Journal of Contemporary Issues in Business and Government

Abstract

Dividend policy of a company is an important information for shareholders and prospective
shareholders. Dividends distributed by the company is a positive signal, because the company is considered
profitable in its business. Dividend policy taken is influenced by CSR. CSR programs have a positive
influence on the company but these activities can cause agency problems between company managers and
shareholders. With the emergence of agency problems, companies must look for outsiders to help reduce
agency problems, namely the emergence of independent commissioners in the organizational structure. The
independent commissioner functions to provide advice and control the activities of the company manager.
This study aims to examine and analyze the relationship between corporate CSR with dividend policy taken
by the company, later the relationship of CSR with dividend policy is moderated by the percentage of the
number of independent commissioners. The sample used is non-financial companies listed on the Stock
Exchange in the 2015-2019 period. The method used was purposive sampling involving 235 observations.
Research analysis techniques are multiple linear regression analysis and multiple linear regression analysis
with moderation. The results of this study are that there is no significant relationship between corporate CSR
with dividend policy, then the percentage of the number of independent commissioners cannot strengthen the
relationship between CSR and dividend policy, but the percentage of the number of independent
commissioners has a significant negative effect on dividend policy. In this study also found that the size and
growth of the company does not affect dividend policy. Then for leverage and profitability the company has a
significant positive relationship to the company's dividend policy.