PENGARUH KEBIJAKAN HUTANG, PROFITABILITAS, DAN LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN

Abstract

Dividend policy is kind of decision which need to be taken by company in order to determine whether the profits will be distributed to shareholders in form of dividends or retained earnings. Therefore, this research aimed tofind out the effect of debt policy which was referred to Debt to Equity Ratio (DER), profitability was referred to Return On Assets (ROA), and liquidity was referred to Current Ratio (CR) on dividend policy which was referred to Dividend Payout Ratio (DPR). While the population was Consumption Goods companies which were listed on Indonesian Stock Exchange during 4 years of observation periods i.e. 2015-2018. Moreover, the data collection technique used purposive sampling, in which the sample was based on criteria given. In line with, there were 31 companies as sample in 2015. Meanwhile, there were 30 companies as sample in 2016. Furthermore, there were 33 companies in 2017, and 36 companies in 2018 as sample. Additionally, the data analysis technique used multiple linear regression. In addition, the research result concluded as follows (a) debt policy did not affect dividend policy, (b) profitability had positive effect on dividenf policy, and (c) liquidity did not affect dividend policy.
Keywords: debt policy, profitability, liquidity, dividend policy