2.3 Growth OpportunitiesDividend po

2.3 Growth Opportunities
Dividend policy is also affected by corporate growth opportunities. Companies with the prospect of future
growth opportunities tend to retain significant part of their profit to use it as an internal source of financing these
opportunities. Companies choose to use retained profit rather than external sources of funding since it is easier to
obtain, incur less cost and less risky. Relying on internal sources of funding will leave less profit to be distributed
as dividends hence, reducing dividend payout. In return, companies experiencing slow growth and have few
investment opportunities may distribute a big proportion of their reported profit as dividends. On the other hand,
companies with investment opportunities and operating in countries with low legal protection to shareholders
may have high dividend payout. They tend to increase their dividend payout in order to develop or maintain their
reputation and assure shareholders. The relationship between dividend payout and corporate growth has been
examined by several researchers (see for example: Rozeff, 1982; Myers & Majluf, 1984; Lloyd et al., 1985;
Titman & Wessels, 1988; Lang & Litzinberger, 1989; Murrali & Welch, 1989; Jensen et al., 1992 ; Alli et al.,
1993; Holder et al., 1998; D’Souza, 1999; Manos, 2002; Gadhoum, 2000; La Porta et al., 2000; Al-Kawari, 2009;
Kouki & Guizani, 2009; Franklin & Muthusamy, 2010; Gill et al., 2010; Al-Shubiri, 2011; Kim et al., 2013;
Movalia & Vekariya, 2014; Baah et al., 2014). However, the strength and the direction of the relationship
between corporate growth and its dividend policy is not clear. It is, therefore, hypothesized that:
Hypothesis 3: Dividend payout is associated with corporate investment opportunities (growth).

Hasil (Bahasa Indonesia) 1:

2.3 Growth OpportunitiesDividend policy is also affected by corporate growth opportunities. Companies with the prospect of futuregrowth opportunities tend to retain significant part of their profit to use it as an internal source of financing theseopportunities. Companies choose to use retained profit rather than external sources of funding since it is easier toobtain, incur less cost and less risky. Relying on internal sources of funding will leave less profit to be distributedas dividends hence, reducing dividend payout. In return, companies experiencing slow growth and have fewinvestment opportunities may distribute a big proportion of their reported profit as dividends. On the other hand,companies with investment opportunities and operating in countries with low legal protection to shareholdersmay have high dividend payout. They tend to increase their dividend payout in order to develop or maintain theirreputation and assure shareholders. The relationship between dividend payout and corporate growth has beenexamined by several researchers (see for example: Rozeff, 1982; Myers & Majluf, 1984; Lloyd et al., 1985;Titman & Wessels, 1988; Lang & Litzinberger, 1989; Murrali & Welch, 1989; Jensen et al., 1992 ; Alli et al.,1993; Holder et al., 1998; D’Souza, 1999; Manos, 2002; Gadhoum, 2000; La Porta et al., 2000; Al-Kawari, 2009;Kouki & Guizani, 2009; Franklin & Muthusamy, 2010; Gill et al., 2010; Al-Shubiri, 2011; Kim et al., 2013;Movalia & Vekariya, 2014; Baah et al., 2014). Namun, kekuatan dan arah hubunganantara pertumbuhan perusahaan dan pembagian dividen kebijakan ini tidak jelas. Itu adalah, oleh karena itu, bahwa:Hipotesa 3: Pembayaran dividen ini dikaitkan dengan peluang investasi perusahaan (pertumbuhan).

Hasil (Bahasa Indonesia) 2:

2.3 Peluang Pertumbuhan
kebijakan dividen juga dipengaruhi oleh peluang pertumbuhan perusahaan. Perusahaan dengan prospek masa depan
peluang pertumbuhan cenderung mempertahankan bagian penting dari keuntungan mereka untuk menggunakannya sebagai sumber internal pembiayaan ini
kesempatan. Perusahaan memilih untuk menggunakan laba ditahan daripada sumber eksternal pendanaan karena lebih mudah untuk
mendapatkan, dikenakan biaya kurang dan kurang berisiko. Mengandalkan sumber internal pendanaan akan meninggalkan keuntungan kurang untuk didistribusikan
sebagai dividen karenanya, mengurangi pembayaran dividen. Sebagai imbalannya, perusahaan mengalami pertumbuhan yang lambat dan memiliki beberapa
peluang investasi dapat mendistribusikan sebagian besar keuntungan mereka dilaporkan sebagai dividen. Di sisi lain,
perusahaan dengan peluang investasi dan beroperasi di negara-negara dengan rendah perlindungan hukum kepada pemegang saham
mungkin memiliki pembayaran dividen yang tinggi. Mereka cenderung untuk meningkatkan pembayaran dividen mereka dalam rangka untuk mengembangkan atau mempertahankan mereka
reputasi dan meyakinkan pemegang saham. Hubungan antara pembayaran dividen dan pertumbuhan perusahaan telah
diperiksa oleh beberapa peneliti (lihat misalnya: Rozeff, 1982; Myers & Majluf, 1984; Lloyd et al, 1985;.
Titman & Wessels, 1988; Lang & Litzinberger, 1989; Murrali & Welch, 1989; Jensen et al, 1992;. Alli et al,.
1993; Holder et al, 1998;. D'Souza, 1999; Manos, 2002; Gadhoum, 2000; La Porta et al, 2000;. Al-Kawari 2009;
Kouki & Guizani, 2009; Franklin & Muthusamy, 2010;. Gill et al, 2010; Al-Shubiri, 2011;. Kim et al, 2013;
Movalia & vekariya, 2014;. Baah et al, 2014). Namun, kekuatan dan arah hubungan
antara pertumbuhan perusahaan dan kebijakan dividen tidak jelas. Oleh karena itu, hipotesis bahwa:
Hipotesis 3: Dividen payout dikaitkan dengan peluang investasi perusahaan (pertumbuhan).