The Effect of COVID-19 Pandemic on Corporate Dividend Policy in Indonesia: The Static and Dynamic Panel Data Approaches
Round 1
Reviewer 1 Report
This study examines the effect of the covid-19 pandemic on dividend policy in Indonesia. The abstract and introduction of the paper are very hard to read. Some sentences are poorly written and many of them do not make sense. For example, "Data were collected from corporates dividends listed on the IDX from 2014 to 2020 using static and dynamic approaches (Line 11)?". What are static and dynamic data collection approaches? "While age is affected by FD-GMM (Line 15)". How can age be affected by a method used? "Statistically, the omitted variable bias occurs as evidenced in the robust test with static and dynamic analysis is not proven (Line 17)". I am not sure what that sentence means. The abstract is not self-contained. There are several acronyms in the abstract that are not introduced and therefore, the reader does not know what they are (FEM, SYS-GYMM, FD-GMM), The reader has to jump to the methodology section to find out what they stand for. In any case, the details about the methods used, are not necessary in the abstract.
Most importantly, there is no clear research question in the abstract or the introduction. What is the research question? Why is it important? How does it contribute to the literature? Do the results support the null hypothesis? What are the conclusions from the results? What is peculiar about Indonesia? Do you expect the results to be different in Indonesia compared to those in previous literature?
Line 18 says” This research also can be used as a reference for consideration of investors’ investments decisions and the formulation of dividend policy”. What else can be used for?
Other issues:
- The tables are not self-contained.
- The literature review is only two short paragraphs long. There are several papers that have studied the effect of a financial crisis on dividend policy.
- Line 77: “Hauser (2013 further reported that it tends to suppress dividend rates during the 2008 and 2009 crises” What is it?
- Line 82: “Reddemann et al. (2010) stated that this event had an insignificant and negative effect on dividends, which signals investors” What does it signal?
Author Response
Dear,
the Reviewer 1
I have attached the Response to Reviewer 1 by the following attachment. Please see the attachment to see the Response. We hope the Response of the review is eligible.
Our best regards,
On behalf of the authors,
Corresponding Author
Author Response File: 
Author Response.pdf
Reviewer 2 Report
attached
Comments for author File: Comments.pdf
Author Response
Dear,
the Reviewer 2
I have attached the Response to Reviewer 2 by the following attachment. Please see the attachment to see the Response. We hope the Response of the review is eligible.
Our best regards,
On behalf of the authors,
Corresponding Author
Author Response File: Author Response.pdf
Round 2
Reviewer 1 Report
My comments are in the attached file.
Comments for author File: Comments.pdf
Author Response
Dear Reviewers 1
We attach a response to the review from reviewer 1 and the revised manuscript as the review we received. We hope that the results of the revised manuscript are as expected so that this article can contribute significantly.
Best regards,
Authors
Author Response File: Author Response.pdf
Reviewer 2 Report
Well improved.
Author Response
Dear Reviewers 2
We attach the results of the revision of the review by reviewer 1. We hope that the results of the revised manuscript are as expected so that this article can contribute significantly.
Best regards,
Authors
Round 3
Reviewer 1 Report
Please see attached
Comments for author File: Comments.pdf
Author Response
Dear Reviewers 1
Here we attach the response to reviewer 1 in the third review as a minor revision. Hopefully, the revised manuscript is pleasing.
Our best regards,
Authors
Author Response File: Author Response.pdf
