Pengaruh Profitabilitas, Leverage dan Ukuran Perusahaan terhadap Kebijakan Dividen

https://doi.org/10.35912/jakman.v3i3.797
Published: Jun 15, 2022

Abstract:

Purpose: This study examines the factors that can affect dividend policy. The factors discussed are profitability, leverage and company size. Therefore, the purpose was to determine whether profitability, leverage and firm size can have an influence on the occurrence of dividend policy.

Research Methodology: This research was conducted quantitatively. The population used is the companies engaged in manufacturing and also listed on the Indonesia Stock Exchange for 2016-2018 period. Purposive sampling method was used for determining a sample data. The total data is 149 data. The data testing method uses multiple regression analysis.

Results: This research have a result that conclude that profitability have an effect toward dividend policy but leverage and firm size cannot affect dividend policy.

Limitations: Generalization of result cannot be used for this research other than manufacturing companies and there are 91% other factors that can affect dividend policy.

Contribution: This research contributes in terms of empirical evidence that can be used by investors and/or potential investors to learn about factors that can affect company policy regarding dividens.

Keywords:
1. Dividend Policy
2. Profitability
3. Leverage
4. Firm Size
Authors:
1 . Achmad Ridhwan
2 . Agustina Ratna Dwiati
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How to Cite
Ridhwan, A., & Dwiati, A. R. . (2022). Pengaruh Profitabilitas, Leverage dan Ukuran Perusahaan terhadap Kebijakan Dividen . Jurnal Akuntansi, Keuangan, Dan Manajemen, 3(3), 195–206. https://doi.org/10.35912/jakman.v3i3.797
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Issue & Section
Vol. 3 No. 3 (2022): Juni
Articles
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References

    Abrar, B., Ghazyla, R., & Arisandi, D. (2017). Analysis the Impact of Profitability, Liquidity, Leverage and Company Size on Dividend Policy. Indonesian Management and Accounting Research, 16(2), 1–16. https://doi.org/10.25105/imar.v16i2.4676

    Akhmadi, A., Nurohman, N., & Robiyanto, R. (2020). The Mediating Role of Debt and Dividend Policy on the Effect Profitability Toward Stock Price. Jurnal Manajemen dan Kewirausahaan, 22(1), 1–10. https://doi.org/10.9744/jmk.22.1.1-10

    Angelia, N., & Toni, N. (2020). The Analysis of Factors Affecting Dividend Policy in Food and Beverage Sector Manufacturing Companies Listed in Indonesia Stock Exchange in 2015-2017. Budapest International Research and Critics Institute (BIRCI-Journal), 3(2), 902–910. https://doi.org/10.33258/birci.v3i2.918

    Asif, A., Rasool, W., & Kamal, Y. (2011). Impact of Financial Leverage on Dividend Policy: Empirical Evidence from Karachi Stock Exchange-listed Companies. African Journal of Business Management, 5(4), 1312–1324. https://doi.org/10.5897/AJBM10.838

    Banani, A., Apriyanti, E., & Sulistyandari. (2019). Analisis Pengaruh Likuiditas Profitabilitas Leverage Ukuran Perusahaan dan Pertumbuhan Perushaan terhadap Kebijakan Dividen (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2013 - 2017). Journal And Proceeding FEB UNSOED, 9(1), 205–214.

    Benyadi, F. C., & Andrianantenaina, H. (2020). Profitability, Liquidity, Leverage and Firm Size on Dividend Payment. Perspektif Akuntansi, 3(2), 155–166. https://doi.org/10.13106/jafeb.2020.vol7.no10.035

    Budiarso, N. S. (2017). Profitability of Dividend Payers. Accountability, 6(2), 26–29. https://doi.org/10.32400/ja.24808.6.2.2017.26-29

    Chandra, A., Wijaya, F., Angelia, & Hayati, K. (2021). Pengaruh Debt to Equity Ratio, Total Assets Turnover, Firm Size, dan Current Ratio terhadap Return on Assets. Jurnal Akuntansi, Keuangan, Dan Manajemen, 2(1), 57–69. https://doi.org/10.35912/jakman.v2i1.135

    Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling Theory: A Review and Assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419

    Dewi, D. M. (2016). Pengaruh Likuiditas, Leverage, Ukuran Perusahaan terhadap Kebijakan Dividen Tunai dengan Profitabilitas sebagai Variabel Intervening. Jurnal Bisnis dan Ekonomi, 23(1), 12–19.

    Fauzi, I. Della, & Rukmini, R. (2018). The Effect of Financial Performance Measured with Rentability Ratio Against Dividend Payout Ratio (Empirical Study on Manufacturing Companies Group Listed on BEI). International Journal of Economics, Business and Accounting Research (IJEBAR), 2(01), 19–33. https://doi.org/10.29040/ijebar.v2i01.228

    Ghozali, I. (2016). Aplikasi Analisis Multivariete. Semarang: Badan Penerbit Universitas Diponegoro.

    Jackson, W., & Laksmiwati, M. (2021). Pengaruh Total Asset Turnover, Debt to Equity Ratio, Return on Asset, Firm Size dan Cash Ratio terhadap Dividend Payout Ratio pada Perusahaan yang Tergabung dalam Indeks Kompas-100 di Bursa Efek Indonesia Periode 2013-2018. Studi Akuntansi, Keuangan, dan Manajemen, 1(1), 25–32. https://doi.org/10.35912/sakman.v1i1.398

    Liviani, R., & Rachman, Y. T. (2021). The Influence of Leverage, Sales Growth, and Dividend Policy on Company Value. International Journal of Financial, Accounting, and Management, 3(2), 165–178. https://doi.org/10.35912/ijfam.v3i2.189

    Novita, E., Rahardjo, K., & Suyadi, I. (2019). The Influence of Firm Financial Performance on Dividend Policy And Its Effect to the Firm Value (Study at Manufacturer Companies Listed in Indonesia Stock Exchange for the Period of 2010-2012). Profit, 10(02), 21–32. https://doi.org/10.21776/ub.profit.2016.010.02.3

    Odum, A. N., & Odum, C. G. (2017). Impact Of Financial Leverage On Dividend Policy Of Selected Manufacturing Firms In Nigeria. IDOSR Journal of Science and Technology, 2(1), 57–67.

    Pattiruhu, J. R., & Paais, M. (2020). Effect of Liquidity, Profitability, Leverage, and Firm Size on Dividend Policy. Journal of Asian Finance, Economics and Business, 7(10), 35–42. https://doi.org/10.13106/jafeb.2020.vol7.no10.035

    Sari, W. R. (2017). Dividend Policy of Indonesian State-Owned Enterprises. Telaah Bisnis, 18(1), 33–44. https://doi.org/10.35917/tb.v18i1.92

    Shabrina, W., & Hadia, N. (2021). The Effect of Current Ratio, Debt to Equity Ratio And Return on Assets on Company Value. International Journal of Financial, Accounting, and Management, 3(3), 193–204.

    Winata, S., & Rasyid, R. (2019). Pengaruh Profitability, Liquidity, Leverage, Growth, Dan Stock Price Terhadap Dividend Policy. Jurnal Paradigma Akuntansi, I(4), 1142–1151. http://journal.untar.ac.id/index.php/jpa/article/view/5692

    Yanti. (2014). Analisis Faktor yang Berpengaruh terhadap Kebijakan Dividen Payout Ratio pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. TEKUN: Jurnal Telaah Akuntansi dan Bisnis, 5(2), 306–320. https://doi.org/10.22441/tekun.v8i2.5532

    Zulkifli, Z., Endri, E., & Kurniasih, A. (2017). Determinan Internal Dividend Payout Ratio Perusahaan Farmasi Terdaftar Di Bursa Efek Indonesia. Jurnal Keuangan dan Perbankan, 21(2), 238–252. https://doi.org/10.26905/jkdp.v21i2.311

  1. Abrar, B., Ghazyla, R., & Arisandi, D. (2017). Analysis the Impact of Profitability, Liquidity, Leverage and Company Size on Dividend Policy. Indonesian Management and Accounting Research, 16(2), 1–16. https://doi.org/10.25105/imar.v16i2.4676
  2. Akhmadi, A., Nurohman, N., & Robiyanto, R. (2020). The Mediating Role of Debt and Dividend Policy on the Effect Profitability Toward Stock Price. Jurnal Manajemen dan Kewirausahaan, 22(1), 1–10. https://doi.org/10.9744/jmk.22.1.1-10
  3. Angelia, N., & Toni, N. (2020). The Analysis of Factors Affecting Dividend Policy in Food and Beverage Sector Manufacturing Companies Listed in Indonesia Stock Exchange in 2015-2017. Budapest International Research and Critics Institute (BIRCI-Journal), 3(2), 902–910. https://doi.org/10.33258/birci.v3i2.918
  4. Asif, A., Rasool, W., & Kamal, Y. (2011). Impact of Financial Leverage on Dividend Policy: Empirical Evidence from Karachi Stock Exchange-listed Companies. African Journal of Business Management, 5(4), 1312–1324. https://doi.org/10.5897/AJBM10.838
  5. Banani, A., Apriyanti, E., & Sulistyandari. (2019). Analisis Pengaruh Likuiditas Profitabilitas Leverage Ukuran Perusahaan dan Pertumbuhan Perushaan terhadap Kebijakan Dividen (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2013 - 2017). Journal And Proceeding FEB UNSOED, 9(1), 205–214.
  6. Benyadi, F. C., & Andrianantenaina, H. (2020). Profitability, Liquidity, Leverage and Firm Size on Dividend Payment. Perspektif Akuntansi, 3(2), 155–166. https://doi.org/10.13106/jafeb.2020.vol7.no10.035
  7. Budiarso, N. S. (2017). Profitability of Dividend Payers. Accountability, 6(2), 26–29. https://doi.org/10.32400/ja.24808.6.2.2017.26-29
  8. Chandra, A., Wijaya, F., Angelia, & Hayati, K. (2021). Pengaruh Debt to Equity Ratio, Total Assets Turnover, Firm Size, dan Current Ratio terhadap Return on Assets. Jurnal Akuntansi, Keuangan, Dan Manajemen, 2(1), 57–69. https://doi.org/10.35912/jakman.v2i1.135
  9. Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling Theory: A Review and Assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
  10. Dewi, D. M. (2016). Pengaruh Likuiditas, Leverage, Ukuran Perusahaan terhadap Kebijakan Dividen Tunai dengan Profitabilitas sebagai Variabel Intervening. Jurnal Bisnis dan Ekonomi, 23(1), 12–19.
  11. Fauzi, I. Della, & Rukmini, R. (2018). The Effect of Financial Performance Measured with Rentability Ratio Against Dividend Payout Ratio (Empirical Study on Manufacturing Companies Group Listed on BEI). International Journal of Economics, Business and Accounting Research (IJEBAR), 2(01), 19–33. https://doi.org/10.29040/ijebar.v2i01.228
  12. Ghozali, I. (2016). Aplikasi Analisis Multivariete. Semarang: Badan Penerbit Universitas Diponegoro.
  13. Jackson, W., & Laksmiwati, M. (2021). Pengaruh Total Asset Turnover, Debt to Equity Ratio, Return on Asset, Firm Size dan Cash Ratio terhadap Dividend Payout Ratio pada Perusahaan yang Tergabung dalam Indeks Kompas-100 di Bursa Efek Indonesia Periode 2013-2018. Studi Akuntansi, Keuangan, dan Manajemen, 1(1), 25–32. https://doi.org/10.35912/sakman.v1i1.398
  14. Liviani, R., & Rachman, Y. T. (2021). The Influence of Leverage, Sales Growth, and Dividend Policy on Company Value. International Journal of Financial, Accounting, and Management, 3(2), 165–178. https://doi.org/10.35912/ijfam.v3i2.189
  15. Novita, E., Rahardjo, K., & Suyadi, I. (2019). The Influence of Firm Financial Performance on Dividend Policy And Its Effect to the Firm Value (Study at Manufacturer Companies Listed in Indonesia Stock Exchange for the Period of 2010-2012). Profit, 10(02), 21–32. https://doi.org/10.21776/ub.profit.2016.010.02.3
  16. Odum, A. N., & Odum, C. G. (2017). Impact Of Financial Leverage On Dividend Policy Of Selected Manufacturing Firms In Nigeria. IDOSR Journal of Science and Technology, 2(1), 57–67.
  17. Pattiruhu, J. R., & Paais, M. (2020). Effect of Liquidity, Profitability, Leverage, and Firm Size on Dividend Policy. Journal of Asian Finance, Economics and Business, 7(10), 35–42. https://doi.org/10.13106/jafeb.2020.vol7.no10.035
  18. Sari, W. R. (2017). Dividend Policy of Indonesian State-Owned Enterprises. Telaah Bisnis, 18(1), 33–44. https://doi.org/10.35917/tb.v18i1.92
  19. Shabrina, W., & Hadia, N. (2021). The Effect of Current Ratio, Debt to Equity Ratio And Return on Assets on Company Value. International Journal of Financial, Accounting, and Management, 3(3), 193–204.
  20. Winata, S., & Rasyid, R. (2019). Pengaruh Profitability, Liquidity, Leverage, Growth, Dan Stock Price Terhadap Dividend Policy. Jurnal Paradigma Akuntansi, I(4), 1142–1151. http://journal.untar.ac.id/index.php/jpa/article/view/5692
  21. Yanti. (2014). Analisis Faktor yang Berpengaruh terhadap Kebijakan Dividen Payout Ratio pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. TEKUN: Jurnal Telaah Akuntansi dan Bisnis, 5(2), 306–320. https://doi.org/10.22441/tekun.v8i2.5532
  22. Zulkifli, Z., Endri, E., & Kurniasih, A. (2017). Determinan Internal Dividend Payout Ratio Perusahaan Farmasi Terdaftar Di Bursa Efek Indonesia. Jurnal Keuangan dan Perbankan, 21(2), 238–252. https://doi.org/10.26905/jkdp.v21i2.311