Effect of Liquidity, Profitability, Leverage, and Firm Size on Dividend Policy

Abstract

This study aims to investigate the relationship between the variables of Current Ratio (CR), Return-on-Equity (ROE), Return-on-Assets (ROA), Debt-to-Equity Ratio (DER), and Firm Size (FS) on Dividend Policy (DP) in real estate and property companies listed on the Indonesia Stock Exchange in the period 2016-2019, looking at nine real estate companies in Indonesia. The research methodology uses an explanatory analysis approach and linear regression. Based on the eligibility and homogeneity of the data, the number of sample companies selected was nine companies. The company's financial statement data derived from primary data obtained on the Indonesia Stock Exchange, such as current ratio (CR), return-on-equity (ROE), return-on-assets (ROA), debt-to-equity ratio (DER) and firm size and dividend policy variables. The data analysis procedure is first to transform financial data from the original ratio data into interval data and, then, transform it to ordinal data. Furthermore, the validity and reliability process are ignored because the data is primary. Finally, regression testing is part of the hypothesis testing stage. The results of this study showed that the CR, ROE, and firm size had no positive and significant effect on dividend policy. In contrast, DER and ROA have a positive and significant impact on dividend policy.

Impact of Working Capital Management on Firm Performance in Different Business Cycles: Evidence from Vietnam

“…Debt utilization (LEV) has a negative relationship with ROA and is statistically significant. These results are consistent with those of studies done previously in other countries, such as the study of Deloof (2003); Ionnis and Lazaridis (2006); Garcia-Turuel and MartinezSolano (2007); Dong (2010), Enqvist et al (2014), Mielcarz et al (2018), Pham et al (2020), Oseifuah (2018) and Ngwenya (2012), Pattiruhu and Paais (2020) show that ROA has a positive and significant impact on dividend policy. 4 above is the results of model 2 regression, with dependent variable is GOP.…”

Pengaruh Leverage dan Likuiditas Terhadap Kebijakan Deviden

“…Dalam beberapa penelitian, leverage dikaitkan dengan kebijakan dividen (dividend policy) dengan hasil yang bervariasi. (Bawamenewi & Afriyeni, 2019;Cahyani & Badjra, 2017;Ginting, 2018;Patiruhu & Paais, 2020;Prawira Ismanwan Yudi, Moh. Dzulkiron AR, 2014;Sari & Sudjarni, 2015;Simetris & Darmawan, 2019;Tahu & Susilo, 2017)…”

“…Peningkatan hutang akan mempengaruhi tingkat pendapatan yang tersedia bagi pemegang saham, artinya semakin tinggi kewajiban suatu perusahaan, maka akan semakin besar kewajiban perusahaan, yang akan menyebabkan semakin kecilnya deviden yang dibagikan, karena laba yang diperoleh dialihkan untuk memenuhi kewajiban perusahaan. (Bawamenewi & Afriyeni, 2019;Cahyani & Badjra, 2017;Ginting, 2018;Kuswanta, 2016;Patiruhu & Paais, 2020;Prawira Ismanwan Yudi, Moh. Dzulkiron AR, 2014;Sari & Sudjarni, 2015;Simetris & Darmawan, 2019;Tahu & Susilo, 2017;Trisna & Gayatri, 2019;Widjaya & Darmawan, 2018;Zuhroh, 2019).…”

Kinerja Keuangan Entitas Multifinance: Determinasi Non Performing Loan dan Capital Adequacy Ratio Terhadap Profitabilitas

“…Banyak pihak menyatakan bahwa, terutama akibat pengaruh kebijakan pemerintah, khususnya kebijakan restrukturisasi kredit, tren penurunan bisnis multifinance sepanjang tahun 2020 cenderung lebih terkendali. Alhasil, hingga akhir tahun 2020 rasio kredit bermasalah (Non Performance Finance atau NPL) bisa diturunkan menjadi 4,01% (Ovier, 2021). Dalam sistem ekonomi yang berpusat pada perbankan, bank dan lembaga finansial memainkan peran kunci sebagai bagian dalam keberlanjutan sistem perbankan dan dikenal sebagai sumber utama pendanaan (Moradi, Mirzaeenejad, & Geraeenejad, 2016).…”