Determinan Kebijakan Dividen Pada Perusahaan Mnufaktur di Bursa Efek Indonesia Periode 2015-2018

Abstract

Dividend policy is the portion of profits paid to shareholders in the form of cash dividends. Dividend policy is influenced by several financial ratios including liquidity ratios, profitability, leverage and size of the company. Therefore this study aims to analyze the factors that influence dividend policy. This research is quantitative by using secondary data sourced from the Indonesia Stock Exchange. The population in this study were 144 manufacturing companies from 2015 to 2018. The analytical method used was multiple linear regression analysis. The results of this study indicate that partially the liquidity variable (current ratio) and company size (size) have no significant effect on dividend payout ratios on manufacturing companies on the Indonesia Stock Exchange Period 2015-2018. Meanwhile, the profitability variable (return on equity) has a negative effect on dividend payout ratio in manufacturing companies on the Indonesia Stock Exchange in the 2015-2018 period and the leverage variable (debt equity ratio) has a significant effect on the dividend payout ratio on manufacturing companies on the Indonesia Stock Exchange Period 2015-2018. The coefficient of determination obtained by 11.5% dividend policy is influenced by the variable Current Ratio, Return On Equity Ratio, Debt to Equity Ratio, Size. While the remaining 88.5% is influenced by other factors.