Pengaruh Profitabilitas, Solvabilitas, dan Likuiditas terhadap Kebijakan Dividen pada Perusahaan yang Terdaftar pada Indeks SRI-KEHATI di Bursa Efek Indonesia Tahun 2016-2023

Rindang Kirana Putri Kurniawan; Riska Rosdiana

doi:10.55606/jimak.v5i3.8030

Authors

Rindang Kirana Putri Kurniawan Universitas Mercu Buana
Riska Rosdiana Universitas Mercu Buana

DOI:

https://doi.org/10.55606/jimak.v5i3.8030

Keywords:

Dividend Policy, Liquidity, Profitability, Solvency, SRI-KEHATI Index

Abstract

This study aims to analyze the influence of profitability, solvency, and liquidity on dividend policy among companies listed on the SRI-KEHATI Index at the Indonesia Stock Exchange during the 2016–2023 period. Profitability is proxied by Return on Equity (ROE), solvency by the Debt to Equity Ratio (DER), and liquidity by the Current Ratio (CR), while dividend policy is proxied by the Dividend Payout Ratio (DPR). This study employs a quantitative approach with a causal design and panel data regression methods. The sample was selected using purposive sampling, resulting in 13 companies and a total of 103 observations over the 2016–2023 period. Secondary data were obtained from the companies' annual financial reports and processed using EViews 14. Model selection was conducted via the Chow Test, Hausman Test, and Lagrange Multiplier Test, identifying the Random Effect Model (REM) as the final model. The results indicate that profitability has a significant negative effect on dividend policy. Solvency also has a significant negative effect on dividend policy, as does liquidity. Simultaneously, profitability, solvency, and liquidity significantly influence dividend policy. These findings suggest that the dividend policies of companies on the SRI-KEHATI Index take into account internal funding needs, debt obligations, liquidity management, and long-term sustainability requirements.

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