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Dividend policy on controlling and non-controlling shareholders: case in Indonesia
Investment Management & Financial Innovations
The purpose of this study is to examine dividend policy on both the controlling and non-controlling shareholders based on assumptions according to theories of life cycle, and free cash flow.The sample for this study is 241 listed firm in Indonesia Stock Exchange during the period from 2010 to 2015. This study divides the sample based on quartiles and analyzes it by conducting logistic regression with significant rate at 0.05. This study provides the evidences that: (1) firms as dividend payersdoi:10.21511/imfi.16(2).2019.28 fatcat:egf23cxd4faw3nmpw54pgkwppu