Pengaruh Profitabilitas, Leverage, Dan Likuiditas Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia

Abstract

The purpose of this research is to test the influence of Profitability variable by using Return On Equity (ROE), Leverage by using Debt to Equity Ratio (DER), and Liquidity variabel by using Current Ratio (CR), to the Dividend Payout Ratio (DPR) on manufacturing sector company are listed in Indonesian Stock Exchange in 2013-2017 periods. In this research the data used was obtained from the official IDX website. This research was included in the explanatory research using quantitative approach. Data analysis method used is regression analysis in panel data with the help of application E-Views. Panel data regression estimatedr using Random Effect Model (REM).The result showed that the profitability has a negative and hasn't significant effect on Dividend Payout Ratio, Leverage has a negative and significant effect on Dividend Payout Ratio, while Liquidity has a positive and hasn't significant effect on Dividend Payout Ratio. PENDAHULUANPada era globalisasi sekarang ini, bisnis berkembang pesat dan banyaknya terjadi persaingan antar bisnis. Setiap perusahaan harus dapat mempertahankan perusahaannya serta mengembangkan usahanya agar memperoleh laba. Perusahaan akan mempertimbangkan mengenai laba yang diperolehnya, apakah akan ditahan atau diberikan langsung kepada pemegang sahamnya. Keputusan yang dipertimbangkan mengenai laba tersebut dinamakan kebijakan dividen. Dalam melakukan investasi seorang investor memiliki harapan agar mendapatkan tingkat pengembalian berupa return (pendapatan) baik berupa dividend yield (pendapatan dividen) ataupun capital gain (pendapatan selisih harga jual saham terhadap harga beli) (Arifin & Asyik, 2015).Menurut Brigham & Houston, (2010) kebijakan dividen dalam perusahaan dapat menentukan pembagian dari keuntungan yang harus dibayarkan kepada pemegang saham (investor) serta banyaknya yang akan ditanam kembali kedalam perusahaan. Salah satu sumber dana yang digunakan untuk membiayai

The Effect of Debt Policies, Profitability, Managerial Ownership Structure, and Liquidity on Dividend Policy

“…The indicators used in measuring dividend policy are the Dividend Payout Ratio (DPR), which is calculated using the formula (Bawamenewi, 2019):…”

“…The Indonesian Journal of Accounting Research -Sept, Vol. 23 , No.3 , 2020 The indicator used in measuring the profitability of Return On Equity (ROE) is the formula (Bawamenewi, 2019):…”

“…The indicators used in measuring the current liquidity ratio (C.R.) are the formula (Bawamenewi, 2019):…”

“…Liquidity is very basic for a company, the liquidity of a company will be reflected in its daily routine, which can be considered through payment to creditors on time or payment of salaries on time, because it can be seen that liquidity is the ability to pay off shortterm liabilities or current debts that will be repaid in within one year (Bawamenewi and Afriyeni, 2019).…”

“…The greater the profit available to shareholders, the greater the dividend payment to shareholders or the allocation for retained earnings (Rais and Santoso, 2017). Research conducted by Bansaleng (2014), Thaib (2015), and Yudiana (2016 prove that profitability affects dividend policy, while research according to Bawamenewi (2019) and Rais (2017) proves that profitability does not affect dividend policy.…”