Pengaruh Likuiditas, Profitabilitas, Struktur Modal, dan Harga Saham terhadap Kebijakan Dividen pada Perusahaan Consumer Goods
Abstract
The purpose of the research is to know and analyze the influence of liquidity, profitability, capital structure and share price on dividend policy on Consumer Goods Companies listed on the Indonesia Stock Exchange period 2014-2018. This research uses quantitative research. Quantitative research approach. The nature of research is a causal relationship. The collection of this research data by means of documentation. The population of this study is 51 Consumer Goods Companies listed on the Indonesia Stock Exchange for the period 2014-2018. A research sample of 16 Consumer Goods Companies listed on the Indonesia Stock Exchange period 2014-2018. The research model is multiple linear regressions. The results of this study are Liquidity, profitability, capital structure and share price simultaneously and partially affect the dividend policy on Consumer Goods Companies.
Keywords: Liquidity, Profitability; Capital Structure; Share Price; Dividend Policy.
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References
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Kibet, K. P., & Mirie, M. (2012). The Effect of Liquidity on Dividend Payout By Companies Listed at The Nairobi Securities Exchange. Journal Business Administration of the University of Nairobi, 7(8), 1–54.
Laili, M., Darmawan, N. A. S., & Sinarwati, N. K. (2015). Pengaruh Debt To Equity, Kepemilikan Manajerial, Return On Assets, dan Current Ratio Terhadap Dividend Payout Ratio. E-Jurnal S1 Ak, Universitas Pendidikan Ganesha,
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Marlina, L., & Danica, C. (2009). Analisis pengaruhcash position, debt to equity ratio, dan return on assets terhdadap dividen payout ratio. Jurnal Manajemen Bisnis, 2, 1–6.
Novita Sari, K., & Sudjarni, L. (2015). Pengaruh Likuiditas, Leverage, Pertumbuhan Perusahaan, Dan Profitabilitas Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Di Bei. E-Jurnal Manajemen Universitas Udayana,
4(10), 255134.
Nurhayati, M. (2013). Profitabilitas, likuiditas dan ukuran perusahaan pengaruhnya terhadap kebijkan dividen dan nilai perusahaan sektor non jasa. Jurnal Keuangan Dan Bisnis, 5(2), 144–153.
Parsian, H., & Koloukhi, A. S. (2014). A study on the effect of free cash flow and profitability current ratio on dividend payout ratio: Evidence from Tehran Stock Exchange. Management Science Letters, 4, 63–70.
Sari, M. R., Oemar, A., & Andini, R. (2016). Pengaruh pertumbuhan perusahaan, ukuran perusahaan, earning per share, current ratio, return on equity dan debt equity ratio terhadap kebijakan dividen. Journal Of Accounting, 2(2), 1–19.
Yudhanto, S., & Aisjah, S. (2012). Pengaruh Net Profit Margin, Return On Asset, Return On Equity, Earning Per Share Terhadap Kebijakan Dividen (Studi pada Perusahaan Manufaktur yang Terdaftar Di Bursa Efek Indonesia). Jurnal Ilmiah Mahasiswa Fakultas Ekonomi Dan Bisnis, 1(2), 1–14.
Rizqia, D. A., Aisjah, S., Program, P., & Java, E. (2013). Effect of Managerial Ownership , Financial Leverage , Profitability , Firm Size , and Investment Opportunity on Dividend Policy and Firm Value. 4(11), 120–130.
Gill, A., Biger, N., & Tibrewala, R. (2010). Determinants of Dividend Payout Ratios: Evidence from United States. The Open Business Journal, 3(1), 8–14.
Hakeem, S. A., & Bambale, A. J. (2016). Mediating Effect of Liquidity on Firm Performance and Dividend Payout of Listed Manufacturing Companies in Nigeria. Journal of Economic Development, Management, IT, Finance and
Marketing, 53(9), 1689–1699.
Hasan, M., Ahmad, M. I., Rafiq, M. Y., & Rehman, R. U. (2015). Dividend Payout Ratio and Firm’s Profitability. Evidence from Pakistan. Theoretical Economics Letters, 05(03), 441–445.
Herawati, A., & Irradha Fauzia, F. (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. KnE Social Sciences, 3(10), 1076–1086.
Igan, D., de Paula, A., & Pinheiro, M. (2010). Munich Personal RePEc Archive Liquidity and Asset Prices. Munich Personal RePEc Archive, (24768).
Issa, A. I. F. (2015). The Determinants of Dividend Policy: Evidence from Malaysian Firms. Research Journal of Finance and Accounting, 6(18), 69–87.
PhD, M. S. B., Jinadu, A. G., & Opeyemi, M. F. (2017). Impact Of Capital Structure On Dividend Pay-Out Ratio In Unilever Nigerian Plc. Journal of Management Sciences University of Maiduguri, 15, 61–75.
Thi, N., & Trang, X. (2012). Determinants Of Dividend Policy The Case Of Vietnam. International Journal of Business, Economics and Law, 1, 48–57.
Fahmi, Irham. (2012). Pengantar Manajemen Keuangan. Bandung : Penerbit Alfabeta.
Fahmi, Irham. (2013). Pengantar Manajemen Keuangan Teori dan Soal Jawab. Bandung : Alfabeta.
Fahmi, Irham. (2014). Pengantar Manajemen Keuangan Teori dan Soal Jawab. Bandung : Alfabeta.
Gumanti, Tatang Ary. (2013). Kebijakan Deviden. Jakarta : Penerbit UPP STIM YKPN
Harahap, A. (2011). Pengaruh Earning Per Share Dan Harga Saham Terhadap Dividen Kas Perusahaan Manufaktur Di Bursa Effek Indonesia Tahun 2006-2008. Jurnal Manajemen Dan Bisnis Universitas Bandar Lampung, 1(2), 111486.
Halim, Abdul. (2015). Manajemen Keuangan Bisnis Konsep dan Aplikasinya. Jakarta : Mitra Wacana Media
Husnan, Suad dan Pudjiastuti. (2015). Dasar-dasar Manajemen Keuangan. Edisi Ketujuh. Yogyakarta : Unit Penerbit dan Percetakan (UPP STIM YKPN).
Kurniawan, E. R., Arifati, R., & Andini, R. (2016). Pengaruh Cash Position, Debt Equity Ratio, Return on Asset, Current Ratio, Firm Size, Price Earning Ratio, Dan Total Assets Turn Over Terhadap Deviden Payout Ratio Pada Perusahaan Manufaktur Periode 2007-2014. Journal Of Accounting Universitas Pandanaran, 2(2), 1–13.
Kasmir. (2014). Analisis Laporan Keuangan. Jakarta : Penerbit Rajagrafindo Persada.
Margaretha, Farah. (2011). Manajemen Keuangan Untuk Manajer Non keuangan. Jakarta : Penerbit Erlangga.
Maulidah, F., & Azhari, M. (2015). Pengaruh Return On Asset , Current Ratio , Debt To Total Asset Ratio , Growth Dan Firm Size Terhadap Divident Payout Ratio ( Studi Pada Perusahaan BUMN yang Terdaftar di BEI Tahun 2009-2013 ). E-Proceeding of Management Universitas Telkom, 2(3), 2595–2602.
Nidar, Sulaeman Rahman. (2016). Manajemen Keuangan Perusahaan Modern. Cetakan Pertama. Bandung : Penerbit Pustaka Reka Cipta.
Rodoni, Ahmad dan Ali, Herni. (2014). Manajemen Keuangan Modern. Jakarta : Penerbit Mitra Wacana Media
Sitanggang, J.P. (2012). Manajemen Keuangan Perusahaan. Jakarta : Penerbit Mitra Wacana Media
Sudana, I Made. (2015) Teori & Praktik Manajemen Keuangan Perusahaan. Jakarta : Erlangga.
Sugiyono. (2014). Metode Penelitian Manajemen. Bandung : Alfabeta.
Wijayanto. (2012). Pengantar Manajemen. Jakarta : Penerbit Pt Gramedia Pustaka Utama.
Widioatmodjo, Sawidji. (2012). Cara Sehat Investasi Di Pasar Modal. Edisi Revisi. Jakarta : PT Elex Media Komputindo.
Abbas, A., Hashmi, S. H., & Chishti, A. F. (2017). Dividend Policy and Capital Structure: Testing Endogeneity. SSRN Electronic Journal.
Ahmed, I. E. (2015). Liquidity, Profitability and the Dividends Payout Policy. World Review of Business Research, 5(2), 73–85.
Dewi, N., & Sedana, I. (2014). Pengaruh Struktur Modall, Likuiditas Dan Pertumbuhan Terhadap Kebijakan Deviden Di Bei. E-Jurnal Manajemen Universitas Udayana, 3(6), 254804.
Elizabeth, W. M. (2015). The effect of profitability on dividend policy of commercial bnaks in Kenya. 1–78.
Esfahani, A. Z., & Jaffar, R. (n.d.). The Effect of Corporate Governance and Capital Structure on Dividend Payment: Evidence from Malaysia. Recent Advances in Management, Marketing and Finances, 75–80.
Fajaria, A. Z. (2018). The Effect of Profitability, Liquidity, Leverage and Firm Growth of Firm Value with its Dividend Policy as a Moderating Variable. International Journal of Managerial Studies and Research, 6(10), 55–69.
Habib, Y., Kiani, Z. I., & Khan, M. A. (2011). Dividend Policy and Share Price Volatility in Nigeria. Jorind, 12(9), 202–210.
Janifairus, J. B., Hidayat, R., Husaini, A., Administrasi, F. I., Brawijaya, U., Growth, A., … Ratio, D. P. (2010). Pengaruh Return on Asset , Debt To Equity Ratio , Assets Growth , Dan Cash Ratio Terhadap Dividend Payout Ratio. Jurnal Administrasi Bisnis, 1, 161–169.
Keuangan, K., Keuangan Keuangan 78, K., Keuangan, J., & Perbankan, D. (2009). Muhammad Asril Arilaha. Jurnal Keuangan Dan Perbankan, 13(1), 78–87.
Kibet, K. P., & Mirie, M. (2012). The Effect of Liquidity on Dividend Payout By Companies Listed at The Nairobi Securities Exchange. Journal Business Administration of the University of Nairobi, 7(8), 1–54.
Laili, M., Darmawan, N. A. S., & Sinarwati, N. K. (2015). Pengaruh Debt To Equity, Kepemilikan Manajerial, Return On Assets, dan Current Ratio Terhadap Dividend Payout Ratio. E-Jurnal S1 Ak, Universitas Pendidikan Ganesha,
3(1).
Lestari, K. F., Tanuatmodjo, H., & Mayasari, M. (2017). Pengaruh Likuiditas Dan Profitabilitas Terhadap Kebijakan Dividen. Journal of Business Management Education (JBME), 2(1), 243–250.
Marlina, L., & Danica, C. (2009). Analisis pengaruhcash position, debt to equity ratio, dan return on assets terhdadap dividen payout ratio. Jurnal Manajemen Bisnis, 2, 1–6.
Novita Sari, K., & Sudjarni, L. (2015). Pengaruh Likuiditas, Leverage, Pertumbuhan Perusahaan, Dan Profitabilitas Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Di Bei. E-Jurnal Manajemen Universitas Udayana,
4(10), 255134.
Nurhayati, M. (2013). Profitabilitas, likuiditas dan ukuran perusahaan pengaruhnya terhadap kebijkan dividen dan nilai perusahaan sektor non jasa. Jurnal Keuangan Dan Bisnis, 5(2), 144–153.
Parsian, H., & Koloukhi, A. S. (2014). A study on the effect of free cash flow and profitability current ratio on dividend payout ratio: Evidence from Tehran Stock Exchange. Management Science Letters, 4, 63–70.
Sari, M. R., Oemar, A., & Andini, R. (2016). Pengaruh pertumbuhan perusahaan, ukuran perusahaan, earning per share, current ratio, return on equity dan debt equity ratio terhadap kebijakan dividen. Journal Of Accounting, 2(2), 1–19.
Yudhanto, S., & Aisjah, S. (2012). Pengaruh Net Profit Margin, Return On Asset, Return On Equity, Earning Per Share Terhadap Kebijakan Dividen (Studi pada Perusahaan Manufaktur yang Terdaftar Di Bursa Efek Indonesia). Jurnal Ilmiah Mahasiswa Fakultas Ekonomi Dan Bisnis, 1(2), 1–14.
Rizqia, D. A., Aisjah, S., Program, P., & Java, E. (2013). Effect of Managerial Ownership , Financial Leverage , Profitability , Firm Size , and Investment Opportunity on Dividend Policy and Firm Value. 4(11), 120–130.
Gill, A., Biger, N., & Tibrewala, R. (2010). Determinants of Dividend Payout Ratios: Evidence from United States. The Open Business Journal, 3(1), 8–14.
Hakeem, S. A., & Bambale, A. J. (2016). Mediating Effect of Liquidity on Firm Performance and Dividend Payout of Listed Manufacturing Companies in Nigeria. Journal of Economic Development, Management, IT, Finance and
Marketing, 53(9), 1689–1699.
Hasan, M., Ahmad, M. I., Rafiq, M. Y., & Rehman, R. U. (2015). Dividend Payout Ratio and Firm’s Profitability. Evidence from Pakistan. Theoretical Economics Letters, 05(03), 441–445.
Herawati, A., & Irradha Fauzia, F. (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. KnE Social Sciences, 3(10), 1076–1086.
Igan, D., de Paula, A., & Pinheiro, M. (2010). Munich Personal RePEc Archive Liquidity and Asset Prices. Munich Personal RePEc Archive, (24768).
Issa, A. I. F. (2015). The Determinants of Dividend Policy: Evidence from Malaysian Firms. Research Journal of Finance and Accounting, 6(18), 69–87.
PhD, M. S. B., Jinadu, A. G., & Opeyemi, M. F. (2017). Impact Of Capital Structure On Dividend Pay-Out Ratio In Unilever Nigerian Plc. Journal of Management Sciences University of Maiduguri, 15, 61–75.
Thi, N., & Trang, X. (2012). Determinants Of Dividend Policy The Case Of Vietnam. International Journal of Business, Economics and Law, 1, 48–57.
Published
2020-12-14
How to Cite
PURNASARI, Nina; SYLVIA, Sylvia; WILLIAM, Vivian.
Pengaruh Likuiditas, Profitabilitas, Struktur Modal, dan Harga Saham terhadap Kebijakan Dividen pada Perusahaan Consumer Goods.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 12, p. 3240 - 3251, dec. 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/65227>. Date accessed: 21 nov. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i12.p19.
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