THE INFLUENCE OF FAMILY OWNERSHIP, DEBT POLICY, AND COLLATERALIZABLE ASSETS ON DIVIDEND POLICY (EMPIRICAL STUDY ON THE HOSPITALITY SECTOR LISTED ON THE IDX IN 2013–2020)
Business conditions in Indonesia are very easily influenced by social structures and the existence of dynastic politics, and this indicates a strong influence on the existence of a family ownership system. This is proven because a total of 95% of businesses in Indonesia are owned by parties who are still included in the family category. Therefore, one of the ways to maintain the company's finances is to do debt. On the other hand, debt policy harms dividend policy, so the inconsistency of these results is also one of the factors that researchers want to re-examine whether the existence of debt policy will affect dividend policy in a company. Collateralizable assets, commonly referred to as asset guarantees, are the number of tangible assets of the company which can be guaranteed to its creditors if it is related to the company's debt. This study aims to find empirical evidence about the effect of family ownership variables, debt policy, collateralizable assets, and dividend policy. The object used by the researcher in this study is a company engaged in the hotel sector that has been listed on the Indonesia Stock Exchange in the period 2013 to 2020. The sampling technique used in this study is to use purposive sampling, which means an act of selecting samples based on certain criteria. . This study uses secondary data types. Based on the data processing results from this study's sample data, the results obtained show that family ownership has a positive effect on dividend policy, debt policy harms dividend policy, and collateralizable assets have a positive effect on dividend policy.
Family Ownership, Debt Policy, Collateralizable Assets, Dividend Policy