Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan, Dan Kebijakan Hutang Terhadap Kebijakan Dividen Pada Perusahaan LQ45

Abstrak

The average dividend payout ratio in IDX companies in the LQ45 index fluctuated during the 2019-2023 period. After declining, there was a recovery in the following years, although it was still accompanied by a mild decline in the following period. At the end of the period, a slight increase was recorded, reflecting the company's fluctuations in maintaining its dividend distribution policy for shareholders. The purpose of this study is to analyze the effect of profitability, liquidity, company size, and debt policy on dividend policy. The method used is quantitative using descriptive statistics, correlation between variables, model selection test and panel data regression analysis. The research sample consisted of 23 companies with a total of 115 observations, which were selected using purposive sampling method, namely companies that were consistently listed in the LQ45 index from 2019-2023. Based on the research results, it is known that profitability (ROA) has a significant positive effect on dividend policy, indicating that the higher the level of company profitability, the greater the profit generated. while liquidity (CR) has a negative and significant effect, this means that a high liquidity ratio is more important for maintaining short-term stability than determining dividend policy. Meanwhile, Firm Size and debt policy (DAR) have no significant effect on dividend policy. This research provides insight for investors and company management in considering the factors that influence dividend policy for investment decision making and financial strategy.