Pengaruh Profitabilitas Terhadap Kebijakan Dividen Dengan Likuiditas Sebagai Pemoderasi

Abstract

The purpose of this study was to analyze the effect of profitability on dividend policy by using liquidity as a moderating variable. Profitability is proxied using asset returns, the dividend policy is proxied using a dividend payout ratio, while liquidity is proxied using the current ratio. This research uses quantitative with the type of association research. The population is all 21 companies in the agricultural sector listed on the Indonesia Stock Exchange, then the sample was selected using a purposive sampling method and obtained 7 companies. Data is obtained from the annual report on the official website of the Indonesia Stock Exchange. The next data collected was analyzed using the moderated regression analysis. The results of the analysis prove that profitability influences dividend policy and liquidity moderate the relationship of profitability with dividend policy.

The Effect of Free Cash Flow and Profitability on Dividend Payout Ratio (Case of Lq-45 Indexed Firms in Indonesia Stock Exchange for Period 2011-2018)

“…This means that it can be concluded that partially the independent variable, namely profitability, has a significant effect on the dependent variable, namely the dividend payout ratio, because profitability is the company's ability to generate profits, where profit is one of the main indicators that shows the company's ability to pay dividends. This finding is consistent with Budiarso et al (2019), Madyoningrum (2019), andPuspitaningtyas et al (2019).…”

“…Masrifah (2014), and Octaviana et al (2019) find that free cash flow does not have a significant effect on dividend policy but inconsistent with Noviyanto (2016), and Irman et al (2020). Budiarso et al (2019), Madyoningrum (2019), Puspitaningtyas et al (2019) finds that profitability has a significant effect on dividend policy. H1: Free cash flow has a significant effect on the dividend payout ratio H2: Profitability has a significant effect on the dividend payout ratio…”

Pengaruh Profitabilitas, Leverage, dan Kepemilikan Manajerial terhadap Kebijakan Dividen dengan Likuiditas sebagai Variabel Moderasi

“…Masalah seperti ini dapat diatasi dengan cara membagi hasil dividen kas dalam bentuk uang tunai (Natalia, 2013). Naik turunnya laba yang diperoleh perusahaan memberi dampak pada pembagian dividen serta dipengaruhi oleh beberapa faktor (Puspitaningtyas et al, 2019).…”

Corporate Governance , Characteristics on Dividend Policy: Evidence From Indonesia

“…The company's capital market will be used for growth while at the same time creating profits for the company that is operating (Tang, 2021). The capital market develops every time, and the company's goal is to increase their capital in bussiness (Puspitaningtyas et al, 2019). Company leaders can manage these funds by re-investing in the form of operating assets, repaying liability, or dispersing them to shareholders in the form of dividends.…”

“…If the corporate governance mechanism does not effort within the company or does not function normally, it forced to lower the trust of shareholders and the price of the company. Concurring to Setiawan and Phua (Puspitaningtyas et al, 2019), there are two hypotheses related to the agency theory of profit policy and corporate governance, is the income theory and the substitution theory. Income theory holds that companies along with excellent capital gains give more safety for investors' privileges because companies with improved governance will give more profits than instruments with little capital gains (Dewata et al, 2017).…”