Determinants of financial performance: reviewed from financial structure and dividend policy
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Abstract
This study was conducted to analyze the relationship between financial structure and dividend policy on financial performance. The grand theories used are trade-off theory and dividend irrelevance theory. The research method used is quantitative with a causal analysis approach. This study used secondary data with a purposive sampling method, the sample of this study was 32 companies with the amount of data observed as many as 128 data. The results of this study show that: (1) Financial structure has a positive and significant effect on the company's financial performance; (2) Dividend policy has a negative and significant effect on the company's financial performance.
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How to Cite
Rahman, K. G., Rahman, M. R. G., & Mus, A. R. (2024). Determinants of financial performance: reviewed from financial structure and dividend policy . Enrichment : Journal of Management, 14(1), 127-137. https://doi.org/10.35335/enrichment.v14i1.1882
References
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Basit, S. A., Gharleghi, B., Batool, K., Hassan, S. S., Jahanshahi, A. A., & Kliem, M. E. (2024). Review of Enablers and Barriers of Sustainable Business Practices in SMEs. Journal of Economy and Technology. https://doi.org/10.1016/J.JECT.2024.03.005
Beladi, H., Hu, M., Li, S., & Yang, J. J. (2022). Dual-class share structure on the dividend payout policy: Evidence from China Concepts Stocks. International Review of Financial Analysis, 82, 102212. https://doi.org/10.1016/J.IRFA.2022.102212
Cao, Z., Chen, S. X., Harakeh, M., & Lee, E. (2022). Do non-financial factors influence corporate dividend policies? Evidence from business strategy. International Review of Financial Analysis, 82, 102211. https://doi.org/10.1016/J.IRFA.2022.102211
Dierker, M., Lee, I., & Seo, S. W. (2019). Risk changes and external financing activities: Tests of the dynamic trade-off theory of capital structure. Journal of Empirical Finance, 52, 178–200. https://doi.org/10.1016/J.JEMPFIN.2019.03.004
Fadli, Z., Fadilah, N., & Kholis, A. (2020). PENGARUH KINERJA KEUANGAN, STRUKTUR KEPEMILIKAN, DAN NILAI PERUSAHAAN TERHADAP KOMPENSASI EKSEKUTIF PADA PERUSAHAAN PERBANKAN. Jurnal Riset Akuntansi Dan Bisnis, 20(1), 106–118. https://doi.org/10.30596/JRAB.V20I1.5056
Fernanda, A., Nianty, D. A., & Rahman, K. G. (2023). ANALISIS PERBANDINGAN KINERJA KEUANGAN SEBELUM DAN SAAT PANDEMI COVID-19 (STUDI KASUS PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI). Jurnal Malomo : Manajemen Dan Akuntansi, 1(2), 125–138. https://e-jurnal.nobel.ac.id/index.php/malomo/article/view/3592
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Jessica, J., & Triyani, Y. (2022). PENGARUH STRUKTUR MODAL, LIKUIDITAS , UKURAN PERUSAHAAN DAN UMUR PERUSAHAAN TERHADAP KINERJA KEUANGAN. Jurnal Akuntansi, 11(2), 138–148. https://doi.org/10.46806/JA.V11I2.891
Khairi, H., Sjech, U., Djamil, M., Bukittinggi, D., & Barat, S. (2023). Pengaruh Struktur Modal dan Kinerja Keuangan Terhadap Kebijakan Dividen Pada Perusahaan Berindeks Syariah. Ad-Deenar: Jurnal Ekonomi Dan Bisnis Islam, 7(02). https://doi.org/10.30868/AD.V7I02.5089
Kowerski, M., & Haniewska, L. (2022). The Miller–Modigliani dividend irrelevance theory as a warning for investors looking for quick profits from investments in companies paying dividends. Financial Internet Quarterly, 18(4), 77–88. https://doi.org/10.2478/fiqf-2022-0029
Kurniasari, E., Akhmadi, A., & Ichwanudin, W. (2023). The efficiency asset utilization financial performance and capital structure on manufacturing firm value on the Indonesia stock exchange (IDX). Enrichment : Journal of Management, 13(2), 1056–1068. https://doi.org/10.35335/ENRICHMENT.V13I2.1394
Nizzam Zein Susadi, M., & Kholmi, M. (2021). Pengaruh Mekanisme Good Corporate Governance Dan Struktur Kepemilikan Terhadap Pengungkapan Sustainability Report. Jurnal Akuntansi Dan Ekonomika, 11(1), 129–138. https://doi.org/10.37859/JAE.V11I1.2515
Ovami, D. C., & Nasution, A. A. (2020). Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan yang Terdaftar dalam Indeks LQ 45. Owner : Riset Dan Jurnal Akuntansi, 4(2), 331–336. https://doi.org/10.33395/OWNER.V4I2.247
Pratama, P. B., Devi, S., Ekonomi, J., & Akuntansi, D. (2021). Pengaruh Struktur Modal, Pertumbuhan Penjualan Dan Manajemen Laba Terhadap Kinerja Keuangan Pada Perusahaan Manufakturasub Sektoralogam Dan Sejenisnya Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2018. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 12(2), 394–402. https://doi.org/10.23887/JIMAT.V12I2.29167
Puspitasari, A. I., Kepemilikan, P. S., Dividen, K., Sales, D., Terhadap, G., Keuangan, K., Perusahaan, P., Yang, F., Di, T., Efek, B., & Rahayuningsih, S. (2023). Pengaruh Struktur Kepemilikan, Kebijakan Dividen, Dan Sales Growth Terhadap Kinerja Keuangan Pada Perusahaan Farmasi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2018-2021. Journal of Creative Student Research, 1(3), 388–400. https://doi.org/10.55606/jcsrpolitama.v1i3.1801
Reysa, R., Fitroh, U., Wibowo, C. R., Rustanti, D., Program, M. S., Manajemen, S., Bhayangkara, U., & Raya, J. (2022). DETERMINASI KEBIJAKAN DIVIDEN DAN KINERJA PERUSAHAAN: KEPEMILIKAN MANAJERIAL DAN KINERJA KEUANGAN (LITERATURE REVIEW MANAJEMEN KEUANGAN). Jurnal Manajemen Pendidikan Dan Ilmu Sosial (JMPIS), 3(1). https://doi.org/10.38035/jmpis.v3i1
Saklain, M. S., & Williams, B. (2024). Non-interest income and bank risk: The role of financial structure. Pacific-Basin Finance Journal, 102352. https://doi.org/10.1016/J.PACFIN.2024.102352
Sari, L. F., Alfarisi, F., & Adrianto, F. (2022). The Influence of Credit Risk, Liquidity Risk, and Capital Adequacy on Financial Performance in the Banking Sector Listed on the Indonesia Stock Exchange 2016-2020 Period: Before and During Covid-19. Enrichment : Journal of Management, 12(4), 2913–2917. https://doi.org/10.35335/ENRICHMENT.V12I4.755
Siswanti, I., & Prowanta, E. (2021). Struktur Kepemilikan dan Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. JKBM (JURNAL KONSEP BISNIS DAN MANAJEMEN), 7(2), 179–190. https://doi.org/10.31289/JKBM.V7I2.4842
Theiri, S., Ben Hamad, S., & Ben Amor, M. (2023). Dividend policy and crisis: Exploring the interplay between performance and financial constraints in the French context. Heliyon, 9(10), e20586. https://doi.org/10.1016/J.HELIYON.2023.E20586
Trinh, Q. D., Haddad, C., & Tran, K. T. (2022). Financial reporting quality and dividend policy: New evidence from an international level. International Review of Financial Analysis, 80, 102026. https://doi.org/10.1016/J.IRFA.2022.102026
Umar Mai, M., & Setiawan, S. (2020). Pengaruh Struktur Modal Terhadap Kinerja Perusahaan Pada Industri Manufaktur Kriteria Syariah di Bursa Efek Indonesia. Jurnal Riset Akuntansi Dan Keuangan, 8(1), 159–170. https://doi.org/10.17509/JRAK.V8I1.20065
Wu, Q., Liu, X., Qin, J., Zhou, L., Mardani, A., & Deveci, M. (2022). An integrated generalized TODIM model for portfolio selection based on financial performance of firms. Knowledge-Based Systems, 249, 108794. https://doi.org/10.1016/J.KNOSYS.2022.108794
Ahmad, N., Mobarek, A., & Roni, N. N. (2021). Revisiting the impact of ESG on financial performance of FTSE350 UK firms: Static and dynamic panel data analysis. Cogent Business & Management, 8(1). https://doi.org/10.1080/23311975.2021.1900500
Basit, S. A., Gharleghi, B., Batool, K., Hassan, S. S., Jahanshahi, A. A., & Kliem, M. E. (2024). Review of Enablers and Barriers of Sustainable Business Practices in SMEs. Journal of Economy and Technology. https://doi.org/10.1016/J.JECT.2024.03.005
Beladi, H., Hu, M., Li, S., & Yang, J. J. (2022). Dual-class share structure on the dividend payout policy: Evidence from China Concepts Stocks. International Review of Financial Analysis, 82, 102212. https://doi.org/10.1016/J.IRFA.2022.102212
Cao, Z., Chen, S. X., Harakeh, M., & Lee, E. (2022). Do non-financial factors influence corporate dividend policies? Evidence from business strategy. International Review of Financial Analysis, 82, 102211. https://doi.org/10.1016/J.IRFA.2022.102211
Dierker, M., Lee, I., & Seo, S. W. (2019). Risk changes and external financing activities: Tests of the dynamic trade-off theory of capital structure. Journal of Empirical Finance, 52, 178–200. https://doi.org/10.1016/J.JEMPFIN.2019.03.004
Fadli, Z., Fadilah, N., & Kholis, A. (2020). PENGARUH KINERJA KEUANGAN, STRUKTUR KEPEMILIKAN, DAN NILAI PERUSAHAAN TERHADAP KOMPENSASI EKSEKUTIF PADA PERUSAHAAN PERBANKAN. Jurnal Riset Akuntansi Dan Bisnis, 20(1), 106–118. https://doi.org/10.30596/JRAB.V20I1.5056
Fernanda, A., Nianty, D. A., & Rahman, K. G. (2023). ANALISIS PERBANDINGAN KINERJA KEUANGAN SEBELUM DAN SAAT PANDEMI COVID-19 (STUDI KASUS PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI). Jurnal Malomo : Manajemen Dan Akuntansi, 1(2), 125–138. https://e-jurnal.nobel.ac.id/index.php/malomo/article/view/3592
Jahel, C., Bourgeois, R., Bourgoin, J., Daré, W., De Lattre-Gasquet, M., Delay, E., Dumas, P., Le Page, C., Piraux, M., & Prudhomme, R. (2023). The future of social-ecological systems at the crossroads of quantitative and qualitative methods. Technological Forecasting and Social Change, 193, 122624. https://doi.org/10.1016/J.TECHFORE.2023.122624
Jessica, J., & Triyani, Y. (2022). PENGARUH STRUKTUR MODAL, LIKUIDITAS , UKURAN PERUSAHAAN DAN UMUR PERUSAHAAN TERHADAP KINERJA KEUANGAN. Jurnal Akuntansi, 11(2), 138–148. https://doi.org/10.46806/JA.V11I2.891
Khairi, H., Sjech, U., Djamil, M., Bukittinggi, D., & Barat, S. (2023). Pengaruh Struktur Modal dan Kinerja Keuangan Terhadap Kebijakan Dividen Pada Perusahaan Berindeks Syariah. Ad-Deenar: Jurnal Ekonomi Dan Bisnis Islam, 7(02). https://doi.org/10.30868/AD.V7I02.5089
Kowerski, M., & Haniewska, L. (2022). The Miller–Modigliani dividend irrelevance theory as a warning for investors looking for quick profits from investments in companies paying dividends. Financial Internet Quarterly, 18(4), 77–88. https://doi.org/10.2478/fiqf-2022-0029
Kurniasari, E., Akhmadi, A., & Ichwanudin, W. (2023). The efficiency asset utilization financial performance and capital structure on manufacturing firm value on the Indonesia stock exchange (IDX). Enrichment : Journal of Management, 13(2), 1056–1068. https://doi.org/10.35335/ENRICHMENT.V13I2.1394
Nizzam Zein Susadi, M., & Kholmi, M. (2021). Pengaruh Mekanisme Good Corporate Governance Dan Struktur Kepemilikan Terhadap Pengungkapan Sustainability Report. Jurnal Akuntansi Dan Ekonomika, 11(1), 129–138. https://doi.org/10.37859/JAE.V11I1.2515
Ovami, D. C., & Nasution, A. A. (2020). Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan yang Terdaftar dalam Indeks LQ 45. Owner : Riset Dan Jurnal Akuntansi, 4(2), 331–336. https://doi.org/10.33395/OWNER.V4I2.247
Pratama, P. B., Devi, S., Ekonomi, J., & Akuntansi, D. (2021). Pengaruh Struktur Modal, Pertumbuhan Penjualan Dan Manajemen Laba Terhadap Kinerja Keuangan Pada Perusahaan Manufakturasub Sektoralogam Dan Sejenisnya Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2018. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 12(2), 394–402. https://doi.org/10.23887/JIMAT.V12I2.29167
Puspitasari, A. I., Kepemilikan, P. S., Dividen, K., Sales, D., Terhadap, G., Keuangan, K., Perusahaan, P., Yang, F., Di, T., Efek, B., & Rahayuningsih, S. (2023). Pengaruh Struktur Kepemilikan, Kebijakan Dividen, Dan Sales Growth Terhadap Kinerja Keuangan Pada Perusahaan Farmasi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2018-2021. Journal of Creative Student Research, 1(3), 388–400. https://doi.org/10.55606/jcsrpolitama.v1i3.1801
Reysa, R., Fitroh, U., Wibowo, C. R., Rustanti, D., Program, M. S., Manajemen, S., Bhayangkara, U., & Raya, J. (2022). DETERMINASI KEBIJAKAN DIVIDEN DAN KINERJA PERUSAHAAN: KEPEMILIKAN MANAJERIAL DAN KINERJA KEUANGAN (LITERATURE REVIEW MANAJEMEN KEUANGAN). Jurnal Manajemen Pendidikan Dan Ilmu Sosial (JMPIS), 3(1). https://doi.org/10.38035/jmpis.v3i1
Saklain, M. S., & Williams, B. (2024). Non-interest income and bank risk: The role of financial structure. Pacific-Basin Finance Journal, 102352. https://doi.org/10.1016/J.PACFIN.2024.102352
Sari, L. F., Alfarisi, F., & Adrianto, F. (2022). The Influence of Credit Risk, Liquidity Risk, and Capital Adequacy on Financial Performance in the Banking Sector Listed on the Indonesia Stock Exchange 2016-2020 Period: Before and During Covid-19. Enrichment : Journal of Management, 12(4), 2913–2917. https://doi.org/10.35335/ENRICHMENT.V12I4.755
Siswanti, I., & Prowanta, E. (2021). Struktur Kepemilikan dan Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. JKBM (JURNAL KONSEP BISNIS DAN MANAJEMEN), 7(2), 179–190. https://doi.org/10.31289/JKBM.V7I2.4842
Theiri, S., Ben Hamad, S., & Ben Amor, M. (2023). Dividend policy and crisis: Exploring the interplay between performance and financial constraints in the French context. Heliyon, 9(10), e20586. https://doi.org/10.1016/J.HELIYON.2023.E20586
Trinh, Q. D., Haddad, C., & Tran, K. T. (2022). Financial reporting quality and dividend policy: New evidence from an international level. International Review of Financial Analysis, 80, 102026. https://doi.org/10.1016/J.IRFA.2022.102026
Umar Mai, M., & Setiawan, S. (2020). Pengaruh Struktur Modal Terhadap Kinerja Perusahaan Pada Industri Manufaktur Kriteria Syariah di Bursa Efek Indonesia. Jurnal Riset Akuntansi Dan Keuangan, 8(1), 159–170. https://doi.org/10.17509/JRAK.V8I1.20065
Wu, Q., Liu, X., Qin, J., Zhou, L., Mardani, A., & Deveci, M. (2022). An integrated generalized TODIM model for portfolio selection based on financial performance of firms. Knowledge-Based Systems, 249, 108794. https://doi.org/10.1016/J.KNOSYS.2022.108794