PENGARUH FIRM SIZE, NET PROFIT MARGIN, CURRENT RATIO, DAN EARNING PER SHARE TERHADAP DIVIDEND PAYOUT RATIO DENGAN INVESTMENT OPPORTUNITY SET SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI TAHUN 2019

Abstrak

This study aims to examine the effect of firm size, net profit margin, current ratio, and earning pershare on the dividend payout ratio with investment opportunity set as a moderating variable inmanufacturing companies listed on the Indonesia Stock Exchange in 2019. The population in this studyare manufacturing companies listed on the Indonesia Stock Exchange in 2019. Amount of samples in thisstudy are 45 companies. Sampling method using purposive sampling technique. The statistical methodused descriptive statistical test, classical assumption test including normality test, multicollinearity test,heteroscedasticity test, determination test, and hypothesis test using the multiple linear regressionanalysis method and the Moderate Analysis (MRA) test. The result of this study indicate that firm sizehave positive and significant effect to dividend payout ratio, and earning per share have negative, andsignificant to dividend payout ratio in manufacturing companies listed on Indonesia Stock Exchange in2019. Meanwhile net profit margin and current ratio have no effect to dividend payout ratio inmanufacturing companies listed on Indonesia Stock Exchange in 2019. For testing with ModerateRegression Analysis (MRA) model, the result of investment opportunity set cannot mmoderate the effectof firm size, net profit margin, current ratio, and earning per share on the dividend payout ratio