FAMILY OWNERSHIP AND DIVIDEND POLICY WITH INDEPENDENT COMMISSIONERS AS A MODERATION VARIABLE Adinda Rahmy Lestari, SM. and Dr. Rahmat Setiawan, SE., MM.
Airlangga University
Abstract
This research aims to determine the effect of family ownership on dividend policy and whether independent commissioner moderates the effect of family ownership on dividend policy. This research uses a sample of non-financial companies in Indonesia listes on the Indonesia Stock Exchange in the period of 2017 to 2021 with purposive sampling as the sampling method. This research uses quantitative approach which is then analyzed using multiple linear regression method. The dependent variable in this research is dividend policy, which is proxied by the dividend payout ratio. The independent variable in this research is family ownership. The moderating variable in this research is independent commissioner. Based on the analysis results, it can be concluded that family ownership have a negative and significant effect on dividend policy. Independent commissioner weakens the negative effect of family ownership on dividend policy.
Keywords: Dividend policy, family ownership, independent commissioner
