PENGARUH PROFITABILITAS, LEVERAGE, LIKUIDITAS, DAN UKURAN PERUSAHAAN TERHADAP KEBIJAKAN DIVIDEN

Abstract

This research aimed to examine the effect of profitability, leverage, liquidity, and firm size on the dividend policy. While profitability was a proxy with Return On Assets (ROA), leverage was a proxy with Debt to Equity Ratio (DER), liquidity was a proxy with Current Ratio (CR), and firm size was a proxy with Size. Meanwhile, the dividend policy was a proxy with Dividend Payout Ratio (DPR). The research was quantitative. Furthermore, the data were secondary in the form of companies’ annual statements and their financial statements. Moreover, the data collection technique used purposive sampling, in which the sample was based on determined criteria. In line with that, there were 110 data samples, which were obtained from 22 Manufacturing companies listed on the Indonesia Stock Exchange (IDX) during 2017-2021. Furthermore, the data analysis technique used multiple linear regression analysis. The result showed that both profitability (ROA) and leverage (DER) affected dividend policy. On the other hand, liquidity (CR) as well as firm size (Size) did not affect the dividend policy.