Analisis Peran Profitabilitas dalam Hubungan Determinan Kebijakan Dividen
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.
Conclusions: The study concludes that firm size has a significant positive effect on profitability, and both firm size and profitability significantly influence dividend policy. Liquidity does not have a direct effect on dividend policy, but firm size and liquidity indirectly affect dividend policy through profitability as a mediating variable. Therefore, improving profitability is essential to support sustainable dividend policy implementation.
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.
Downloads

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Afifah, H. a., & Ramdani, D. (2023). Pengaruh ROA dan ROE Terhadap Kinerja Keuangan Perusahaan Sektor Hotel, Rekreasi dan Pariwisata. Manajemen Kreatif Jurnal, 1(2), 47-65. doi:https://doi.org/10.55606/makreju.v1i2.1313
Ahdiat, A. (2023). Meski Laba 2022 Turun, Japfa Siap Bagi Dividen Rp581 Miliar. Retrieved from https://databoks.katadata.co.id/pasar/statistik/f30c245c06bca87/meski-laba-2022-turun-japfa-siap-bagi-dividen-rp581-miliar
Chandra, A., Wijaya, F., Angelia, & Hayati, K. (2020). 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. doi:https://doi.org/10.35912/jakman.v2i1.135
Chasanah, N. I. (2024). Pengaruh Biaya Operasional Terhadap Laba Bersih UMKM Kopikir Coffee di Kota Malang. Kompak: Jurnal Ilmiah Komputerisasi Akuntansi, 17(2), 366-373. doi:https://doi.org/10.51903/kompak.v17i2.2142
Chasiotis, I., Loukopoulos, G., & Toudas, K. (2024). Organization Capital, Dividends and Firm Value: International Evidence. Journal of International Financial Markets, Institutions and Money, 97, 1-22. doi:https://doi.org/10.1016/j.intfin.2024.102074
Firza, S. U. (2021). Peran Cash Holding dalam Memediasi Kinerja Keuangan dan Ukuran Perusahaan Terhadap Kebijakan Dividen. Jurnal Wira Ekonomi Mikroskil, 11(1), 51-64. doi:https://doi.org/10.55601/jwem.v11i1.770
Gupta, D. K. S., Jayswal, M., & Puliparambil, P. K. (2025). Factors Affecting Dividends of Knowledge Intensive Firms. Managerial Finance, 51(2), 262-279. doi:https://doi.org/10.1108/MF-05-2024-0395
Hasti, W. W., Maryani, & 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. doi:https://doi.org/10.35912/rambis.v2i2.1544
Kasmir. (2019). Analisis Laporan Keuangan. Jakarta: PT RajaGrafindo Persada.
Lim, H., & Rokhim, R. (2021). Factors Affecting Profitability of Pharmaceutical Company: An Indonesian Evidence. Journal of Economic Studies, 48(5), 981-995. doi:https://doi.org/10.1108/JES-01-2020-0021
Panjaitan, D., Hardiyanto, A. T., & Rusmanah, E. (2024). Pengaruh Informasi Laporan Arus Kas, Dividend Payout Ratio, Economic Value Added Terhadap Return Saham. JATAMA: Jurnal Akuntansi Pratama, 1(1), 1-18.
Prabulana, R. D., Saiful, S., & Suranta, E. (2017). Penentu Kebijakan Dividen Perusahaan yang Terdaftar di Bursa Efek Indonesia. Jurnal Fairness, 7(1), 1-14. doi:https://doi.org/10.33369/fairness.v7i1.15141
Priadana, M. S., & Sunarsi, D. (2021). Metode Penelitian Kuantitatif. Tangerang Selatan: Pascal Books.
Ramadhianti, V., Septiwidya, W., Juwainah, J., Septiana, A. D., & Yulaeli, T. (2023). Faktor-Faktor yang Mempengaruhi Current Ratio, Debt Equity Ratio, Debt Asset Ratio, dan Perputaran Modal Kerja Terhadap Return On Asset. Jurnal Publikasi Ilmu Manajemen, 2(3), 137-152. doi:https://doi.org/10.55606/jupiman.v2i3.2223
Ridhwan, A., & Dwiati, A. R. (2022). Pengaruh Profitabilitas, Leverage dan Ukuran Perusahaan Terhadap Kebijakan Dividen. Jurnal Akuntansi, Keuangan, dan Manajemen, 3(3), 195-206. doi:https://doi.org/10.35912/jakman.v3i3.797
Silaban, A., & Zalukhu, N. T. O. (2023). Studi Empiris Pengaruh Profitabilitas dan Likuiditas Terhadap Kebijakan Dividen. Journal of Economic, Bussines and Accounting (COSTING), 6(2), 2296-2300. doi:https://doi.org/10.31539/costing.v6i2.6088
Sparta, & Salsabiela, A. (2021). Pengaruh Risiko Bisnis Terhadap Kebijakan Dividen pada Perusahaan Perbankan Konvensional Yang Terdaftar di Bursa Efek Indonesia Periode 2015 – 2019. Jurnal Liabilitas, 6(2), 50-66. doi:https://doi.org/10.54964/liabilitas.v6i2.79
Theiri, S., Hamad, S. B., & Amor, M. B. (2023). Dividend Policy and Crisis: Exploring the Interplay Between Performance and Financial Constraints in the French Context. Heliyon, 9(10), 1-12. doi:https://doi.org/10.1016/j.heliyon.2023.e20586
Tridara, B. N., Kusmayadi, I., & Negara, I. K. (2024). Pengaruh Profitabilitas, Likuiditas dan Leverage Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek indonesia Periode 2015-2021. Journal of Sharia Economy and Islamic Tourism, 4(1), 23-47. doi:https://doi.org/10.31764/jseit.v4i1.23108
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. doi: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. doi:https://www.emerald.com/insight/publication/issn/0262-1711
Wati, L. N. (2019). Model Corporate Social Responsibility (CSR). Jawa Timur: Penerbit Myria Publisher.
Widiantari, K. S., & Wiguna, I. G. N. M. (2023). Pengaruh Profitabilitas dan Kepemilikan Manajerial terhadap Kebijakan Dividen dengan Ukuran Perusahaan sebagai Variabel Moderasi. Management, Business, and Accounting (MBIA), 22(1), 38-52. doi:https://doi.org/10.33557/mbia.v22i1.2134
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. doi: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. doi:https://doi.org/10.35912/sekp.v1i2.1224
Youssef, I. S., Salloum, C., & Al Sayah, M. (2022). The Determinants of Profitability in Non-Financial UK SMEs. European Business Review, 35(5), 652-671.
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 Vocation Accounting Journal, 7(2), 135-145.
- Afifah, H. a., & Ramdani, D. (2023). Pengaruh ROA dan ROE Terhadap Kinerja Keuangan Perusahaan Sektor Hotel, Rekreasi dan Pariwisata. Manajemen Kreatif Jurnal, 1(2), 47-65. doi:https://doi.org/10.55606/makreju.v1i2.1313
- Ahdiat, A. (2023). Meski Laba 2022 Turun, Japfa Siap Bagi Dividen Rp581 Miliar. Retrieved from https://databoks.katadata.co.id/pasar/statistik/f30c245c06bca87/meski-laba-2022-turun-japfa-siap-bagi-dividen-rp581-miliar
- Chandra, A., Wijaya, F., Angelia, & Hayati, K. (2020). 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. doi:https://doi.org/10.35912/jakman.v2i1.135
- Chasanah, N. I. (2024). Pengaruh Biaya Operasional Terhadap Laba Bersih UMKM Kopikir Coffee di Kota Malang. Kompak: Jurnal Ilmiah Komputerisasi Akuntansi, 17(2), 366-373. doi:https://doi.org/10.51903/kompak.v17i2.2142
- Chasiotis, I., Loukopoulos, G., & Toudas, K. (2024). Organization Capital, Dividends and Firm Value: International Evidence. Journal of International Financial Markets, Institutions and Money, 97, 1-22. doi:https://doi.org/10.1016/j.intfin.2024.102074
- Firza, S. U. (2021). Peran Cash Holding dalam Memediasi Kinerja Keuangan dan Ukuran Perusahaan Terhadap Kebijakan Dividen. Jurnal Wira Ekonomi Mikroskil, 11(1), 51-64. doi:https://doi.org/10.55601/jwem.v11i1.770
- Gupta, D. K. S., Jayswal, M., & Puliparambil, P. K. (2025). Factors Affecting Dividends of Knowledge Intensive Firms. Managerial Finance, 51(2), 262-279. doi:https://doi.org/10.1108/MF-05-2024-0395
- Hasti, W. W., Maryani, & 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. doi:https://doi.org/10.35912/rambis.v2i2.1544
- Kasmir. (2019). Analisis Laporan Keuangan. Jakarta: PT RajaGrafindo Persada.
- Lim, H., & Rokhim, R. (2021). Factors Affecting Profitability of Pharmaceutical Company: An Indonesian Evidence. Journal of Economic Studies, 48(5), 981-995. doi:https://doi.org/10.1108/JES-01-2020-0021
- Panjaitan, D., Hardiyanto, A. T., & Rusmanah, E. (2024). Pengaruh Informasi Laporan Arus Kas, Dividend Payout Ratio, Economic Value Added Terhadap Return Saham. JATAMA: Jurnal Akuntansi Pratama, 1(1), 1-18.
- Prabulana, R. D., Saiful, S., & Suranta, E. (2017). Penentu Kebijakan Dividen Perusahaan yang Terdaftar di Bursa Efek Indonesia. Jurnal Fairness, 7(1), 1-14. doi:https://doi.org/10.33369/fairness.v7i1.15141
- Priadana, M. S., & Sunarsi, D. (2021). Metode Penelitian Kuantitatif. Tangerang Selatan: Pascal Books.
- Ramadhianti, V., Septiwidya, W., Juwainah, J., Septiana, A. D., & Yulaeli, T. (2023). Faktor-Faktor yang Mempengaruhi Current Ratio, Debt Equity Ratio, Debt Asset Ratio, dan Perputaran Modal Kerja Terhadap Return On Asset. Jurnal Publikasi Ilmu Manajemen, 2(3), 137-152. doi:https://doi.org/10.55606/jupiman.v2i3.2223
- Ridhwan, A., & Dwiati, A. R. (2022). Pengaruh Profitabilitas, Leverage dan Ukuran Perusahaan Terhadap Kebijakan Dividen. Jurnal Akuntansi, Keuangan, dan Manajemen, 3(3), 195-206. doi:https://doi.org/10.35912/jakman.v3i3.797
- Silaban, A., & Zalukhu, N. T. O. (2023). Studi Empiris Pengaruh Profitabilitas dan Likuiditas Terhadap Kebijakan Dividen. Journal of Economic, Bussines and Accounting (COSTING), 6(2), 2296-2300. doi:https://doi.org/10.31539/costing.v6i2.6088
- Sparta, & Salsabiela, A. (2021). Pengaruh Risiko Bisnis Terhadap Kebijakan Dividen pada Perusahaan Perbankan Konvensional Yang Terdaftar di Bursa Efek Indonesia Periode 2015 – 2019. Jurnal Liabilitas, 6(2), 50-66. doi:https://doi.org/10.54964/liabilitas.v6i2.79
- Theiri, S., Hamad, S. B., & Amor, M. B. (2023). Dividend Policy and Crisis: Exploring the Interplay Between Performance and Financial Constraints in the French Context. Heliyon, 9(10), 1-12. doi:https://doi.org/10.1016/j.heliyon.2023.e20586
- Tridara, B. N., Kusmayadi, I., & Negara, I. K. (2024). Pengaruh Profitabilitas, Likuiditas dan Leverage Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek indonesia Periode 2015-2021. Journal of Sharia Economy and Islamic Tourism, 4(1), 23-47. doi:https://doi.org/10.31764/jseit.v4i1.23108
- 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. doi: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. doi:https://www.emerald.com/insight/publication/issn/0262-1711
- Wati, L. N. (2019). Model Corporate Social Responsibility (CSR). Jawa Timur: Penerbit Myria Publisher.
- Widiantari, K. S., & Wiguna, I. G. N. M. (2023). Pengaruh Profitabilitas dan Kepemilikan Manajerial terhadap Kebijakan Dividen dengan Ukuran Perusahaan sebagai Variabel Moderasi. Management, Business, and Accounting (MBIA), 22(1), 38-52. doi:https://doi.org/10.33557/mbia.v22i1.2134
- 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. doi: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. doi:https://doi.org/10.35912/sekp.v1i2.1224
- Youssef, I. S., Salloum, C., & Al Sayah, M. (2022). The Determinants of Profitability in Non-Financial UK SMEs. European Business Review, 35(5), 652-671.
- 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 Vocation Accounting Journal, 7(2), 135-145.