Pengaruh Profitabilitas dan Risiko Bisnis terhadap Dividend Payout Ratio melalui Likuiditas sebagai Variabel Moderasi
DOI:
https://doi.org/10.26740/jim.v8n4.p1301-1311Keywords:
business risk, dividend payout ratio, liquidity, profitability.Abstract
Dividend policy is a decision in which a company to determine the level of profit to be retained and the level of profits distributed as dividends to shareholders. This research aims to analyze the influence of profitability and business risk on dividend payout ratio with liquidity as moderating variable in Property, Real Estate, and Building Construction sector companies that is listed on the Indonesia Stock Exchange for the 2015-2018 period. The type of this research is a quantitative research and uses secondary data from the annual report on IDX. The sample of this research is 18 companies chosen by purposive sampling method. The data analysis technique used is multiple linear regression and moderated regression analysis (MRA). The results show that profitability has a positive effect on the dividend payout ratio because companies can utilize assets optimally to increase profits. Business risk harms the dividend payout ratio because companies choose to strengthen the capital structure and develop the companies by utilizing profits and investments to reduce business risk. After all, debt cannot always be expected. Liquidity can moderate the relationship between profitability and business risk on dividend payout ratios because liquidity is a consideration to dividend distribution so that it can increase the number of dividends distributed.
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Mnune, T. D., & Purbawangsa, I. B. A. (2019). Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan Dan Risiko Bisnis Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur. E-Jurnal Manajemen Universitas Udayana, 8(5), 2862. https://doi.org/10.24843/ejmunud.2019.v08.i05.p10
Mui, Y. T., & Mazlina, M. (2016). Determinants Of Dividend Payout Ratio: Evidence From Malaysian Government-Linked Companies (Glcs ). Journal of Applied Environmental and Biological Sciences, 6(March), 4854.
Musiega, M. G., Alala, O. B., Douglas, M., Christopher, M. O., & Robert, E. (2013). Determinants Of Dividend Payout Policy Among Non-Financial Firms On Nairobi Securities Exchange, Kenya. International Journal of Scientific & Technology Research, 2(10), 253266.
Ningrum, N. P. (2017). Determinan Kebijakan Dividen. Jurnal Akuntansi Multiparadigma, 8(3), 499510. https://doi.org/10.18202/jamal.2017.12.7069
Nwude, E. C., & Agbo, E. I. (2017). Dividend Policy of Banks¯: The Nigerian Perspective. International Journal of Economic Perspectives, 11(4), 230251.
Olang, Margaret Akinyi; Akenga, Grace malissa; Mwangi, J. K. (2015). Effect of Liquidity on the Dividend Pay-out by Firms Listed at the Nairobi Securities Exchange, Kenya. Science Journal of Business and Management, 3(5), 196. https://doi.org/10.11648/j.sjbm.20150305.18
Puspitaningtyas, Z., Prakoso, A., & Masruroh, A. (2019). Pengaruh Profitabilitas Terhadap Kebijakan Dividen Dengan Likuiditas Sebagai Pemoderasi. Jurnal Administrasi Bisnis, 9(3), 1. https://doi.org/10.35797/jab.9.3.2019.25120.1-17
Saputra, L. F. (2018). Pengaruh Profitabilitas Dan Kebijakan Hutang Terhadap Kebijakan Dividen Dengan Likuiditas Sebagai Variabel Moderating. Jurnal Universitas Muhammdiyah Yogyakarta, 7, 125.
Sudana, I. M. (2011). Manajemen Keuangan Perusahaan Teori & Praktik. Jakarta: Erlangga.
Yunisari, N. W., & Ratnadi, N. M. D. (2018). Pengaruh Profitabilitas dan Kepemilikan Manajerial Pada Kebijakan Dividen dengan Likuiditas Sebagai Variabel Moderasi. E-Jurnal Akuntansi, 23, 379. https://doi.org/10.24843/eja.2018.v23.i01.p15
Atmaja, L. S. (2008). Teori dan Praktik Manajemen Keuangan (Edisi 1). Yogyakarta: ANDI.
Borges Forti, C. A., Peixoto, F. M., & Lima E Alves, D. (2015). Determinant factors of dividend payments in Brazil. Revista Contabilidade e Financas, 26(68), 167180. https://doi.org/10.1590/1808-057x201512260
Bps.go.id. (2019). Persentase Rumah Tangga Yang Memiliki Akses Terhadap Hunian yang Layak Dan Terjangkau Menurut Daerah Tempat Tinggal, 2015 - 2018. (https://www.bps.go.id/dynamictable/2018/05/24/1365/persentase-rumah-tangga-yang-memiliki-akses-terhadap-hunian-yang-layak-dan-terjangkau-menurut-daerah-tempat-tinggal-2015---2018.html, diakses pada 23 Oktober 2019)
Demirgunes, K. (2015). Determinants of target dividend payout ratio: A panel autoregressive distributed lag analysis. International Journal of Economics and Financial Issues, 5(2), 418426.
Epayanti, Ayu; Yadnya, I. P. (2014). Pengaruh Ukuran Perusahaan dan Risiko Bisnis Terhadap Profitabilitas Serta Kebijakan Dividen. E-Jurnal Manajemen Universitas Udayana, 3(12), 34883502.
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). https://doi.org/10.6007/ijarafms/v6-i2/2074
Gayathridevi, a, & Mallikarjunappa, T. (2012). Dividend Policy of Indian Textile Companies - An Empirical Study. Contemporary Management Research, 6(2), 1432.
Ghozali, I. (2016). Aplikasi Analisis Multivariete Dengan Program IBM SPSS 23 (Edisi 8). Semarang: Badan Penerbit Universitas Diponegoro.
Hakeem, S. A., & Bambale, A. J. (2016). Mediating Effect of Liquidity on Firm Performance and Dividend Payout of Listed Manufacturing Companies in Nigeria. Journal of Chemical Information and Modeling, 53(9), 16891699. https://doi.org/10.1017/CBO9781107415324.004
Halim, J. J. (2016). Faktor-faktor yang Memengaruhi Kebijakan Deviden Perusahaan Yang Terdaftar di Bursa Efek Indonesia Pada Sektor Industri Barang Konsumsi Periode 2008-2011. Calyptra, 5(4), 119.
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).
Ishaq, M., Amin, K., & Khan, F. (2018). Factors Determining the Dividend Payout in the Cement Sector of Pakistan. Business Economics Management, 8(2), 171186.
Jaara, B., Alashhab, H., & Jaara, O. (2018). The Determinants of Dividend Policy for Non-Financial Companies in Jordan. International Journal of Economics and Financial Issues, 8(2), 198209.
Kasmir. (2016). Analisis Laporan Keuangan (Edisi 1). Jakarta: PT Rajagrafindo.
Keown, A.J., Martin, J. D., Petty, j, W.,& Scoot, D. F. J. (2010). Manajemen Keuangan¯: Prinsip dan Penerapan Jilid 2 (Edisi 10). Jakarta: Indeks.
Khan, F. A., & Ahmad, N. (2016). Determinants of dividend payout: An empirical study of pharmaceutical companies of Pakistan stock exchange (PSE). Proceedings of the 28th International Business Information Management Association Conference - Vision 2020: Innovation Management, Development Sustainability, and Competitive Economic Growth, 2017, 869888. https://doi.org/10.5171/2017.538821
Khan, W., & Ashraf, N. (2014). In Pakistani Service Industry: Dividend Payout Ratio as Function of some Factors. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(1), 390396. https://doi.org/10.6007/ijarafms/v4-i1/696
Kompas.com. (2019). Pembangunan Infrastruktur Dongkrak Perkembangan Industri Properti. (https://ekonomi.kompas.com/read/2019/02/27/212639426/pembangunan-infrastruktur-dongkrak-perkembangan-industri-properti, diakses pada 25 Januari 2020)
Lusiana, E., & Wijoyo, D. S. (2017). Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen Perusahaan Publik Non Keuangan. Jurnal Bisnis Dan Akuntansi, 3(2), 152171.
Lopolusi, I. (2013). Analisis Faktor-Faktor Yang Memengaruhi Kebijakan Dividen Sektor Manufaktur Yang Terdaftar Di Pt Bursa Efek Indonesia Periode 2007-2011. Jurnal Ilmiah Mahasiswa Universitas Surabaya, 2(1), 112
Mirah, A. A. A., Devi, V., & Suardikha, I. M. S. (2014). Kebijakan Dividen Dengan Likuiditas Sebagai Variabel Pemoderasi. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana 3.12 (2014)¯: 702-717, 12, 702717.
Mnune, T. D., & Purbawangsa, I. B. A. (2019). Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan Dan Risiko Bisnis Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur. E-Jurnal Manajemen Universitas Udayana, 8(5), 2862. https://doi.org/10.24843/ejmunud.2019.v08.i05.p10
Mui, Y. T., & Mazlina, M. (2016). Determinants Of Dividend Payout Ratio: Evidence From Malaysian Government-Linked Companies (Glcs ). Journal of Applied Environmental and Biological Sciences, 6(March), 4854.
Musiega, M. G., Alala, O. B., Douglas, M., Christopher, M. O., & Robert, E. (2013). Determinants Of Dividend Payout Policy Among Non-Financial Firms On Nairobi Securities Exchange, Kenya. International Journal of Scientific & Technology Research, 2(10), 253266.
Ningrum, N. P. (2017). Determinan Kebijakan Dividen. Jurnal Akuntansi Multiparadigma, 8(3), 499510. https://doi.org/10.18202/jamal.2017.12.7069
Nwude, E. C., & Agbo, E. I. (2017). Dividend Policy of Banks¯: The Nigerian Perspective. International Journal of Economic Perspectives, 11(4), 230251.
Olang, Margaret Akinyi; Akenga, Grace malissa; Mwangi, J. K. (2015). Effect of Liquidity on the Dividend Pay-out by Firms Listed at the Nairobi Securities Exchange, Kenya. Science Journal of Business and Management, 3(5), 196. https://doi.org/10.11648/j.sjbm.20150305.18
Puspitaningtyas, Z., Prakoso, A., & Masruroh, A. (2019). Pengaruh Profitabilitas Terhadap Kebijakan Dividen Dengan Likuiditas Sebagai Pemoderasi. Jurnal Administrasi Bisnis, 9(3), 1. https://doi.org/10.35797/jab.9.3.2019.25120.1-17
Saputra, L. F. (2018). Pengaruh Profitabilitas Dan Kebijakan Hutang Terhadap Kebijakan Dividen Dengan Likuiditas Sebagai Variabel Moderating. Jurnal Universitas Muhammdiyah Yogyakarta, 7, 125.
Sudana, I. M. (2011). Manajemen Keuangan Perusahaan Teori & Praktik. Jakarta: Erlangga.
Yunisari, N. W., & Ratnadi, N. M. D. (2018). Pengaruh Profitabilitas dan Kepemilikan Manajerial Pada Kebijakan Dividen dengan Likuiditas Sebagai Variabel Moderasi. E-Jurnal Akuntansi, 23, 379. https://doi.org/10.24843/eja.2018.v23.i01.p15
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2020-07-29
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Salsabilla, N. F., & Isbanah, Y. (2020). Pengaruh Profitabilitas dan Risiko Bisnis terhadap Dividend Payout Ratio melalui Likuiditas sebagai Variabel Moderasi. Jurnal Ilmu Manajemen, 8(4), 1301–1311. https://doi.org/10.26740/jim.v8n4.p1301-1311
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