Pengaruh Pertumbuhan Laba, Leverage, Profitabiilitas, Likuiditas Terhadap Kebijakan Dividen
Abstract
Dividend policy is a measure of the stability of a company's stock management by determining the proportion of dividends that balances the growth of the company and the welfare of investors. The purpose of this study is to determine the impact of earnings growth, leverage,profitability,liquidity on dividend policy. This study uses data on the financial reports of manufacturing.companies in the food and beverage subsector from 2019-2022. In this study, the sample was selected using purposive sampling techniques and criteria to obtain 48 data from 14 companies. The.method used in this study consists of several linear regression techniques to analyze the relationship between independent and dependent variables. The results of this study show that the variable earnings growth has a significant negative impact on the dividend policy, the variable leverage (DER) has no effect on the dividend policy, and the variable profitability (NPM) has a significant negative impact on the dividend policy has been shown to have a significant positive impact on Impact on dividend policy and liquidity variable (CR) has no effect on dividend.policy The level of a company's ability to pay dividends is an investment signal for investors. Therefore, companies need to maintain their ability to generate profits and manage leverage. Failure to manage this will have a negative impact on the company itself, reducing its ability to pay dividends. Investors also need to be more careful, such as observing company signals, before investing in a company.
References
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Puspitaningtyas, Z. (2019). Assessment of financial performance and the effect on dividend policy of the banking companies listed on the Indonesia Stock Exchange. Banks and Bank Systems, 14(2), 24–39. https://doi.org/10.21511/bbs.14(2).2019.03
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Rahmawati, D., & Nani, D. A. (2021). Effect of Profitability, Company Size, and Debt Level on Tax Avoidance. Journal of Accounting and Finance, 26(1), 1–11. https://doi.org/10.23960/jak.v26i1.246
Raja, Y., Damanik, D. H., Toni, N., Romi, E., & Purba, K. (2022). Analysis Of Debt To Total Asset, Return On Asset, Cash Ratio And Their Impact On Dividend Payout Ratio With Firm Size As Intervening Variable In Go Public Companies In The Primary Consumer Goods Sector That Recorded In Idx Period 2017-2019. International Journal of Science, 3(6), 1–17. http://ijstm.inarah.co.id
Saputri, E., & Febyansyah, A. (2023). Pengaruh Ukuran Perusahaan, Profitabilitas, Leverage Dan Komite Audit Terhadap Income Smoothing. Jurnal Ilmiah Global Education, 4(4), 2748–2761. ejournal.nusantaraglobal.ac.id/index.php/jige
Sarpingah, S. (2023). The Effect Of Leverage And Dividend Policy On Stock Price Moderated By Company Size. EPRA International Journal of Economics, Business and Management Studies (EBMS), 10(7), 1–7. https://doi.org/10.36713/epra1013|SJIF
Shabrina, W., & Hadian, N. (2021). The Influence Of Current Ratio, Debt To Equity Ratio, And Return On Assets On Dividend Payout Ratio. International Journal of Financial, Accounting, and Management, 3(3), 193–204. https://doi.org/10.35912/ijfam.v3i3.221
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.1055/s-2004-820924
Sunaryo, D., & Lestari, E. P. (2022). The Effect of Current Ratio, Total Assets Turn Over, Firm Size on Debt Payout Ratio with Return on Investment as Intervening Variables. Business and Social Science (IJEMBIS) Peer Reviewed-International Journal, 2(1), 46.
Susellawati, Permata Sari, D., Diana Nabella, S., & Hidayatul Fadlilah, A. (2022). The Effect of Profitability, Liquidity, Leverage, and Activity Ratios on Dividend Policy in Manufacturing Companies in the Food and Beverage Industry Sector Listed on the Indonesia Stock Exchange in the 2016-2020 Period. Jurnal Mantik, 6(2).
Utami, E. S., & Gumanti, T. A. (2019). Analysis of cash dividend policy in Indonesia stock exchange. Investment Management and Financial Innovations, 16(3), 97–105. https://doi.org/10.21511/imfi.16(3).2019.10
Widodo, F. P. T., Praptapa, A., Suparlinah, I., & Setyorini, C. T. (2021). The Effect Of Company Size, Institutional Ownership, Profitability And Leverage On Dividends Payout Ratio. Journal of Contemporary Accounting, 3(2), 77–87. https://doi.org/10.20885/jca.vol3.iss2.art3
Yani, H. E., & Kristianti Maharani, N. (2022). Pengaruh Profitabilitas, Lagged Dividend, Dan Investment Opportunity Set Terhadap Kebijakan Dividen. AKSELERASI: Jurnal Ilmiah Nasional, 4(2).
Yara, D. (2023). Effect Of Total Asset Turnover, Current Ratio And Debt To Equity Ratio On Dividend Payout Ratio In Company Sector Consumption Goods Industry Sector Companies Listed On The Indonesia Stock Exchange Period 2015-2017. Enrichment: Journal of Management, 12(6). www.enrichment.iocspublisher.org
Zainuddin, Z., Andaresta Mananohas, O., & Akindutire, O. R. (2020). The Effect of Debt Policies, Profitability, Managerial Ownership Structure, and Liquidity on Dividend Policy. The Indonesian Journal of Accounting Research, 23(03), 411–428. https://doi.org/10.33312/ijar.483
Ghozali, I. (2018). Multivariate Analysis Application with IBM SPSS Program 25 (I. Ghozali, Ed.; IBM SPSS Program 25, Vol. 9). Diponegoro University.
Hermanto, & Tjahjadi, E. (2021). Analisis Rasio Profitabilitas, Solvabilitas Terhadap Stock Price Perusahaan Perbankan. Jurnal Ilmiah Manajamen Ekonomi Dan Akuntansi, 5(1), 2021.
Imelda Hutabarat, M., Silalahi, H., Elisa Sutejo Samosir, H., Raja Siregar, M., Meilani Damanik, H., & Imelda Hutabarat Accounting, M. (2023). Analysis Current Ratio Return On Asset And Debt To Equity Ratio On Dividend Payout Ratio. Enrichment: Journal of Management, 13(2).
Indrati, M., & Amelia, K. (2022). The Effect of Profitability, Liquidity, Leverage and Company Size on the Company’s Dividend Policy. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 5(3), 21787–21799. https://doi.org/10.33258/birci.v5i3.6191%0Awww.bircu-journal.com/index.php/birci
Irsutami, I., & Fortuna, D. (2023). The Effect of Institutional Ownership, Free Cash Flow (FCF), and Profitability on Dividend Policy on Registered Basic and Chemical Manufacturing Companies on the Indonesia Stock Exchange. 1–16. https://doi.org/10.4108/eai.5-10-2022.2325890
Marcelin, V. F., & Gantino, R. (2022). Pengaruh Profitabilitas, Leverage dan Likuiditas Terhadap Kebijakan Dividen. Economics, Finance, Investment and Sharia (EQUITY), 4(1), 297–306. https://doi.org/10.47065/ekuitas.v4i1.2065
Markonah, Salim, A., & Franciska, J. (2020). Effect Of Profitability, Leverage, And Liquidity To The Firm Value. Dinasti International Journal of Economics, Finance & AccountingBrigham, E. F., & Ehrhardt, M. C. (2014). Financial Management Theory and Practice. 13th Edition. South Western International Student Edition: Ohio. Fahmi, (13th Ed.)., 1(1), 1–7. https://doi.org/10.31933/DIJEFA
Mayliza, R., & Suryadi, N. (2023). Lagged Dividend, Profit Growth, And Company Growth On Dividend Policy With Capital Structure As The Moderation Variable. International Journal of Economics Development Research, 4(1), 1–14. https://doi.org/https://doi.org/10.37385/ijedr.v4i2.2138
Millert, M. H., & Modiglinit, F. (1961). The Journal Of Business Dividend Policy, Growth, And The Valuation Of Shares. https://www.jstor.org/stable/2351143
Nainggolan, T., & Wahyudi, I. (2023). Pengaruh Profitabilitas, Likuiditas, Leverage, Dan Ukuran Perusahaan Terhadap Kebijakan Dividen (Studi pada Perusahaan Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia tahun 2017-2020). Jurnal Publikasi Ilmu Ekonomi Dan Akuntansi, 3(1), 1–15. https://scholar.google.com/citations?view_op=view_citation&hl=en&user=w4fMsqcAAAAJ&cstart=20&pagesize=80&citation_for_view=w4fMsqcAAAAJ:QIV2ME_5wuYC
Nariswari, T. N., & Nugraha, N. M. (2020). Profit Growth : Impact of Net Profit Margin, Gross Profit Margin and Total Assests Turnover. International Journal of Finance & Banking Studies (2147-4486), 9(4), 87–96. https://doi.org/10.20525/ijfbs.v9i4.937
Nugraheni, N. P., & Mertha, M. (2019). The Effect of Liquidity and Institutional Ownership on Manufacturing Company Dividend Policy. E-Journal of Accounting, 26, 736. https://doi.org/10.24843/eja.2019.v26.i01.p27
Purwaningsih, E. (2019). Struktur Kepemilikan Memoderasi Pengaruh Profitabilitas Terhadap Kebijakan Dividen. Journal of Economics at Esa Unggul University, 10, 111–120. https://ejurnal.esaunggul.ac.id/index.php/Eko/article/view/2805
Puspitaningtyas, Z. (2019). Assessment of financial performance and the effect on dividend policy of the banking companies listed on the Indonesia Stock Exchange. Banks and Bank Systems, 14(2), 24–39. https://doi.org/10.21511/bbs.14(2).2019.03
Putranto, P., Maulidhika, I., & Scorita, K. B. (2022). Impact of Good Corporate Governance and Profitability on Company Value. Accountant Online Insan Journal, 7(1), 61. https://doi.org/10.51211/joia.v7i1.1734
Qurochman, A. N. (2022). The Influence of Profit Growth, Leverage, and Profitability on Dividend Policy in State-Owned Enterprises Listed on the Indonesia Stock Exchange. Enrichment: Journal of Management, 12(2), 1280–1286. https://doi.org/10.35335/enrichment.v12i2.394
Rahmawati, D., & Nani, D. A. (2021). Effect of Profitability, Company Size, and Debt Level on Tax Avoidance. Journal of Accounting and Finance, 26(1), 1–11. https://doi.org/10.23960/jak.v26i1.246
Raja, Y., Damanik, D. H., Toni, N., Romi, E., & Purba, K. (2022). Analysis Of Debt To Total Asset, Return On Asset, Cash Ratio And Their Impact On Dividend Payout Ratio With Firm Size As Intervening Variable In Go Public Companies In The Primary Consumer Goods Sector That Recorded In Idx Period 2017-2019. International Journal of Science, 3(6), 1–17. http://ijstm.inarah.co.id
Saputri, E., & Febyansyah, A. (2023). Pengaruh Ukuran Perusahaan, Profitabilitas, Leverage Dan Komite Audit Terhadap Income Smoothing. Jurnal Ilmiah Global Education, 4(4), 2748–2761. ejournal.nusantaraglobal.ac.id/index.php/jige
Sarpingah, S. (2023). The Effect Of Leverage And Dividend Policy On Stock Price Moderated By Company Size. EPRA International Journal of Economics, Business and Management Studies (EBMS), 10(7), 1–7. https://doi.org/10.36713/epra1013|SJIF
Shabrina, W., & Hadian, N. (2021). The Influence Of Current Ratio, Debt To Equity Ratio, And Return On Assets On Dividend Payout Ratio. International Journal of Financial, Accounting, and Management, 3(3), 193–204. https://doi.org/10.35912/ijfam.v3i3.221
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.1055/s-2004-820924
Sunaryo, D., & Lestari, E. P. (2022). The Effect of Current Ratio, Total Assets Turn Over, Firm Size on Debt Payout Ratio with Return on Investment as Intervening Variables. Business and Social Science (IJEMBIS) Peer Reviewed-International Journal, 2(1), 46.
Susellawati, Permata Sari, D., Diana Nabella, S., & Hidayatul Fadlilah, A. (2022). The Effect of Profitability, Liquidity, Leverage, and Activity Ratios on Dividend Policy in Manufacturing Companies in the Food and Beverage Industry Sector Listed on the Indonesia Stock Exchange in the 2016-2020 Period. Jurnal Mantik, 6(2).
Utami, E. S., & Gumanti, T. A. (2019). Analysis of cash dividend policy in Indonesia stock exchange. Investment Management and Financial Innovations, 16(3), 97–105. https://doi.org/10.21511/imfi.16(3).2019.10
Widodo, F. P. T., Praptapa, A., Suparlinah, I., & Setyorini, C. T. (2021). The Effect Of Company Size, Institutional Ownership, Profitability And Leverage On Dividends Payout Ratio. Journal of Contemporary Accounting, 3(2), 77–87. https://doi.org/10.20885/jca.vol3.iss2.art3
Yani, H. E., & Kristianti Maharani, N. (2022). Pengaruh Profitabilitas, Lagged Dividend, Dan Investment Opportunity Set Terhadap Kebijakan Dividen. AKSELERASI: Jurnal Ilmiah Nasional, 4(2).
Yara, D. (2023). Effect Of Total Asset Turnover, Current Ratio And Debt To Equity Ratio On Dividend Payout Ratio In Company Sector Consumption Goods Industry Sector Companies Listed On The Indonesia Stock Exchange Period 2015-2017. Enrichment: Journal of Management, 12(6). www.enrichment.iocspublisher.org
Zainuddin, Z., Andaresta Mananohas, O., & Akindutire, O. R. (2020). The Effect of Debt Policies, Profitability, Managerial Ownership Structure, and Liquidity on Dividend Policy. The Indonesian Journal of Accounting Research, 23(03), 411–428. https://doi.org/10.33312/ijar.483
Published
2024-01-29
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