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October 2, 2025Journal of Enterprise and DevelopmentOpen Access

Determinants of Dividend Per Share in Indonesia’s Non-Cyclical Manufacturing Firms

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Authors

ANAnditha NovrianiSMSuhula Divina MaromFLFarah Margaretha Leon

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Overview

Quantitative analysis reveals significant factors affecting dividend per share in non-cyclical manufacturing firms, suggesting implications for corporate strategy.

Key Points

  • Firm life cycle, leverage, firm size, firm age, and earnings volatility significantly influence dividend per share.
  • The study utilizes panel data regression on 26 non-cyclical manufacturing firms listed on the Indonesia Stock Exchange from 2021 to 2024.
  • Fixed-effects model is used for robustness in analysis, confirmed by Chow and Hausman specification tests.
  • Findings support enhanced dividend strategies for better investor confidence and capital market efficiency.

Cite This Study

Novriani et al. (2025) studied this question.

synapsesocial.com/papers/68de6f3f83cbc991d0a229e3https://doi.org/10.20414/jed.v7i3.14065
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