Determinants of dividend policy: An empirical study in Indonesia

Emil Indra Subekti, Rofikoh Rokhim

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review


This research examines the effects of a company's internal factors on its dividend policy. Our sample includes 69 companies that always made a dividend payment from 2007 to 2016. Our finding suggests that free cash flow, growth in total assets, and leverage, have a significant negative effect toward cash dividend paid; while profitability, firm size, last year cash dividend paid, and liquidity have a significant positive effect toward cash dividend paid. However, we indicate that earnings per share and cash flow per share do not have a significant influence on cash dividend paid.

Original languageEnglish
Title of host publicationBusiness and Management Issues in the Global and Digital Era
Subtitle of host publicationIndonesian Perspectives
PublisherNova Science Publishers, Inc.
Number of pages9
ISBN (Electronic)9781536165302
ISBN (Print)9781536162752
Publication statusPublished - 11 Nov 2019


  • Cash flow
  • Dividend
  • Earnings
  • Leverage
  • Liquidity


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