PENGARUH PROFITABILITAS DAN LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN DENGAN GOOD CORPORATE GOVERNANCE SEBAGAI VARIABEL INTERVENING

Abstract

This research aimed to examine the effect of profitability and liquidity on dividend policy, with Good Corporate Governance (GCG) as an intervening variable. The population was companies that were listed on the rank of Corporate Governance Perception Index (CGPI) during 2017-2021. The data were secondary, in the form of companies’ financial statements. Moreover, the research was quantitative. The data collection technique used purposive sampling. In line with that, there were 50 samples from 10 companies that suited the criteria. Furthermore, the data analysis technique used multiple linear regression with SPSS 27 and Sobel test. The result showed that 1) profitability had a negative and significant effect on dividend policy, 2) liquidity did not affect dividend policy, 3) profitability did not affect GCG, 4) liquidity had a positive and significant effect on GCG, 5) GCG did not affect dividend policy, 6) profitability did not affect dividend policy through GCG. It meant the intervening variable could not mediate, and 7) liquidity did not affect dividend policy through GCG. This meant the intervening variable could not mediate.