Pengaruh Profitabilitas pada Kebijakan Dividen dengan Investment Opportunity Set sebagai Variabel Pemediasi
Abstract
The amount of dividends distributed to shareholders depends on the company's dividend policy. This study aims to obtain empirical evidence about the effect of profitability on dividend policy with an investment opportunity set as a mediating variable. This research was conducted at companies classified as LQ45 index on the Indonesia Stock Exchange. The sampling method used was purposive sampling to obtain 87 observations. Data analysis technique used is path analysis. Based on research results, it is known that profitability has a positive and significant effect on investment opportunity set. Profitability has a positive and significant effect on dividend policy. Investment opportunity set has a negative and significant effect on dividend policy. Investment opportunity set is able to mediate the effect of profitability on dividend policy.
Keywords: Profitability; Investment Opportunity Set, Dividend Policy
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References
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Anugrah, A. D. P., & Bagus Nurcahyo. (2009). Analysis of the Effect of Investment Opportunity Set ( IOS ) on Analysis of the Effect of Investment Opportunity Set ( IOS ) on Return Stock Company Manufacturing Sector. Jurnal Universitas Gunadarma.
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Baskin, J. (1989). Tests of Capital Structure Order Hypothesis Pecking. Financial Management Association International, 18(1), 26–35.
Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and The Bird in The Hand Fallacy. Journal of Economics, 10(1), 259–270.
Bista, N. B., N. R. Bartaula, O. Shrestha, P. Gnawali, Lamichhane, P., & P. Parajuli. (2018). Impact of Corporate Governance on Dividend Policy of Nepalese Enterprises. Business Governance and Society, 377–397. https://doi.org/10.1007/978-3-319-94613-9
Ginting, S. (2018). Pengaruh Likuiditas, Profitabilitas, dan Leverage terhadap Kebijakan Deviden pada Perusahaan LQ45 yang terdaftar di Bursa Efek Indonesia. JWEM STIE MIKROSKIL, 8(2), 195–204.
Gunawan, F. S., & Tobing, W. R. L. (2018). The Effect of Profitability, Liquidity, and Invesment Opportunities on Dividend Policy. South East Asia Journal of Contemporary Business Economics and Law, vol 15(5), 189–195.
Haryetti, & Ekayanti, R. A. (2012). Pengaruh Profitabilitas, Investment Opportunity Set, dam Pertumbuhan Perusahaan terhadap Kebijakan Dividen pada Perusahaan LQ45 yang terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi Universitas Riau Kampus Bina Wydia, 20(3), 1–18.
Hasana, Rawiyatul, Mardani Ronny Malavia, & Wahono, B. (2018). Pengaruh Free Cash Flow, Profitabilitas, Likuiditas dan Leverage terhadap Kebijakan Dividen pada Perusahaan Food and Beverage yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2014-2016. E-Jurnal Riset Manajemen Fakultas Ekonomi Dan Bisnis Universitas Islam Malang, 7(12), 88–102.
Jensen, M.C.; Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency cost, and capital structure. Journal of Financial Economics, 3(4), 305–360.
Kajola, S. O., Adewumi, A. A., & Oworu, O. O. (2015). Dividend Pay-Out Policy and Firm Financial Performance: Evidence from Nigerian Listed Non-Financial Firms. International Journal of Economics, Commerce and Management United Kingdom, III(4), 1–13.
Kaźmierska, B., & Jóźwiak. (2015). Determinants of Dividend Policy: Evidence from Polish Listed Companies. Procedia Economics and Finance, 23(2015), 473–477.
Khalid, S., & Mobeen Ur Rehman. (2015). Determination of Factors Effecting the Dividend Policy of Organizations. International Journal of Information Business and Management, 7(3), 319–334.
Mawutor, J. K. M., & Embele Kemebradikemor. (2015). Analysis of the Relationship Between Profitability and Dividend Policy of Banks on the Ghana Stock Exchange. International Journal of Empirical Finance, 4(7), 407–417.
Miller, M. H., & Franco Modigliani. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411–433. https://doi.org/10.1016/S1877-1203(10)70085-9
Natalia, D. (2013). Pengaruh Profitabilitas dan Kesempatan Investasi terhadap Kebijakan Dividen pada Perusahaan Manufaktur yang Terdaftar di BEI. Skripsi Universitas Padang.
Prakoso, G. A. (2016). Pengaruh Profitabilitas, Investment Opportunity Set dan Pertumbuhan Perusahaaan Terhadap Kebijakan Dividen Pada Perusahaan LQ-45 yang Terdaftar di BEI. Skripsi Fakultas Ekonomi Universitas Negeri Yogyakarta.
Rahmawati, A. D. (2012). Pengaruh Profitabilitas terhadap Kebijakan Dividen dengan Investment Opportunity Set sebagai Variabel Intervening (Studi Empiris: Perusahaan Manufaktur yang Listed di Bursa Efek Indonesia). Skripsi Fakultas Ekonomi Universitas Jember, 1–72.
Saputro, A. A., & Lela Hindasah. (2007). Pengaruh Kebijakan Pendanaan , Deviden dan Profitabilitas Perusahaan terhadap Set Kesempatan Investasi (IOS). Jurnal Akuntansi Dan Investasi Universitas Muhammadiyah Yogyakarta, 8(1), 58–71.
Sari, N. K. A. P., & Budiasih, I. G. A. . (2016). Analisis Pengaruh Investment Opportunities, Leverage , Risiko Pasar dan Firm Size terhadap Dividend Policy (Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2011 – 2014). E‐Jurnal Akuntansi Universitas Udayana, 15(3), 2439–2466.
Sari, R. R., Harjum, M., & Syuhada Sofyan. (2014). Analisis Pengaruh Investment Opportunities, Leverage , Risiko Pasar Dan Firm Size Terhadap Dividend Policy ( Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2011 – 2014 ). E-Jurnal Universitas Diponegoro, 1–12.
Sarmento, J. N. L., Kertahadi, & Nila Firdausi Nuzuli. (2014). The Effects of Investment Opportunity Set (IOS) And Corporate-Financing on Dividend Payout Policy (A Study on Automotive and Components Companies Listed in Indonesia Stock Exchange Period 2009-2011). Jurnal Administrasi Bisnis (JAB), 13(2), 1–17.
Siboni, Z. M., & Mohammad Reza Pourali. (2015). The Relationship Between Investment Opportunity, Dividend Policy and Firm Value in Companies Listed in TSE: Evidence from IRAN. European Online Journal of Natural and Social Sciences, 4(1), 263–272.
Silaban, Dame Prawira, & Purnawati, N. K. (2016). Pengaruh Profitabilitas, Struktur Kepemilikan, Pertumbuhan Perusahaan, dan Efektivitas Usaha terhadap Kebijakan Dividen pada Perusahaan Manufaktur. E-Jurnal Manajemen Unud, 5(2), 1251–1281.
Singla, H. K., & Pradeepta Kumar Samanta. (2018). Determinants of dividend payout of construction companies: a panel data analysis. Journal of Financial Management of Property and Construction, 1–21. https://doi.org/10.1108/JFMPC-06-2018-0030
Subchan, & Sudarman. (2010). Pengaruh Kebijakan Utang, Kebijakan Dividen, Risiko Investasi Dan Profitabilitas Perusahaan Terhadap Set Kesempatan Investasi. Jurnal Bisnis Dan Ekonomi, 18(33), 1–20.
Subramaniam, R., Susela Devi, & Marimuthu, M. (2011). The Usefulness of Measurement Equivalence in Psychological Evaluation: A Meta-Analysis. African Journal of Business Management, 5(24), 10128–10143. https://doi.org/10.5897/ajbm11.687
Sugiyono. (2017). Metode Penelitian Bisnis. In Bandung: Alfabeta.
Thirumagal, P. G., & Vasantha, S. (2017). Dividend Payout Determinants : Evidence from Indian Industries. International Journal of Pure and Applied Mathematics, 117(21), 811–829.
Titus, W. W., & Ambrose Jagongo. (2015). Determinants of Dividend Policy in Kenya. International Journal of Arts and Entrepreneurship, 4(11), 71–80.
Wiagustini, N. L. P. (2010). Dasar-Dasar Manajemen Keuangan. Denpasar: Udayana University Press.
Yudiana, I. G. Y., & I Ketut Yadnyana. (2016). Pengaruh Kepemilikan Manajerial, Leverage, Investment Opportunity Set dan Profitabilitas pada Kebijakan Dividen Perusahaan Manufaktur. E-Jurnal Akuntansi Universitas Udayana, 15(1), 112–141.
Yunisari, N. W., & Ratnadi, N. M. D. (2018). Pengaruh Profitabilitas dan Kepemilikan Manajerial Pada Kebijakan Dividen dengan Likuiditas Sebagai Variabel Moderasi. E-Jurnal Akuntansi, 23, 379. https://doi.org/10.24843/eja.2018.v23.i01.p15
Anam, B. S., Arfan, M., & M. Shabri. (2016). Pengaruh Profitabilitas dan Set Kesempatan Investasi terhadap Kebijakan Dividen Tunai pada Perusahaan Manufaktur di Indonesia. Jurnal Magister Akuntansi Pascasarjana Universitas Syiah Kuala, 5(3), 20–29.
Anjarsari, Dewi, Dheasey Amboningtyas, dan P. D. P. (2018). The Impact of Retained Earnings As An Intervening Variable In The Implementation of Free Cash Flow, Funding Policies, Profitability And Collateral Assets As A Benchmark For Dividend Policy (The empirical study of Manufacturing Companies listed on the IDX . Journal of Management. ISSN : 2502-7689, 4(4), 1–17.
Anugrah, A. D. P., & Bagus Nurcahyo. (2009). Analysis of the Effect of Investment Opportunity Set ( IOS ) on Analysis of the Effect of Investment Opportunity Set ( IOS ) on Return Stock Company Manufacturing Sector. Jurnal Universitas Gunadarma.
Arjana, I. P. P. H., & I.D.G. Dharma Suputra. (2017). Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan dan Corporate Social Responsibility Pada Kebijakan Dividen. E-Jurnal Akuntansi Universitas Udayana, 21(3), 2021–2051. https://doi.org/10.24843/EJA.2017.v21.i03.p12
Azmi, M. N., & Agung Listiadi. (2014). Analisis Pengaruh Profitabilitas Dan Ios Terhadap Kebijakan Dividen Dengan Likuiditas Sebagai Variabel Moderasi Pada Perusahaan Manufaktur. Jurusan Jurnal Ilmu Manajemen Universitas Negeri SurabayaU, 2(3), 990–1001.
Baskin, J. (1989). Tests of Capital Structure Order Hypothesis Pecking. Financial Management Association International, 18(1), 26–35.
Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and The Bird in The Hand Fallacy. Journal of Economics, 10(1), 259–270.
Bista, N. B., N. R. Bartaula, O. Shrestha, P. Gnawali, Lamichhane, P., & P. Parajuli. (2018). Impact of Corporate Governance on Dividend Policy of Nepalese Enterprises. Business Governance and Society, 377–397. https://doi.org/10.1007/978-3-319-94613-9
Ginting, S. (2018). Pengaruh Likuiditas, Profitabilitas, dan Leverage terhadap Kebijakan Deviden pada Perusahaan LQ45 yang terdaftar di Bursa Efek Indonesia. JWEM STIE MIKROSKIL, 8(2), 195–204.
Gunawan, F. S., & Tobing, W. R. L. (2018). The Effect of Profitability, Liquidity, and Invesment Opportunities on Dividend Policy. South East Asia Journal of Contemporary Business Economics and Law, vol 15(5), 189–195.
Haryetti, & Ekayanti, R. A. (2012). Pengaruh Profitabilitas, Investment Opportunity Set, dam Pertumbuhan Perusahaan terhadap Kebijakan Dividen pada Perusahaan LQ45 yang terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi Universitas Riau Kampus Bina Wydia, 20(3), 1–18.
Hasana, Rawiyatul, Mardani Ronny Malavia, & Wahono, B. (2018). Pengaruh Free Cash Flow, Profitabilitas, Likuiditas dan Leverage terhadap Kebijakan Dividen pada Perusahaan Food and Beverage yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2014-2016. E-Jurnal Riset Manajemen Fakultas Ekonomi Dan Bisnis Universitas Islam Malang, 7(12), 88–102.
Jensen, M.C.; Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency cost, and capital structure. Journal of Financial Economics, 3(4), 305–360.
Kajola, S. O., Adewumi, A. A., & Oworu, O. O. (2015). Dividend Pay-Out Policy and Firm Financial Performance: Evidence from Nigerian Listed Non-Financial Firms. International Journal of Economics, Commerce and Management United Kingdom, III(4), 1–13.
Kaźmierska, B., & Jóźwiak. (2015). Determinants of Dividend Policy: Evidence from Polish Listed Companies. Procedia Economics and Finance, 23(2015), 473–477.
Khalid, S., & Mobeen Ur Rehman. (2015). Determination of Factors Effecting the Dividend Policy of Organizations. International Journal of Information Business and Management, 7(3), 319–334.
Mawutor, J. K. M., & Embele Kemebradikemor. (2015). Analysis of the Relationship Between Profitability and Dividend Policy of Banks on the Ghana Stock Exchange. International Journal of Empirical Finance, 4(7), 407–417.
Miller, M. H., & Franco Modigliani. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411–433. https://doi.org/10.1016/S1877-1203(10)70085-9
Natalia, D. (2013). Pengaruh Profitabilitas dan Kesempatan Investasi terhadap Kebijakan Dividen pada Perusahaan Manufaktur yang Terdaftar di BEI. Skripsi Universitas Padang.
Prakoso, G. A. (2016). Pengaruh Profitabilitas, Investment Opportunity Set dan Pertumbuhan Perusahaaan Terhadap Kebijakan Dividen Pada Perusahaan LQ-45 yang Terdaftar di BEI. Skripsi Fakultas Ekonomi Universitas Negeri Yogyakarta.
Rahmawati, A. D. (2012). Pengaruh Profitabilitas terhadap Kebijakan Dividen dengan Investment Opportunity Set sebagai Variabel Intervening (Studi Empiris: Perusahaan Manufaktur yang Listed di Bursa Efek Indonesia). Skripsi Fakultas Ekonomi Universitas Jember, 1–72.
Saputro, A. A., & Lela Hindasah. (2007). Pengaruh Kebijakan Pendanaan , Deviden dan Profitabilitas Perusahaan terhadap Set Kesempatan Investasi (IOS). Jurnal Akuntansi Dan Investasi Universitas Muhammadiyah Yogyakarta, 8(1), 58–71.
Sari, N. K. A. P., & Budiasih, I. G. A. . (2016). Analisis Pengaruh Investment Opportunities, Leverage , Risiko Pasar dan Firm Size terhadap Dividend Policy (Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2011 – 2014). E‐Jurnal Akuntansi Universitas Udayana, 15(3), 2439–2466.
Sari, R. R., Harjum, M., & Syuhada Sofyan. (2014). Analisis Pengaruh Investment Opportunities, Leverage , Risiko Pasar Dan Firm Size Terhadap Dividend Policy ( Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2011 – 2014 ). E-Jurnal Universitas Diponegoro, 1–12.
Sarmento, J. N. L., Kertahadi, & Nila Firdausi Nuzuli. (2014). The Effects of Investment Opportunity Set (IOS) And Corporate-Financing on Dividend Payout Policy (A Study on Automotive and Components Companies Listed in Indonesia Stock Exchange Period 2009-2011). Jurnal Administrasi Bisnis (JAB), 13(2), 1–17.
Siboni, Z. M., & Mohammad Reza Pourali. (2015). The Relationship Between Investment Opportunity, Dividend Policy and Firm Value in Companies Listed in TSE: Evidence from IRAN. European Online Journal of Natural and Social Sciences, 4(1), 263–272.
Silaban, Dame Prawira, & Purnawati, N. K. (2016). Pengaruh Profitabilitas, Struktur Kepemilikan, Pertumbuhan Perusahaan, dan Efektivitas Usaha terhadap Kebijakan Dividen pada Perusahaan Manufaktur. E-Jurnal Manajemen Unud, 5(2), 1251–1281.
Singla, H. K., & Pradeepta Kumar Samanta. (2018). Determinants of dividend payout of construction companies: a panel data analysis. Journal of Financial Management of Property and Construction, 1–21. https://doi.org/10.1108/JFMPC-06-2018-0030
Subchan, & Sudarman. (2010). Pengaruh Kebijakan Utang, Kebijakan Dividen, Risiko Investasi Dan Profitabilitas Perusahaan Terhadap Set Kesempatan Investasi. Jurnal Bisnis Dan Ekonomi, 18(33), 1–20.
Subramaniam, R., Susela Devi, & Marimuthu, M. (2011). The Usefulness of Measurement Equivalence in Psychological Evaluation: A Meta-Analysis. African Journal of Business Management, 5(24), 10128–10143. https://doi.org/10.5897/ajbm11.687
Sugiyono. (2017). Metode Penelitian Bisnis. In Bandung: Alfabeta.
Thirumagal, P. G., & Vasantha, S. (2017). Dividend Payout Determinants : Evidence from Indian Industries. International Journal of Pure and Applied Mathematics, 117(21), 811–829.
Titus, W. W., & Ambrose Jagongo. (2015). Determinants of Dividend Policy in Kenya. International Journal of Arts and Entrepreneurship, 4(11), 71–80.
Wiagustini, N. L. P. (2010). Dasar-Dasar Manajemen Keuangan. Denpasar: Udayana University Press.
Yudiana, I. G. Y., & I Ketut Yadnyana. (2016). Pengaruh Kepemilikan Manajerial, Leverage, Investment Opportunity Set dan Profitabilitas pada Kebijakan Dividen Perusahaan Manufaktur. E-Jurnal Akuntansi Universitas Udayana, 15(1), 112–141.
Yunisari, N. W., & Ratnadi, N. M. D. (2018). Pengaruh Profitabilitas dan Kepemilikan Manajerial Pada Kebijakan Dividen dengan Likuiditas Sebagai Variabel Moderasi. E-Jurnal Akuntansi, 23, 379. https://doi.org/10.24843/eja.2018.v23.i01.p15
Published
2020-01-14
How to Cite
MEIDYNA, Ida Ayu Nabila; MERTHA, Made.
Pengaruh Profitabilitas pada Kebijakan Dividen dengan Investment Opportunity Set sebagai Variabel Pemediasi.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 1, p. 212 - 225, jan. 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/54658>. Date accessed: 19 nov. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i01.p16.
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