Pengaruh Profitabilitas, Likuiditas, Leverage, Ukuran Perusahaan (Size), dan Investment Opportunity Set (IOS) terhadap Kebijakan Dividen pada Perusahaan Sub Sektor Consumer Goods Industry yang Terdaftar di BEI Periode 2020–2023
DOI:
https://doi.org/10.35870/jemsi.v11i4.4279Keywords:
Profitability, Liquidity, Leverage, Firm Size, Investment Opportunity Set, Dividend PolicyAbstract
This study aims to analyze the effect of profitability, liquidity, leverage, company size, and investment opportunity set (IOS) on dividend policy. The object of the study is the consumer goods industry sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. This study uses a quantitative approach with a descriptive statistical research type. The sampling technique was carried out using the purposive sampling method, based on the following criteria: (1) the company consistently publishes complete financial reports every year during the study period (2) the company distributes dividends during that period. Based on these criteria, a sample of 30 companies was obtained. The data is secondary and obtained from published financial reports. The data analysis technique uses multiple linear regression with the help of SPSS 25. The results of the study show that liquidity (CR) and leverage (DER) have a significant negative effect on dividend policy, while company size has a significant positive effect. Meanwhile, profitability (ROA) and investment opportunity set (MBVE) do not have a significant effect on dividend policy. Simultaneously, the five independent variables have a significant effect on dividend policy. These results indicate that the company's internal financial factors, especially company size, liquidity, and leverage, have an important role in determining dividend distribution policy. These findings are expected to provide insight for company management and investors in evaluating financial performance and decision making related to profit allocation.
Downloads
References
Aditya, E., Mardani, R. M., & Hufron, M. (2020). Pengaruh profitabilitas, likuiditas dan ukuran perusahaan terhadap kebijakan dividen perusahaan manufaktur periode 2016–2018. Jurnal Ilmiah Riset Manajemen, 9(2).
Akbar, F., & Fahmi, I. (2020). Pengaruh ukuran perusahaan, profitabilitas dan likuiditas terhadap kebijakan dividen dan nilai perusahaan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Jurnal Ilmiah Mahasiswa Ekonomi Manajemen, 5(1), 62–81.
Antasari, W. S., & Akbar, M. (2020). Analisis pengaruh fluktuasi nilai tukar (kurs), inflasi dan BI rate terhadap harga saham pada sektor consumer goods industry go public. Jurnal Manajemen dan Akuntansi, 20(2).
Brigham, E., & Houston, E. (2018). Dasar-dasar manajemen keuangan (Edisi ke-10). Jakarta: Salemba Empat.
Cahyono, G. I., & Asandimitra, N. (2021). Pengaruh profitabilitas, leverage, dan kepemilikan manajerial terhadap kebijakan dividen dengan likuiditas sebagai variabel moderasi. Jurnal Ilmu Manajemen, 9(3), 1214–1226.
Darmawan, A., Widyasmara, M. Y., Rejeki, S., Aris, M. R., & Yasin, R. (2019). Pengaruh likuiditas, profitabilitas, dan ukuran perusahaan terhadap kebijakan dividen dan harga saham (studi kasus pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2013–2017). Jurnal Ilmiah FE-UMM, 13.
Dewantara, A. (2019). Pengaruh profitabilitas dan leverage terhadap kebijakan dividen dengan likuiditas dan kecukupan kas sebagai variabel moderasi pada Jakarta Islamic Index (JII) periode 2012–2016. Jurnal Keuangan dan Perbankan Syariah, 7(1).
Dewi, K. M. P., Putra, I. G. C., & Manuari, I. A. R. (2022). Pengaruh profitabilitas, likuiditas, ukuran perusahaan dan arus kas operasi terhadap kebijakan dividen. Kumpulan Hasil Riset Mahasiswa Akuntansi (KHARISMA), 4(3), 291–301.
Febrianti, D., & Zulvia, Y. (2020). Pengaruh struktur kepemilikan, leverage, ukuran perusahaan terhadap kebijakan dividen pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2013–2017. Jurnal Ilmiah Mahasiswa Ekonomi Manajemen, 5(1), 201–219.
Firmansyah, M. A., Gama, A. W. S., & Astiti, N. P. Y. (2020). Pengaruh profitabilitas, likuiditas dan ukuran perusahaan terhadap kebijakan dividen perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Values, 1(2).
Fitri, N. L., Pangaribuan, D., & Yuniati, T. (2024). Pengaruh free cash flow, investment opportunity set, dan struktur modal terhadap kebijakan dividen pada perusahaan food and beverage. Sentri: Jurnal Riset Ilmiah, 3(2), 740–760.
Ghozali, I. (2018). Penerapan analisis multivariat dengan program IBM SPSS 25. Semarang: Badan Penerbit Universitas Diponegoro.
Hidayat, D., Hermuningsih, S., & Maulida, A. (2022). Pengaruh profitabilitas, likuiditas, leverage, dan ukuran perusahaan terhadap kebijakan dividen. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 4(3), 895–913.
Jannah, S. S. (2019). Pengaruh insider ownership, institutional ownership, collateralizable assets dan debt to total assets terhadap dividend payout ratio (Studi pada perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia periode 2015–2017) (Tesis tidak dipublikasikan). Universitas Brawijaya.
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.
Marcelin, V. F., & Gantino, R. (2022). Pengaruh profitabilitas, leverage dan likuiditas terhadap kebijakan dividen. Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS), 4(1), 297–306. https://doi.org/10.47065/ekuitas.v4i1.2065
Putri, N. R., & Hendrani, A. (2024). Pengaruh profitabilitas, leverage, likuiditas, collateralizable assets, dan pertumbuhan aset terhadap kebijakan dividen. Journal of Economic, Business and Accounting (COSTING), 7(3), 5096–5115.
Putri, P. S. A., Kepramareni, P., & Yuliastuti, I. A. N. (2020). Pengaruh investment opportunity set (IOS), laba bersih, likuiditas dan leverage terhadap kebijakan dividen. Kumpulan Hasil Riset Mahasiswa Akuntansi (KHARISMA), 2(2).
Ratnasari, P. S. P., & Purnawati, N. K. (2019). Pengaruh profitabilitas, likuiditas, tingkat pertumbuhan perusahaan dan leverage terhadap kebijakan dividen. E-Jurnal Manajemen Universitas Udayana, 8(10), 6179.
Santoso, S. (2015). Penelitian kuantitatif. Ponorogo: Unmuh Ponorogo Press.
Sudiartana, I. G. P., & Yudantara, I. G. A. P. (2020). Pengaruh ukuran perusahaan, likuiditas, profitabilitas dan leverage terhadap kebijakan dividen. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 11(2), 287–298.
Sugiharto, M. P. N. B., & Amanah, L. (2020). Pengaruh likuiditas, profitabilitas dan leverage terhadap kebijakan dividen pada perusahaan manufaktur go public yang terdaftar di BEI. Jurnal Ilmu dan Riset Akuntansi (JIRA), 9(9).
Sugiyono. (2022). Metode penelitian kuantitatif, kualitatif, dan R&D. Bandung: Alfabeta.
Suleiman, R. S., & Permatasari, M. (2022). Pengaruh profitabilitas, collateralizable assets, investment opportunity set, dan lagged dividend terhadap kebijakan dividen. Jurnal Papatung, 5(1), 46–59.
Yani, H. E., & Maharani, N. K. (2022). Pengaruh profitabilitas, lagged dividend, dan investment opportunity set terhadap kebijakan dividen. Akselerasi: Jurnal Ilmiah Nasional, 4(2), 94–108.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Diana Wahyuningrum, Khusnatul Zulfa Wafirotin, Nur Sayidatul Muntiah
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.
