25 Years of Dividend Policy Research in Indonesia (1998-2023): A Bibliometric Perspective

Riske Faldesiani, Annisa Ciptagustia, Budi Supriatono Purnomo, Imas Purnamasari, Egi Arvian Firmansyah

Abstract


This study presents a comprehensive bibliometric analysis of dividend policy literature spanning the past twenty-five years (1998–2023), with a specific focus on Indonesia. Employing advanced computational mapping techniques using Biblioshiny and VOS Viewer, the research analyses 948 relevant Scopus-indexed articles and seminar papers. Key search terms included “dividend policy,” “dividend payout ratio,” and “dividend puzzle.” Articles specifically addressing "Indonesia" were mapped and scrutinized to uncover trends and insights. The findings offer a nuanced perspective on the evolution of dividend policy research, shedding light on its application in Indonesia's financial management landscape and providing a robust foundation for future scholarly inquiries.


Keywords


Bibliometric; Dividend Policy; Indonesia

Full Text:

PDF

References


Acemoglu, D., Verdier, T., & Robinson, J. A. (2004). Kleptocracy and divide-and-rule: A model of personal rule. Journal of the European Economic Association, 2(2-3), 162-192. https://doi.org/10.1162/154247604323067916

Baker, M., & Wurgler, J. (2004). A catering theory of dividends. The Journal of finance, 59(3), 1125-1165. https://doi.org/10.1111/j.1540-6261.2004.00658.x

Baker, M., & Wurgler, J. (2004). Appearing and disappearing dividends: The link to catering incentives. Journal of financial economics, 73(2), 271-288. https://doi.org/10.1016/j.jfineco.2003.08.001.

Baker, M., & Wurgler, J. (2007). Investor sentiment in the stock market. Journal of economic perspectives, 21(2), 129-151. https://doi.org/10.1257/jep.21.2.129

Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The quarterly journal of economics, 116(1), 261-292. https://doi.org/10.1162/003355301556400

Barros, V., Matos, P. V., & Sarmento, J. M. (2020). What firm’s characteristics drive the dividend policy? A mixed-method study on the Euronext stock exchange. Journal of Business Research, 115, 365-377. https://doi.org/10.1016/j.jbusres.2019.11.042

Brockman, P., & Unlu, E. (2009). Dividend policy, creditor rights, and the agency costs of debt. Journal of financial economics, 92(2), 276-299. https://doi.org/10.1016/j.jfineco.2008.03.007.

Chen, Q., Chen, X., Schipper, K., Xu, Y., & Xue, J. (2012). The sensitivity of corporate cash holdings to corporate governance. The Review of Financial Studies, 25(12), 3610-3644. https://doi.org/10.1093/rfs/hhs099

Chen, S., Chen, X., Cheng, Q., & Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms?. Journal of financial economics, 95(1), 41-61. https://doi.org/10.1016/j.jfineco.2009.02.003

Das, S., & Ignasi, B. I. (2016). Innovation policy of European chemical companies. Publication URV.

Denis, D. J., & Osobov, I. (2008). Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial economics, 89(1), 62-82. https://doi.org/10.1016/j.jfineco.2007.06.006

Duygun, M., Guney, Y., & Moin, A. (2018). Dividend policy of Indonesian listed firms: The role of families and the state. Economic Modelling, 75, 336-354. https://doi.org/10.1016/j.econmod.2018.07.007

Dyreng, S. D., Lindsey, B. P., Markle, K. S., & Shackelford, D. A. (2015). The effect of tax and nontax country characteristics on the global equity supply chains of US multinationals. Journal of Accounting and Economics, 59(2-3), 182-202. https://doi.org/10.1016/j.jacceco.2015.01.003

Ed-Dafali, S., Patel, R., & Iqbal, N. (2023). A bibliometric review of dividend policy literature. Research in International Business and Finance, 65, 101987. https://doi.org/10.1016/j.ribaf.2023.101987.

Elmagrhi, M. H., Ntim, C. G., Crossley, R. M., Malagila, J. K., Fosu, S., & Vu, T. V. (2017). Corporate governance and dividend pay-out policy in UK listed SMEs: The effects of corporate board characteristics. International Journal of Accounting & Information Management, 25(4), 459-483. https://doi.org/10.1108/IJAIM-02-2017-0020

Faulkender, M., & Wang, R. (2006). Corporate financial policy and the value of cash. The journal of finance, 61(4), 1957-1990. https://doi.org/10.1111/j.1540-6261.2006.00894.x

Fenn, G. W., & Liang, N. (2001). Corporate payout policy and managerial stock incentives. Journal of financial economics, 60(1), 45-72. https://doi.org/10.1016/S0304-405X(01)00039-3.

Francis, B., Hasan, I., Park, J. C., & Wu, Q. (2015). Gender differences in financial reporting decision making: Evidence from accounting conservatism. Contemporary Accounting Research, 32(3), 1285-1318. https://doi.org/10.1111/1911-3846.12098

Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of sustainable finance & investment, 5(4), 210-233. https://doi.org/10.1080/20430795.2015.1118917

Guay, W., & Harford, J. (2000). The cash-flow permanence and information content of dividend increases versus repurchases. Journal of Financial economics, 57(3), 385-415. https://doi.org/10.1016/S0304-405X(00)00062-3.

Harahap, S. S., Abdillah, A. H., & Fahrudin, F. (2022). The Effect of Dividend Policy and Debt Policy on the Value of the Firm with Growth Opportunity and Firm Size as Moderating Variables. Jurnal Keuangan dan Perbankan, 26(1), 39-54.

Isnurhadi, Sulastri, Saftiana, Y., & Jie, F. (2022). Banking industry sustainable growth rate under risk: Empirical study of the banking industry in ASEAN countries. Sustainability, 15(1), 564. https://doi.org/10.3390/su15010564

Kang, K. H., & Yang, J. (2019). Industrial Policy for Innovative Companies: A Theoretical Approach (in Korean) (No. 2019-8).

Kumari, V., Kumar, S., Pandey, D. K., & Gupta, P. (2024). Dividend announcements and stock returns: a retrospective analysis. Qualitative Research in Financial Markets, 16(4), 709-740. https://doi-org/10.1108/QRFM-04-2023-0094

La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of financial economics, 58(1-2), 3-27. https://doi.org/10.1016/S0304-405X(00)00065-9

La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. The journal of finance, 55(1), 1-33. https://doi.org/10.1111/0022-1082.00199

Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. the Journal of Business, 34(4), 411-433. https://www.jstor.org/stable/2351143

Moin, A., Guney, Y., & El Kalak, I. (2020). The effects of ownership structure, sub-optimal cash holdings and investment inefficiency on dividend policy: evidence from Indonesia. Review of Quantitative Finance and Accounting, 55, 857-900. https://doi.org/10.1007/s11156-019-00862-z

Moos, M. (2018). Still Renovating: A History of Canadian Social Housing Policy. Housing, Theory and Society, 35(3), 381-383. https://doi.org/10.1080/14036096.2017.1366142

Narang, N., Gupta, S., & Tripathy, N. (2023). A bibliometric analysis of governance mechanisms in dividend decisions: an overview and emerging trends. International Journal of Disclosure and Governance, 20(4), 410-430. https://doi.org/10.1057/s41310-023-00184-6

Pinto, G., Rastogi, S., Kadam, S., & Sharma, A. (2020). Bibliometric study on dividend policy. Qualitative research in financial markets, 12(1), 72-95. https://doi.org/10.1108/QRFM-11-2018-0118

Raza, H., Ramakrishnan, S., Gillani, S. M. A. H., & Ahmad, H. (2018). The effect of dividend policy on share price: A conceptual review. International Journal of Engineering & Technology, 7(4.28), 34-39. https://doi.org/10.14419/ijet.v7i4.28.22386

Rocque, M., & Rocque, M. (2017). Putting Desistance Research to Work: Policy and Desistance Theory. Desistance from Crime: New Advances in Theory and Research, 193-220. https://doi.org/10.1057/978-1-137-57234-9_7

Shrestha, R., & Coxhead, I. (2018). Can Indonesia secure a development dividend from its resource export boom?. Bulletin of Indonesian Economic Studies, 54(1), 1-24. https://doi.org/10.1080/00074918.2018.1458702

Sumail, L. O. (2018). Corporate governance and dividend payout ratio in non-financial firms listed in Indonesian Stock Exchange. Business and Economic Horizons (BEH), 14(4), 851-861. https://doi.org/10.22004/ag.econ.287233

Tangngisalu, J., Halik, A., Marwan., & Jumady, E. (2023). Leverage Analysis, Investment Opportunity Set, and Ownership of Company Value. International Journal of Professional Business Review, 8(6), e02414. Doi: https://doi.org/10.26668/businessreview/2023.v8i6.2414

Tinungki, G. M., Hartono, P. G., Robiyanto, R., Hartono, A. B., Jakaria, J., & Simanjuntak, L. R. (2022). The COVID-19 pandemic impact on corporate dividend policy of sustainable and responsible investment in Indonesia: Static and dynamic panel data model comparison. Sustainability, 14(10), 6152. https://doi.org/10.3390/su14106152

Wibisono, G., & Junaidi, M. (2020, October). Devident Policy As A Mediation Of The Effect Of Profitability And Debt Policy On Share Prices. In International Conference of Business and Social Sciences.

Widiasmara, A., & Nadya, M. R. A. (2022). LQ45 Companies: Dividend Policy To The Value Of Companies With Cash Holding As A Moderation Variable. Journal of Business and Management Review, 3(6), 464-473. https://doi.org/10.47153/jbmr36.3812022

Zaitul, M. R., & Pratiwi, H. (2018). Dividend Policy in Indonesian Companies: Does Corporate Governance Matter?. International Journal of Engineering & Technology, 7(3), 306-310. https://doi.org/10.35940/ijrte.B1171.0982S919.




DOI: https://doi.org/10.17509/image.2024.27

Refbacks

  • There are currently no refbacks.


Copyright (c) 2024 Riske Faldesiani, Annisa Ciptagustia, Budi Supriatono Purnomo, Imas Purnamasari, Egi Arvian Firmansyah

License URL: https://creativecommons.org/licenses/by-sa/4.0/

Creative Commons License

Image : Jurnal Riset Manajemen is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

View My Stats