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Analysis of Dividend Policy, Corporate Governance, Macroeconomic and Firm Value: Evidence From Indonesian Public Company

In: Proceedings of the 5th International Conference on Global Innovation and Trends in Economy 2024 (INCOGITE 2024)

Author

Listed:
  • Yudhistira Jati Satriya

    (Swiss German University)

  • Yosman Bustaman

    (Swiss German University)

Abstract

This study aims to analyze the relationship between dividend policy, corporate governance, macroeconomic and firm value. This study was conducted on 23 firm that its stocks publicly traded in Indonesian Stock Exchange an included on LQ45 Index from 2018 – 2022. This study uses multiple regression analysis and data panel with three model tests. Dividend policy is still become a puzzle, however this study strengthen the signalling theory of dividend. The results showed that dividend payment, representing dividend policy, has positive effect on firm value. To represent corporate governance, this study found that ownership concentration has no effect on firm value. This findings shows that conflict between majority shareholders and minority shareholders is unidentified. Inflation rate, as the indicator of macroeconomic, has negative effect on firm value. In higher inflation condition, firms stocks tend to become riskier.

Suggested Citation

  • Yudhistira Jati Satriya & Yosman Bustaman, 2024. "Analysis of Dividend Policy, Corporate Governance, Macroeconomic and Firm Value: Evidence From Indonesian Public Company," Advances in Economics, Business and Management Research, in: Soebowo Musa & Eric J. Nasution & Derek Ong Lai Teik & Hanny N. Nasution & Gilbert M. Tumibay & Amiz (ed.), Proceedings of the 5th International Conference on Global Innovation and Trends in Economy 2024 (INCOGITE 2024), pages 317-326, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-585-0_23
    DOI: 10.2991/978-94-6463-585-0_23
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