The Effect of Leverage, Investment Opportunity Set, Business Risk, Asset Growth, Institutional Ownership and Female Director on Dividend Policy in Energy Sector Companies Listed on the Indonesia Stock Exchange for the Period 2019-2023
DOI:
https://doi.org/10.55927/fintech.v3i4.176Keywords:
Dividend Policy, Female Director, Institusional OwnershipAbstract
This study aims to examine the effect of leverage, investment opportunity set, business risk, asset growth, institutional ownership, and female directors on dividend policy in energy sector companies listed on the Indonesia Stock Exchange during 2019–2023. The sample consists of 30 companies selected using purposive sampling. Panel data regression analysis was conducted using STATA 17. The findings reveal that asset growth has a significant negative impact on dividend policy, indicating that companies with higher asset growth tend to distribute lower dividends. Meanwhile, leverage, investment opportunity set, business risk, institutional ownership, and female directors have no significant effect. The results suggest that energy sector companies should consider asset growth when making dividend policy decisions.
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