Path: Top Journal Jurnal_Keuangan_dan_Perbankan 2009

DIVIDEND POLICY IN AUSTRALIA

Jurnal Keuangan dan Perbankan, Volume 13, Nomor 2, Mei 2009
Journal from JIPTUNMERPP / 2012-01-20 03:15:27
Oleh : Lukas Setia Atmaja, Diploma 3 of Finance and Banking Merdeka University Malang (jurkubank@yahoo.com)
Dibuat : 2009-05-01, dengan file

Keyword : Dividend payout ratio, likelihood of paying dividends, determinants, imputation tax system

This study examined the determinants of dividends in an environment where tax was supposedly a main reason for paying dividends. The imputation tax system in Australia had led to the expectation that firms should pay the maximum possible franked dividends. Using panel data from January 1994 to December 2004, I found strong evidence that dividend payout ratio and likelihood of paying dividends were positively related to ownership concentration, profitability, firm size, the presence of dividend reinvestment scheme and tax paid, and were negatively related to leverage, growth opportunity, business risks and investment. My findings supported the conjecture that dividend policy could be explained by tax reasons, residual theory and agency relationship simultaneously.

Deskripsi Alternatif :

This study examined the determinants of dividends in an environment where tax was supposedly a main reason for paying dividends. The imputation tax system in Australia had led to the expectation that firms should pay the maximum possible franked dividends. Using panel data from January 1994 to December 2004, I found strong evidence that dividend payout ratio and likelihood of paying dividends were positively related to ownership concentration, profitability, firm size, the presence of dividend reinvestment scheme and tax paid, and were negatively related to leverage, growth opportunity, business risks and investment. My findings supported the conjecture that dividend policy could be explained by tax reasons, residual theory and agency relationship simultaneously.

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PropertiNilai Properti
ID PublisherJIPTUNMERPP
OrganisasiD
Nama KontakDra. Wiwik Supriyanti, SS
AlamatJl. Terusan Halimun 11 B
KotaMalang
DaerahJawa Timur
NegaraIndonesia
Telepon0341-563504
Fax0341-563504
E-mail Administratorperpus@unmer.ac.id
E-mail CKOwsupriyanti@yahoo.com

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  • Editor: Wiwik Supriyanti, Dra. SS.