Teori Kebijakan Dividen

Summary

This video discusses dividend policy in companies, exploring how firms must decide between retaining profits for future growth or distributing them to shareholders. It covers various dividend theories, including the Modigliani-Miller irrelevance theory, Gordon's relevance theory, signaling theory, tax differential theory, and clientele effect. The importance of stable or increasing dividend payouts for attracting investors is emphasized, with a focus on balancing short-term dividends with long-term company growth. Additionally, the impact of taxes, issuance costs, and investor preferences on dividend policy decisions is examined.

Takeaways

• 😀 Dividend policy is crucial for companies, as it determines how profits after tax will be utilized—either reinvested, retained, or distributed to shareholders.
• 😀 Companies must decide whether to retain profits as future funding, distribute them as dividends, or invest in new projects, impacting shareholder returns and the company’s financial strategy.
• 😀 Investors prefer a consistent and sustainable dividend payout ratio rather than focusing on the size of the dividend alone, as consistency reflects company stability.
• 😀 External funding through new shares or loans can increase working capital and reduce retained earnings, which may result in higher dividends for investors but also increase debt costs for the company.
• 😀 Internal funding, by contrast, can increase equity but limit working capital, leading to lower dividends and higher retained earnings.
• 😀 The optimal dividend policy seeks to balance current dividends with future company growth to maximize shareholder value and the company’s stock price.
• 😀 The Modigliani and Miller (MM) theory suggests that dividends are irrelevant to a company's stock price and value, assuming no market imperfections, transaction costs, or taxes.
• 😀 The Gordon and Lintner theory argues that dividends are relevant, with investors valuing immediate returns (dividends) over uncertain future capital gains, influencing stock prices positively.
• 😀 The dividend signaling theory (Bhattacharya) holds that dividend payments act as signals of a company’s health and management’s confidence in its future prospects.
• 😀 The tax differential theory posits that investors prefer capital gains (tax-deferred) over dividends (which are taxable), influencing their preferences for retained earnings and reinvestment.
• 😀 Clientele effect theory suggests that investors have different preferences for dividends based on their risk tolerance and investment goals—conservative investors prefer steady income from dividends, while aggressive investors favor reinvestment for growth.

Q & A

What is the main policy regarding dividends that companies must consider?

Companies must decide how to use their post-tax profits, choosing between retaining earnings for future funding, distributing them as dividends to shareholders, or reinvesting them in new projects.

Why do investors prefer consistent dividend payments over high dividend payouts?

Investors generally prefer a consistent dividend payout ratio as it provides stability and predictability, rather than focusing on the fluctuation of dividend amounts, which may carry higher risks.

How does external financing affect dividend payouts and company performance?

External financing, such as issuing new shares or taking loans, increases debt for the company but can lead to higher dividends for shareholders and improved company liquidity, thus affecting both the company's performance and taxes.

What impact does internal funding have on a company’s equity and dividends?

Using internal funding for company operations strengthens equity but limits the available working capital, which may result in lower dividend payouts and higher retained earnings.

What is the concept of 'cost of capital' in relation to dividend policy?

The cost of capital is the cost of obtaining financing, either through debt or equity. It is a critical factor in determining an optimal dividend policy, balancing dividends with the company’s growth prospects and investor expectations.

What is the Modigliani-Miller (MM) dividend irrelevance theory?

The MM theory suggests that dividends do not affect a company’s stock price or overall value. Instead, company value depends on how assets are managed and risk is minimized, assuming perfect markets and rational investors.

What are the key assumptions behind the MM dividend irrelevance theory?

The theory assumes perfect markets with no taxes or transaction costs, rational investors, and no influence of dividends on stock prices. In this scenario, dividend decisions do not impact a company's value.

What is the Gordon and Lintner dividend relevance theory?

The Gordon-Lintner theory suggests that investors prefer dividends over potential capital gains because dividends are seen as more stable and less risky. Higher dividends lead to a higher company value and stock price.

How does the Dividend Signaling Theory explain the role of dividends?

According to the Dividend Signaling Theory, dividends serve as a signal of a company’s health and future performance. A consistent or increasing dividend payout indicates strong management and financial stability.

What is the difference between the Tax Differential Theory and the Dividend Relevance Theory?

The Tax Differential Theory argues that investors prefer retaining earnings over paying dividends due to tax benefits. Reinvesting retained earnings leads to stock price appreciation, which helps offset the taxes that would have been paid on dividends.