Title: Stock Liquidity and Dividend Policy (Study of Companies Listed on the Indonesian Stock Exchange)
Author: Nova Christiana
Item Type : Thesis (Thesis)
Affiliations: Master of Management Science Study Program, Faculty of Economics and Business, Universitas Airlangga , Surabaya, Indonesia
Publisher: Universitas Airlangga
Abstract
This research analyzes the positive influence of stock liquidity on dividend policy in 254 non-financial companies listed on the Indonesia Stock Exchange for the 2010-2015 period. Dividend policy in Indonesia is influenced by the conditions of the information environment related to corporate governance. Share liquidity is part of corporate governance from a transparency perspective. Companies with a high level of stock liquidity tend to pay dividends compared to companies with a low level of dividends. Multivariate Tobit and Logit regression analysis was used in this research. The analysis results show that stock liquidity has a positive effect on dividend policy, even after being moderated by information asymmetry and expropriation. Other findings show the inverse of the dividend signal theory, the higher the information asymmetry, the lower the propensity and level of dividend payments. Dividends do not act as a means of mitigating information asymmetry but are the result of good governance (outcome).
Keywords: Stock liquidity, corporate payout, information asymmetry, expropriation
Sources: http://repository.unair.ac.id/96885/
