Muhammad Usman Fadloli, Mohammad Yunies Edward

Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan, Dan Kebijakan Hutang Terhadap Kebijakan Dividen Pada Perusahaan LQ45

Introduction

Pengaruh profitabilitas, likuiditas, ukuran perusahaan, dan kebijakan hutang terhadap kebijakan dividen pada perusahaan lq45. Analisis pengaruh profitabilitas, likuiditas, ukuran perusahaan, dan kebijakan hutang terhadap kebijakan dividen pada perusahaan LQ45. Temukan dampak ROA, CR, dan implikasinya bagi investor serta manajemen.

Abstract

The average dividend payout ratio in IDX companies in the LQ45 index fluctuated during the 2019-2023 period. After declining, there was a recovery in the following years, although it was still accompanied by a mild decline in the following period. At the end of the period, a slight increase was recorded, reflecting the company's fluctuations in maintaining its dividend distribution policy for shareholders. The purpose of this study is to analyze the effect of profitability, liquidity, company size, and debt policy on dividend policy. The method used is quantitative using descriptive statistics, correlation between variables, model selection test and panel data regression analysis. The research sample consisted of 23 companies with a total of 115 observations, which were selected using purposive sampling method, namely companies that were consistently listed in the LQ45 index from 2019-2023. Based on the research results, it is known that profitability (ROA) has a significant positive effect on dividend policy, indicating that the higher the level of company profitability, the greater the profit generated. while liquidity (CR) has a negative and significant effect, this means that a high liquidity ratio is more important for maintaining short-term stability than determining dividend policy. Meanwhile, Firm Size and debt policy (DAR) have no significant effect on dividend policy. This research provides insight for investors and company management in considering the factors that influence dividend policy for investment decision making and financial strategy.

Review

This paper presents a pertinent investigation into the determinants of dividend policy among companies listed in the LQ45 index on the Indonesian Stock Exchange (IDX) during the 2019-2023 period. Prompted by observed fluctuations in dividend payout ratios, the study aims to unravel the effects of profitability, liquidity, company size, and debt policy on dividend distribution. The relevance of this research is high, offering critical insights for both investors and corporate management navigating financial strategy and investment decision-making in a dynamic market environment. The methodology employed is quantitative, utilizing descriptive statistics, correlation analysis, model selection tests, and panel data regression, which is appropriate for the nature of the research questions. A purposive sampling technique was applied, selecting 23 companies consistently listed in the LQ45 index over the five-year period, resulting in a robust dataset of 115 observations. Key findings indicate that profitability (ROA) has a significant positive effect on dividend policy, aligning with the notion that higher profits enable greater dividend payouts. Conversely, liquidity (CR) demonstrates a significant negative impact, suggesting companies prioritize short-term stability over dividend distribution when liquidity is high. Interestingly, firm size and debt policy (DAR) were found to have no significant effect on dividend policy in this specific context. Overall, the study contributes valuable empirical evidence to the existing literature on dividend policy, particularly within the context of Indonesian listed companies. Its strengths lie in its clear objective, systematic quantitative approach, and a focused analysis on a relevant set of independent variables. While the abstract effectively summarizes the core findings, the full paper would benefit from a more comprehensive discussion on the theoretical implications of the non-significant relationships for firm size and debt policy, as well as a deeper exploration of the contextual reasons behind the negative liquidity-dividend relationship. Nonetheless, the research successfully offers actionable insights for investors seeking to understand dividend behavior and for company management in formulating effective financial strategies.

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