Catering dividend: Dividend premium and free cash flow on dividend policy

Figures & data

Table 1. Descriptive statistics

	N	Minimum	Maximum	Mean	Std. Deviation
DPR	186	0.0026	0.9773	0.341263	0.2320870
DP	186	−2.1673	7.2783	1.429158	2.0616718
FCF	186	−0.2307	0.3376	0.037507	0.0916266
SIZE	186	25.6195	33.4737	29.091798	1.7600338
ROA	186	0.0023	0.2615	0.075730	0.0538445
LEV	186	0.0985	0.8197	0.382096	0.1724241
Valid N (listwise)	186

Table 2. Result of multiple regression analysis

Independent Variable	REGRESSION MODEL
	Β	T	Sig	Conclusion
(constant)	−0.207	−0.774	0.440
DP	0.028***	3.055	0.003	H1 accepted
FCF	0.663***	3.201	0.002	H2 accepted
SIZE	0.024**	2.564	0.011	Affect
ROA	−1.326***	−3.094	0.002	Affect
LEV	−0.335***	−3.135	0.002	Affect
R square	0.142
F statistic	5.956
F Sig	0.000

Source: Data Processed Result by SPSS

annotation:

** = statistically significant at the level of significance 5%

*** = statistically significant at the level of significance 1%

Table

Annotation	2015	2016	2017	2018	Total
Population: Number of manufacturing companies listed on the Indonesia Stock Exchange in 2015–2018	119	119	119	119	476
Exclude: - Manufacturing companies that do not publish financial statements in 2015–2018 - Manufacturing companies that do not distribute dividends - Manufacturing companies that do not report financial statements that end on December 31	78	71	71	70	290
Total observation	41	48	48	49	186

Table

Variable	Colliniearity Statistic		Annotation
	Tolerance	VIF
DIVPREM	0,733	1.365	Free of Multicolliniearity
FCF	0.713	1.402	Free of Multicolliniearity
SIZE	0.908	1.101	Free of Multicolliniearity
ROA	0.482	2.075	Free of Multicolliniearity
LEV	0.755	1.325	Free of Multicolliniearity

Table

Model	Durbin—Watson
1	1,762

Table

Model	R	R Square	Adjusted R Square	Std. Error of the Estimate	Durbin-Watson
1	0.377^a	0.142	0.118	0.2179490	1.762

^aPredictors: (Constant), LEV, DIVPREM, SIZE, FCF, ROA

^bDependent Variable: DPR

Table

Model		Sum of Squares	df	Mean Square	F	Sig.
1	Regression	1.415	5	0.283	5.956	0.000^b
	Residual	8.550	180	0.048
	Total	9.965	185

^aDependent Variable: DPR

^bPredictors: (Constant), LEV, DIVPREM, SIZE, FCF, ROA

Table

Model	Dimension	Eigenvalue	Condition Index	Variance Proportions
				(Constant)	DIVPREM	FCF	SIZE	ROA	LEV
1	1	4.245	1.000	0.00	0.01	0.01	0.00	0.01	0.01
	2	0.926	2.141	0.00	0.03	0.41	0.00	0.01	0.02
	3	0.573	2.722	0.00	0.61	0.22	0.00	0.00	0.01
	4	0.189	4.734	0.00	0.28	0.33	0.00	0.46	0.16
	5	0.064	8.128	0.01	0.07	0.03	0.01	0.52	0.76
	6	0.002	49.529	0.99	0.00	0.00	0.99	0.01	0.04

^aDependent Variable: DPR

Table

	Minimum	Maximum	Mean	Std. Deviation	N
Predicted Value	0.117351	0.560511	0.341263	0.0874440	186
Std. Predicted Value	−2.561	2.507	0.000	1.000	186
Standard Error of Predicted Value	0.018	0.070	0.038	0.009	186
Adjusted Predicted Value	0.100437	0.551858	0.341555	0.0881141	186
Residual	−0.4418468	0.5899417	0.0000000	0.2149835	186
Std. Residual	−2.027	2.707	0.000	0.986	186
Stud. Residual	−2.076	2.739	−0.001	1.001	186
Deleted Residual	−0.4635060	0.6040329	−0.0002929	0.2216216	186
Stud. Deleted Residual	−2.096	2.790	0.001	1.007	186
Mahal. Distance	0.294	18.189	4.973	2.897	186
Cook’s Distance	0.000	0.043	0.005	0.007	186
Centered Leverage Value	0.002	0.098	0.027	0.016	186

^aDependent Variable: DPR