Information Asymmetry Effect on Stock Liquidity Effect on Dividend Payout in Market Microstructure in Indonesia
Unduhan
Dampak struktur mikro pasar dalam membentuk tata kelola perusahaan telah dibedakan dalam beberapa penelitian sebelumnya. Struktur Mikro Pasar menjadi faktor utama di pasar negara berkembang. Penelitian ini menguji pengaruh struktur mikro pasar, dalam skema likuiditas saham, terhadap pembayaran dividen. Kami menguji observasi menggunakan regresi Tobit pada 256 perusahaan non-keuangan di pasar modal Indonesia selama 2010-2018. Likuiditas saham berpengaruh signifikan terhadap kebijakan dividen. Hasilnya menunjukkan ketahanan terhadap ukuran likuiditas saham lainnya. Kami menemukan bahwa asimetri informasi dan masalah keagenan mempunyai pengaruh moderasi terhadap pengaruh likuiditas saham terhadap pembayaran dividen. Namun interaksi likuiditas saham dan disparitas hak kendali dan hak arus kas tidak memberikan pengaruh moderasi terhadap kebijakan pembayaran dividen. Hasil kami mendukung gagasan bahwa pembayaran dividen adalah hasil dari tata kelola perusahaan yang baik dan kebalikan dari teori sinyal dividen.
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