HUBUNGAN KEBIJAKAN PEMBERIAN PENYERTAAN MODAL NEGARA (PMN) DAN KEBIJAKAN PEMBAGIAN DIVIDEN BADAN USAHA MILIK NEGARA DENGAN PENUGASAN SEBAGAI VARIABEL MODERASI

Abstract

This study examines the relationship between the State Capital Injection (PMN) policy and the dividend distribution policy of State-Owned Enterprises (SOEs), with government assignments acting as a moderating variable. The government deploys the policy of PMN as a principal instrument for the purpose of reinforcing the capital structure of State-Owned Enterprises (SOEs). Despite the intention of PMN to enhance the financial performance of SOEs, the impact on dividend distribution remains unclear, particularly in the context of government assignments. This research employs panel data from 55 companies, comprising state-owned enterprises (SOEs) and their subsidiaries, over the 2010–2022 period. The analysis is conducted using a quantitative method, employing panel data regression to assess the effect of PMN on dividends with government assignments as a moderating factor. The findings indicate that the impact of PMN on SOE dividend distribution varies depending on the time period under consideration. In the year of PMN issuance and the subsequent year, there is no discernible relationship between PMN and dividends. However, in the second year, there is a negative relationship between PMN and dividends, which shifts to a significantly positive relationship in the third year. The findings indicate that government assignments serve to reinforce the inverse relationship between PMN and dividends during the initial period. However, this moderating influence diminishes by the third year. These findings indicate that in the short term, PMN is employed for stabilization and investment purposes, whereas its positive impact on dividends becomes evident over the long term. Government assignments initially serve to enhance control over the utilization of PMN funds, but their contribution to dividend distribution diminishes over time. The policy implications of this study emphasize the necessity for long-term planning to optimize PMN utilization and for periodic evaluations of government assignments.