Pengaruh Good Corporate Governance dan Investment Opportunity Set terhadap Kebijakan Dividen
DOI:
https://doi.org/10.37481/sjr.v9i4.1669Keywords:
Good Corporate Governance, Managerial Ownership, Institutional Ownership, Investment Opportunity Set, Dividend PolicyAbstract
The increasing demand for transparent corporate governance and effective dividend policies has become a critical issue for companies operating in the mineral and coal sector, particularly due to the industry's capital-intensive nature and investment uncertainty. Understanding the factors that influence dividend policy is essential for balancing shareholders' expectations with corporate growth opportunities. This study aims to examine the effect of good corporate governance, proxied by managerial ownership and institutional ownership, and the investment opportunity set on dividend policy. This research employs an associative quantitative approach. The population consists of 23 mineral and coal sector companies listed during the observation period. The sample was selected using purposive sampling based on predetermined criteria, resulting in eight companies observed over five years, yielding a total of 40 panel data observations. Panel data regression analysis was applied to test the proposed hypotheses. The partial test results indicate that managerial ownership, as a proxy for good corporate governance, has no significant effect on dividend policy. In contrast, institutional ownership has a significant effect on dividend policy. The investment opportunity set also has a significant effect on dividend policy. Furthermore, the simultaneous test demonstrates that good corporate governance, represented by managerial ownership and institutional ownership, together with the investment opportunity set, significantly influences dividend policy. These findings provide empirical evidence regarding the determinants of dividend policy in the mineral and coal industry.
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