Dividend Payout Ratio, Free Cash Flow, and Share Repurchases in Indonesian Listed Companies
Abstract
Tujuan dari penelitian ini adalah untuk menganalisis pengaruh dividend payout ratio dan free cash flow terhadap share repurchases pada perusahaan yang tercatat di Bursa Efek Indonesia selama periode 2016-2020. Populasi dalam penelitian ini terdiri dari perusahaan yang terdaftar di Bursa Efek Indonesia yang melakukan pembelian kembali saham selama periode penelitian. Sampel penelitian ini terdiri dari 36 kegiatan pembelian kembali saham yang dilakukan selama periode penelitian. Data dalam penelitian ini dikumpulkan dari laporan keuangan perusahaan dan dianalisis menggunakan regresi linear berganda. Temuan dari penelitian ini menunjukkan adanya pengaruh positif dan signifikan baik dari rasio pembayaran dividen maupun arus kas bebas terhadap pembelian kembali saham.
Keywords
Full Text:
PDFReferences
Abdou, K., & Gupta, P. (2019). How are stock repurchases being used? A long-term study. Banking and Finance Review, 11(1), 1-30. doi:http://ccsu.financect.net/FTC205/BFR0920Papers/1033-2611-1-PB.pdf
Abraham, R., Harris, J., & Auerbach, J. (2018). Determinants and consequences of share repurchase decisions. Modern Economy, 9(05), 966. doi:https://doi.org/10.4236/me.2018.95061
Almeida, H., Fos, V., & Kronlund, M. (2016). The real effects of share repurchases. Journal of Financial Economics, 119(1), 168-185. doi:https://doi.org/10.1016/j.jfineco.2015.08.008
Alquhaif, A., Al-Gamrh, B., & Latif, R. A. (2020). An overview of share buybacks: A descriptive case from Malaysia. Journal of Behavioral and Experimental Finance, 28, 100415. doi:https://doi.org/10.1016/j.jbef.2020.100415
Andriosopoulos, D., & Hoque, H. (2013). The determinants of share repurchases in Europe. International Review of Financial Analysis, 27, 65-76. doi:https://doi.org/10.1016/j.irfa.2012.12.003
Andriyati, C., Hidayati, A., & Safrianti, S. (2023). Pengaruh dividen payout ratio, debt to equity ratio, free cash flow, dan earning per share terhadap keputusan perusahaan melakukan stock repurchase pada perusahaan yang terdaftar di Bursa Efek Indonesia tahun 2019–2021. Journal of Trends Economics and Accounting Research, 3(3), 243-250. doi:https://journal.fkpt.org/index.php/jtear/article/download/575/340
CFI. (2023a). Share repurchase, the practice of buying back a company's shares. https://corporatefinanceinstitute.com/resources/equities/share-repurchase/ doi:https://corporatefinanceinstitute.com/resources/equities/share-repurchase/
CFI. (2023b). Stock buyback methods. https://corporatefinanceinstitute.com/resources/management/stock-buyback-methods/ doi:https://corporatefinanceinstitute.com/resources/management/stock-buyback-methods/
Chen, A., & Obizhaeva, O. A. (2022). Stock buyback motivations and consequences: a literature review: CFA Institute Research Foundation.
Feng, L., Pukthuanthong, K., Thiengtham, D., Turtle, H., & Walker, T. J. (2013). The effects of cash, debt, and insiders on open market share repurchases. Journal of Applied Corporate Finance, 25(1), 55-63. doi:https://doi.org/10.1111/j.1745-6622.2013.12006.x
Frankel, M., & CFP. (2023). What are stock buybacks? Learn why companies buy back their shares. https://www.fool.com/investing/how-to-invest/stocks/buybacks/ doi:https://www.fool.com/investing/how-to-invest/stocks/buybacks/
Gitayuda, M. B. S. (2021). Analisis buyback saham tanpa rapat umum pemegang saham di PT. Aneka Tambang (studi pada Surat Edaran Nomor 3/SEOJK. 04/2020). AKUNTABILITAS: Jurnal Ilmiah Ilmu-Ilmu Ekonomi, 14(1), 9-21. doi:https://doi.org/10.35457/akuntabilitas.v14i1.1429
Gumilar, P. (2020). 9 emiten siap kucurkan Rp 5,87 triliun untuk buyback saham. doi:https://market.bisnis.com/read/20200224/7/1205155/9-emiten-siap-kucurkan-rp587-triliun-untuk-buyback-saham
Gupta, M. (2016). Buy-back of shares and shareholders value creation: a study of indian corporate sector. The International Journal of Business and Management, 4(8), 10-15. doi:https://www.internationaljournalcorner.com/index.php/theijbm/article/view/126960
Gupta, M., Abrol, S., & Bhattacharya, P. (2021). Share repurchase: analyzing research trends using Bibliometric analysis. Journal Of Commerce And Business Studies. doi:https://doi.org/10.35457/akuntabilitas.v14i1.1429
Hariyanto, M. A., & Mardani, R. M. (2015). Pengaruh firm size, total debt to total asset (debt), free cash flow (fcf), return on asset (roa) dan dividen payout ratio (dpr) terhadap pembelian kembali saham pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. JEMA, 13(01). doi:https://adoc.pub/download/oleh-moh-adi-hariyanto-ronny-malavia-mardani-prodi-manajemen.html?reader=1
Hundal, S., & Kondrateva, D. (2022). Impact of business cycles on share repurchase in the Finnish stock market. Paper presented at the Twenty Ninth World Business Congress, Finland.
Kitri, M. L., & Manurung, C. E. (2020). Impact of stock repurchase announcement on indonesia stock market reaction 2015-2019. Jurnal Ilmu Sosial Politik dan Humaniora (Jisora), 3(2), 32-40. doi:https://doi.org/10.36624/jisora.v3i2.47
Koopmans, G. B. K. (2022). The determinants of the effect of share repurchase announcements on the stock returns of technology companies. University of Twente,
Laili, C. N. (2020). Analisis buy back saham tanpa rapat umum pemegang saham pada PT Bank Mandiri, Tbk. AKUNTABILITAS: Jurnal Ilmiah Ilmu-Ilmu Ekonomi, 13(2), 71-82. doi:https://doi.org/10.35457/akuntabilitas.v13i2.1297
Lailiyah, E. H., & Soeharto, S. M. (2019). Motif perusahaan dalam stock repurchase. Forum Ekonomi, 21(2), 119-125. doi:https://journal.feb.unmul.ac.id/index.php/FORUMEKONOMI/article/view/4846
Larsson, D., & Rios Benavides, R. (2019). Dividend or stock repurchases?: US 2012 tax increase and its implication on payout policy. Mälardalens University,
Lazonick, W. (2018). The curse of stock buybacks. The American Prospect. doi:https://prospect.org/power/curse-stock-buybacks/
Manconi, A., Peyer, U., & Vermaelen, T. (2019). Are buybacks good for long-term shareholder value? Evidence from buybacks around the world. Journal of Financial and Quantitative Analysis, 54(5), 1899-1935. doi:https://doi.org/10.1017/S0022109018000984
Mastan, A. A. (2013). Analisis faktor-faktor yang mempengaruhi stock repurchase pada perusahaan Manufaktur di BEI. Berkala Ilmiah Mahasiswa Akuntansi, 1(2), 30-36. doi:http://journal.wima.ac.id/index.php/BIMA/article/download/92/91
Mewengkang, J. B., & Tulung, J. E. (2018). Analisis pengaruh profitabilitas, leverage, dan size terhadapkebijakan pembelian kembali saham (Studi pada perusahaan go public yang terdaftar di BEI 2014-2016). Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 6(4). doi:https://ejournal.unsrat.ac.id/v3/index.php/emba/article/download/21195/20904
Moin, A., Guney, Y., & El Kalak, I. (2020). In search of stock repurchases determinants in listed Indonesian firms during regulatory changes. Journal of Economic Behavior & Organization, 176, 145-165. doi:https://doi.org/10.1016/j.jebo.2020.04.013
Neufeld, D. (2023). Charted: The rise of stock buybacks over 20 years. https://advisor.visualcapitalist.com/rise-of-stock-buybacks/ doi:https://advisor.visualcapitalist.com/rise-of-stock-buybacks/
Ni, X., Song, W., & Yao, J. (2020). Stakeholder orientation and corporate payout policy: Insights from state legal shocks. Journal of Banking & Finance, 121, 105970. doi:https://doi.org/10.1016/j.jbankfin.2020.105970
Nyere, L., & Wesson, N. (2019). Factors influencing dividend payout decisions: Evidence from South Africa. South African Journal of Business Management, 50(1), 1-16. doi:https://doi.org/10.4102/sajbm.v50i1.1302
Octaviani, L., & Yulia, A. (2017). Pengaruh free cash flow, leverage, price earnings ratio, dan dividend terhadap stock repurchase pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia untuk tahun 2010-2014. Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi, 2(1), 15-29. doi:https://doi.org/10.36406/jam.v15i01.141
Otoritas Jasa Keuangan. (2017). POJK Nomor 30/POJK.04/2017. https://www.ojk.go.id/id/kanal/pasar-modal/regulasi/peraturan-ojk/Pages/POJK-Nomor-30-POJK.04-2017.aspx doi:https://www.ojk.go.id/id/kanal/pasar-modal/regulasi/peraturan-ojk/Documents/Pages/POJK-Nomor-30-POJK.04-2017/SAL%20POJK%2030.pdf
Circular Letter No. 3 / SEOJK.04 / 2020 dated 9 March 2020 (2020).
Palladino, L., & Lazonick, W. (2022). Regulating stock buybacks: the $6.3 trillion question. International Review of Applied Economics, 1-25. doi:https://doi.org/10.1080/02692171.2022.2123459
Rahmadhani, A. K., & Mawardi, W. (2016). Analisis faktor faktor yang mempengaruhi share repurchase (studi pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia periode 2008-2014). Diponegoro Journal of Management, 5(3), 733-745. doi:https://ejournal3.undip.ac.id/index.php/djom/article/view/14664
Reddy, V. (2020). Analysis of share buyback announcements on stock price returns: a study of bse listed stocks. International Journal of Management & Social Sciences, 16(3), 98. doi:https://doi.org/10.21013/jmss.v16.n3.p4
Rendy, R. (2020). Pengaruh manajemen laba, kepemilikan manajerial, dan free cash flow terhadap nilai perusahaan pada perusahaan manufaktur sektor barang konsumsi yang terdaftar di bei periode 2016–2018.
Saxena, V., & Sahoo, S. (2022). Share repurchase: a review of the literature. International Journal of Indian Culture and Business Management, 25(1), 38-71. doi:https://doi.org/10.1504/IJICBM.2022.120918
Short, C. (2023). Stock buybacks under attack: Tracking share repurchase events ahead of 2023. https://insight.factset.com/stock-buybacks-under-attack-tracking-share-repurchase-events-ahead-of-2023 doi:https://insight.factset.com/stock-buybacks-under-attack-tracking-share-repurchase-events-ahead-of-2023
Smart, R. T. (2023). Ternyata ini 3 alasan perusahaan melakukan buyback saham! https://rhbtradesmart.co.id/article/ternyata-ini-3-alasan-perusahaan-melakukan-buyback-saham/
Statistics Solutions. (2023). Sample Size Formula. Complete Dissertation. doi:https://www.statisticssolutions.com/dissertation-resources/sample-size-calculation-and-sample-size-justification/sample-size-formula/#:~:text=Some%20researchers%20do%2C%20however%2C%20support,minimum%20sample%20size%20of%2030.
Susanti, L., & Erlanda, E. (2018). Analisis faktor-faktor yang mempengaruhi stock repurchase pada perusahaan yang terdaftar di Bursa Efek Indonesia tahun 2013-2016. JSMA (Jurnal Sains Manajemen dan Akuntansi), 10(2), 16-33. doi:https://doi.org/10.30813/jab.v10i2.993
Syahputra, A. J., & Prisilia, O. (2020). The analysis over the influence of free cash flow, leverage, price earnings ratio, and dividends against stock repurchase towards manufacturing company listed in Indonesia Stock Exchange for period 2010–2014. International Journal of Innovative Science and Research Technology, 5(1), 869-875. doi:https://ijisrt.com/the-analysis-over-the-influence-of-free-cash-flow-leverage-price-earnings-ratio-and-dividends-against-stock-repurchase-towards-manufacturing-company-listed-in-indonesia-stock-exchange-for-period-2010-2014
Vaupel, M., Bendig, D., Fischer-Kreer, D., & Brettel, M. (2023). The role of share repurchases for firms’ social and environmental sustainability. Journal of Business Ethics, 183(2), 401-428. doi:https://doi.org/10.1007/s10551-022-05076-3
Wang, Z., Yin, Q. E., & Yu, L. (2021). Real effects of share repurchases legalization on corporate behaviors. Journal of Financial Economics, 140(1), 197-219. doi:https://doi.org/10.1016/j.jfineco.2020.10.008
Wesson, N., Bruwer, B., & Hamman, W. (2015). Share repurchase and dividend payout behaviour: The South African experience. South African Journal of Business Management, 46(3), 43-54. doi:https://doi.org/10.4102/sajbm.v46i3.100
Wesson, N., Smit, E., Kidd, M., & Hamman, W. (2018). Determinants of the choice between share repurchases and dividend payments. Research in International Business and Finance, 45, 180-196. doi:https://doi.org/10.1016/j.ribaf.2017.07.150
Wulandari, L. G., & Usman, B. (2019). Faktor-faktor yang mempengaruhi share repurchase decisions pada perusahaan yang terdaftar di Bursa Efek Indonesia. Media Riset Bisnis & Manajemen, 19(1), 25-36. doi:https://doi.org/10.25105/mrbm.v19i1.5363
Yuliana, Y., Sarumpaet, S., & Syaipudin, U. (2022). Faktor determinan stock buyback (studi perusahaan di pasar modal Indonesia periode 2012-2020). E-Journal Akuntansi "EQUITY", 32(4), 1057-1068. doi:https://doi.org/10.24843/EJA.2022.v32.i04.p17
DOI: http://dx.doi.org/10.20961/jab.v23i1.1017
Jurnal Akuntansi dan Bisnis (JAB)
ISSN 1412-0852 (print), 2580-5444 (online)
Published by Accounting Study Program, Faculty of Economics and Business, Universitas Sebelas Maret, Indonesia
JAB on http://jab.fe.uns.ac.id/index.php/jab is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License
Visitor Statistic