Interaksi Nilai Pasar, Pertumbuhan, dan Struktur Modal pada Kebijakan Dividend Payout
DOI:
https://doi.org/10.63822/6cjyz717Keywords:
Dividend Policy; Market Value; Company Growth; Capital Structure; Financial Management.Abstract
This study explores the dynamic and multifaceted interactions between market value, growth opportunities, and capital structure in shaping corporate dividend payout policies through a systematic literature review (SLR) and comprehensive bibliometric analysis. By analyzing a corpus of data consisting of 50 Sinta-accredited journal articles and international ISSN journals published in the last decade, this study maps research trends, central themes, and conceptual evolution in the domain of global corporate finance. Using VOSviewer software for intellectual network visualization, this study identifies key thematic clusters covering agency theory, market signals, funding hierarchy (pecking order), and corporate life cycle. Key findings show that interactions between variables are not linear, but rather form a complex equilibrium: high growth opportunities tend to suppress dividend payout ratios in favor of profit retention, but market value pressures often force management to maintain dividends as a mechanism for signaling stability. On the other hand, capital structure functions as a double-edged sword, where debt can be a substitute for dividend discipline or a strict liquidity constraint. This study also reveals a “dividend policy paradox” in emerging markets, where companies often make payout decisions that deviate from financial fundamentals in order to mitigate severe information asymmetry. This study makes an original contribution by synthesizing fragmented literature into an integrative framework, offering practical implications for financial managers in navigating strategic trade-offs, and providing policy recommendations for capital market regulators.
Downloads
References
Abbas, A., & Rizwan, M. (2020). Impact of capital structure and dividend policy on firm value: Evidence from the cement sector of Pakistan. Journal of Finance and Economics, 8(1), 22–30.
Adiputra, I. G., & Hermawan, A. (2020). The effect of corporate governance, corporate social responsibility and financial performance on firm value. Journal of Asian Finance, Economics and Business, 7(8), 171–181. https://doi.org/10.13106/jafeb.2020.vol7.no8.171
Al-Malkawi, H. A. N., Rafferty, M., & Pillai, R. (2014). Dividend policy: A review of theories and empirical evidence. International Bulletin of Business Administration, 9(1), 171–200.
Alzomaia, T. S., & Al-Khadhiri, A. (2013). Determination of dividend policy: The evidence from Saudi Arabia. International Journal of Business and Social Science, 4(1), 181–192.
Amadu, I., & Agyei-Sakyi, M. (2022). Capital structure and dividend policy in emerging markets: A panel data analysis. Journal of Financial Economic Policy, 14(3), 345–362. https://doi.org/10.1108/JFEP-02-2021-0039
Ardestani, H. S., Rasid, S. Z. A., Basiruddin, R., & Mehri, M. (2020). Dividend policy, free cash flow and agency cost: Evidence from Malaysia. Asian Academy of Management Journal of Accounting and Finance, 16(1), 1–22.
Aria, M., & Cuccurullo, C. (2017). bibliometrix: An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11(4), 959–975. https://doi.org/10.1016/j.joi.2017.08.007
Baker, H. K., & Weigand, R. (2015). Corporate dividend policy revisited. Managerial Finance, 41(2), 126–144. https://doi.org/10.1108/MF-03-2014-0077
Benjamin, S. J., Wasiuzzaman, S., & Mokhtarinia, H. (2016). Board gender diversity and corporate dividends: Evidence from Malaysia. Managerial Finance, 42(6), 570–590. https://doi.org/10.1108/MF-04-2015-0097
Bhattacharya, S. (1979). Imperfect information, dividend policy, and "the bird in the hand" fallacy. Bell Journal of Economics, 10(1), 259–270.
Booth, L., & Zhou, J. (2017). Dividend policy and the pecking order theory. Journal of Corporate Finance, 46, 403–426. https://doi.org/10.1016/j.jcorpfin.2017.07.008
Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77–101.
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management (15th ed.). Cengage Learning.
Damodaran, A. (2024). Applied corporate finance (5th ed.). Wiley.
Dang, T. L., Faff, R., & Nguyen, S. L. (2021). Zero-leverage and dividend policy: Evidence from the Asian markets. International Review of Financial Analysis, 78, 101884. https://doi.org/10.1016/j.irfa.2021.101884
Dewi, S. C., & Priyadi, M. P. (2016). Pengaruh leverage, likuiditas, dan profitabilitas terhadap kebijakan dividen pada perusahaan manufaktur. Jurnal Ilmu dan Riset Akuntansi, 5(9), 1–18.
Dhanani, A. (2005). Corporate dividend policy: The views of British financial managers. Journal of Business Finance & Accounting, 32(7‐8), 1625–1672.
Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of Business Research, 133, 285–296. https://doi.org/10.1016/j.jbusres.2021.04.070
Fama, E. F., & French, K. R. (2001). Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(1), 3–43.
Farooq, O., & Ahmed, N. (2019). Dividend policy and political uncertainty: Evidence from an emerging market. Finance Research Letters, 30, 18–25. https://doi.org/10.1016/j.frl.2019.03.030
Firmansyah, A., & Irawan, F. (2020). The effect of debt policy, dividend policy, and profitability on firm value in the Indonesian Stock Exchange. Jurnal Akuntansi dan Keuangan, 22(1), 45–56.
Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1–37. https://doi.org/10.1111/j.1755-053X.2009.01026.x
Gusni, G., & Rath, S. (2019). The impact of dividend policy on stock price volatility in the Indonesian market. Journal of Risk and Financial Management, 12(4), 163. https://doi.org/10.3390/jrfm12040163
Hanafi, M. M. (2021). Manajemen keuangan (2nd ed.). BPFE Yogyakarta.
Handriani, E., & Robiyanto, R. (2018). Corporate finance and firm value in the Indonesian manufacturing companies. International Research Journal of Business Studies, 11(2), 113–127. https://doi.org/10.21632/irjbs.11.2.113-127
Harianto, S., & Sudomo, S. (2021). The interaction of growth opportunities and capital structure on dividend policy: Evidence from Indonesia. Gadjah Mada International Journal of Business, 23(2), 145–168. https://doi.org/10.22146/gamaijb.58355
Im, H. J., Park, H., & Zhao, G. (2020). Uncertainty and dividend policy: Evidence from corporate options. Journal of Corporate Finance, 64, 101662. https://doi.org/10.1016/j.jcorpfin.2020.101662
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323–329.
Jiang, F., Ma, Y., & Shi, B. (2017). Stock liquidity and dividend payouts. Journal of Corporate Finance, 42, 295–314. https://doi.org/10.1016/j.jcorpfin.2016.11.009
Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The effect of liquidity, leverage, and profitability on firm value: Empirical evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 423–431. https://doi.org/10.13106/jafeb.2021.vol8.no3.0423
Khan, K. I., Aamir, M., Qayyum, A., Nasir, A., & Khan, M. I. (2011). Can dividend decisions affect the stock prices: A case of dividend paying companies of KSE. International Research Journal of Finance and Economics, 76(6), 67–74.
Kitchenham, B., & Charters, S. (2007). Guidelines for performing systematic literature reviews in software engineering (EBSE Technical Report EBSE-2007-01). Keele University and Durham University.
Kurniawan, I., & Wibowo, A. (2022). Pecking order theory and dividend policy in Indonesian manufacturing firms. Jurnal Keuangan dan Perbankan, 26(1), 55–67. https://doi.org/10.26905/jkdp.v26i1.6743
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. Journal of Finance, 55(1), 1–33.
Lambrecht, B. M., & Myers, S. C. (2012). A Lintner model of payout and managerial rents. Journal of Finance, 67(5), 1761–1810. https://doi.org/10.1111/j.1540-6261.2012.01772.x
Leary, M. T., & Michaely, R. (2011). Determinants of dividend smoothing: Empirical evidence. Review of Financial Studies, 24(10), 3197–3249.
Lestari, N. I., & Purnome, H. (2020). The effect of growth opportunity and capital structure on firm value with dividend policy as an intervening variable. Journal of Economics and Business, 3(2), 221–235.
Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review, 46(2), 97–113.
Martín-Martín, A., Thelwall, M., Orduna-Malea, E., & Delgado López-Cózar, E. (2021). Google Scholar, Microsoft Academic, Scopus, Dimensions, Web of Science, and OpenCitations’ COCI: A multidisciplinary comparison of coverage via citations. Scientometrics, 126(1), 871–906. https://doi.org/10.1007/s11192-020-03690-4
Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. Journal of Business, 34(4), 411–433.
Mongeon, P., & Paul-Hus, A. (2016). The journal coverage of Web of Science and Scopus: A comparative analysis. Scientometrics, 106(1), 213–228. https://doi.org/10.1007/s11192-015-1765-5
Murni, S., & Sabijono, H. (2018). Peran kebijakan dividen sebagai pemediasi pengaruh profitabilitas dan leverage terhadap nilai perusahaan. Jurnal Manajemen Bisnis, 15(2), 88–101.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221.
Naceur, S. B., Goaied, M., & Belanes, A. (2006). On the determinants of dividend policy: Evidence from emerging markets. International Journal of Managerial Finance, 2(4), 310–324.
Nurhayati, M. (2013). Profitabilitas, likuiditas, dan ukuran perusahaan pengaruhnya terhadap kebijakan dividen dan nilai perusahaan sektor non jasa. Jurnal Keuangan dan Bisnis, 5(2), 144–153.
Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., Shamseer, L., Tetzlaff, J. M., Akl, E. A., Brennan, S. E., Chou, R., Glanville, J., Grimshaw, J. M., Hróbjartsson, A., Lalu, M. M., Li, T., Loder, E. W., Mayo-Wilson, E., McDonald, S., … Moher, D. (2021). The PRISMA 2020 statement: An updated guideline for reporting systematic reviews. BMJ, 372, n71. https://doi.org/10.1136/bmj.n71
Patra, T., Poshakwale, S., & Ow-Yong, K. (2012). Determinants of corporate dividend policy in Greece. Applied Financial Economics, 22(13), 1079–1087.
Pranckutė, R. (2021). Web of Science (WoS) and Scopus: The titans of bibliographic information in today’s academic world. Publications, 9(1), 12. https://doi.org/10.3390/publications9010012
Prasetyo, A. H. (2020). Struktur modal dan kebijakan dividen: Pengujian teori keagenan di Indonesia. Jurnal Siasat Bisnis, 24(1), 21–32.
Puspaningrum, Y. (2017). Pengaruh struktur kepemilikan dan kebijakan dividen terhadap nilai perusahaan. Jurnal Akuntansi, 21(3), 443–456. https://doi.org/10.24912/ja.v21i3.254
Rahmawati, A., & Tandelilin, E. (2018). The impact of growth opportunities and capital structure on dividend policy in Indonesia. Journal of Indonesian Economy and Business, 33(1), 1–15.
Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research, 5(3), 249–259.
Sari, P. I., & Sudiyanto, T. (2021). The mediating role of dividend policy on the relationship between profitability and firm value. International Journal of Social Science and Business, 5(1), 87–94.
Setiawan, R. (2019). Pengaruh pertumbuhan perusahaan dan struktur modal terhadap kebijakan dividen pada perusahaan LQ45. Jurnal Riset Manajemen dan Bisnis, 4(2), 201–212.
Sharma, S. (2011). Determinants of equity share prices in the Indian corporate sector: An empirical study. The IUP Journal of Applied Finance, 17(4), 21–38.
Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104, 333–339. https://doi.org/10.1016/j.jbusres.2019.07.039
Su, C., Fung, H. G., Huang, H., & Shen, C. H. (2014). Cash dividends, expropriation, and political connections: Evidence from China. International Review of Economics & Finance, 29, 260–272. https://doi.org/10.1016/j.iref.2013.06.002
Susanti, N., & Restiana, N. G. (2018). What’s the best factor to determining firm value? Jurnal Keuangan dan Perbankan, 22(2), 301–309. https://doi.org/10.26905/jkdp.v22i2.1828
Thanatawee, Y. (2013). Ownership structure and dividend policy: Evidence from Thailand. International Journal of Economics and Finance, 5(1), 121–132. https://doi.org/10.5539/ijef.v5n1p121
Tran, Q. T. (2020). Structure of ownership and dividend policy: Evidence from Vietnam. Journal of Asian Finance, Economics and Business, 7(11), 77–85. https://doi.org/10.13106/jafeb.2020.vol7.no11.077
van Eck, N. J., & Waltman, L. (2014). Visualizing bibliometric networks. In Y. Ding, R. Rousseau, & D. Wolfram (Eds.), Measuring scholarly impact: Methods and practice (pp. 285–320). Springer International Publishing. https://doi.org/10.1007/978-3-319-10377-8_13
Vodanovich, N. A., & Piot, T. (2022). Capital structure, liquidity, and dividend policy in the post-COVID era. Journal of Applied Corporate Finance, 34(2), 55–68. https://doi.org/10.1111/jacf.12498
Wahyudi, S., Hersugondo, H., Laksana, R. D., & Ardini, L. (2020). Corporate governance and profitability: The effect on dividend policy in Indonesia. Journal of Asian Finance, Economics and Business, 7(12), 85–94. https://doi.org/10.13106/jafeb.2020.vol7.no12.085
Yusof, Y., & Ismail, S. (2016). Determinants of dividend policy of public listed companies in Malaysia. Review of International Business and Strategy, 26(1), 88–99. https://doi.org/10.1108/RIBS-02-2014-0020
Yusra, I., Hadya, R., Begawati, N., & Istikomah, I. (2019). Panel data analysis on the effect of liquidity, leverage, and profitability on firm value. KnE Social Sciences, 3(14), 629–644. https://doi.org/10.18502/kss.v3i14.4329
Zupic, I., & Čater, T. (2015). Bibliometric methods in management and organization. Organizational Research Methods, 18(3), 429–472. https://doi.org/10.1177/1094428114562629
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Diah Intan Syahfitri (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
