Determinants of Dividend Policy: Growth Opportunities, Business Risk and Leverage with Size as Moderation
DOI:
https://doi.org/10.46799/ijssr.v3i5.357Keywords:
Growth Opportunities, Business Risk, Leverage, Dividend Policy, Company SizeAbstract
To find out whether investment opportunity set, business risk, and leverage affect dividend policy. To determine whether firm size can strengthen/weaken the effect of the investment opportunity set, business risk, and leverage on dividend policy. In this study, dividend policy is measured by dividend payout ratio (DPR), investment opportunity sets are measured using proxies based on the market-to-book value of equity (MBVE), business risk is calculated using the basic earning power ratio (BEPR) proxy, and leverage (debt to equity ratio) as a ratio that describes how much the company conducts debt policy. The firm size variable used in this study is measured using the natural logarithm of total assets. This research is quantitative application research, this research uses interaction test analysis or better known as moderated regression analysis (MRA). The sample was selected using a purposive random sampling method in companies going public on the Indonesia Stock Exchange in the consumer sector for the period 2017-2021. The results of this study indicate that investment opportunity sets do not affect dividend policy, low business risk has a positive effect on dividend policy, and leverage has a positive effect on dividend policy. Size can moderate of the investment opportunity set and low business risk on dividend policy but size cannot moderate the effect of leverage on dividend policy.
References
Arbaiya, Salsabiela. (2020). Pengaruh Risiko Bisnis Terhadap Kebijakan Dividen Pada Perusahaan Perbankan Konvensional Yang Terdaftar Di Bursa Efek Indonesia Periode 2015–2019. Stie Indonesia Banking School.
Christiningrum, M. F., & Rahman, Ali. (2023). Determinants Of Dividend Policy: Growth Opportunities, Business Risk And Leverage With Size As Moderation. International Journal Of Social Service And Research, 3(5).
Ghozali, Imam. (2018). Aplikasi Analisis Multivariate Dengan Program Ibm Spss 25 Edisi 9. Semarang: Badan Penerbit Universitas Diponegoro. Variabel Pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 23 (2), 1470, 1494.
Hanafi, Mamduh M. (2013). Manajemen Keuangan, Yogyakarta. Edisi Pertama. Yogyakarta: Bpfe-Yogyakarta.
Kieso, Donald E., Weygandt, Jerry J., Kieso, Donald E., & Warfield, Terry D. (2016). Akuntansi Intermediate Edisi Keduabelas Jilid 2.
Krisdiana, Evi, & Subardjo, Anang. (2019). Investment Opportunity Set Sebagai Pemoderasi Pengaruh Free Cash Flow Dan Profitabilitas Terhadap Kebijakan Dividen. Jurnal Ilmu Dan Riset Akuntansi (Jira), 8(2).
Lismawati, Lilis, & Suryanto, Suryanto. (2017). Faktor–Faktor Yang Mempengaruhi Kebijakan Dividen: Ukuran Perusahaan Sebagai Pemoderasi. Jurnal Bisnis Dan Akuntansi, 19(1a-5), 365–374.
Maharsi, Abrianita Vika Nur, Puryandani, Siti, & Kristanto, Rudi Suryo. (2017). Pengaruh Investment Opportunity Set Terhadap Kebijakan Dividen Dengan Firm Size Sebagai Variabel Moderasi Pada Perusahaan Manufaktur Tahun 2011-2013 Di Bei. Magisma: Jurnal Ilmiah Ekonomi Dan Bisnis, 5(2), 39–49.
Mayanti, Ni Made Devi, Endiana, I. Dewa Made, Pramesti, I. Gusti Ayu Asri, & Rahmadani, Dian Ayu. (2021). Pengaruh Kinerja Keuangan, Ukuran Perusahaan, Dan Kebijakan Hutang Terhadap Kebijakan Dividen Pada Perusahaan Sub Sektor Food And Beverage Yang Terdaftar Di Bursa Efek Indonesia (Bei) Periode 2016-2019. Karma (Karya Riset Mahasiswa Akuntansi), 1(1).
Moeljono, Moeljono, & Alfianto, Nasron. (2020). Peran Size Dalam Memoderasi Pengaruh Profitabilitas, Invesment Oppourtunity Cost Dan Leverage Terhadap Kebijakan Deviden. Jurnal Ekonomi Dan Bisnis, 21(1), 26–50.
Putri, Putu Sanya Anjani, Kepramareni, Putu, & Yuliastuti, Ida Ayu Nyoman. (2020). Pengaruh Investment Opportunity Set (Ios), Laba Bersih, Likuiditas Dan Leverage Terhadap Kebijakan Dividen. Kumpulan Hasil Riset Mahasiswa Akuntansi (Kharisma), 2(2).
Ratnasari, Putu Sri Puspytha, & Purnawati, Ni Ketut. (2019). Pengaruh Profitabilitas, Likuiditas, Tingkat Pertumbuhan Perusahaan Dan Leverage Terhadap Kebijakan Dividen. E-Jurnal Manajemen, 8(10), 6179–6198.
Roshidayah, Roshidayah, Wijayanti, Anita, & Suhendro, Suhendro. (2021). Roshidayah, Wijayanti, A., & Suhendro. 2021. Pengaruh Likuiditas, Risiko Bisnis, Dan Pertumbuhan Perusahaan Terhadap Kebijakan Dividen. Jurnal Proaksi. 8(1). 145-155.Roshidayah, Wijayanti, A., & Suhendro. 2021. Pengaruh Likuiditas, Risiko Bisnis, Dan Pert. Jurnal Proaksi, 8(1), 145–155.
Rozi, Fakhrul, & Almurni, Siti. (2020). Pengaruh Profitabilitas, Likuiditas, Dan Leverage Terhadap Kebijakan Dividen Kas Dengan Ukuran Perusahaan Sebagai Variabel Moderasi (Studi Empiris Perusahaan Consumer Goods Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2018) Effect Of Profitability, Liquidity, And Leverage On Cash Dividend Policy With Company Size As Moderated Variables (Empirical Study Of Consumer Goods Companies Listed On The Indonesia Stock Exchange 2016-2018). Pengaruh Profitabilitas, Likuiditas, Dan Leverage Terhadap Kebijakan Dividen Kas Dengan Ukuran Perusahaan Sebagai Variabel Moderasi (Studi Empiris Perusahaan Consumer Goods Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2018).
Septirini, Vika, Mardani, Ronny Malavia, & Saraswati, Ety. (2021). Pengaruh Leverage, Likuiditas, Profitabilitas, Ukuran Perusahaan, Dan Tingkat Pertumbuhan Perusahaan Terhadap Kebijakan Dividen (Studi Empiris Pada Perbankan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2017-2019). E-Jrm: Elektronik Jurnal Riset Manajemen, 10(05).
Published
Issue
Section
License
Copyright (c) 2023 MF. Christiningrum, Ali Rahman
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International. that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
