and Dividend Yield measurements. This finding suggests that environmental, governance, and management disclosures cannot be used as a basis for decision-making for stakeholders. Social disclosure has no significant influence on Dividend Payout Ratio, but it has a significant negative impact on Dividend Yield, indicating that social disclosure affects dividend policy negatively. On the other hand, economic disclosure shows a significant influence on dividend policy, both in terms of Dividend Payout Ratio and Dividend Yield measurements.

Keywords


ESG, Economic, Management Approach, Dividend Policy

Full Text:

PDF

References


Angelia, N. & Toni N. (2020). The Analysis of Factors Affecting Dividend Policy in Food and Beverage Sector Manufacturing Companies Listed in Indonesia Stock Exchange in 2015-2017. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 3(2), 902-910. doi:10.33258/birci. v3i2.918

Barros, V., Matos, P. V., Sarmento, J. M., & Viera, P. R. (2020). Do activist shareholders influence a manager's decisions on a firm's dividend policy: A mixed-method study. Journal of Business Research, 122(2021), 387-397. doi:10.1016/j.jbusres.2020.08.048

Benjamin, S. J. & Zain, M. M. (2015). Corporate governance and dividends payout: Are they substitutes or complementary? Journal of Asia Business Studies, 9(2), 177-194. doi:10.1108/JABS-08-2014-0062

Benlemlih, M. (2019). Corporate social responsibility and dividend policy. Research in International Business and Finance, 47, 114-138. doi: 10.1016/j.ribaf.2018.07.005

Brigham, E. F. (2006). Dasar-dasar manajemen keuangan. Jakarta: Salemba Empat.

Cheung, A., Hu, M., & Schwiebert, J. (2018). Corporate social responsibility and dividend policy. Accounting and Finance, 58, 787-816. doi.org/10.1111/acfi.12238

Ernawan, E. (2011). Budaya Organisasi Dalam Perspektif Ekonomi dan Bisnis. Bandung: Penerbit Alfabeta.

Farooque, O. A., Hamid, A., & Sun, L. (2021). Does Corporate Governance Have a Say on Dividends in Australian Listed Companies? Australasian Accounting, Business and Finance Journal, 15(4), 47-75. doi.org/10.14453/aabfj.v15i4.4

Feliyanti, C. (2022). Analisis Penilaian Materialitas Laporan Keberlanjutan Pada 15 Perusahaan Multifinance. Jurnal Akuntansi, 11(1), 40-52. doi:10.46806/ja.v11i1.814

Ghozali, I. (2011). Aplikasi Analisis Multivariat Dengan Program IBM SPSS. Semarang: Penerbit Universitas Diponegoro.

Hadi, N. (2011). Tanggung Jawab Sosial Perusahaan. Yogyakarta: Graha Ilmu.

Ham, C., Kaplan, Z., & Leary, M. T. (2020). Do dividends convey information about future earnings? Journal of Financial Economics, 136(2), 547-570. doi:10.1016/j.jfineco.2019.10.006

Horne, V., James, J., & Wachowicz, Jr. (1997). Prinsip-Prinsip Manajemen Keuangan.

Laljani, J. I. (2022). The Effect of Profitability and Dividend Policy on Sustainability Report Disclosure in Automobile Sector. doi:10.13140/RG.2.2.12078.59202

Lee, N., & Lee, J. (2019). R & D intensity and dividend policy: Evidence from South Korea's biotech firms. Sustainability, 11(18), 1-21. doi:10.3390/su11184837

Lindahl, P., Robert, K. H., Ny, H., & Broman, G. (2014). Strategic sustainability considerations in materials management. Journal of Cleaner Production, 64, 98-103. doi:10.1016/j.jclepro.2013.07.015

Matos, P. V., Barros, V., & Sarmento, J. M. (2020). Does esg affect the stability of dividend policies in Europe? Sustainability, 12(21), 1-15. doi:10.3390/su12218804

Ni, X. & Zhang, H. (2019). Mandatory corporate social responsibility disclosure and dividend payouts: evidence from a quasi-natural experiment. Accounting & Finance. doi: 10.1111/acfi.12438

Niccolo, N., Battisti, E., Papa, A., & Miglietta, N. (2020). Shareholder value and dividend policy: the role of ESG strategies. International Conference on Technology Management, Operations and Decisions. doi:10.1109/ICTMOD49425.2020.9380585

Oh, H., & Park, S. (2021). Corporate Sustainable Management, Dividend Policy and Chaebol. Sustainability, 13(13), 2-19. doi:https://doi.org/10.3390/su13137495

Opu, N. V., & Indriakati, A. J. (2022). Moderation of Good Corporate Governance: Agency Cost, Liquidity Ratio, and Leverage on Dividend Policy. Jurnal Ilmiah Akuntansi, 5(2), 293-408. doi:10.57178/atestasi.v5i2.370

Saeed, A. & Zamir, F. (2020). How does CSR disclosure affect dividend payments in emerging markets? Emerging Markets Review, 46. doi:10.1016/j.ememar.2020.100747

Saldi, W. A. I., Adrianto, F. & Hamidi, M. (2023). Esg and Dividend Policy in Indonesia. Journal of Social Research, 724-734. doi:10.55324/josr.v2i3.596

Shakil, M. H. (2021). Environmental, social and governance performance and financial risk: Moderating role of ESG controversies and board gender diversity. Resources Policy, 72, 102144. doi: 10.1016/j.resourpol.2021.102144

Shakil, M. H., Tasnia M., & Mostafiz M. I. (2020). Board gender diversity and environmental, social and governance performance of US banks: moderating role of environmental, social and corporate governance controversies. International Journal of Bank Marketing, 39(4), 661-677. doi:10.1108/IJBM-04-2020-0210

Shamsabadi, H. A., Min, B. S., & Chung, R. (2016). Corporate governance and dividend strategy: lessons from Australia. International Journal of Managerial Finance, 12(5), 583-610. doi:10.1108/IJMF-08-2015-0156

Sugiyono. (2015). Metode Penelitian, Pendekatan Kuantitaf, kualitatif, dan R&D. Bandung: Alfabeta.

Triyani, A., Setyahuni, S. W., & Kiryanto (2020). The Effect of Environmental, Social and Governance (ESG) Disclosure on Firm Performance: The Role of Ceo Tenure. Jurnal Reviu Akuntansi dan Keuangan, 10(2), 261. doi:10.22219/jrak. v10i2.11820

Ullah, I., Mubasher, A., & Gul, S. (2021). The impact of corporate governance on dividend policy: A case from pharmaceuticals companies in Pakistan. International Journal of Multidisciplinary Research and Explorer, 1(9), 133-136. doi: https://doie.org/10.1028/IJMRE.2021354579

Yakubu, I. N., Kapusuzoglu, A., & Ceylan, N. B. (2022). The Effect of Corporate Governance on Firm Dividend Policy: Evidence from Ghana. The Journal of Accounting and Finance(94), 223-238. doi: 10.25095/mufad.1064148

Yarram, S. R. (2015). Corporate governance ratings and the dividend payout decision of Australian corporate firms. International Journal of Managerial Finance, 11(2), 162-178. doi:10.1108/IJMF-01-2013-0012

Zahid, R. M. A., Taran, A., Khan, M. K., & Chersan, I. C. (2022). ESG, Dividend Payout Policy and the Moderating role of Audit Quality: Empirical evidence from Western Europe. Borsa Istanbul Review, 2214-8450. doi: 10.1016/j.bir.2022.10.012

Zahroh, B. M., & Hersugondo, H. (2021). The Effect of ESG Performance on The Financial Performance of Manufacturing Companies Listed in The Indonesian. AFEBI Management and Business Review, 6(2), 129. doi:10.47312/ambr. v6i2.475




DOI: https://doi.org/10.29103/jak.v12i1.14622

Article Metrics

 Abstract Views : 60 times
 PDF Downloaded : 0 times

Refbacks

  • There are currently no refbacks.


Copyright (c) 2024 Muhammad Ihsan

Jurnal Akuntansi dan Keuangan (JAK)

ISSN 2301-4717