Pengaruh Profitabilitas, Ukuran Perusahaan, dan Arus Kas Bebas Terhadap Kebijakan Dividen
Abstract
The company is faced with the decision to distribute dividends to shareholders or withhold earnings for reinvestment activities. The purpose of this study was to determine the effect of profitability, company size and free cash flow on dividend policy. This study took a sample of manufacturing companies listed on the Indonesia Stock Exchange in the period 2016-2018. The sampling technique used was purposive sampling, so as many as 13 companies were obtained. The total sample taken for 3 years was 39 observations. The technique used in this research is multiple linear regression analysis. Based on the results of the analysis of this study proves that profitability, company size, and free cash flow affect positive dividend policy.
Keywords: Profitability; Company Size; Free Cash Flow; Dividend Policy
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References
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Adediran dan Alade. 2013. Dividend Policy and Corporate Performance in Nigeria. American Journal of Social and Management Sciences. Igbinedion University, OKADA. 4(2). pp 71-77.
Afza, T dan Hammed H. Mirza. 2010. Ownership Structure and Cash Flows as Determinants of Coporate Dividend Policy in Pakistan. International Business Research. 3(3). pp 110-125.
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Al-Haddad, Waseem., Al-Zorqan, Saleh., Musa, Shukairi., Noor, Mahmood. 2011. The Effect of Dividend Policy Stability on the Performancee of Banking Sector Listed on Amman Stock Exchange. International Journal of Humanities & Social Scienc. Vol. 1 No. 5.
Al-Malkawi, H.N. 2007. Determinants of Dividend Policy in Jordan: An Application of Tobit Model. Journal of Economic and Administrative Sciences, 23(2), hal 44-70.
Al-Shubiri, Faris Nasif. 2011. Capital Structure and Market Power: Evidence from Jordanian Banks, 9(3). pp 1-15
Andini, N., & Wirawati, N. 2014. Pengaruh Cash Flow Pada Kinerja Keuangan dan Implikasinya Pada Nilai Perusahaan Manufaktur. E-Jurnal Akuntansi Universitas Udayana, 7(1), 107–121.
Arilaha, Muhammad Asril. 2009. Pengaruh Free Cash Flow, Profitabilitas, Likuiditas, dan Leverage terhadap Kebijakan Dividen. Jurnal Keuangan dan Perbankan, 13(1), hal 78-87.
Aristantia, D., & Putra, I. 2015. Investment Opportunity Set Dan Free Cash Flow Pada Tingkat Pembayaran Dividen Perusahaan Manufaktur. E-Jurnal Akuntansi Universitas Udayana, 11(1), 220–234.
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Demirgunes, Kartal. 2015. Determinants of Target Dividend Payout Ratio: A Panel Autoregressive Distributed Lag Analysis. International Journal of Economics and Financial Issues. Ahi Evran University, Turkey. 2015, 5(2), pp. 418-426.
Devi, A.A.Ayu Mirah Varthina, I Made Sadha Suardikha, dan I Gusti Ayu Nyoman Budiasih. 2014. Pengaruh Profitabilitas pada Kebijakan Dividen dengan Likuiditas dan Kepemilikan Manajerial Sebagai Variabel Pemoderasi. E-Jurnal Ekonomi dan Bisnis Universitas Udayana, 3(12), hal.702-717.
Embara, Wiagustini, dan Badjra. 2012. Variabel-Variabel yang Berpengaruh terhadap Kebijakan Dividen Serta Harga Saham Pada Perusahaan Manufaktur di Bursa Efek Indonesia. Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan, 16(2).
Gregory, A. dan Yuan-Hsin Wang. 2010. Cash Acquirers: Free Cash Flow, ShareholderMonitoring, andShareholder Returns. Discussion Paper University of Exeter, UK, 10(7).
Haryetti, & Ekayanti, R. A. 2012. Pengaruh Profitabilitas, Investment Opportunity Set Dan Pertumbuhan Perusahaan Terhadap Kebijakan Dividen Pada Perusahaan Lq-45 Yang Terdaftar Di Bei. Jurnal Ekonomi, 1–18.
Idawati, I. A. ., & Sudiartha, G. M. 2014. Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaanterhadap Kebijakan Deviden Perusahaan Manufaktur di BEI. E-Jurnal Akuntansi Universitas Udayana, 3(6).
Jensen, M., & Meckling, W. 2012. Theory of the firm: Managerial behavior, agency costs, and ownership structure. In The Economic Nature of the Firm: A Reader, Third Edition (pp. 283–303).Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2014). Accounting Intermediate IFRS Edition. In Journal of Chemical Information and Modeling (Vol. 53, Issue 9).
Jensen, Solberg and Zorn. 1992. Simultaneous Determination of Insider Ownership, Debt and Dividend Policies. Journal of Financial and Quantitative Analysis, 27(2), pp.247-263.
Mollah, Sabur. 2011. Do Emerging Market Firms Follow Different Dividend Policies? Empirical Investigation on the Pre and Post Reform Dividend Policy and Behavior of Dhaka Stock Exchange Listed Firms. Studiesin Economics and Finance. 12(2).
Ramli, N. M. 2010. Ownership Structure and Dividend Policy: Evidence from Malaysian Companies. International Review of Business Research Papers. 6(1), 170–180.
Rosdini, Dini. 2009. Pengaruh Free Cash Flow Terhadap Dividend Payout Ratio. Dalam Research Days Faculty of Economics Padjajaran University Bandung. 5(1).
Sandy, Ahmad Asyik, Nur Fadjrih. 2013. Pengaruh Profitabilitas dan Likuiditas Terhadap Kebijakan Dividen Kas Pada Perusahaan Otomotif. Jurnal Ilmu dan Riset Akuntansi, 1(1).
Sari, N. K. A. P., & Budiasih, I. G. A. N. 2016. Pengaruh Kepemilikan Managerial, Kepemilikan Institusional, Free Cash Flow Dan Profitabilitas Pada Kebijakan Dividen.E-Jurnal Akuntansi, 15(3), 2439–2466.
Scoot, W. R. 2009. Financial Accounting Theory - Cap 4. In Financial Accounting Theory (pp. 98–142).
Sugiyono. 2017. Pendekatan Kuantitatif, Kualitatif, Kombinasi, R&D dan Penelitian Evaluasi. In Metodelogi Penelitian.
Thanatewee, Y. 2011. Life-Cycle Theory and Free Cash Flow Hypothesis: Evidence Policy in Thailand. International Journal of Financial Research. 2(2).
Utama, N. P. S. P., & Gayatri. 2018. Pengaruh Profitabilitas , Investment Opportunity Set dan Free Cash Flow Pada Kebijakan Dividen. E-Jurnal Akuntansi Universitas Udayana. 6(2). 976–1003.
Yuliari, Ni Kadek dan Yasa, Gerianta Wirawan. 2018. Pengaruh Free Cash Flow, Investment Opportunity Set, Profitabilitas, Likuiditas, dan Leverage Pada Kebijakan Dividen. E-Jurnal Akuntansi. 4(1). 873-901.
Adediran dan Alade. 2013. Dividend Policy and Corporate Performance in Nigeria. American Journal of Social and Management Sciences. Igbinedion University, OKADA. 4(2). pp 71-77.
Afza, T dan Hammed H. Mirza. 2010. Ownership Structure and Cash Flows as Determinants of Coporate Dividend Policy in Pakistan. International Business Research. 3(3). pp 110-125.
Ahmed, Hafeez dan Javid, Attiya Yasmin. 2008. Dynamic And Determinants Of Dividend Policy In Pakistan (evidence from Karachi Stock Exchange non- financial listed firm). Munich Personal Repec Archive. pp. 33-42.
Al-Haddad, Waseem., Al-Zorqan, Saleh., Musa, Shukairi., Noor, Mahmood. 2011. The Effect of Dividend Policy Stability on the Performancee of Banking Sector Listed on Amman Stock Exchange. International Journal of Humanities & Social Scienc. Vol. 1 No. 5.
Al-Malkawi, H.N. 2007. Determinants of Dividend Policy in Jordan: An Application of Tobit Model. Journal of Economic and Administrative Sciences, 23(2), hal 44-70.
Al-Shubiri, Faris Nasif. 2011. Capital Structure and Market Power: Evidence from Jordanian Banks, 9(3). pp 1-15
Andini, N., & Wirawati, N. 2014. Pengaruh Cash Flow Pada Kinerja Keuangan dan Implikasinya Pada Nilai Perusahaan Manufaktur. E-Jurnal Akuntansi Universitas Udayana, 7(1), 107–121.
Arilaha, Muhammad Asril. 2009. Pengaruh Free Cash Flow, Profitabilitas, Likuiditas, dan Leverage terhadap Kebijakan Dividen. Jurnal Keuangan dan Perbankan, 13(1), hal 78-87.
Aristantia, D., & Putra, I. 2015. Investment Opportunity Set Dan Free Cash Flow Pada Tingkat Pembayaran Dividen Perusahaan Manufaktur. E-Jurnal Akuntansi Universitas Udayana, 11(1), 220–234.
Arjana, I. P. P. H., & Suputra, I. D. G. D. 2017. Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan dan Corporate Social Responsibility Pada Kebijakan Dividen. E-Jurnal Akuntansi Universitas Udayana, 21, 2021–2051.
Demirgunes, Kartal. 2015. Determinants of Target Dividend Payout Ratio: A Panel Autoregressive Distributed Lag Analysis. International Journal of Economics and Financial Issues. Ahi Evran University, Turkey. 2015, 5(2), pp. 418-426.
Devi, A.A.Ayu Mirah Varthina, I Made Sadha Suardikha, dan I Gusti Ayu Nyoman Budiasih. 2014. Pengaruh Profitabilitas pada Kebijakan Dividen dengan Likuiditas dan Kepemilikan Manajerial Sebagai Variabel Pemoderasi. E-Jurnal Ekonomi dan Bisnis Universitas Udayana, 3(12), hal.702-717.
Embara, Wiagustini, dan Badjra. 2012. Variabel-Variabel yang Berpengaruh terhadap Kebijakan Dividen Serta Harga Saham Pada Perusahaan Manufaktur di Bursa Efek Indonesia. Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan, 16(2).
Gregory, A. dan Yuan-Hsin Wang. 2010. Cash Acquirers: Free Cash Flow, ShareholderMonitoring, andShareholder Returns. Discussion Paper University of Exeter, UK, 10(7).
Haryetti, & Ekayanti, R. A. 2012. Pengaruh Profitabilitas, Investment Opportunity Set Dan Pertumbuhan Perusahaan Terhadap Kebijakan Dividen Pada Perusahaan Lq-45 Yang Terdaftar Di Bei. Jurnal Ekonomi, 1–18.
Idawati, I. A. ., & Sudiartha, G. M. 2014. Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaanterhadap Kebijakan Deviden Perusahaan Manufaktur di BEI. E-Jurnal Akuntansi Universitas Udayana, 3(6).
Jensen, M., & Meckling, W. 2012. Theory of the firm: Managerial behavior, agency costs, and ownership structure. In The Economic Nature of the Firm: A Reader, Third Edition (pp. 283–303).Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2014). Accounting Intermediate IFRS Edition. In Journal of Chemical Information and Modeling (Vol. 53, Issue 9).
Jensen, Solberg and Zorn. 1992. Simultaneous Determination of Insider Ownership, Debt and Dividend Policies. Journal of Financial and Quantitative Analysis, 27(2), pp.247-263.
Mollah, Sabur. 2011. Do Emerging Market Firms Follow Different Dividend Policies? Empirical Investigation on the Pre and Post Reform Dividend Policy and Behavior of Dhaka Stock Exchange Listed Firms. Studiesin Economics and Finance. 12(2).
Ramli, N. M. 2010. Ownership Structure and Dividend Policy: Evidence from Malaysian Companies. International Review of Business Research Papers. 6(1), 170–180.
Rosdini, Dini. 2009. Pengaruh Free Cash Flow Terhadap Dividend Payout Ratio. Dalam Research Days Faculty of Economics Padjajaran University Bandung. 5(1).
Sandy, Ahmad Asyik, Nur Fadjrih. 2013. Pengaruh Profitabilitas dan Likuiditas Terhadap Kebijakan Dividen Kas Pada Perusahaan Otomotif. Jurnal Ilmu dan Riset Akuntansi, 1(1).
Sari, N. K. A. P., & Budiasih, I. G. A. N. 2016. Pengaruh Kepemilikan Managerial, Kepemilikan Institusional, Free Cash Flow Dan Profitabilitas Pada Kebijakan Dividen.E-Jurnal Akuntansi, 15(3), 2439–2466.
Scoot, W. R. 2009. Financial Accounting Theory - Cap 4. In Financial Accounting Theory (pp. 98–142).
Sugiyono. 2017. Pendekatan Kuantitatif, Kualitatif, Kombinasi, R&D dan Penelitian Evaluasi. In Metodelogi Penelitian.
Thanatewee, Y. 2011. Life-Cycle Theory and Free Cash Flow Hypothesis: Evidence Policy in Thailand. International Journal of Financial Research. 2(2).
Utama, N. P. S. P., & Gayatri. 2018. Pengaruh Profitabilitas , Investment Opportunity Set dan Free Cash Flow Pada Kebijakan Dividen. E-Jurnal Akuntansi Universitas Udayana. 6(2). 976–1003.
Yuliari, Ni Kadek dan Yasa, Gerianta Wirawan. 2018. Pengaruh Free Cash Flow, Investment Opportunity Set, Profitabilitas, Likuiditas, dan Leverage Pada Kebijakan Dividen. E-Jurnal Akuntansi. 4(1). 873-901.
Published
2020-01-14
How to Cite
PRADNYAVITA, Kadek Indri; SURYANAWA, I Ketut.
Pengaruh Profitabilitas, Ukuran Perusahaan, dan Arus Kas Bebas Terhadap Kebijakan Dividen.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 1, p. 238 - 250, jan. 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/55987>. Date accessed: 23 apr. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i01.p18.
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