ANALISIS FAKTOR YANG MEMPENGARUHI KEBIJAKAN DIVIDEN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI
Main Article Content
Abstract
This study aims to examine the effect of free cash flow, leverage, and liquidity on dividend policy with firm size as moderating. The research data that is processed is from the financial statements of 2018 – 2020 on Manufacturing Companies that are legally registered on the IDX. Data samples were taken by purposive sampling. Data processing and analysis using multiple linear regression with the help of SPSS 25 program. The results showed that free cash flow had a positive and significant effect on dividend policy, leverage had an insignificant negative effect on dividend policy, liquidity had an insignificant positive effect on dividend policy. Moderation results show that firm size is not a moderating variable of the effect of free cash flow, leverage, and liquidity on dividend policy.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
This work is licensed under a Jurnal Komunikasi Creative Commons Attribution-ShareAlike 4.0 International License.
References
Anisah, N., & Fitria, I. (2019). Pengaruh Profitabilitas, Free Cash Flow, dan Likuiditas Terhadap Kebijakan Dividen. JAD: Jurnal Akuntansi dan Keuangan Dewantara, 2(1), 53–61.
Besley, S., & Brigham, E. F. (2011). Principles of Finance. South-Western: Cengage Learning.
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management 15 Edition. USA: Cengage Learning.
Bursa Efek Indonesia. (2021). Indeks Saham. Diambil 14 September 2021, dari https://www.idx.co.id/produk/indeks/
CNBC Indonesia. (2021). Royal! 12 Emiten Ini Tebar Dividen, Jangan Kelewat Tanggalnya. Diambil 15 September 2021, dari https://www.cnbcindonesia.com/market/20210603200354-17-250469/royal-12-emiten-ini-tebar-dividen-jangan-kelewat-tanggalnya/2
Hery. (2016). Analisis Laporan Keuangan. Jakarta: Grasindo.
Hudiwijono, R. E. W., Aisjah, S., & Ratnawati, K. (2018). Influence of Fundamental Factors on Dividend Payout Policy: Study on Construction Companies Listed on Indonesian Stock Exchange. Wacana, 21(1), 20–26.
Industri.kontan.co.id. (2020). Impack Pratama Industri (IMPC) tidak bagikan dividen tahun ini. Diambil 15 September 2021, dari https://industri.kontan.co.id/news/impack-pratama-industri-impc-tidak-bagikan-dividen-tahun-ini
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm : Managerial Behavior , Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360.
Jogiyanto, H. (2017). Teori Portofolio dan Analisis Investasi (10th ed.). Yogyakarta: BPFE.
Kasmir. (2018). Analisis Laporan Keuangan (1 ed.). Depok: Rajawali Press.
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2013). Intermediate Accounting (15 ed.). United State of America: John Wiley & Sons.
Lismawati, L., & Suryanto. (2017). Faktor–Faktor Yang Mempengaruhi Kebijakan Dividen: Ukuran Perusahaan Sebagai Pemoderasi. Jurnal Bisnis dan Akuntansi, 19(1), 365–374.
Masdupi, E., & Sari, I. P. (2020). Kebijakan Dividen Pada Perusahaan Manufaktur. Jurnal Manajemen Strategi dan Simulasi Bisnis (JMASSBI), 1(1), 1–20.
Mehta, A. (2012). An Empirical Analysis of Determinants of Dividend Policy - Evidence from the UAE Companies Mehta. Global Review of Accounting and Finance, 3(1), 18–31.
Noor, H. F. (2014). Investasi Pengelolaan Keuangan Bisnis dan Pengembangan Ekonomi Masyarakat. Jakarta: Indeks.
Nur, T. (2018). Pengaruh Profitabilitas Dan Likuiditas Terhadap Kebijakan Dividen Dengan Firm Size Sebagai Pemoderasi (Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2013-2017). Esensi, 21(2), 1–15.
Nurchaqiqi, R., & Suryarini, T. (2018). 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
Safitri, L. A., & Wulanditya, P. (2017). The effect of institutional ownership, managerial ownership, free cash flow, firm size and corporate growth on debt policy. The Indonesian Accounting Review, 7(2), 141–154. https://doi.org/10.14414/tiar.v7i2.958
Sari, I. P., & Masdupi, E. (2019). Profil Kebijakan Dividen Perusahaan Manufaktur dan Determinannya. Jurnal Kajian Manajemen dan Wirausaha, 01(02), 44–49.
Sartono, A. (2015). Manajemen Keuangan: Teori dan Aplikasi. Yogyakarta: BPFE.
Sumantri, P. A., & Candraningrat, I. R. (2014). Pengaruh Profitabilitas, Firm Size, Likuiditas Dan Leverage Terhadap Kebijakan Dividen Di BEI. E--Jurnal Manajemen Universitas Udayana, 3(8), 2295–2313.
Trisna, I. K. E. R., & Gayatri. (2019). Ukuran Perusahaan Memoderasi Pengaruh Free Cash Flow dan Leverage Terhadap Kebijakan Dividen. E-Jurnal Akuntansi Universitas Udayana, 26(1), 484–509.
Wahyuni, M. D., & Badera, I. D. N. (2020). Ukuran Perusahaan Memoderasi Pengaruh Profitabilitas, Free Cash Flow, dan Likuiditas pada Kebijakan Dividen. E-Jurnal Akuntansi, 30(1), 1034–1048.
Yurinawati, W., & Andayani. (2017). Pengaruh Kinerja Keuangan, Ukuran Perusahaan Dan Investment Opportunity Set Terhadap Kebijakan Dividen. Jurnal Ilmu dan Riset Akuntansi, 6(9), 1–20.