Rasio Profitabilitas, Likuiditas, Leverage dan Dividend Payout Ratio
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May 30, 2023
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Abstract
Artikel ini akan mengeksplorasi aspek-aspek yang diduga menjadi pertimbangan dalam kebijakan pembayaran dividen (dividend payout ratio). Variabel independen yang akan diuji yakni profitabilitas, likuiditas, dan leverage. Penulis menetapkan sampel emiten subsektor industri barang jadi periode tahun 2016-2020. Penetapan sampel terpilih dilakukan dengan teknik purposive sampling. Total sampel berjumlah 63 entitas dengan total pengamatan 233. Pengujian dilakukan dengan uji regresi linier berganda. Hasil pengujian membuktikan bahwa profitabilitas terbukti memberikan pengaruh positif terhadap kebijakan pembayaran dividen. Dua variabel lainnya yaitu likuiditas dan leverage terbukti tidak memberikan pengaruh terhadap kebijakan pembayaran dividen. Penelitian ini memperkuat konsistensi teori sinyal terhadap kebijakan dividen khususnya yang terkait dengan informasi profitabilitas entitas.
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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
LPPM Politeknik Piksi Ganesha Indonesia
How to Cite
Herbowo, H., Grediani, E., & Niandari, N. (2023). Rasio Profitabilitas, Likuiditas, Leverage dan Dividend Payout Ratio. Jurnal E-Bis, 7(1), 370-380. https://doi.org/10.37339/e-bis.v7i1.1211
References
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Nehe, I. Y. G., Danisworo, D. S., & Widayanti, R. (2021). Pengaruh Current Ratio, Return on Assets dan Debt to Equity Ratio terhadap Dividend Payout Ratio Perusahaan Manufaktur. Indonesian Journal of Economics and Management, 2(1), 16–26. https://doi.org/10.35313/ijem.v2i1.3236
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Putri, V. R., Masyithoh, S., & Sari, D. M. (2018). Pengaruh Earning Per Share, Leverage, Dividend Payout Ratio Tahun Sebelumnya dan Arus Kas Operasi Terhadap Dividend Payout Ratio Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI). Jurnal Ilmu Akuntansi Mulawarman, 3(4), 1–21.
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Ross, S. (1977). The Determination of Financial Structure: The incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23–40.
Salsabilla, N. F., & Isbanah, Y. (2020). Pengaruh Profitabilitas dan Risiko Bisnis Terhadap Dividend Payout Ratio Melalui Likuiditas Sebagai Variabel Moderasi. Jurnal Ilmu Manajemen, 8(4), 1301–1311.
Subramanyam, K. R., & Wild, J. J. (2014). Financial Statement Analysis. McGraw-Hill Education.
Tahir, M., & Mushtaq, M. (2016). Determinants of Dividend Payout: Evidence from listed Oil and Gas Companies of Pakistan*. Journal of Asian Finance, Economics and Business, 3(4), 25–37. https://doi.org/10.13106/jafeb.2016.vol3.no4.25
Widyawati, D., & Indriani, A. (2019). Determinants of dividend payout ratio: evidence from Indonesian manufacturing companies. Diponegoro International Journal of Business, 2(2), 112. https://doi.org/10.14710/dijb.2.2.2019.112-121
Yusuf, M., & Rahmawati, W. O. S. (2016). Pengaruh Kepemilikan Manajerial dan Earning Per Share Terhadap Dividend Payout Ratio pada Perusahaan Manufaktur yang Listing di Bursa Efek Indonesia. Jurnal Mega Aktiva, 5(1), 1–8.
Armereo, C., & Rahayu, P. F. (2019). Pengaruh ROE, EPS, OCF, Size, DER, CR dan Growth Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur di Bursa Efek Indonesia (BEI). Akuntansi Dan Manajemen , 14(2), 80–94.
Arsyad, M., Haeruddin, S. H., Muslim, M., & Pelu, M. F. A. R. (2021). The effect of activity ratios, liquidity, and profitability on the dividend payout ratio. Indonesia Accounting Journal, 3(1), 36. https://doi.org/10.32400/iaj.30119
Brigham, E. F., & Houston, J. F. (2018). Dasar-Dasar Manajemen Keuangan (14th ed.). Salamba Empat.
Dang, H. N., Ha, N. V., & Binh, D. T. (2018). Factors Influencing the Dividend Policy of Vietnamese Enterprises. Asian Journal of Finance & Accounting, 10(2), 33. https://doi.org/10.5296/ajfa.v10i2.13651
Fadillah, N., & Eforis, C. (2020). Pengaruh Return on Asset, Debt to Equity Ratio, Earning Oer Share, dan Current Ratio Terhadap Dividend Payout Ratio (Studi Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2017). Jurnal British, 1(1), 32–49.
Handayani, H., Niandari, N., Perdana, D., & Jati, B. P. (2022). Profitability, Liquidity, Leverage, and Corporate Dividend Policy. Journal of Business and Information Systems (e-ISSN: 2685-2543), 4(2), 79–87. https://doi.org/10.36067/jbis.v4i2.128
Hanif, M., & Bustamam. (2017). Pengaruh Det to Equity Ratio, Return on Asset, Firm Size, dan Earning Oer Share Terhadap Dividend Payout Ratio. Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi (JIMEKA), 2(1), 73–81.
Herawati, A., & Fauzia, F. I. (2018). The Effect of Current Ratio, Debt to Equity Ratio and Return on Asset on Dividend Payout Ratio in Sub-sector Automotive and Component Listed in Indonesia Stock Exchange in Period 2012–2016. The 2018 International Conference of Organizational Innovation, 3(10), 1076–1086. https://doi.org/10.18502/kss.v3i10.3450
Horne, J. C. Van, & Wachowicz, J. M. (2012). Prinsip-Prinsip Manajemen Keuangan (13th ed.). Salemba Empat.
Jackson, W., & Laksmiwati, M. (2021). Pengaruh Total Asset Turnover, Debt to Equity Ratio, Return on Asset, Firm Size dan Cash Ratio terhadap Dividend Payout Ratio pada Perusahaan yang Tergabung dalam Indeks Kompas-100 di Bursa Efek Indonesia Periode 2013-2018. Studi Akuntansi, Keuangan, Dan Manajemen, 1(1), 25–32. https://doi.org/10.35912/sakman.v1i1.398
Kasmir. (2017). Analisis Laporan Keuangan . Rajawali Pers.
Kengatharan, L. (2021). Determinants of Dividend Policy in Sri Lanka: The Panel Data Analysis. Asia-Pacific Management Accounting Journal, 16(2), 290–313.
Kuncoro, M. (2009). Metode Riset untuk Bisnis dan Ekonomi. PT Gelora Aksara Pratama.
Lie, M. J., & Osesoga, M. S. (2020). Analisa Faktor-Faktor yang Mempengaruhi Dividend Payout Ratio (Studi Empiris pada Perusahaan Manufaktur yang terdaftar di BEI 2015-2017). Ultima Accounting, 12(1), 1–20.
Lucyanda, J., & Lilyana. (2012). Pengaruh Free Cash Flow Dan Struktur Kepemilikan Terhadap Dividend Payout Ratio. Jurnal Dinamika Akuntansi, 4(2), 129–138.
Manaf, S. M. A., Baharuddin, N. S., Fairus, N., & Yahya, B. (2021). Determinants of Dividend Payout Ratio in the Malaysian Steel Industry. ESTEEM Journal of Social Sciences and Humanities, 5(2), 61–71. https://ejssh.uitm.edu.my
Marina, D., Hidayat, W., & Wihadanto, A. (2020). Analisis Faktor-Faktor yang Mempengaruhi Dividend Payout Ratio pada Saham-Saham Indeks LQ45 di Bursa Efek Indonesia Tahun 2011-2017. Jurnal Manajemen Dan Keuangan, 9(2), 205–222.
Martha, & Juliani, C. (2018). Effect of Current Ratio, Debt to Equity Ratio, Earning Per Share, Return on Assets, Asset Growth on Dividend Payout Ratio in LQ-45 Company Listed on Indonesia Stock Exchange Period 2010-2016. Jurnal KURS, 3(1), 80–88.
Nehe, I. Y. G., Danisworo, D. S., & Widayanti, R. (2021). Pengaruh Current Ratio, Return on Assets dan Debt to Equity Ratio terhadap Dividend Payout Ratio Perusahaan Manufaktur. Indonesian Journal of Economics and Management, 2(1), 16–26. https://doi.org/10.35313/ijem.v2i1.3236
Ogundajo, G., Enyi, E., & Akintoye, I. R. (2019). Accounting information and dividend payout prediction in Nigerian listed manufacturing firms. Journal of Accounting and Taxation, 11(1), 9–16. https://doi.org/10.5897/jat2018.0317
Putri, V. R., Masyithoh, S., & Sari, D. M. (2018). Pengaruh Earning Per Share, Leverage, Dividend Payout Ratio Tahun Sebelumnya dan Arus Kas Operasi Terhadap Dividend Payout Ratio Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI). Jurnal Ilmu Akuntansi Mulawarman, 3(4), 1–21.
Rahmadi, Z. T. (2020). The Influence of Return on Investment, Current Ratio, Debt to Equity Ratio, Earning Per Share, and Firm Size to Dividend Payout Ratio in Banking Industries Listed at Indonesia Stock Exchange Period 2013-2018. Dinasti Publisher, 1(2), 260–276. https://doi.org/10.31933/DIJDBM
Ross, S. (1977). The Determination of Financial Structure: The incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23–40.
Salsabilla, N. F., & Isbanah, Y. (2020). Pengaruh Profitabilitas dan Risiko Bisnis Terhadap Dividend Payout Ratio Melalui Likuiditas Sebagai Variabel Moderasi. Jurnal Ilmu Manajemen, 8(4), 1301–1311.
Subramanyam, K. R., & Wild, J. J. (2014). Financial Statement Analysis. McGraw-Hill Education.
Tahir, M., & Mushtaq, M. (2016). Determinants of Dividend Payout: Evidence from listed Oil and Gas Companies of Pakistan*. Journal of Asian Finance, Economics and Business, 3(4), 25–37. https://doi.org/10.13106/jafeb.2016.vol3.no4.25
Widyawati, D., & Indriani, A. (2019). Determinants of dividend payout ratio: evidence from Indonesian manufacturing companies. Diponegoro International Journal of Business, 2(2), 112. https://doi.org/10.14710/dijb.2.2.2019.112-121
Yusuf, M., & Rahmawati, W. O. S. (2016). Pengaruh Kepemilikan Manajerial dan Earning Per Share Terhadap Dividend Payout Ratio pada Perusahaan Manufaktur yang Listing di Bursa Efek Indonesia. Jurnal Mega Aktiva, 5(1), 1–8.