How to cite this paper
Azmi, I & Bertuah, E. (2020). The effect of life-cycle stage through cash flow approach on dividend policy of manufacturing companies.Accounting, 6(7), 1383-1390.
Refrences
Abor, J., & Bokpin, G. A. (2010). Investment opportunities, corporate finance, and dividend payout policy: Evidence from emerging markets. Studies in Economics and Finance, 27(3), 180–194.
Ali, I., Gohar, A., & Meharzi, O. (2017). Why do Firms Change Their Dividend Policy? International Journal of Economics and Financial Issues, 7(3), 411–422.
Al-Kayed, L. T. (2017). Dividend payout policy of Islamic vs conventional banks: case of Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, 10(1), 117–128.
Al-Najjar, B., & Kilincarslan, E. (2017). Corporate dividend decisions and dividend smoothing: New evidence from an empirical study of Turkish firms. International Journal of Managerial Finance, 13(3), 304–331.
Al-Rahahleh, A. S. (2017). Corporate governance quality, board gender diversity and corporate dividend policy: Evidence from Jordan. Australasian Accounting, Business and Finance Journal, 11(2), 86–104.
Alzoubi, T. (2019). Firms’ life cycle stage and cash holding decisions. Academy of Accounting and Financial Studies Journal, 23(1), 1–9.
Azmal, R., Negoro, D. A., & Syah, T. Y. R. (2019). The Influence Cash Position Analysis over Debt to Equity Ratio , Return On Assets , And Inventory Turnover on Dividend Payout Ratio : Consumer Goods Companies in Indonesia Stock Exchange 2012-2017 Case Study.
Ben Amar, A., Ben Salah, O., & Jarboui, A. (2017). Do discretionary accruals affect firms’ corporate dividend policy? Evidence from France. Journal of Financial Reporting and Accounting, 16(2), 333–347.
Bertuah, E., & Ghani, E. K. (2018). Bulls and Bears and Bankruptcy- An Early Warning of Distress. The Journal of Social Sciences Research, (Special Issue 5), 962–969.
Bhattacharya, N., Black, E. L., Christensen, T. E., & Mergenthaler, R. D. (2004). Empirical evidence on recent trends in pro forma reporting. Accounting Horizons, 18(1), 27–43.
Bradshaw, M. T., Drake, M. S., Myers, J. N., & Myers, L. A. (2012). A re-examination of analysts’ superiority over time-series forecasts of annual earnings. Review of Accounting Studies, 17(4), 944–968.
Brahmaiah, B., Srinivasan, P., & Sangeetha. (2018). Determinants of Corporate Dividend Policy in India: A Dynamic Panel Data Analysis. Academy of Accounting and Financial Studies Journal, 22(2), 1–13.
Brook, Y., Charlton, W. T., & Hendershott, R. J. (1998). Do Firms Use Dividends to Signal Large Future Cash Flow Increases? Financial Management, 27(3), 46.
Budiarso, N. S. (2019). Agent, Steward, and Dividend Policy. XXII(3), 83–94.
Bulan, L. T., Subramanian, N., & Tanlu, L. D. (2011). On the Timing of Dividend Initiations. SSRN Electronic Journal.
Desai, H., Hogan, C. E., & Wilkins, M. S. (2006). The reputational penalty for aggressive accounting: Earnings restatements and management turnover. Accounting Review, 81(1), 83–112.
Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. Accounting Review, 86(6), 1969–1994.
Elim, J. (2019). Model of Firm Value – Indonesian Stock Exchange Case. International Journal of Economics and Financial Issues, 9(3), 154–162.
El-Nader, G. (2018). Does stock ownership impact liquidity and dividends? Investment Management and Financial Innovations, 15(3), 111–121.
Faccio, M., Lang, L. H. P., & Young, L. (2001). Dividends and expropriation. American Economic Review, 91(1), 54–78.
Fama, E. F., & French, K. R. (2001). Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(1), 3–43.
Hakeem, S. A., & Bambale, A. J. (2016). Mediating Effect of Liquidity on Firm Performance and Dividend Payout of Listed Manufacturing Companies in Nigeria. Journal of Chemical Information and Modeling, 53(9), 1689–1699.
Hauser, R., & Thornton, J. H. (2017). Dividend policy and corporate valuation. Managerial Finance, 43(6), 663–678. https://doi.org/10.1108/MF-05-2015-0157.
Hofler, R., Elston, J., & Lee, J. (2011). Dividend policy and institutional ownership: empirical evidence using a propensity score matching estimator. Journal of Accounting and Finance, 11(1), 89 – .
Hosmer, D. W., & Lemeshow, S. (2000). Applied Logistic Regression. Journal of Environmental Health, Vol. 70.
Husna, A., & Satria, I. (2019). Effects of Return on Asset, Debt To Asset Ratio, Current Ratio, Firm Size, and Dividend Payout Ratio on Firm Value. International Journal of Economics and Financial Issues, 9(5), 50–54.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. Corporate Bankruptcy, 76(2), 11–16.
Khalid, S., & Mobeen Ur Rehman. (2015). Determination of Factors Effecting the Dividend Policy of Organizations. International Journal of Information Business and Management, 7(3), 319–334.
Kighir, A. E., Omar, N. H., & Mohamed, N. (2015). Corporate cash flow and dividends smoothing: a panel data analysis at Bursa Malaysia. Journal of Financial Reporting and Accounting, 13(1), 2–19.
Kilinçarslan, E. (2018). The factors determining dividend policy of financial firms listed on the Borsa Istanbul. Bogazici Journal, 32(1), 1–32.
Mili, M., Sahut, J. M., & Teulon, F. (2017). Do corporate governance and ownership structure impact dividend policy in emerging market during financial crisis? Journal of Applied Accounting Research, 18(3), 274–297.
Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. Revue Des Maladies Respiratoires Actualites, 2(4), 326–329.
Nguyen, D. T., Bui, M. H., & Do, D. H. (2019). The relationship of dividend policy and share price volatility: A case in Vietnam. Annals of Economics and Finance, 20(1), 123–136.
Nizar Al-Malkawi, H. (2007). Determinants of Corporate Dividend Policy in Jordan: An Application of the Tobit Model. Journal of Economic and Administrative Sciences, 23(2), 44–70.
Puspitaningtyas, Z. (2019). Assessment of financial performance and the effect on dividend policy of the banking companies listed on the Indonesia Stock Exchange. Banks and Bank Systems, 14(2), 24–39.
Rahmawati, A., Moeljadi, Djumahir, & Sumiati. (2018). The effects of managerial ownership, leverage, dividend policy in minimizing agency problem. Investment Management and Financial Innovations, 15(4), 273–282.
Ranajee, R., Pathak, R., & Saxena, A. (2018). To pay or not to pay: what matters the most for dividend payments? International Journal of Managerial Finance, 14(2), 230–244.
Rój, J. (2019). The Determinants of Corporate Dividend Policy in Poland. The Lahore Journal of Economics, 20(2), 77–98.
Roy, A. (2015). Dividend policy, ownership structure and corporate governance: an empirical analysis of Indian firms. Indian Journal of Corporate Governance, 8(1), 1–33.
Rozeff, M. S. (1982). Growth, Beta and Agency Costs As Determinants of Dividend Payout Ratios. Journal of Financial Research, 5, 249–259.
Sakir, A., & Fadli, M. (2014). Influence of managerial ownership, debt policy, profitability, firm size, and free cash flow on dividend policy. Delhi Business Review, 15(1), 15–22.
Salih, A. (2010). The Effect of Dividend Policy on Market Value UK Empirical Study. Doctoral. Unpublished Ph. D Thesis, 295.
Sharma, K. (2018). Impact of dividend policy on the value of Indian banks. SCMS Journal of Indian Management, 15(3), 14–19.
Shubiri, F. N. A.-, Taleb, G. AL, & Zoued, A. A. – N. A.-. (2012). The Relationship between Ownership Structure and Dividend Policy: An Application in Vietnam Stock Exchange. Academic Journal of Interdisciplinary Studies, 8(2), 131–146.
Sri Utami, E., & Ary Gumanti, T. (2019). Analysis of cash dividend policy in Indonesia stock exchange. Investment Management and Financial Innovations, 16(3), 97–105.
Sukkaew, D. (2015). Agency Costs and Free Cash Flow Hypothesis of Dividend Payout Policy in Thailand. Review of Integrative Business and Economics Research, 4(2), 315–328.
Trimawan, E., & Bertuah, E. (2020). Return on equity as the leading indicator of dividend payout ratio of Jakarta Islamic Index stocks listed on the Indonesia Stock Exchange. Dinasti International Journal of Management Science, 1(3), 319–330.
Vaidean, V. L., & Moza, C. Z. (2010). The Determinants of Dividend Policy. Indian Institute of Management Calcutta, 37(2), 63–77.
Zainudin, R., Mahdzan, N. S., & Yet, C. H. (2018). Dividend policy and stock price volatility of industrial products firms in Malaysia. International Journal of Emerging Markets, 13(1), 203–217.
Ali, I., Gohar, A., & Meharzi, O. (2017). Why do Firms Change Their Dividend Policy? International Journal of Economics and Financial Issues, 7(3), 411–422.
Al-Kayed, L. T. (2017). Dividend payout policy of Islamic vs conventional banks: case of Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, 10(1), 117–128.
Al-Najjar, B., & Kilincarslan, E. (2017). Corporate dividend decisions and dividend smoothing: New evidence from an empirical study of Turkish firms. International Journal of Managerial Finance, 13(3), 304–331.
Al-Rahahleh, A. S. (2017). Corporate governance quality, board gender diversity and corporate dividend policy: Evidence from Jordan. Australasian Accounting, Business and Finance Journal, 11(2), 86–104.
Alzoubi, T. (2019). Firms’ life cycle stage and cash holding decisions. Academy of Accounting and Financial Studies Journal, 23(1), 1–9.
Azmal, R., Negoro, D. A., & Syah, T. Y. R. (2019). The Influence Cash Position Analysis over Debt to Equity Ratio , Return On Assets , And Inventory Turnover on Dividend Payout Ratio : Consumer Goods Companies in Indonesia Stock Exchange 2012-2017 Case Study.
Ben Amar, A., Ben Salah, O., & Jarboui, A. (2017). Do discretionary accruals affect firms’ corporate dividend policy? Evidence from France. Journal of Financial Reporting and Accounting, 16(2), 333–347.
Bertuah, E., & Ghani, E. K. (2018). Bulls and Bears and Bankruptcy- An Early Warning of Distress. The Journal of Social Sciences Research, (Special Issue 5), 962–969.
Bhattacharya, N., Black, E. L., Christensen, T. E., & Mergenthaler, R. D. (2004). Empirical evidence on recent trends in pro forma reporting. Accounting Horizons, 18(1), 27–43.
Bradshaw, M. T., Drake, M. S., Myers, J. N., & Myers, L. A. (2012). A re-examination of analysts’ superiority over time-series forecasts of annual earnings. Review of Accounting Studies, 17(4), 944–968.
Brahmaiah, B., Srinivasan, P., & Sangeetha. (2018). Determinants of Corporate Dividend Policy in India: A Dynamic Panel Data Analysis. Academy of Accounting and Financial Studies Journal, 22(2), 1–13.
Brook, Y., Charlton, W. T., & Hendershott, R. J. (1998). Do Firms Use Dividends to Signal Large Future Cash Flow Increases? Financial Management, 27(3), 46.
Budiarso, N. S. (2019). Agent, Steward, and Dividend Policy. XXII(3), 83–94.
Bulan, L. T., Subramanian, N., & Tanlu, L. D. (2011). On the Timing of Dividend Initiations. SSRN Electronic Journal.
Desai, H., Hogan, C. E., & Wilkins, M. S. (2006). The reputational penalty for aggressive accounting: Earnings restatements and management turnover. Accounting Review, 81(1), 83–112.
Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. Accounting Review, 86(6), 1969–1994.
Elim, J. (2019). Model of Firm Value – Indonesian Stock Exchange Case. International Journal of Economics and Financial Issues, 9(3), 154–162.
El-Nader, G. (2018). Does stock ownership impact liquidity and dividends? Investment Management and Financial Innovations, 15(3), 111–121.
Faccio, M., Lang, L. H. P., & Young, L. (2001). Dividends and expropriation. American Economic Review, 91(1), 54–78.
Fama, E. F., & French, K. R. (2001). Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(1), 3–43.
Hakeem, S. A., & Bambale, A. J. (2016). Mediating Effect of Liquidity on Firm Performance and Dividend Payout of Listed Manufacturing Companies in Nigeria. Journal of Chemical Information and Modeling, 53(9), 1689–1699.
Hauser, R., & Thornton, J. H. (2017). Dividend policy and corporate valuation. Managerial Finance, 43(6), 663–678. https://doi.org/10.1108/MF-05-2015-0157.
Hofler, R., Elston, J., & Lee, J. (2011). Dividend policy and institutional ownership: empirical evidence using a propensity score matching estimator. Journal of Accounting and Finance, 11(1), 89 – .
Hosmer, D. W., & Lemeshow, S. (2000). Applied Logistic Regression. Journal of Environmental Health, Vol. 70.
Husna, A., & Satria, I. (2019). Effects of Return on Asset, Debt To Asset Ratio, Current Ratio, Firm Size, and Dividend Payout Ratio on Firm Value. International Journal of Economics and Financial Issues, 9(5), 50–54.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. Corporate Bankruptcy, 76(2), 11–16.
Khalid, S., & Mobeen Ur Rehman. (2015). Determination of Factors Effecting the Dividend Policy of Organizations. International Journal of Information Business and Management, 7(3), 319–334.
Kighir, A. E., Omar, N. H., & Mohamed, N. (2015). Corporate cash flow and dividends smoothing: a panel data analysis at Bursa Malaysia. Journal of Financial Reporting and Accounting, 13(1), 2–19.
Kilinçarslan, E. (2018). The factors determining dividend policy of financial firms listed on the Borsa Istanbul. Bogazici Journal, 32(1), 1–32.
Mili, M., Sahut, J. M., & Teulon, F. (2017). Do corporate governance and ownership structure impact dividend policy in emerging market during financial crisis? Journal of Applied Accounting Research, 18(3), 274–297.
Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. Revue Des Maladies Respiratoires Actualites, 2(4), 326–329.
Nguyen, D. T., Bui, M. H., & Do, D. H. (2019). The relationship of dividend policy and share price volatility: A case in Vietnam. Annals of Economics and Finance, 20(1), 123–136.
Nizar Al-Malkawi, H. (2007). Determinants of Corporate Dividend Policy in Jordan: An Application of the Tobit Model. Journal of Economic and Administrative Sciences, 23(2), 44–70.
Puspitaningtyas, Z. (2019). Assessment of financial performance and the effect on dividend policy of the banking companies listed on the Indonesia Stock Exchange. Banks and Bank Systems, 14(2), 24–39.
Rahmawati, A., Moeljadi, Djumahir, & Sumiati. (2018). The effects of managerial ownership, leverage, dividend policy in minimizing agency problem. Investment Management and Financial Innovations, 15(4), 273–282.
Ranajee, R., Pathak, R., & Saxena, A. (2018). To pay or not to pay: what matters the most for dividend payments? International Journal of Managerial Finance, 14(2), 230–244.
Rój, J. (2019). The Determinants of Corporate Dividend Policy in Poland. The Lahore Journal of Economics, 20(2), 77–98.
Roy, A. (2015). Dividend policy, ownership structure and corporate governance: an empirical analysis of Indian firms. Indian Journal of Corporate Governance, 8(1), 1–33.
Rozeff, M. S. (1982). Growth, Beta and Agency Costs As Determinants of Dividend Payout Ratios. Journal of Financial Research, 5, 249–259.
Sakir, A., & Fadli, M. (2014). Influence of managerial ownership, debt policy, profitability, firm size, and free cash flow on dividend policy. Delhi Business Review, 15(1), 15–22.
Salih, A. (2010). The Effect of Dividend Policy on Market Value UK Empirical Study. Doctoral. Unpublished Ph. D Thesis, 295.
Sharma, K. (2018). Impact of dividend policy on the value of Indian banks. SCMS Journal of Indian Management, 15(3), 14–19.
Shubiri, F. N. A.-, Taleb, G. AL, & Zoued, A. A. – N. A.-. (2012). The Relationship between Ownership Structure and Dividend Policy: An Application in Vietnam Stock Exchange. Academic Journal of Interdisciplinary Studies, 8(2), 131–146.
Sri Utami, E., & Ary Gumanti, T. (2019). Analysis of cash dividend policy in Indonesia stock exchange. Investment Management and Financial Innovations, 16(3), 97–105.
Sukkaew, D. (2015). Agency Costs and Free Cash Flow Hypothesis of Dividend Payout Policy in Thailand. Review of Integrative Business and Economics Research, 4(2), 315–328.
Trimawan, E., & Bertuah, E. (2020). Return on equity as the leading indicator of dividend payout ratio of Jakarta Islamic Index stocks listed on the Indonesia Stock Exchange. Dinasti International Journal of Management Science, 1(3), 319–330.
Vaidean, V. L., & Moza, C. Z. (2010). The Determinants of Dividend Policy. Indian Institute of Management Calcutta, 37(2), 63–77.
Zainudin, R., Mahdzan, N. S., & Yet, C. H. (2018). Dividend policy and stock price volatility of industrial products firms in Malaysia. International Journal of Emerging Markets, 13(1), 203–217.