Pertumbuhan Penjualan, Leverage dan Kebijakan Dividen
Abstract
The aim of this research is to empirically examine the effect of sales growth and leverage on dividend policy. The quantitative approach was chosen in this research by using data from the coal industry listed on the Indonesia Stock Exchange. Financial data from 23 coal companies were analyzed using multiple linear regression analysis. As expected, this research results reveal that sales growth has a significant negative effect on dividend policy. The results of this study indicate that dividends are paid after the issuer has completed its investment expenditures related to efforts to increase sales. This is in accordance with the theory of residual dividend policy. On the other hand, the results of this study find that leverage has a significant positive effect on dividend policy.
Keywords: Sales Growth; Leverage; Dividen Policy
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References
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Hasana, R., Mardani, R. M., & Wahono, B. (2017). 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, 7(12), 88–102.
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Mohamadi, L. H., & Amiri, H. (2016). Investigation the Effect of Ownership Structure, Financial Leverage, Profitability and Investment Opportunity on Dividend Policy. International Journal of Humanities and Cultural Studies, 3(April 20126), 2279–2288.
Monika, N. G. A. P. D., & Sudjarni, L. K. (2017). Pengaruh Likuiditas, Profitabilitas Dan Leverage Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Di Bursa Efek Indonesia. E-Jurnal Manajemen Universitas Udayana, 7(2), 905. https://doi.org/10.24843/ejmunud.2018.v7.i02.p13
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Nurwulandari, A. (2020). The Impact of Investment Opportunity Asset, Return on Assets, and Sales Growth on Dividend Policy: Empirical Analysis of Manufacturing Companies Listed in the Indonesian Sharia Stock Index (ISSI) from 2015-2017. International Journal of Islamic Khazanah, 10(1), 34–42. http://journal.uinsgd.ac.id/index.php/ijik/article/view/12514
Pattiruhu, J. R., & Paais, M. (2020). Effect of Liquidity, Profitability, Leverage, and Firm Size on Dividend Policy. Journal of Asian Finance, Economics and Business, 7(10), 35–42. https://doi.org/10.13106/jafeb.2020.vol7.no10.035
Pradipta, K. D., & Handayani, S. (2020). The Effect of Leverage Towards Dividend Policy with Creative Accounting as The Mediation Variable. AKRUAL: Jurnal Akuntansi, 11(2), 122. https://doi.org/10.26740/jaj.v11n2.p122-135
Purwidianti, W., & Purnadi. (2016). Analisis Pengaruh Tingkat Keuntungan , Belanja Modal Dan Perubahan Modal Terhadap Intrumen Hutang Jangka Panjang. Seminar Nasional & Call For Paper - Riset Manajemen & Bisnis, 200–212.
Rusli, E., & Sudiartha, G. M. (2017). Pengaruh Struktur Kepemilikan, Leverage, Pertumbuhan Perusahaan dan Efektivitas Usaha Terhadap Kebijakan Dividen. E-Jurnal Manajemen Unud, 6(10), 5348–5376.
Simangunsong, A. B. (2021). Analisis Faktor-Faktor Yang Mempengaruhi Struktur Modal Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia. Repositori Institusi Universitas Sumatera Utara, 1(3), 82–91.
Suharmanto, A., Marlina Widiyanti, H., & Taufik, H. (2019). Analysis of Financial Performance and Opportunity of Investment on Dividend Policy with Profitability As Moderating Variable in LQ45 Company Listed In Indoenesia Stock Exchange. International Journal of Scientific Research and Engineering Development, 2(1). www.ijsred.com
Trisna, I. K. E. R., & Gayatri, G. (2019). Ukuran Perusahaan Memoderasi Pengaruh Free Cash Flow dan Leverage Terhadap Kebijakan Dividen. E-Jurnal Akuntansi, 26, 484. https://doi.org/10.24843/eja.2019.v26.i01.p18
Wardani, L. K., & Budiwitjaksono, G. S. (2021). Analisis Profitabilitas Dan Leverage Terhadap Return Saham. 8(2), 10–18.
Wijayanto, E., & Putri, A. N. (2018). Analisis Pengaruh Rasio Likuiditas, Rasio Leverage, Rasio Profitabilitas Dan Kepemilikan Manajerial Terhadap Kebijakan Dividen. Jurnal Aktual Akuntansi Keuangan Bisnis Terapan, 1(2), 105–118. https://doi.org/10.32497/akunbisnis.v1i2.1223
Adityo, W., & Heykal, M. (2020). Analysis of the Effect of Profitability, Liquidity, Leverage and Company Growth Against Dividend Policy in Lq-45 Companies Period 2015-2017. Journal of Applied Finance & Accounting, 7(1), 9–16.
Adiyana, I. B. G. N. S., & Ardiana, P. A. (2014). Pengaruh Ukuran Perusahaan, Risiko Bisnis, Pertumbuhan Aset, Profitabilitas Dan Likuiditas Pada Struktur Modal. E-Jurnal Akuntansi.
Angelia, N., & Toni, N. (2020). The Analysis of Factors Affecting Dividend Policy in Food and Beverage Sector Manufacturing Companies Listed in Indonesia Stock Exchange in 2015-2017. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 3(2), 902–910. https://doi.org/10.33258/birci.v3i2.918
Astuti, A. A. M., Referli, A., Susana, M., & Susana, M. (2020). Pengaruh Modal Kerja Terhadap Penjualan dan Laba Bersih Pada Perusahaan Sub Sektor Food and Beverages Yang Terdaftar di Bursa Efek Indonesia Periode 2013-2017. EKOBIS : Jurnal Ilmu Manajemen Dan Akuntansi, 8(1), 7–13. https://doi.org/10.36596/ekobis.v8i1.247
Azhariyah, A., Witjaksono, A. D., & Hartono, U. (2021). The Effect of Profitability, Leverage, Liquidity, Size, and Company Growth on the Dividend Payout Ratio in the Indonesian Capital Market 2013-2018. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 4(1), 1351–1360. https://doi.org/10.33258/birci.v4i1.1761
Azizah, A. N., Dewi, R. R., & Siddi, P. (2020). Pengaruh Ukuran Perusahaan, Profitabilitas, Leverage, Likuiditas dan Sales Growth terhadap Kebijakan Dividen (Studi Empiris pada Perusahaan LQ45 Yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2018). Jurnal Ilmiah Universitas Batanghari Jambi, 20(3), 814. https://doi.org/10.33087/jiubj.v20i3.1017
Benyadi, F. C., & Andrianantenaina, H. (2020). Probability, Liquidity, Leverage and Firm Size on Dividend Payment. Perspektif Akuntansi.
Darmayanti, N., & Mustanda, I. (2016). Pengaruh Pertumbuhan Penjualan, Jaminan Aset, Dan Ukuran Perusahaan Terhadap Kebijakan Dividen Pada Sektor Industri Barang Konsumsi. None, 5(8), 255341.
Dimarcia, N. L. F. R., & Krisnadewi, K. A. (2016). Pengaruh Diversifikasi Operasi, Leverage dan Kepemilikan Manajerial pada Manajemen Laba. E-Jurnal Akuntansi, 15(3), 2324–2351. https://ojs.unud.ac.id/index.php/Akuntansi/article/download/20324/13969
Endang, M. W., Suhadak, S., Saifi, M., & Firdausi, N. (2020). The Effect of Ownership Structure and Leverage Towards Dividend Policy and Corporate Values. Journal of Public Administration Studies, 005(01), 1–4. https://doi.org/10.21776/ub.jpas.2020.005.01.1
Evant, T. S., & Zulvia, Y. (2019). Pengaruh Profitabilitas, Pertumbuhan Penjualan dan Ukuran Perusahaan Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2012-2017. Jurnal Ecogen, 2(4), 654. https://doi.org/10.24036/jmpe.v2i4.7843
Ghozali, H. I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 (9th ed.). Badan Penerbit Universitas Diponegoro.
Hadian, N. (2019). The influence of profitability and leverage on dividend policy in the banking sector. International Journal of Innovation, Creativity and Change, 6(7), 118–129.
Hasana, R., Mardani, R. M., & Wahono, B. (2017). 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, 7(12), 88–102.
Hutagalung, M. B. B., & Setiawati, L. W. (2020). Analisis Pengaruh Laba Bersih, Sales Growth, Kepemilikan Manajerial, Dan Leverage Terhadap Kebijakan Dividen. BALANCE: Jurnal Akuntansi, Auditing Dan Keuangan, 16(2), 190–211. https://doi.org/10.25170/balance.v16i2.1623
Lembong, H. S. (2020). The Effect of Profitability on Dividend Policy in Indonesian State-Owned Banks. Journal of International Conference Proceedings, 3(2), 121–130. https://doi.org/10.32535/jicp.v0i0.911
Mohamadi, L. H., & Amiri, H. (2016). Investigation the Effect of Ownership Structure, Financial Leverage, Profitability and Investment Opportunity on Dividend Policy. International Journal of Humanities and Cultural Studies, 3(April 20126), 2279–2288.
Monika, N. G. A. P. D., & Sudjarni, L. K. (2017). Pengaruh Likuiditas, Profitabilitas Dan Leverage Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Di Bursa Efek Indonesia. E-Jurnal Manajemen Universitas Udayana, 7(2), 905. https://doi.org/10.24843/ejmunud.2018.v7.i02.p13
Nurchaqiqi, R., & Suryarini, T. (2018). The Effect of Leverage and Liquidity on Cash Dividend Policy with Profitability as Moderator Moderating. Accounting Analysis Journal, 7(1), 10–16. https://doi.org/10.15294/aaj.v5i3.18631
Nurwulandari, A. (2020). The Impact of Investment Opportunity Asset, Return on Assets, and Sales Growth on Dividend Policy: Empirical Analysis of Manufacturing Companies Listed in the Indonesian Sharia Stock Index (ISSI) from 2015-2017. International Journal of Islamic Khazanah, 10(1), 34–42. http://journal.uinsgd.ac.id/index.php/ijik/article/view/12514
Pattiruhu, J. R., & Paais, M. (2020). Effect of Liquidity, Profitability, Leverage, and Firm Size on Dividend Policy. Journal of Asian Finance, Economics and Business, 7(10), 35–42. https://doi.org/10.13106/jafeb.2020.vol7.no10.035
Pradipta, K. D., & Handayani, S. (2020). The Effect of Leverage Towards Dividend Policy with Creative Accounting as The Mediation Variable. AKRUAL: Jurnal Akuntansi, 11(2), 122. https://doi.org/10.26740/jaj.v11n2.p122-135
Purwidianti, W., & Purnadi. (2016). Analisis Pengaruh Tingkat Keuntungan , Belanja Modal Dan Perubahan Modal Terhadap Intrumen Hutang Jangka Panjang. Seminar Nasional & Call For Paper - Riset Manajemen & Bisnis, 200–212.
Rusli, E., & Sudiartha, G. M. (2017). Pengaruh Struktur Kepemilikan, Leverage, Pertumbuhan Perusahaan dan Efektivitas Usaha Terhadap Kebijakan Dividen. E-Jurnal Manajemen Unud, 6(10), 5348–5376.
Simangunsong, A. B. (2021). Analisis Faktor-Faktor Yang Mempengaruhi Struktur Modal Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia. Repositori Institusi Universitas Sumatera Utara, 1(3), 82–91.
Suharmanto, A., Marlina Widiyanti, H., & Taufik, H. (2019). Analysis of Financial Performance and Opportunity of Investment on Dividend Policy with Profitability As Moderating Variable in LQ45 Company Listed In Indoenesia Stock Exchange. International Journal of Scientific Research and Engineering Development, 2(1). www.ijsred.com
Trisna, I. K. E. R., & Gayatri, G. (2019). Ukuran Perusahaan Memoderasi Pengaruh Free Cash Flow dan Leverage Terhadap Kebijakan Dividen. E-Jurnal Akuntansi, 26, 484. https://doi.org/10.24843/eja.2019.v26.i01.p18
Wardani, L. K., & Budiwitjaksono, G. S. (2021). Analisis Profitabilitas Dan Leverage Terhadap Return Saham. 8(2), 10–18.
Wijayanto, E., & Putri, A. N. (2018). Analisis Pengaruh Rasio Likuiditas, Rasio Leverage, Rasio Profitabilitas Dan Kepemilikan Manajerial Terhadap Kebijakan Dividen. Jurnal Aktual Akuntansi Keuangan Bisnis Terapan, 1(2), 105–118. https://doi.org/10.32497/akunbisnis.v1i2.1223
Published
2022-11-26
How to Cite
WIJAYA, Odith Laxmana; KRISNADEWI, Komang Ayu.
Pertumbuhan Penjualan, Leverage dan Kebijakan Dividen.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 11, p. 3400-3409, nov. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/85433>. Date accessed: 29 apr. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i11.p15.
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