Do Independent Commissioners Control the Effect of Family-Owned Business Characteristics on Dividend Policy? A Study in Indonesian Manufacturing Companies | Zendy

Ernie Hendrawaty | Zendy; Sri Hasnawati | Zendy; Lia Purnamasari | Zendy

Open Access

Do Independent Commissioners Control the Effect of Family-Owned Business Characteristics on Dividend Policy? A Study in Indonesian Manufacturing Companies

Author(s) -

Ernie Hendrawaty,

Sri Hasnawati,

Lia Purnamasari

Publication year - 2021

Publication title -

international journal of environmental sustainability and social science

Language(s) - English

Resource type - Journals

eISSN - 2721-0871

pISSN - 2720-9644

DOI - 10.38142/ijesss.v2i2.71

Subject(s) - panel data , indonesian , dividend , dividend policy , control (management) , fixed effects model , business , family business , regression analysis , control variable , accounting , finance , marketing , econometrics , economics , management , statistics , linguistics , philosophy , mathematics

This study aims to determine the role of independent Commissioners to control the effect of family-owned business characteristics on dividend policy. This study construct panel data that estimate using panel regression with a fixed-effect model. The model is estimated using financial data of 64 Indonesian manufacturing companies that were observed from the period 2016-2018. The result showed that family-owned business characteristics have a positive effect on dividens. The Independent Commisioners were able to control the effect of family business characteristics on the dividend policy. The Independent Commissioners have a role in reducing the positive effect of family-owned businesses characteristics on dividends.

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