PENGARUH TINGKAT SIKLUS DIVIDEN PERUSAHAAN TERHADAP KEMUNGKINAN PEMBAYARAN DIVIDEN PADA PERUSAHAAN SEKTOR ENERGI PADA PERIODE KRISIS ENERGI GLOBAL TAHUN 2021-2023
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Abstract
Penelitian ini membahas pengaruh tingkat siklus dividen perusahaan terhadap kemungkinan pembayaran dividen pada perusahaan sektor energi selama periode krisis energi global tahun 2021-2023. Penelitian ini bertujuan untuk mengidentifikasi pengaruh variabel Return on Equity to Total Equity (RE/TE) sebagai variabel independen yang dibantu Return on Assets (ROA), pertumbuhan penjualan (SGR), dan ukuran perusahaan (SIZE) sebagai variabel kontrol terhadap kebijakan dividen sebagai variabel dependen pada perusahaan energi. Pada penelitian, sektor energi dibagi menjadi sektor energi siklis dan non siklis berdasarkan komoditas energinya. Variabel kebijakan dividen digunakan sebagai variabel kategorikal untuk perusahaan yang membayar dividen dan perusahaan yang tidak membayar dividen. Metode penelitian menggunakan regresi logistik logit. Pengolahan data menggunakan bantuan aplikasi E-views dan Microsoft Excel. Sebelum diuji, sampel akan diklasifikasikan kedalam beberapa siklus hidup perusahaan, yaitu pengenalan, pertumbuhan, matang, goncangan, dan penurunan. Data akan diolah dan diuji pada semua siklus hidup perusahaan selama periode krisis energi global tahun 2021-2023. Hasil penelitian ini menunjukkan bahwa variabel RE/TE yang merupakan proksi siklus hidup dividen berpengaruh positif dan signifikan pada perusahaan tahap mature sektor energi siklis tetapi berpengaruh positif dan tidak signifikan pada tahapan lainnya. Sedangkan pada sektor energi non siklis variabel RE/TE mempunyai pengaruh positif tetapi tidak signifikan pada setiap tahapan siklus perusahaan periode krisis energi global tahun 2021-2023.
This research discusses the impact of a company's dividend cycle stage on the likelihood of dividend payments in the energy sector during the global energy crisis period from 2021 to 2023. The study aims to identify the influence of the Return on Equity to Total Equity (RE/TE) variable as an independent variable, supported by Return on Assets (ROA), Sales Growth (SGR), and firm size (SIZE) as control variables, on dividend policy as the dependent variable in energy companies. In this study, the energy sector is divided into cyclical and non-cyclical energy sectors based on their energy commodities. Dividend policy is used as a categorical variable to distinguish between companies that pay dividends and those that do not. The research method employs logistic regression (logit). Data processing was conducted using EViews and Microsoft Excel. Before testing, the sample will be classified into several company life cycles: introduction, growth, maturity, shake-out, and decline. The data will be processed and tested at all stages of the company life cycle during the global energy crisis period from 2021 to 2023. The results of this study indicate that the RE/TE variable, which serves as a proxy for the dividend life cycle, has a positive and significant effect on mature-stage cyclical energy companies but a positive and non-significant effect on other stages. Meanwhile, in the non-cyclical energy sector, the RE/TE variable has a positive but non-significant effect at every stage of the company's life cycle during the global energy crisis period from 2021 to 2023.
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