THE EFFECT OF FAMILY CONTROL AND INDEPENDENT COMMISSIONERS ON DIVIDEND POLICY AND CAPITAL STRUCTURE IN COMPANIES LISTED ON IDX.

Amount: THE EFFECT OF FAMILY CONTROL AND INDEPENDENT COMMISSIONERS ON DIVIDEND POLICY AND CAPITAL STRUCTURE IN COMPANIES LISTED ON IDX.

Authors: LULUD WIJAYANTI

Item Type: Thesis

Memberships: Master of Management Study Program, Faculty of Economics and Business Universitas Airlangga Surabaya, Indonesia

Publisher: Airlangga University

Abstract

This study aims to determine the effect of family control and independent commissioners on dividend policy and capital structure. The second objective is to find out how the role of the independent commissioner's moderating variable on the effect of family control on dividend policy and capital structure. This study uses panel data from 26 companies listed on the Indonesia Stock Exchange (IDX) in 2007-2011. The results of this study indicate that family control has a significant negative effect on dividend policy and a negative but not significant effect on capital structure, while independent commissioners have a significant positive effect on dividend policy and a significant negative effect on capital structure. The moderating variable of independent commissioners weakens the negative influence of family control on dividend policy. On the other hand, the independent commissioner's moderating variable strengthens the negative effect of family control on capital structure.

Keywords: family control, independent board, dividend policy, and capital structure.

sources: http://repository.unair.ac.id/37032/