PENGARUH FIRM SIZE, INVESTMENT OPPORTUNITY SET (IOS), PROFITABILITAS, DAN LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN PERUSAHAAN

Abstract

The research aimed to determine the effect of firm size, Investment Opportunity Set (IOS), profitability, and liquidity on the dividend policy. Furthermore, this research is a dependent variable used dividend policy measured by Dividend Payout Ratio (DPR). Meanwhile, the independent variable was measured by firm size, Investment Opportunity Set (IOS), profitability was proxy with ROA, and liquidity was proxy with Current Ratio (CR). The method of this research used a quantitative method. Furthermore, the research sample used the purposive sampling method or the sample selection with several certain criteria. Moreover, the research sample consisted of 25 companies in the property sector, real estate, and building construction listed in Indonesia Stock Exchange in 2017-2019 periods with 75 research samples. Additionally, the analysis method used multiple linear regression methods using the SPSS program 25 version. The result of this research showed that firm size was proxy with natural logarithm (Ln) was not affected by dividend policy, IOS was proxy with Market to Book Value of Equity Ratio (MVE/BVE) had a positive and significant effect on the dividend policy, profitability was proxy with ROA had a negative effect on the dividend policy, Liquidity was proxy with Current Ratio (CR) had a positive and significant effect on the dividend policy.
Keywords : firm fize, investment opportunity set, profitability, liquidity, dividend policy