Analisis Peran Profitabilitas dalam Hubungan Determinan Kebijakan Dividen

https://doi.org/10.35912/sakman.v4i2.3866
Published: Jan 10, 2025

Abstract:

Purpose: This study analyzes the effect of firm size and liquidity on dividend policy, with profitability as a mediating variable.

Methodology: This study used a quantitative approach with secondary data. The population in this study consists of 710 non-financial companies listed on the Indonesia Stock Exchange from 2020 to 2022. The sample was selected using purposive sampling, which resulted in 576 observations.

Results: The results indicate that firm size and liquidity have a significant effect on dividend policy. Furthermore, the study also shows that firm size and liquidity can indirectly affect dividend policy decisions through firms’ profitability.

Limitations: This study has limitations regarding the observation period, which only covers data up to 2022, and thus does not reflect the current conditions of the industry. Additionally, the low coefficient of determination (1.2% for profitability and 11.7% for dividend policy) indicates that other factors influencing dividend policy and profitability were not explored in this study.

Contribution: This research provides empirical evidence that can be valuable for investors, corporate managers, and researchers to understand how company size and liquidity influence profitability, which in turn affects dividend policy. The findings can help investors make more informed decisions about companies’ dividend strategies while also offering insights for managers on how financial health and company size may shape their approach to dividend distribution.

Keywords:
1. Dividend Policy
2. Profitability
3. Firm Size
4. Liquidity
Authors:
1 . Syafira Ulya Firza
2 . Agustina Agustina
View PDF
How to Cite
Firza, S. U., & Agustina, A. (2025). Analisis Peran Profitabilitas dalam Hubungan Determinan Kebijakan Dividen . Studi Akuntansi, Keuangan, Dan Manajemen, 4(2), 457–471. https://doi.org/10.35912/sakman.v4i2.3866
Download Citation
  1. Endnote/Zotero/Mendeley (RIS)
  2. BibTeX

Downloads

Download data is not yet available.
Issue & Section
Vol. 4 No. 2 (2025): Januari
Articles
Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

References

    Ahdiat, A. (2023, April 6). Meski Laba 2022 Turun, Japfa Siap Bagi Dividen Rp581 Miliar. Databoks.

    Alsultan, A., & Hussainey, K. (2023). The moderating effect of corporate liquidity on the relationship between financial reporting quality and dividend policy: evidence from Saudi Arabia. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-05-2023-0247

    Chandra, A., Wijaya, F., Angelia, A., & 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

    Chasiotis, I., Loukopoulos, G., & Toudas, K. (2024). Organization capital, dividends and firm value: International evidence. Journal of International Financial Markets, Institutions and Money, 97. https://doi.org/10.1016/j.intfin.2024.102074

    Darmawan. (2018). Manajemen Keuangan: Memahami Kebijakan DIviden Teori dan Praktiknya di Indonesia. Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri Sunan Kalijaga Yogyakarta.

    Firza, S. U. (2021). Peran Cash Holding Dalam Memediasi Kinerja Keuangan Dan Ukuran Perusahaan Terhadap Kebijakan Dividen. Jurnal Wira Ekonomi Mikroskil?: JWEM, 11(01), 51–64.

    Ghozali, I. (2021). Partial Least Square; Konsep, Teknik dan Aplikasi Menggunakan SmartPLS 3.2.9 Untuk Penelitian Empiris Edisi 3. Universitas Diponegoro.

    Gupta, D. K. S., Jayswal, M., & Puliparambil, P. K. (2024). Factors affecting dividends of knowledge intensive firms. Managerial Finance. https://doi.org/10.1108/MF-05-2024-0395

    Hartono, J. (2022). Portofolio dan Analisis Investasi Pendekatan Modul Edisi 2. ANDI.

    Hasti, W. W., Maryani, M., & Makshun, A. (2022). Pengaruh Leverage, Struktur Modal, dan Ukuran Perusahaan terhadap Kinerja Keuangan pada Perusahaan Sektor Pertambangan. Reviu Akuntansi, Manajemen, Dan Bisnis, 2(2), 139–150. https://doi.org/10.35912/rambis.v2i2.1544

    Kasmir. (2019). Analisis Laporan Keuangan. Rajawali Press.

    Lim, H., & Rokhim, R. (2020). Factors affecting profitability of pharmaceutical company: an Indonesian evidence. Journal of Economic Studies, 48(5), 981–995. https://doi.org/10.1108/JES-01-2020-0021

    Priadana, S., & Sudarsi, D. (2021). Metode Penelitian Kuantitatif. Pascal Books.

    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

    Rudianto. (2021). Analisis Laporan Keuangan. Erlangga.

    Silaban, A., & Zalukhu, N. T. O. (2023). Empirical Study Of The Effect Of Profitability And Liquidity On Dividend Policy Studi Empiris Pengaruh Profitabilitas Dan Likuiditas Terhadap Kebijakan Dividen. COSTING:Journal of Economic, Business and Accounting, 6(2), 2296–2300.

    Sukamulja, S. (2021). Manajemen Keuangan Korporat. ANDI.

    Tahu, G. P. (2018). Anteseden Kebijakan Dividen dan Implikasinya pada Nilai Perusahaan. CV. Noah Aletheia.

    Theiri, S., Hamad, S. Ben, & Amor, M. Ben. (2023). Dividend policy and crisis: Exploring the interplay between performance and financial constraints in the French context. Heliyon, 9(10). https://doi.org/10.1016/j.heliyon.2023.e20586

    Thian, A. (2022). Analisis Laporan Keuangan. ANDI.

    Utama, B. P., Sastrodiharjo, I., & Mukti, A. H. (2023). Pengaruh Mekanisme Tata Kelola Perusahaan terhadap Kinerja Keuangan Perusahaan: Studi Empiris pada Perusahaan Non Consumer Cyclicals yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021. Jurnal Akuntansi, Keuangan, Dan Manajemen, 4(4), 249–261. https://doi.org/10.35912/jakman.v4i4.2305

    Wahjudi, E. (2020). Factors affecting dividend policy in manufacturing companies in Indonesia Stock Exchange. Journal of Management Development, 39(1), 4–17. https://doi.org/10.1108/JMD-07-2018-0211

    Wati, L. N. (2019). Model Corporate Social Responsibility (CSR). Myria.

    Widiantari, K. S., & Wiguna, I. G. N. M. (2023). Pengaruh Profitabilitas dan Kepemilikan Manajerial terhadap Kebijakan Dividen dengan Ukuran Perusahaan sebagai Variabel Moderasi. Journal Management, 22(1), 2655–2826.

    Wirama, D. G., Krisnadewi, K. A., Artini, L. G. S., & Ardiana, P. A. (2024). Dividend policy and residual dividend theory: evidence from Indonesia. Asian Journal of Accounting Research, 9(3), 201–216. https://doi.org/10.1108/AJAR-10-2023-0347

    Wulandari, D. A. (2023). Pengaruh Kebijakan Hutang, Likuiditas dan Profitabilitas Terhadap Kebijakan Dividen: Studi pada Perusahaan Farmasi yang Terdaftar di BEI Tahun 2017-2020. Studi Ekonomi Dan Kebijakan Publik, 1(2), 109–122. https://doi.org/10.35912/sekp.v1i2.1224

    Youssef, I. S., Salloum, C., & Sayah, M. Al. (2023). The determinants of profitability in non-financial UK SMEs. European Business Review, 35(5), 652–671. https://doi.org/10.1108/EBR-09-2022-0173

    Zhafirah, A., Sunaryo, D., Hamdani, H., Febrianto, H. G., & Fitriana, A. I. (2023). Pengaruh Likuiditas Dan Kepemilikan Institusional Terhadap Kebijakan Dividen Yang Dimoderasi Oleh Cash Position. Balance Vacation Accounting Journal, 7(2), 135–145.

  1. Ahdiat, A. (2023, April 6). Meski Laba 2022 Turun, Japfa Siap Bagi Dividen Rp581 Miliar. Databoks.
  2. Alsultan, A., & Hussainey, K. (2023). The moderating effect of corporate liquidity on the relationship between financial reporting quality and dividend policy: evidence from Saudi Arabia. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-05-2023-0247
  3. Chandra, A., Wijaya, F., Angelia, A., & 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
  4. Chasiotis, I., Loukopoulos, G., & Toudas, K. (2024). Organization capital, dividends and firm value: International evidence. Journal of International Financial Markets, Institutions and Money, 97. https://doi.org/10.1016/j.intfin.2024.102074
  5. Darmawan. (2018). Manajemen Keuangan: Memahami Kebijakan DIviden Teori dan Praktiknya di Indonesia. Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri Sunan Kalijaga Yogyakarta.
  6. Firza, S. U. (2021). Peran Cash Holding Dalam Memediasi Kinerja Keuangan Dan Ukuran Perusahaan Terhadap Kebijakan Dividen. Jurnal Wira Ekonomi Mikroskil?: JWEM, 11(01), 51–64.
  7. Ghozali, I. (2021). Partial Least Square; Konsep, Teknik dan Aplikasi Menggunakan SmartPLS 3.2.9 Untuk Penelitian Empiris Edisi 3. Universitas Diponegoro.
  8. Gupta, D. K. S., Jayswal, M., & Puliparambil, P. K. (2024). Factors affecting dividends of knowledge intensive firms. Managerial Finance. https://doi.org/10.1108/MF-05-2024-0395
  9. Hartono, J. (2022). Portofolio dan Analisis Investasi Pendekatan Modul Edisi 2. ANDI.
  10. Hasti, W. W., Maryani, M., & Makshun, A. (2022). Pengaruh Leverage, Struktur Modal, dan Ukuran Perusahaan terhadap Kinerja Keuangan pada Perusahaan Sektor Pertambangan. Reviu Akuntansi, Manajemen, Dan Bisnis, 2(2), 139–150. https://doi.org/10.35912/rambis.v2i2.1544
  11. Kasmir. (2019). Analisis Laporan Keuangan. Rajawali Press.
  12. Lim, H., & Rokhim, R. (2020). Factors affecting profitability of pharmaceutical company: an Indonesian evidence. Journal of Economic Studies, 48(5), 981–995. https://doi.org/10.1108/JES-01-2020-0021
  13. Priadana, S., & Sudarsi, D. (2021). Metode Penelitian Kuantitatif. Pascal Books.
  14. 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
  15. Rudianto. (2021). Analisis Laporan Keuangan. Erlangga.
  16. Silaban, A., & Zalukhu, N. T. O. (2023). Empirical Study Of The Effect Of Profitability And Liquidity On Dividend Policy Studi Empiris Pengaruh Profitabilitas Dan Likuiditas Terhadap Kebijakan Dividen. COSTING:Journal of Economic, Business and Accounting, 6(2), 2296–2300.
  17. Sukamulja, S. (2021). Manajemen Keuangan Korporat. ANDI.
  18. Tahu, G. P. (2018). Anteseden Kebijakan Dividen dan Implikasinya pada Nilai Perusahaan. CV. Noah Aletheia.
  19. Theiri, S., Hamad, S. Ben, & Amor, M. Ben. (2023). Dividend policy and crisis: Exploring the interplay between performance and financial constraints in the French context. Heliyon, 9(10). https://doi.org/10.1016/j.heliyon.2023.e20586
  20. Thian, A. (2022). Analisis Laporan Keuangan. ANDI.
  21. Utama, B. P., Sastrodiharjo, I., & Mukti, A. H. (2023). Pengaruh Mekanisme Tata Kelola Perusahaan terhadap Kinerja Keuangan Perusahaan: Studi Empiris pada Perusahaan Non Consumer Cyclicals yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021. Jurnal Akuntansi, Keuangan, Dan Manajemen, 4(4), 249–261. https://doi.org/10.35912/jakman.v4i4.2305
  22. Wahjudi, E. (2020). Factors affecting dividend policy in manufacturing companies in Indonesia Stock Exchange. Journal of Management Development, 39(1), 4–17. https://doi.org/10.1108/JMD-07-2018-0211
  23. Wati, L. N. (2019). Model Corporate Social Responsibility (CSR). Myria.
  24. Widiantari, K. S., & Wiguna, I. G. N. M. (2023). Pengaruh Profitabilitas dan Kepemilikan Manajerial terhadap Kebijakan Dividen dengan Ukuran Perusahaan sebagai Variabel Moderasi. Journal Management, 22(1), 2655–2826.
  25. Wirama, D. G., Krisnadewi, K. A., Artini, L. G. S., & Ardiana, P. A. (2024). Dividend policy and residual dividend theory: evidence from Indonesia. Asian Journal of Accounting Research, 9(3), 201–216. https://doi.org/10.1108/AJAR-10-2023-0347
  26. Wulandari, D. A. (2023). Pengaruh Kebijakan Hutang, Likuiditas dan Profitabilitas Terhadap Kebijakan Dividen: Studi pada Perusahaan Farmasi yang Terdaftar di BEI Tahun 2017-2020. Studi Ekonomi Dan Kebijakan Publik, 1(2), 109–122. https://doi.org/10.35912/sekp.v1i2.1224
  27. Youssef, I. S., Salloum, C., & Sayah, M. Al. (2023). The determinants of profitability in non-financial UK SMEs. European Business Review, 35(5), 652–671. https://doi.org/10.1108/EBR-09-2022-0173
  28. Zhafirah, A., Sunaryo, D., Hamdani, H., Febrianto, H. G., & Fitriana, A. I. (2023). Pengaruh Likuiditas Dan Kepemilikan Institusional Terhadap Kebijakan Dividen Yang Dimoderasi Oleh Cash Position. Balance Vacation Accounting Journal, 7(2), 135–145.