Title: FIRM LIFE CYCLE AND DIVIDEND POLICY IN MANUFACTURING COMPANIES LISTED ON THE IDX PERIOD 2000-2009
Author: ITA UKHTIANTI QANITAH
Affiliations : Master of Management Science Program, Faculty of Economics and Business, Universitas Airlangga , Surabaya, Indonesia
Publisher: Universitas Airlangga
Abstract
This research aims to examine the influence of the firm life cycle on company dividend policy, which includes dividend payment decisions and the amount of dividends paid by the company. Firm life cycle is measured based on the company's average sales growth over 5 years which is then classified into start up, initial expansion, final expansion, mature and decline stages. This research uses a sample of manufacturing companies listed on the BEI during the 2000-2009 period. The techniques used in this research are logistic regression and multiple linear regression. By using 89 research samples during the period 2000-2009, 307 observations were obtained that distributed dividends, the remaining 583 were companies that did not distribute dividends. The results of this research show that companies that are in the expansion and mature stages have a significant positive effect on the company's decision to pay dividends. In addition, at the mature stage companies tend to distribute larger dividends than at the non-mature stage.
Keywords: firm life cycle, dividend payout ratio, profitability, growth
Sources: http://repository.unair.ac.id/37232/
