Pengaruh Leverage terhadap Kebijakan Dividen dengan Firm Size dan Profitabilitas sebagai Variabel Mediasi pada Perusahaan Sektor Agrikultur di BEI Tahun 2014-2018
DOI:
https://doi.org/10.26740/jim.v9n2.p412-425Keywords:
dividend policy, firm size, leverage, path analysis, profitability.Abstract
This research aims to know and analyze the influence of leverage on dividend policy with firm size and profitability as a mediating variable. This research was conducted on the agriculture sector listed on Indonesia Stock Exchange (IDX) period 2014-2018. The agriculture sector was chosen because his activities on IDX more fluctuate than another sector however, Product Domestic Bruto (PDB) rose consistently during 2014-2017. The type of this research is causal research with a quantitative approach. The population of this research is the agriculture sector listed on IDX period 2014-2018. The population in this research as many as 18 companies. This research sampled using a purposive sampling technique and retrieved nine companies as a sample. Methods of data analysis used in this research using Path Analysis with SmartPLS 3.0 analysis tools. This research found that leverage statistically significant positive to profitability, leverage does not affect the firm size and dividend policy, firm size statistically insignificant to dividend policy, profitability statistically insignificant to dividend policy. Both firm size and profitability can not be mediating variable between leverage and dividend policy. The result of this study hopefully can be used by companies agriculture sector to determine dividend policy. For investors, it is expected that it can be considered before investing.
References
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Barus, A., & Leliani. (2013). Analisis Faktor-Faktor yang Mempengaruhi Profitabilitas pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. JWEM (Jurnal Wira Ekonomi Mikroskil), 3(2), 111121.
Budiarso, N. S. (2018). The Signals of Dividend. Jurnal Accountability, 7(01), 4247. https://doi.org/10.32400/ja.24806.7.01.2018.42-47
Fahmi, I. (2014). Manajemen Keuangan Perusahaan dan Pasar Modal. Jakarta: Mitra Wacana Media.
Fitri, R. R., Hosen, M. N., & Muhari, S. (2016). Analysis of Factors that Impact Dividend Payout Ratio on Listed Companies at Jakarta Islamic Index. International Journal of Academic Research in Accounting, Finance and Management Sciences, 6(2), 8797. https://doi.org/10.6007/ijarafms/v6-i2/2074
Gunawan, T., & Rusdianti, E. (2019). Pengaruh Debt to Equity Ratio, Profitability dan Firm Size terhadap Effetive Tax Rate serta Dampaknya terhadap Dividend Payout Ratio. Jurnal Riset Ekonomi dan Bisnis, 12(1), 3754.
Hanif, M., & Bustaman. (2017). Pengaruh Debt to Equity Ratio, Return on Asset, Firm Size, dan Earning Per Share terhadap Dividend Payout Ratio (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2015). Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi, 2(1), 7381.
Harun, S., & Jeandry, G. (2018). Pengaruh Profitabilitas, Free Cash Flow, Leverage, Likuiditas dan Size terhadap Dividen Payout Ratio (DPR) pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Riset Akuntansi, 5(2), 122137.
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Kautsar, A. (2019). Profitability is a Mediation Variable of Debt on Dividend Payout Indonesian Agriculture Companies. Scholars Journal of Economics, Business and Management, 6(2), 143146. https://doi.org/10.21276/sjebm.2019.6.2.9
Kementrian Pertanian Republik Indonesia. (2019). Pertumbuhan PDB Pertanian RI 2018 Melebihi Target. www.pertanian.go.id. https://www.pertanian.go.id/home/?show=news&act=view&id=3726 diunduh tanggal 6 Maret 2021
Khan, F. A., & Ahmad, N. (2017). Determinants of Dividend Payout: An Empirical Study of Pharmaceutical Companies of Pakistan Stock Exchange (PSX). Journal of Financial Studies & Research, 2017, 116. https://doi.org/10.5171/2017.538821
Khan, W., Naz, A., Khan, W., Khan, Q., Khan, T., & Mughal, I. (2013). Impact Assessment of Financial Performance and Leverage on Dividend Policy of Pakistan Chemical and Pharmaceutical Industries. Middle East Journal of Scientific Research, 16(10), 13761382. https://doi.org/10.5829/idosi.mejsr.2013.16.10.11862 DOI: 10.5829/idosi.mejsr.2013.16.10.11862
Kusumo, C. Y., & Darmawan, A. (2016). Pengaruh Perputaran Modal Kerja, Ukuran Perusahaan, dan Diversifikasi terhadap Profitabilitas (Studi pada Perusahaan Food and Beverage yang Terdaftar di BEI Periode 2013 2016). Jurnal Administrasi Bisnis, 57(1), 17.
Meiliani, L., & Amboningtyas, D. (2017). Analisis Pengaruh Rasio Likuiditas, Leverage, dan Profitabilita terhadap Dividend Payout Ratio (DPR) dengan Firm Size sebagai Variabel Intervining pada Perusahaan Manufaktur yang Terdatar di Bursa Efek Indonesia Periode Tahun 2012-2016. Jurnal of Management, 3(3), 19.
Mueller, D. C. (1972). A Life Cycle Theory of the Firm. The Journal of Industrial Economics, 20(3), 199219. https://doi.org/10.2307/2098055
Mui, Y. T., & Mustapha, M. (2016). Determinants of Dividend Payout Ratio: Evidence from Malaysian Public Listed Firms. Journal of Applied Environmental and Biological Sciences, 6(1), 4854.
Mutia, V. S. (2019). Pengaruh Net Profit Margin, Return on Asset, Return on Equity, dan Cash Ratio terhadap Kebijakan Dividen (Studi Kasus Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2012-2016). Journal of Chemical Information and Modeling, 53(9), 16891699.
Nadeem, M., Ahmed, A., & Ahmad, N. (2015). The Effect of Leverage on Financial Health of the Firms¯: A Study from Cement Industry of Pakistan. Industrial Engineering Letters. 5(5), 123127.
Nuhu, E. (2014). Revisiting the Determinants of Dividend Payout Ratios in Ghana. International Journal of Business and Social Science, 5(8), 230238.
Nurhayati, M. (2013). Profitabilitas Likuiditas dan Ukuran PER. Jurnal Keuangan dan Bisnis, 5(2), 144153.
Nurjanah, L., & Putri, N. K. (2020). Determinan Kebijakan Dividen. Jurnal Ilmiah Indonesia, 5(7), 314322.
Ofori, D. E. (2018). Revisiting the Determinants of Dividend Payout Ratios¯: Evidence from Ghanaian Listed Companies. The International Journal of Business and Management, 6(10), 8288.
Ogilo, F. (2016). Determinants of Liquidity Risk of Commercial Banks in Kenya. The International Journal of Business and Management, 4(8), 4651.
Perpatih, Z. S. (2016). Pengaruh œROA dan œDER terhadap Dividend Payout Ratio pada Perusahaan Manufaktur Sektor Industri Dasar dan Kimia yang Terdaftar di Bursa efek Indonesia. e-Jurnal Apresiasi Ekonomi, 4(3), 205211.
Purba, D. P., Sheren, ., Valent, ., & Angeline, . (2019). Pengaruh Current Ratio (CR), Debt to Equity Ratio (DER) dan Return on Equity (ROE) terhadap Dividend Payout Ratio (DPR) pada Perusahaan Sektor Industri Barang Konsumsi di Bursa Efek Indonesia (BEI) Tahun 2013 2017. Jurnal Riset Akuntansi Going Concern, 14(1), 214224. https://doi.org/10.32400/gc.14.1.22647.2019
Rafique, M. (2012). Factors Affecting Dividend Payout¯: Evidence from Listed Non-Financial Firms of Karachi Stock Exchange . Society for Business and Management Dynamics. Business Management Dynamics, 1(11), 7692.
Sudana. (2011). Manajemen Keuangan Perusahaan Teori dan Praktek. Jakarta: Erlangga.
Sudana, I. M. (2015). Manajemen Keuangan Perusahaan Teori & Praktik (2 ed.). Jakarta: Erlangga.
Sumail, L. O. (2018). Corporate Governance and Dividend Payout Ratio in Non-Financial Firms Listed in Indonesian Stock Exchange. Business and Economic Horizons, 14(4), 851861. https://doi.org/10.15208/beh.2018.58
Tahir, M., & Mushtaq, M. (2016). Determinants of Dividend Payout: Evidence from Listed Oil and Gas Companies of Pakistan. The Journal of Asian Finance, Economics and Business, 3(4), 2537. https://doi.org/10.13106/jafeb.2016.vol3.no4.25
Tandelilin, E. (2010). Portofolio da Investasi (Teori dan Aplikasi). Yogyakarta: Kanisius.
Titman, S., Keown, A. J., & Martin, J. D. (2014). Financial Management Principles and Applications (Twelfth Ed). Pearson Education Limited. www.pearsoned.co.uk. United States of America.
Wahyuni, S. F., & Hafiz, M. S. (2018). Pengaruh CR, DER dan ROA terhadap DPR pada Perusahaan Manufaktur di BEI. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 1(2), 2542. https://doi.org/10.36778/jesya.v1i2.18
Waswa, C. W., Ndede, F. W. S., & Jagongo, A. O. (2013). Determinants of Dividend Payout by Agricultural Firms in Kenya [An Empirical Analysis of Firms Listed on the Nairobi Security Exchange]. International Journal of Business and Social Science, 5(11), 6374.
Badan Pusat Statistik. (2018). Produk Domestik Bruto Indonesia Triwulanan 2014-2018. diunduh dari https://www.bps.go.id/publication/2018/10/05/02d80724b71eb684620a2e88/pdb-indonesia-triwulanan-2014-2018.html tanggal 3 Januari 2021
Banerjee, S. (2016). Determinants of Dividend Policy for Select Information Technology Companies in India:An Empirical Analysis. Parikalpana: KIIT Journal of Management, 12(2), 152. https://doi.org/10.23862/kiit-parikalpana/2016/v12/i2/132993
Barus, A., & Leliani. (2013). Analisis Faktor-Faktor yang Mempengaruhi Profitabilitas pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. JWEM (Jurnal Wira Ekonomi Mikroskil), 3(2), 111121.
Budiarso, N. S. (2018). The Signals of Dividend. Jurnal Accountability, 7(01), 4247. https://doi.org/10.32400/ja.24806.7.01.2018.42-47
Fahmi, I. (2014). Manajemen Keuangan Perusahaan dan Pasar Modal. Jakarta: Mitra Wacana Media.
Fitri, R. R., Hosen, M. N., & Muhari, S. (2016). Analysis of Factors that Impact Dividend Payout Ratio on Listed Companies at Jakarta Islamic Index. International Journal of Academic Research in Accounting, Finance and Management Sciences, 6(2), 8797. https://doi.org/10.6007/ijarafms/v6-i2/2074
Gunawan, T., & Rusdianti, E. (2019). Pengaruh Debt to Equity Ratio, Profitability dan Firm Size terhadap Effetive Tax Rate serta Dampaknya terhadap Dividend Payout Ratio. Jurnal Riset Ekonomi dan Bisnis, 12(1), 3754.
Hanif, M., & Bustaman. (2017). Pengaruh Debt to Equity Ratio, Return on Asset, Firm Size, dan Earning Per Share terhadap Dividend Payout Ratio (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2015). Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi, 2(1), 7381.
Harun, S., & Jeandry, G. (2018). Pengaruh Profitabilitas, Free Cash Flow, Leverage, Likuiditas dan Size terhadap Dividen Payout Ratio (DPR) pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Riset Akuntansi, 5(2), 122137.
idx.co.id. (2021). Laporan Keuangan Perusahaan Tercatat. www.idx.co.id diunduh tanggal 28 September 2020
Kasmir. (2017). Analisis Laporan Keuangan. Jakarta: Rajawali Pers.
Kautsar, A. (2014). Analisis Pengaruh Firm Size, DER, dan Sales Growth terhadap Dividend Payout Ratio Dengan ROE sebagai Variabel Intervening pada Perusahaan Non Keuangan yang Listed di BEI Tahun 2009-2011. Jurnal Bisnis Strategi, 23(2), 113. https://doi.org/10.14710/jbs.23.2.1-13
Kautsar, A. (2019). Profitability is a Mediation Variable of Debt on Dividend Payout Indonesian Agriculture Companies. Scholars Journal of Economics, Business and Management, 6(2), 143146. https://doi.org/10.21276/sjebm.2019.6.2.9
Kementrian Pertanian Republik Indonesia. (2019). Pertumbuhan PDB Pertanian RI 2018 Melebihi Target. www.pertanian.go.id. https://www.pertanian.go.id/home/?show=news&act=view&id=3726 diunduh tanggal 6 Maret 2021
Khan, F. A., & Ahmad, N. (2017). Determinants of Dividend Payout: An Empirical Study of Pharmaceutical Companies of Pakistan Stock Exchange (PSX). Journal of Financial Studies & Research, 2017, 116. https://doi.org/10.5171/2017.538821
Khan, W., Naz, A., Khan, W., Khan, Q., Khan, T., & Mughal, I. (2013). Impact Assessment of Financial Performance and Leverage on Dividend Policy of Pakistan Chemical and Pharmaceutical Industries. Middle East Journal of Scientific Research, 16(10), 13761382. https://doi.org/10.5829/idosi.mejsr.2013.16.10.11862 DOI: 10.5829/idosi.mejsr.2013.16.10.11862
Kusumo, C. Y., & Darmawan, A. (2016). Pengaruh Perputaran Modal Kerja, Ukuran Perusahaan, dan Diversifikasi terhadap Profitabilitas (Studi pada Perusahaan Food and Beverage yang Terdaftar di BEI Periode 2013 2016). Jurnal Administrasi Bisnis, 57(1), 17.
Meiliani, L., & Amboningtyas, D. (2017). Analisis Pengaruh Rasio Likuiditas, Leverage, dan Profitabilita terhadap Dividend Payout Ratio (DPR) dengan Firm Size sebagai Variabel Intervining pada Perusahaan Manufaktur yang Terdatar di Bursa Efek Indonesia Periode Tahun 2012-2016. Jurnal of Management, 3(3), 19.
Mueller, D. C. (1972). A Life Cycle Theory of the Firm. The Journal of Industrial Economics, 20(3), 199219. https://doi.org/10.2307/2098055
Mui, Y. T., & Mustapha, M. (2016). Determinants of Dividend Payout Ratio: Evidence from Malaysian Public Listed Firms. Journal of Applied Environmental and Biological Sciences, 6(1), 4854.
Mutia, V. S. (2019). Pengaruh Net Profit Margin, Return on Asset, Return on Equity, dan Cash Ratio terhadap Kebijakan Dividen (Studi Kasus Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2012-2016). Journal of Chemical Information and Modeling, 53(9), 16891699.
Nadeem, M., Ahmed, A., & Ahmad, N. (2015). The Effect of Leverage on Financial Health of the Firms¯: A Study from Cement Industry of Pakistan. Industrial Engineering Letters. 5(5), 123127.
Nuhu, E. (2014). Revisiting the Determinants of Dividend Payout Ratios in Ghana. International Journal of Business and Social Science, 5(8), 230238.
Nurhayati, M. (2013). Profitabilitas Likuiditas dan Ukuran PER. Jurnal Keuangan dan Bisnis, 5(2), 144153.
Nurjanah, L., & Putri, N. K. (2020). Determinan Kebijakan Dividen. Jurnal Ilmiah Indonesia, 5(7), 314322.
Ofori, D. E. (2018). Revisiting the Determinants of Dividend Payout Ratios¯: Evidence from Ghanaian Listed Companies. The International Journal of Business and Management, 6(10), 8288.
Ogilo, F. (2016). Determinants of Liquidity Risk of Commercial Banks in Kenya. The International Journal of Business and Management, 4(8), 4651.
Perpatih, Z. S. (2016). Pengaruh œROA dan œDER terhadap Dividend Payout Ratio pada Perusahaan Manufaktur Sektor Industri Dasar dan Kimia yang Terdaftar di Bursa efek Indonesia. e-Jurnal Apresiasi Ekonomi, 4(3), 205211.
Purba, D. P., Sheren, ., Valent, ., & Angeline, . (2019). Pengaruh Current Ratio (CR), Debt to Equity Ratio (DER) dan Return on Equity (ROE) terhadap Dividend Payout Ratio (DPR) pada Perusahaan Sektor Industri Barang Konsumsi di Bursa Efek Indonesia (BEI) Tahun 2013 2017. Jurnal Riset Akuntansi Going Concern, 14(1), 214224. https://doi.org/10.32400/gc.14.1.22647.2019
Rafique, M. (2012). Factors Affecting Dividend Payout¯: Evidence from Listed Non-Financial Firms of Karachi Stock Exchange . Society for Business and Management Dynamics. Business Management Dynamics, 1(11), 7692.
Sudana. (2011). Manajemen Keuangan Perusahaan Teori dan Praktek. Jakarta: Erlangga.
Sudana, I. M. (2015). Manajemen Keuangan Perusahaan Teori & Praktik (2 ed.). Jakarta: Erlangga.
Sumail, L. O. (2018). Corporate Governance and Dividend Payout Ratio in Non-Financial Firms Listed in Indonesian Stock Exchange. Business and Economic Horizons, 14(4), 851861. https://doi.org/10.15208/beh.2018.58
Tahir, M., & Mushtaq, M. (2016). Determinants of Dividend Payout: Evidence from Listed Oil and Gas Companies of Pakistan. The Journal of Asian Finance, Economics and Business, 3(4), 2537. https://doi.org/10.13106/jafeb.2016.vol3.no4.25
Tandelilin, E. (2010). Portofolio da Investasi (Teori dan Aplikasi). Yogyakarta: Kanisius.
Titman, S., Keown, A. J., & Martin, J. D. (2014). Financial Management Principles and Applications (Twelfth Ed). Pearson Education Limited. www.pearsoned.co.uk. United States of America.
Wahyuni, S. F., & Hafiz, M. S. (2018). Pengaruh CR, DER dan ROA terhadap DPR pada Perusahaan Manufaktur di BEI. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 1(2), 2542. https://doi.org/10.36778/jesya.v1i2.18
Waswa, C. W., Ndede, F. W. S., & Jagongo, A. O. (2013). Determinants of Dividend Payout by Agricultural Firms in Kenya [An Empirical Analysis of Firms Listed on the Nairobi Security Exchange]. International Journal of Business and Social Science, 5(11), 6374.
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2021-06-30
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Nuraini, M. W. (2021). Pengaruh Leverage terhadap Kebijakan Dividen dengan Firm Size dan Profitabilitas sebagai Variabel Mediasi pada Perusahaan Sektor Agrikultur di BEI Tahun 2014-2018. Jurnal Ilmu Manajemen, 9(2), 412–425. https://doi.org/10.26740/jim.v9n2.p412-425
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