Faktor-Faktor yang Mempengaruhi Dividend Payout Ratio: Studi Empiris pada Perusahaan Manufaktur di Bei

Dewi Ari Ani

doi:10.61132/santri.v1i5.1818

Authors

Dewi Ari Ani Universitas Ngudi Waluyo

DOI:

https://doi.org/10.61132/santri.v1i5.1818

Keywords:

Company Size, Current Ratio, Debt to Equity Ratio, Dividend Payout Ratio, Return on Assets

Abstract

This study aims to analyze the influence of Return on Assets (ROA), Debt to Equity Ratio (DER), company size, and Current Ratio (CR) on the Dividend Payout Ratio (DPR) of public companies in Indonesia. DPR is one of the main indicators in dividend policy, reflecting how much net profit a company distributes to shareholders. This policy not only reflects a company's financial condition but also influences investor perceptions and investment decisions in the capital market. Factors such as profitability, capital structure, company size, and liquidity are considered important in determining the amount of dividends paid. More specifically, ROA is used to measure a company's ability to generate profits from its total assets. The higher the ROA, the greater the company's ability to pay dividends. DER indicates the proportion of a company's funding derived from debt to equity; the higher the DER, the greater the financial risk, which in turn can reduce the ability to pay dividends. Company size reflects the scale of operations and financial strength. Larger companies generally have better access to funding and therefore tend to be more stable in distributing dividends. Meanwhile, CR is used to assess a company's ability to meet its short-term obligations. Excessive liquidity can reduce flexibility in distributing profits as dividends. The research method used is a quantitative approach with multiple linear regression. The research data was obtained from the annual financial reports of public companies listed on the Indonesia Stock Exchange (IDX). The sample was determined using a purposive sampling technique, resulting in 60 observations. The results show that ROA, DER, company size, and CR simultaneously have a significant effect on DPR, with an R² value of 49%. Partially, ROA has a dominant positive effect, while DER and CR show negative effects.

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