The Influence of Liquidity, Profitability, Leverage and Company Size on Dividend Policy with Growth Opportunities as Moderating Variables in Manufacturing Companies Listed on the IDX
Keywords:
Dividend Policy, Liquidity, Profitability, Leverage, Company Size, Growth Opportunities.
Abstract
This study aims to analyze the effect of liquidity, profitability, leverage, and firm size on dividend policy with growth opportunities as a moderating variable. The population in this study are all manufacturing companies listed on the Indonesia Stock Exchange in 2016-2020. While the sample in this study was determined by purposive sampling method in order to obtain a total sample of 22 companies with a total of 110 data. The analytical method used is multiple linear regression analysis with data testing using IBM SPSS statistics 25.
The results of this study indicate that (1) Liquidity has no significant effect on dividend policy, (2) Profitability has a negative and significant effect on dividend policy, (3) Leverage has a positive and significant effect on dividend policy, (4) Company size has a positive and significant effect on dividend policy, (5) Growth Opportunities cannot moderate the relationship between liquidity and dividend policy, and (6) Growth Opportunities can strengthen the relationship between profitability and dividend policy
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References
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Widhicahyono and Sudiyanto. (2015). DETERMINANTS OF DIVIDEND POLICY OF NON-FINANCIAL COMPANIES (2009-2013 Indonesia Stock Exchange Study). Journal of Business and Economics, 22(2), 171–187.
Al-Shubiri. (2011). Capital Structure and Market Power: Evidence from Jordanian Banks. Angewandte Chemie International Edition, 6(11), 951–952.
Amanah, L. (2020). THE INFLUENCE OF FREE CASH FLOW, PROFITABILITY, LIQUIDITY AND LEVERAGE ON DIVIDEND POLICY. Journal of Accounting Science and Research, 1–18. www.idx.co.id
Borges Forti, CA, Peixoto, FM, & Lima E Alves, D. (2015). Determinant factors of dividend payments in Brazil. Revista Contabilidade e Financas, 26(68), 167–180. https://doi.org/10.1590/1808-057x201512260
Fenisa, D. (2022). The Effect of Profitability and Liquidity on Dividend Policy with Growth Opportunities as a Moderating Variable in Manufacturing Companies Listed on the Indonesia Stock Exchange (IDX). Economics, Finance, Investment and Sharia (EQUITY), 4, 297–306.
Hasa Nurrohim KP. (2008). The Effect of Profitability, Fixed Asset Ratio, Ownership Control and Asset Structure on Capital Structure in Manufacturing Companies in Indonesia. Synergy: Business And Management Studies, 10(1), 11–18.
Indriantoro, BS and N. (2018). Business Research Methodology. ANDI.
Jabbouri, I. (2016). Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets. Research in International Business and Finance, 37, 283–298. https://doi.org/10.1016/j.ribaf.2016.01.018
Ningsih, H. (2009). The Influence of Insider Ownership, Debt Policy and Dividend Payment Policy on Stock Returns in Public Companies in Indonesia. Journal of the Tamansiswa University of Bachelor, Yogyakarta, 10(2), 125–133.
Nugraha, RD, & Sudaryanto, B. (2016). Analysis of the Influence of DPR, DER, ROE, and TATO on Stock Prices (Case Study of Chemical and Basic Industry Companies Listed on the IDX for the 2010-2014 period). Diponegoro Journal of Management, 5(4), 1–12. https://ejournal3.undip.ac.id/index.php/djom/article/view/17873
Nuringsih, K. (2005). Analysis of the Influence of Managerial Ownership, Debt Policy, ROA and Company Size on Dividend Policy: Study 1995-1996. Indonesian Journal of Accounting and Finance, 2(2), 103–123. https://doi.org/10.21002/jaki.2005.12
Pamungkas, N., Rusherlistyani, & Janah, I. (2017). Effect of Return On Equity, Debt To Equity Ratio, Current Ratio, Earning Per Share and Investment Opportunity Set on Dividend Policy. Journal of Accounting and Tax Analysis, 1(1), 34–41.
Pattiruhu, JR, & 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
Priestley, Ian G. and R. (2000). Dividend Behavior and Dividend Signaling. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 35(2), 173–189.
Rahmadani, K., Darlis, E., & Kurnia, P. (2021). Corporate Environment Disclosure: From a Profit Management and Good Corporate Governance Mechanism. CURRENT: Recent Journal of Accounting and Business Studies, 2(1), 94–107. https://doi.org/10.31258/jc.2.1.94-107
Ravichandran, S., Shaiban, M., & Suppiah, SDK (2014). Growth opportunities and dividend policy: Some evidence on the role of ethnicity in an emerging economy'. Corporate Ownership and Control, 12(1), 126–138. https://doi.org/10.22495/cocv12i1p9
Riri Anggraeni, Munasiron Miftah, FY (2018). Determinants of Dividend Policy in Kompas 100 Index Companies for the 2016-2018 Period. Bitkom Research, 63(2), 1–3. http://forschungsunion.de/pdf/industrie_4_0_umsetzungsempfehlungen.pdf%0Ahttps://www.dfki.de/fileadmin/user_upload/import/9744_171012-KI-Gipfelpapier-online.pdf%0Ahttps://www.bitkom.org/ sites/default/files/ pdf/Presse/Anhaenge-an-PIs/ 2018/180607 -Bitkom
Subramanyam and Wild. (2010). Financial Information Analysis. Salemba Four.
Widhicahyono and Sudiyanto. (2015). DETERMINANTS OF DIVIDEND POLICY OF NON-FINANCIAL COMPANIES (2009-2013 Indonesia Stock Exchange Study). Journal of Business and Economics, 22(2), 171–187.
