The Influence of Ownership Structure, Capital Structure, Investment Opportunities on Dividend Policy and Company Value
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Apr 1, 2022
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Ownership Structure, Capital Structure, Investment Opportunities, Dividend Policy, Firm Value
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Computer Science
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Abstract
The purpose of this study is to analyze and explain the influence of capital structure ownership structure and investment opportunities directly or indirectly on firm value mediated by dividend policy. This study uses an explanatory approach. The population in this study were companies listed in the Indonesian Sharia Stock Index (ISSI) for the period 2013 to 2017 which amounted to 361 companies, and a sample of 42 companies. The data analysis used for hypothesis testing is the structure equation modeling (SEM) technique through the AMOS program. The results of this study indicate that: (1) Ownership structure and investment opportunities directly have a positive and insignificant effect on dividend policy, while their effect on firm value shows that ownership structure has a negative effect and investment opportunities have a positive effect. (2) Capital structure has a positive and significant effect on dividend policy and firm value. (3) The dividend policy directly has a positive and significant effect on firm value. (4) The indirect effect through dividend policy as a mediating variable shows that ownership structure and investment opportunities have a positive but not significant effect on firm value through dividend policy, while capital structure has a positive and significant effect on firm value through dividend policy. The findings of this study are the higher the ratio of ownership of the capital structure, and investment opportunities will tend to increase the ratio of dividend policy and firm value. However, there is a need for an increase in dividend policy because the role of dividend policy in Indonesian Sharia Stocks is still not strong in mediating institutional ownership structure and investment opportunities towards increasing firm value.
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Salju, S., Sapar, S. and Asrianti, A. (2022) “The Influence of Ownership Structure, Capital Structure, Investment Opportunities on Dividend Policy and Company Value”, Jurnal Mantik, 6(1), pp. 89-101. Available at: https://ejournal.iocscience.org/index.php/mantik/article/view/2131 (Accessed: 7February2026).
References
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[32] J. F. Weston And T. E. Copeland, “Manajemen Keuangan Jilid 2,” Ed. Kesembilan. Jakarta Bin. Aksara, 1997.
[33] D. Sjahrial And D. Purba, “Analisis Laporan Keuangan,” Jakarta: Mitra Wacana Media, 2013.
[34] U. M. Salim, “Dasar-Dasar Manajemen Keuangan,” 2001.
[35] S. C. Myers, “Determinants Of Corporate Borrowing,” J. Financ. Econ., Vol. 5, No. 2, Pp. 147–175, 1977.
[36] E. F. Brigharm And H. Joel F, Dasar-Dasar Manajemen Keuangan. Jakarta: Salemba Empat, 2006.
[37] B. Riyanto, “Dasar-Dasar Pembelanjaan Perusahaan, Cetakan Keempat,” Bpfe Univ. Gajah Mada, Yogyakarta, 2010.
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[39] A. Rasyid, “Effects Of Ownership Structure, Capital Structure, Profitability And Company’s Growth Towards Firm Value,” Int. J. Bus. Manag. Invent., Vol. 4, No. 4, Pp. 25–31, 2015.
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[43] T. H. Al-Qahtani And A. Ajina, “The Impact Of Ownership Structure On Dividend Policy The Evidence From Saudi Arabia,” J. Emerg. Issues Econ. Financ. Bank., Vol. 6, No. 1, Pp. 2187–2202, 2017.
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[45] B. Al-Najjar And E. Kilincarslan, “The Effect Of Ownership Structure On Dividend Policy: Evidence From Turkey,” Corp. Gov. Int. J. Bus. Soc., 2016.
[46] R. Margadjie, “Pengaruh Profitabilitas, Keputusan Investasi, Dan Keputusan Pendanaan Terhadap Kebijakan Dividen Tunai Dengan Likuiditas Bada Usaha Sebagai Variabel Moderat Pada Industri Manufaktur Yang Terdaftar Di Bei Tahun 2004-2008,” 2010.
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[48] D. Leech And J. Leahy, “Ownership Structure, Control Type Classifications And The Performance Of Large British Companies,” Econ. J., Vol. 101, No. 409, Pp. 1418–1437, 1991.
[49] M. B. Slovin And M. E. Sushka, “Ownership Concentration, Corporate Control Activity, And Firm Value: Evidence From The Death Of Inside Blockholders,” J. Finance, Vol. 48, No. 4, Pp. 1293–1321, 1993.
[50] J. Jubaedah, I. Yulivan, And A. R. A. Hadi, “The Influence Of Financial Performance, Capital Structure And Macroeconomic Factors On Firm’s Value–Evidence From Textile Companies At Indonesia Stock Exchange,” Appl. Financ. Account., Vol. 2, No. 2, Pp. 18–29, 2016.
[51] E. Mahdaleta, I. Muda, And G. M. Nasir, “Effects Of Capital Structure And Profitability On Corporate Value With Company Size As The Moderating Variable Of Manufacturing Companies Listed On Indonesia Stock Exchange,” Acad. J. Econ. Stud., Vol. 2, No. 3, Pp. 30–43, 2016.
[52] R. Esana And A. Darmawan, “Pengaruh Kebijakan Dividen Dan Keputusan Investasi Terhadap Nilai Perusahaan Serta Dampaknya Terhadap Profitabilitas T+ 1 (Studi Pada Sub Sektor Industri Barang Konsumsi Yang Terdaftar Di Bei Periode 2006-2016),” J. Adm. Bisnis, Vol. 50, No. 6, Pp. 201–210, 2017.
[53] F. A. Piristina And K. Khairunnisa, “Analisis Pengaruh Kebijakan Dividen, Keputusan Investasi Dan Keputusan Pendanaan Terhadap Nilai Perusahaan,” J. Aset (Akuntansi Riset), Vol. 11, No. 1, Pp. 123–136, 2018.
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[56] S. G. Anton, “The Impact Of Dividend Policy On Firm Value. A Panel Data Analysis Of Romanian Listed Firms,” J. Public Adm. Financ. Law, No. 10, Pp. 107–112, 2016.
[57] H. Herawati And M. Mahfudnurnajamuddin, “Pengaruh Kompetensi, Disiplin Dan Iklim Organisasi Terhadap Kinerja Pegawai Pada Balai Besar Pelaksanaan Jalan Nasional Vi Kementrian Pekerjaan Umum Makassar,” Parad. J. Ilmu Ekon., Vol. 1, No. 1, Pp. 46–55, 2018.
[2] J. Lintner, “Distribution Of Incomes Of Corporations Among Dividends, Retained Earnings, And Taxes,” Am. Econ. Rev., Vol. 46, No. 2, Pp. 97–113, 1956.
[3] L. H. Mohamadi And H. Amiri, “Investigation The Effect Of Ownership Structure, Financial Leverage, Profitability And Investment Opportunity On Dividend Policy,” Int. J. Humanit. Cult. Stud. (Ijhcs) Issn 2356-5926, Pp. 2279–2288, 2016.
[4] A. Budagaga, “Dividend Payment And Its Impact On The Value Of Firms Listed On Istanbul Stock Exchange: A Residual Income Approach,” Int. J. Econ. Financ. Issues, Vol. 7, No. 2, P. 370, 2017.
[5] O. C. Nwamaka And V. Ezeabasili, “Effect Of Dividend Policies On Firm Value: Evidence From Quoted Firms In Nigeria,” Int. J. Manag. Excell., Vol. 8, No. 2, Pp. 956–967, 2017.
[6] M. Nasrum And A. H. Burhami, “The Effect Of Ownership Structure, Corporate Governance, Investment Decision, Financial Decision And Dividend Policy On The Value Of The Firm Manufacturing Companies Listed On Indonesian Stock Exchange,” 2014.
[7] L. P. N. Sartini And I. B. A. Purbawangsa, “Pengaruh Keputusan Investasi, Kebijakan Dividen, Serta Keputusan Pendanaan Terhadap Nilai Perusahaan Manufaktur Di Bursa Efek Indonesia,” J. Manajemen, Strateg. Bisnis Dan Kewirausahaan, Vol. 8, No. 2, Pp. 81–90, 2014.
[8] K. R. Suryani, “Pengaruh Struktur Kepemilikan Terhadap Nilai Perusahaan Dengan Keputusan Keuangan Sebagai Variabel Intervening Pada Perusahaan Dalam Industri Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2009,” Jwm (Jurnal Wawasan Manajemen), Vol. 4, No. 1, Pp. 75–90, 2016.
[9] N. K. A. Sudiani And I. G. B. Wiksuana, “Capital Structure, Investment Opportunity Set, Dividend Policy And Profitability As A Firm Value Determinants,” Russ. J. Agric. Socio-Economic Sci., Vol. 81, No. 9, 2018.
[10] O. U. Rehman, “Impact Of Capital Structure And Dividend Policy On Firm Value,” J. Poverty, Invest. Dev., Vol. 21, No. 1, Pp. 40–57, 2016.
[11] E. Yulia, “The Mediating Effect Of Investment Decisions And Financing Decisions On The Effect Of Corporate Risk And Dividend Policy Against Corporate Value,” J. Adv. Res. Law Econ., Vol. 8, No. 23, Pp. 40–51, 2017.
[12] N. Deviana And A. Fitria, “Pengaruh Profitabilitas Dan Keputusan Investasi Terhadap Nilai Perusahaan Melalui Kebijakan Dividen,” J. Ilmu Dan Ris. Akunt., Vol. 6, No. 3, 2017.
[13] H. Ullah, A. Fida, And S. Khan, “The Impact Of Ownership Structure On Dividend Policy Evidence From Emerging Markets Kse-100 Index Pakistan,” Int. J. Bus. Soc. Sci., Vol. 3, No. 9, 2012.
[14] Y. Thanatawee, “Ownership Structure And Dividend Policy: Evidence From Thailand,” Int. J. Econ. Financ., Vol. 5, No. 1, Pp. 121–132, 2013.
[15] M. H. Miller And F. Modigliani, “Dividend Policy, Growth, And The Valuation Of Shares,” J. Bus., Vol. 34, No. 4, Pp. 411–433, 1961.
[16] B. Javed And S. Akhtar, “Interrelationships Between Capital Structure And Financial Performance, Firm Size And Growth: Comparison Of Industrial Sector In Kse,” Eur. J. Bus. Manag. 15 (4), 148, Vol. 157, 2012.
[17] S. Yasin And J. M. Wepukhulu, “Capital Structure And Dividend Payout Decisions Among Listed Firms At Nairobi Securities Exchange, Kenya,” Int. Acad. J. Econ. Financ., Vol. 3, No. 4, Pp. 80–98, 2019.
[18] D. Aggarwal And P. C. Padhan, “Impact Of Capital Structure On Firm Value: Evidence From Indian Hospitality Industry,” Theor. Econ. Lett., Vol. 7, No. 4, Pp. 982–1000, 2017.
[19] S. Bhatt And R. Garg, “Literature Review On Corporate Capital Structure And Dividend Policy,” Imp. J. Int. Resesarch, Vol. 2, No. 10, 2016.
[20] G. I. Fenandar And S. Raharja, “Pengaruh Keputusan Investasi, Keputusan Pendanaan, Dan Kebijakan Dividen Terhadap Nilai Perusahaan.” Fakultas Ekonomika Dan Bisnis, 2012.
[21] Z. Morovvati Siboni And M. R. Pourali, “The Relationship Between Investment Opportunity, Dividend Policy And Firm Value In Companies Listed In Tse: Evidence From Iran,” Eur. Online J. Nat. Soc. Sci. Proc., Vol. 4, No. 1 (S), P. Pp-263, 2015.
[22] R. Gangil And N. Nathani, “Determinants Of Dividend Policy: A Study Of Fmcg Sector In India,” Iosr J. Bus. Manag., Vol. 20, No. 2/1, Pp. 40–46, 2018.
[23] V. Aivazian, L. Booth, And S. Cleary, “Do Emerging Market Firms Follow Different Dividend Policies From Us Firms?,” J. Financ. Res., Vol. 26, No. 3, Pp. 371–387, 2003.
[24] Z. Kisman, “Factors Influencing Dividend: Pay Or Not To Pay On The Indonesia Stock Exchange,” Int. J. Innov. Bus., Vol. 2, No. 7, P. 670, 2013.
[25] M. Saifi, S. M. R. Suhadak, And S. R. Handayani, “The Effect Of Corporate Governance And Investment Opportunity Set On Capital Structure, Dividend Policy, And Firm Performance (A Study On Go-Public Manufacturing Companies In Indonesia Stock Exchange),” Int. J. Manag. Adm. Sci., Vol. 3, No. 02, Pp. 53–63, 2016.
[26] Y. Yusof And S. Ismail, “Determinants Of Dividend Policy Of Public Listed Companies In Malaysia,” Rev. Int. Bus. Strateg., 2016.
[27] Y. T. Mui And M. Mustapha, “Determinants Of Dividend Payout Ratio: Evidence From Malaysian Public Listed Firms,” J. Appl. Environ. Biol. Sci., Vol. 6, No. 1, Pp. 48–54, 2016.
[28] N. Nadeem, A. Bashir, And M. Usman, “Determinants Of Dividend Policy Of Banks: Evidence From Pakistan,” Pakistan J. Soc. Issues, Pp. 19–27, 2018.
[29] M. S. Rozeff, “Growth, Beta And Agency Costs As Determinants Of Dividend Payout Ratios,” J. Financ. Res., Vol. 5, No. 3, Pp. 249–259, 1982.
[30] R. A. Cole And H. Mehran, “The Effect Of Changes In Ownership Structure On Performance: Evidence From The Thrift Industry,” J. Financ. Econ., Vol. 50, No. 3, Pp. 291–317, 1998.
[31] S. A. Ross, R. W. Westerfield, And J. F. Jaffe, “The Mcgraw-Hill/Lrwin Series In Finance, Insurance, And Real Estate,” Corp. Financ. 9th Ed. Capitol., Pp. 4–6, 2010.
[32] J. F. Weston And T. E. Copeland, “Manajemen Keuangan Jilid 2,” Ed. Kesembilan. Jakarta Bin. Aksara, 1997.
[33] D. Sjahrial And D. Purba, “Analisis Laporan Keuangan,” Jakarta: Mitra Wacana Media, 2013.
[34] U. M. Salim, “Dasar-Dasar Manajemen Keuangan,” 2001.
[35] S. C. Myers, “Determinants Of Corporate Borrowing,” J. Financ. Econ., Vol. 5, No. 2, Pp. 147–175, 1977.
[36] E. F. Brigharm And H. Joel F, Dasar-Dasar Manajemen Keuangan. Jakarta: Salemba Empat, 2006.
[37] B. Riyanto, “Dasar-Dasar Pembelanjaan Perusahaan, Cetakan Keempat,” Bpfe Univ. Gajah Mada, Yogyakarta, 2010.
[38] J. M. S. M. Reyna, “Ownership Structure And Its Effect On Dividend Policy In The Mexican Context,” Contaduría Y Adm., Vol. 62, No. 4, Pp. 1199–1213, 2017.
[39] A. Rasyid, “Effects Of Ownership Structure, Capital Structure, Profitability And Company’s Growth Towards Firm Value,” Int. J. Bus. Manag. Invent., Vol. 4, No. 4, Pp. 25–31, 2015.
[40] M. Al-Gharaibeh, Z. Zurigat, And K. Al-Harahsheh, “The Effect Of Ownership Structure On Dividends Policy In Jordanian Companies,” Interdiscip. J. Contemp. Res. Bus., Vol. 4, No. 9, Pp. 769–796, 2013.
[41] D. Setiawan, B. Bandi, L. K. Phua, And I. Trinugroho, “Ownership Structure And Dividend Policy In Indonesia,” J. Asia Bus. Stud., 2016.
[42] I. S. D. Jayanti And A. F. Puspitasari, “Struktur Kepemilikan Dan Kebijakan Dividen Pada Perusahaan Manufaktur Di Indonesia,” Indones. J. Appl. Bus., Vol. 1, No. 1, Pp. 1–13, 2017.
[43] T. H. Al-Qahtani And A. Ajina, “The Impact Of Ownership Structure On Dividend Policy The Evidence From Saudi Arabia,” J. Emerg. Issues Econ. Financ. Bank., Vol. 6, No. 1, Pp. 2187–2202, 2017.
[44] S. Rahman, M. I. Sindhu, M. I. Khadim, And A. Malik, “How Capital Structure Influences The Dividend Policy?? An Empirical Investigation Of Banking Sector,” Bahria Univ. J. Manag. Technol., Vol. 1, No. 2, Pp. 63–74, 2017.
[45] B. Al-Najjar And E. Kilincarslan, “The Effect Of Ownership Structure On Dividend Policy: Evidence From Turkey,” Corp. Gov. Int. J. Bus. Soc., 2016.
[46] R. Margadjie, “Pengaruh Profitabilitas, Keputusan Investasi, Dan Keputusan Pendanaan Terhadap Kebijakan Dividen Tunai Dengan Likuiditas Bada Usaha Sebagai Variabel Moderat Pada Industri Manufaktur Yang Terdaftar Di Bei Tahun 2004-2008,” 2010.
[47] H. Demsetz And B. Villalonga, “Ownership Structure And Corporate Performance,” J. Corp. Financ., Vol. 7, No. 3, Pp. 209–233, 2001.
[48] D. Leech And J. Leahy, “Ownership Structure, Control Type Classifications And The Performance Of Large British Companies,” Econ. J., Vol. 101, No. 409, Pp. 1418–1437, 1991.
[49] M. B. Slovin And M. E. Sushka, “Ownership Concentration, Corporate Control Activity, And Firm Value: Evidence From The Death Of Inside Blockholders,” J. Finance, Vol. 48, No. 4, Pp. 1293–1321, 1993.
[50] J. Jubaedah, I. Yulivan, And A. R. A. Hadi, “The Influence Of Financial Performance, Capital Structure And Macroeconomic Factors On Firm’s Value–Evidence From Textile Companies At Indonesia Stock Exchange,” Appl. Financ. Account., Vol. 2, No. 2, Pp. 18–29, 2016.
[51] E. Mahdaleta, I. Muda, And G. M. Nasir, “Effects Of Capital Structure And Profitability On Corporate Value With Company Size As The Moderating Variable Of Manufacturing Companies Listed On Indonesia Stock Exchange,” Acad. J. Econ. Stud., Vol. 2, No. 3, Pp. 30–43, 2016.
[52] R. Esana And A. Darmawan, “Pengaruh Kebijakan Dividen Dan Keputusan Investasi Terhadap Nilai Perusahaan Serta Dampaknya Terhadap Profitabilitas T+ 1 (Studi Pada Sub Sektor Industri Barang Konsumsi Yang Terdaftar Di Bei Periode 2006-2016),” J. Adm. Bisnis, Vol. 50, No. 6, Pp. 201–210, 2017.
[53] F. A. Piristina And K. Khairunnisa, “Analisis Pengaruh Kebijakan Dividen, Keputusan Investasi Dan Keputusan Pendanaan Terhadap Nilai Perusahaan,” J. Aset (Akuntansi Riset), Vol. 11, No. 1, Pp. 123–136, 2018.
[54] S. Kallapur And M. A. Trombley, “The Association Between Investment Opportunity Set Proxies And Realized Growth,” J. Bus. Financ. Account., Vol. 26, No. 3?4, Pp. 505–519, 1999.
[55] K. J. Bernadi, “Analisis Pengaruh Cashflow Dan Kebijakan Pecking Order Terhadap Leverage Dan Investasi Serta Dampaknya Terhadap Nilai Perusahaan (Studi Pada Perusahaan-Perusahaan Sektor Manufaktur),” Disertasi. Progr. Pascasarj. Univ. Brawijaya, 2007.
[56] S. G. Anton, “The Impact Of Dividend Policy On Firm Value. A Panel Data Analysis Of Romanian Listed Firms,” J. Public Adm. Financ. Law, No. 10, Pp. 107–112, 2016.
[57] H. Herawati And M. Mahfudnurnajamuddin, “Pengaruh Kompetensi, Disiplin Dan Iklim Organisasi Terhadap Kinerja Pegawai Pada Balai Besar Pelaksanaan Jalan Nasional Vi Kementrian Pekerjaan Umum Makassar,” Parad. J. Ilmu Ekon., Vol. 1, No. 1, Pp. 46–55, 2018.
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