Dividend Paradox dalam Intellectual Capital: Scoping Review Dampak Ganda Dividen pada Nilai Perusahaan
DOI:
https://doi.org/10.38035/jafm.v6i5.2862Keywords:
Modal Intelektual, Kebijakan Dividen, Paradoks Dividen, Nilai Perusahaan, Tata Kelola Perusahaan, Scoping ReviewAbstract
Transformasi ekonomi berbasis pengetahuan menempatkan Intellectual Capital (IC) sebagai penggerak utama nilai perusahaan. Namun, tekanan pembayaran dividen yang stabil menciptakan dilema strategis, dikenal sebagai Paradoks Dividen, antara kebutuhan reinvestasi IC dan distribusi kas. Penelitian ini bertujuan melakukan Scoping Review terhadap 30 jurnal (2007-2025) untuk memetakan bukti empiris dan menganalisis dampak ganda kebijakan dividen terhadap nilai perusahaan. Hasil pemetaan mengidentifikasi tiga mekanisme transmisi utama : (1) Signal Credibility Effect, di mana dividen memvalidasi kinerja IC; (2) Agency Cost Reduction, di mana dividen berfungsi sebagai mekanisme tata kelola ; dan (3) Growth Opportunity Trade-Off, yang menggambarkan konflik distribusi kas versus reinvestasi IC. Temuan menegaskan Paradoks Dividen. Kebijakan dividen dapat berfungsi sebagai enhancing factor sekaligus diminishing factor. Kekuatan hubungan ini dimoderasi oleh Corporate Governance, Market Competition, Business Life Cycle, dan Institutional Ownership. Secara teoretis, kajian ini mengusulkan kerangka konseptual integratif.
References
Alathamneh, M., Obeidat, M. I., Almomani, M. A., Almomani, T. M., & Darkal, N. (2025). The Mediating Role of Profitability in the Impact Relationship of Assets Tangibility on Firm Market Value. Journal of Risk and Financial Management, 18(2). https://doi.org/10.3390/jrfm18020104
Astuti, T., & Ahmar, N. (2025). Effects of green intellectual capital, green accounting, and green innovation on firm value: The moderating role of return on assets. Environmental Economics, 16(1), 1–12. https://doi.org/10.21511/ee.16(1).2025.01
Baig, M. H., Xu, J., Shahzad, F., Rehman, I. U., & Ali, R. (2024). Exploring the impact of fintech innovation on dividend payout decisions: the roles of intellectual capital and board characteristics. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-05-2024-0780
Battisti, E., Nirino, N., Christofi, M., & Vrontis, D. (2022). Intellectual capital and dividend policy: the effect of CEO characteristics. Journal of Intellectual Capital, 23(1), 127–143. https://doi.org/10.1108/JIC-11-2020-0354
Boonchukham, P., Pholkaew, C., & Dampitakse, K. (2023). Investigation of intellectual capital and firm performance in Thailand: Mediating role of earnings quality. Asian Economic and Financial Review, 13(11), 830–850. https://doi.org/10.55493/5002.v13i11.4868
Chae, S.-J., & Moon, B. (2025). Value relevance of accounting information in the New Normal era: Effects of the COVID-19 pandemic. Investment Management and Financial Innovations, 22(3), 358–366. https://doi.org/10.21511/imfi.22(3).2025.27
Christofi, K., Chourides, P., & Papageorgiou, G. (2023). The role of knowledge assets and corporate social responsibility in creating firm value. Knowledge and Performance Management, 7(1), 163–173. https://doi.org/10.21511/kpm.07(1).2023.13
Devita, H., Setyadi, D., Paminto, A., Defung, F., & Adhimursandi, D. (2021). Antecedents of financial performance influence on intellectual capital and firm value. Universal Journal of Accounting and Finance, 9(6), 1394–1404. https://doi.org/10.13189/ujaf.2021.090618
Dong, F., & Doukas, J. (2025). The Role of Intangible Assets in Shaping Firm Value. European Financial Management, 31(4), 1325–1353. https://doi.org/10.1111/eufm.12547
Dumah, M., & Gaywala, D. S. (2025). Determinants Of Intellectual Capital On Bank Profitability. African Journal of Applied Research, 11(3), 180–197. https://doi.org/10.26437/ajar.v11i3.1164
Graham, J. R., Grennan, J., Harvey, C. R., & Rajgopal, S. (2022). Corporate culture: Evidence from the field. Journal of Financial Economics, 146(2), 552–593. https://doi.org/10.1016/j.jfineco.2022.07.008
Hatane, S. E., Nathania, F., Lamuel, J., & Darusman, F. (2021). Intellectual capital disclosures and corporate governance in gaining the firms’ non-discretionary profits and market value in asean-5. Organizations and Markets in Emerging Economies, 11(22), 276–304. https://doi.org/10.15388/OMEE.2020.11.34
Hermanto, Y. B., Lusy, L., & Widyastuti, M. (2021). How financial performance and state-owned enterprise (Soe) values are affected by good corporate governance and intellectual capital perspectives. Economies, 9(4). https://doi.org/10.3390/economies9040134
Hussain, S., Ali, R., Emam, W., Tashkandy, Y., Mishra, P., Fahlevi, M., & Matuka, A. (2023). Economic Policy Uncertainty and Firm Value: Impact of Investment Sentiments in Energy and Petroleum. Sustainability (Switzerland), 15(12). https://doi.org/10.3390/su15129656
Indriastuti, M., Chariri, A., & Fuad, F. (2023). Enhancing firm value: The role of enterprise risk management, intellectual capital, and corporate social responsibility. Contaduria y Administracion, 70(1), 184–210. https://doi.org/10.22201/fca.24488410e.2025.5185
Jell-Ojobor, M., & Raha, A. (2022). Being good at being good—The mediating role of an environmental management system in value-creating green supply chain management practices. Business Strategy and the Environment, 31(5), 1964–1984. https://doi.org/10.1002/bse.2993
Lopes, F. C., & Carvalho, L. (2021). Intangible assets and business performance in Latin America. RAUSP Management Journal, 56(4), 408–424.https://doi.org/10.1108/RAUSP-02-2020-0024
Mahardhika, B. W., Anshori, M., & Setiawan, R. (2024). Does intellectual capital have an impact on company risk and performance?: Effect of moderation political connection. Edelweiss Applied Science and Technology, 8(6), 2887–2904. https://doi.org/10.55214/25768484.v8i6.2579
Midiantari, P. N., & Agustia, D. (2020). Impact of intellectual capital on firm value through corporate reputation as a mediating variable. Journal of Security and Sustainability Issues, 9(4), 1203–1213. https://doi.org/10.9770/JSSI.2020.9.4(7)
Mustafa, D. I., Alzebdieh, R. M., Abdullatif, M., & Al Majali, S. A. (2024). Intellectual capital and firm performance of Jordanian financial institutions. Banks and Bank Systems, 19(3), 9–22. https://doi.org/10.21511/bbs.19(3).2024.02
Odat, M., & Bsoul, R. (2024). The Relationship Between Intellectual Capital Efficiency And Firms’ Dividend Policy: Do Ceo Characteristics Matter? Investment Management and Financial Innovations, 21(3), 84–95. https://doi.org/10.21511/imfi.21(3).2024.08
Ousama, A. A., Al-Mutairi, M. T., & Fatima, A. H. (2020). The relationship between intellectual capital information and firms’ market value: a study from an emerging economy. Measuring Business Excellence, 24(1), 39–51. https://doi.org/10.1108/MBE-01-2019-0002
Pangestuti, D. C., Muktiyanto, A., Geraldina, I., & Darmawan, D. (2022). Role Of Profitability, Business Risk, And Intellectual Capital In Increasing Firm Value. Journal of Indonesian Economy and Business, 37(3), 311–338. https://doi.org/10.22146/jieb.v37i3.3564
Quddus, A., Pavelková, D., Hussain, S., & Pham, T. P. (2022). The Impact Of Investment Decisions On Firm Financial Performance Moderated By Economic Policy Uncertainty: Evidence From The Manufacturing Sector Of Pakistan. Asian Economic and Financial Review, 12(11), 969–981. https://doi.org/10.55493/5002.v12i11.4660
Qureshi, M. (2007). System dynamics modelling of firm value. Journal of Modelling in Management, 2(1), 24–39. https://doi.org/10.1108/17465660710733031
Robiyanto, R., Putra, A. R., & Lako, A. (2021). The effect of corporate governance and intellectual capital toward financial performance and firm value of socially responsible firms. Contaduria y Administracion, 66(1).
https://doi.org/10.22201/fca.24488410e.2021.2489
Savitri, E., Gumanti, T. A., & Yulinda, N. (2020). “Enterprise risk-based management disclosures and firm value of Indonesian finance companies.” Problems and Perspectives in Management, 18(4), 414–422. https://doi.org/10.21511/ppm.18(4).2020.33
Suksarmrong, S., Dampitakse, K., & Ngudgratoke, S. (2023). The Moderating Role of Sustainability Disclosure on the Relationship between Intellectual Capital and Firm Performance. WSEAS Transactions on Environment and Development, 19, 272–289. https://doi.org/10.37394/232015.2023.19.24
Wijaya, A., Setyadi, D., & Yudaruddin, R. (2025). The Effects Of Capital Structure, Corporate Governance, And Intangible Assets On The Performance Of Selected Indonesian Chemical Companies: The Role Of Firm Size. Investment Management and Financial Innovations, 22(3), 163–174. https://doi.org/10.21511/imfi.22(3).2025.13
Zaytsev, A., Rodionov, D., Dmitriev, N., & Ilchenko, S. (2020). Assessing Intellectual Capital from the Perspective of its Rental Income Performance. International Journal of Technology, 11(8), 1489–1498. https://doi.org/10.14716/ijtech.v11i8.4545
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Achamd Humam, Shanti Pramelia
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish their manuscripts in this journal agree to the following conditions:
- The copyright on each article belongs to the author(s).
- The author acknowledges that the Journal of Accounting and Finance Management (JAFM) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
- Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Journal of Accounting and Finance Management (JAFM).
