THE EFFECT OF INFORMATION ASYMMETRY AND MANAGEMENT DIVIDEND POLICY ON FIRM VALUE
Empirical Study on Property and Real Estate Sector Companies Listed on the Indonesia Stock Exchange for the Period 2018-2023
DOI:
https://doi.org/10.32493/ebic.v2i1.51481Keywords:
Information Asymmetry, Financial Performance, Dividend Policy, Company ValueAbstract
This study aims to find out the knowledge of information asymmetry and management dividend policy on company value. In addition, this study was also conducted to find out how much information asymmetry and dividend policy affect the company's value. The research was conducted with the scope of property and real estate sector companies listed on the Indonesia Stock Exchange for the 2018-2023 period. This study uses an associative quantitative approach with a panel regression model using secondary data. Based on the results of partial testing, information asymmetry has no effect on the company's value, in other words, information asymmetry tends not to have a direct impact on the company's value, especially on companies that already have a good monitoring and information disclosure mechanism. The study also found that dividend policies have a negative effect on the value of companies. In this sector, investors tend to consider the long-term growth potential and the quality of a company's assets rather than just paying attention to dividend distribution. This study also states that the asymmetry of information and dividend policy simultaneously (together) has a positive and significant effect on the company's value. Dividend policy serves as a tool to send positive signals to the market regarding the company's financial stability and prospects. Consistent dividend payments demonstrate good profitability and controlled risk management, thereby increasing investors' positive perception of the company's value.
References
Abdul Hakim, A. D., & Aris Abdul, M. (2023). The Effect of Green Accounting, Dividend Policy, Leverage, And Firm Size On Firm Value. Management Studies and Entrepreneurship Journal, 4(5), 7747–7756. http://journal.yrpipku.com/index.php/msej
Ainun, M. B. (2020). Efek Moderasi Kebijakan Hutang Pada Pengaruh Kebijakan Dividen Terhadap Harga Saham. EKUITAS (Jurnal Ekonomi Dan Keuangan), 3(3), 382–402. https://doi.org/10.24034/j25485024.y2019.v3.i3.4192
Arsal, M. (2021). Impact of earnings per share and dividend per share on firm value. ATESTASI : Jurnal Ilmiah Akuntansi, 4(1), 11–18. https://doi.org/10.33096/atestasi.v4i1.594
Azari, T. M. R., & Facrizal, F. (2017). Pengaruh asimetri informasi, profitabilitas, dan leverage terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2012-2014. Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi, 2(1), 82–97.
Dwijayani, H., & Dlawahlr, A. H. (2021). Pengaruh Kebijakan Dividen, Investasi dan Pendanaan Terhadap Nilai Perusahaan yang Dimediasi Informasi Asimetri (pada Sektor Properti-Real Estate di Bursa Efek Indonesia,). Universitas Brawijaya.
Farras, F., & Faisal. (2020). The Influence of Good Corporate Governance and Voluntary Disclosure on Information Asymmetry. Diponegoro Journal of Accounting, 9(4), 1–13.
Gur, N., Babacan, M., Aysan, A. F., & Suleyman, S. (2023). Firm Size and Financing Behavior during COVID-19 Pandemic: Evidence from SMEs in Istanbul. Borsa Istanbul Review, 23(4), 804–817. https://doi.org/10.1016/j.bir.2023.02.001
Hanif, M. (2020). Pengaruh Investment Opportunity Set, Ukuran Perusahaan, Net Working Capital, Dan Leverage Terhadap Cash Holding Pada Perusahaan Jasa Sub Sektor Property Dan Real Estate Di Bursa Efek Indonesia (BEI) Tahun 2016–2018. Universitas Islam Negeri Sumatera Utara.
Irawan, D., & Kusuma, N. (2019). Pengaruh Struktur Modal Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal AKTUAL, 17(1), 66–81. https://doi.org/10.47232/aktual.v17i1.34
Maharani, Y. (2022). Faktor – Faktor Yang Mempengaruhi Nilai Perusahaan. Jurnal Riset Akuntansi Dan Manajemen Malahayati, 10(2), 97–103. https://doi.org/10.33024/jrm.v10i2.4902
Marlina, T. (2013). Pengaruh Earning Per Share, Return On Equity, Debt To Equity Ratio dan Size Terhadap Price To Book Value. Jurnal Ilmiah Akuntansi Kesatuan, 1(1), 59–72.
Mindra, S., & Erawati, T. (2014). Pengaruh earning per share (eps), ukuran perusahaan, profitabilitas, dan leverage terhadap nilai perusahaan (studi kasus pada perusahaan manufaktur yang terdaftar di bursa efek indonesia pada tahun 2009-2011). Jurnal Akuntansi, 2(2), 10–22.
Munawaroh, F., & Munandar, A. (2024). Investment Decisions ’ Impact on Corporate Value : Analyzing Profitability , Leverage , Company Size , and Age Moderation Effects. International Jurnal of Social Science and Business, 8(1), 105–116.
Priyadi, D. T., Sumardjo, M., & Iman Mulyono, S. (2020). Pengaruh Kepuasan Kerja, Komitmen Organisasional, Dan Job Insecurity Terhadap Organizational Citizenship Behaviour (Ocb) (Studi Pada Pegawai Non-Pns Kementerian Sosial Ri). Jurnal Ilmu Manajemen Terapan, 2(1), 10–22. https://doi.org/10.31933/jimt.v2i1.282
Safitri, N., Zaiman, M. F., Ardani, A., & Akbar, D. A. (2021). Adakah Peran Kebijakan Dividen diantara Asimetri Informasi, Kinerja Keuangan terhadap Nilai Perusahaan? Jurnal Intelektualita: Keislaman, Sosial Dan Sains, 10(1), 135–144.
Susanto, A. T., & Suryono, B. (2020). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi (Jira), 9(10).
Sutisna, D., Nirwansyah, M., Ningrum, S. A., & Anwar, S. (2024). Studi Literatur Terkait Peranan Teori Agensi pada Konteks Berbagai Issue di Bidang Akuntansi. Karimah Tauhid, 3(4), 4802–4821. https://doi.org/10.30997/karimahtauhid.v3i4.12973
