Pengaruh Profitabilitas, Likuiditas, dan Leverage Terhadap Kebijakan Dividen Pada Perusahaan Sektor Consumer Non-Cyclical

Anjelina Magdalena Simamora, Hartono Hartono

Abstract


The capital market serves as a vital source of corporate financing and investment opportunities for the public. This study aims to examine the extent to which profitability, liquidity, and leverage influence dividend policy. All consumer non-cyclical companies listed on the Indonesia Stock Exchange during the period 2020–2024 constituted the research population. Employing a quantitative approach with secondary data obtained from the Indonesia Stock Exchange and a purposive sampling technique, a total of 155 data observations were analyzed. The analytical procedures encompassed descriptive statistical tests, classical assumption tests, and multiple linear regression analysis using IBM SPSS Statistics 26 to examine the proposed hypotheses. The findings indicate that profitability, liquidity, and leverage simultaneously explain a significant variation in dividend policy. Specifically, profitability exerts a significant positive effect on dividend policy, liquidity demonstrates a significant negative effect on dividend policy, and leverage does not exert a significant effect on dividend policy. These findings lend support to signaling theory in explaining the influence of profitability on dividend policy, and to pecking order theory in addressing the effect of liquidity on dividend policy.


Keywords


Profitability; Liquidity; Leverage; Dividend Policy

Full Text:

PDF

References


Abdullazade, Z. (2019). Pecking Order Model of Corporate Financing: Literature Review. SSRN Electronic Journal.

Attahiriah, A. A., Suherman, A., & Sudarma, A. (2020). Pengaruh Likuiditas Terhadap Kebijakan Dividen. 18(02), 135–148.

Bank Indonesia. (2024). BI-Rate Tetap 6,25%: Memperkuat Stabilitas dan Menjaga Pertumbuhan dari Dampak Rambatan Global. Bank Indonesia. https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_2612524.aspx

Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management (15th ed.). Cengage Learning.

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.

Damayanti, R., & Sucipto, A. (2022). The Effect of Profitability, Liquidity, and Leverage on Firm Value with Dividend Policy as Intervening Variabel(Case Study on Finance Sector in Indonesian Stock Exchange 2016–2020 Period). Business and Accounting Research (IJEBAR), 6(2), 863–875. https://jurnal.stie-aas.ac.id/index.php/IJEBAR

Erfandi, E., Murdianingsih, D., Indriani, Y. P., & Rosyadi, N. (2024). Likuiditas, Leverage dan Pertumbuhan Perusahaan Pada Kebijakan Dividen. SOLUSI : Jurnal Ilmiah Bidang Ilmu Ekonomi, 22(3), 334–350. https://doi.org/10.26623/slsi.v22i3.9465

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. 1(2), 1–10.

Firnanda, F. S., & Jati, A. K. N. (2022). Pengaruh Profitabilitas, Likuiditas dan Leverage Terhadap Kebijakan Dividen Pada Sektor Infrastruktur. OPTIMAL : Jurnal Ekonomi Dan Kewirausahaan, 16(1), 66–78.

Ghasemi, A., & Zahediasl, S. (2012). Normality Tests for Statistical Analysis: A Guide for Non-Statisticians. International Journal of Endocrinology and Metabolism, 10(2), 486–489. https://doi.org/10.5812/ijem.3505

Gumelar, A., Tundjung, H., Setijaningsih, & Hendrian. (2024). The influence of liquidity, leverage, and profitability on dividend policy in manufacturing companies listed on the Indonesian stock exchange moderated by good corporate governance. Enrichment: Journal of Management, 14(1), 48–58. https://doi.org/10.35335/enrichment.v14i1.1870

Hermanto, L. T., & Fitriati, I. R. (2022). Pengaruh profitabilitas, likuiditas, leverage, sales growth, dan firm size terhadap kebijakan dividen pada perusahaan sektor energi yang terdaftar di bursa efek indonesia periode 2016-2020. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 4(12), 5691–5706.

Ifafah, A. A., & Suryono, B. (2020). Pengaruh Profitabilitas, Free Cash Flow dan Likuiditas terhadap Kebijakan Dividen. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 9(4).

Irdawati, Ng, S., Safira, R. D., Prananingrum, D. K., & Azizi, M. (2023). Efektivitas return on asset terhadap return saham pada perusahaan: studi manajemen keuangan. Entrepreneurship Bisnis Manajemen Akuntansi (E-BISMA), 4(1), 21–31. https://doi.org/10.37631/ebisma.v4i1.834

Kasmir. (2018). Analisis laporan keuangan (1st ed.). PT RajaGrafindo Persada.

Kontan. (2025). Unilever Indonesia (UNVR) Bagikan Dividen 99,7% dari Laba Bersih Tahun Buku 2024. Kontan. https://investasi.kontan.co.id/news/unilever-indonesia-unvr-bagikan-dividen-997-dari-laba-bersih-tahun-buku-2024

Maharani, T., & Terzaghi, M. T. (2022). Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan, dan Kepemilikan Manajerial terhadap Kebijakan Dividen dengan Likuiditas sebagai Variabel Moderating. Jurnal Menara Ekonomi: Penelitian Dan Kajian Ilmiah Bidang Ekonomi, 8(1), 198–211.

Marliani, N., Ferdiansyah, Pramesti Dewi, I., & Herdiansyah, R. (2023). Analisis Laporan Keuangan untuk Menilai Kinerja Keuangan PT Astra International Tbk Tahun 2017-2021. JSMA (Jurnal Sains Manajemen & Akuntansi), 15(1), 32–42. https://doi.org/10.37151/jsma.v15i1.114

Miswanto, Fatona, A. Q., & Diana, N. (2022). Analisis Pengaruh Profitabilitas, Ukuran Perusahaan, Leverage, Likuiditas, dan Pertumbuhan terhadap Kebijakan Dividen. Jurnal Ilmu Manajemen (JIMMU), 7(2), 168–187.

Munawir, S. (2018). Analisa laporan keuangan. Liberty.

Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0

Nurhamdi, M. (2020). Pengaruh Variabel Makro Ekonomi Terhadap Profitabilitas (ROA) Serta Dampaknya Pada Dividen Payout Ratio (DPR) Pada Perusahaan Sector Properti di Bursa Efek Indonesia (BEI). Jurnal SEKURITAS (Saham, Ekonomi, Keuangan Dan Investasi), 3(3), 247–261.

Parashtiwi, N., Wardhani, N. K., & Khomsiyah. (2023). Leverage Factors that Impact on Company’s Financial Performance. International Journal of Social Service and Research, 3(3), 768–774. https://doi.org/10.46799/ijssr.v3i3.277

Pattiruhu, J. R., & Paais, M. (2020). Effect of Liquidity, Profitability, Leverage, and Firm Size on Dividend Policy. Journal of Asian Finance, Economics and Business, 7(10), 35–42. https://doi.org/10.13106/jafeb.2020.vol7.no10.035

Prayitno, N. A. O., & Sapari. (2021). Pengaruh Profitabilitas, Likuiditas dan Leverage terhadap Kebijakan Dividen. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 10(3).

Priambodo, D., & Hannany, Z. (2025). Perkuat modal kerja, ANJT absen bagi dividen tahun buku 2024. IDN Financials. https://www.idnfinancials.com/id/news/54794/perkuat-modal-kerja-anjt-absen-bagi-dividen-tahun-buku-2024

Primadyan, M., & Dewi, W. K. (2023). Pengaruh Struktur Kepemilikan Terhadap Kebijakan Dividen di Era Covid 19 (Studi Empiris Perusahaan LQ45 Di BEI Tahun 2020 - 2021). Jurnal Ekonomi Manajemen Dan Bisnis (JEMB), 2(1), 91–97.

Putri, E., Ardiningrum, B. N., & Nursiam, N. (2022). The Influence of Liquidity, Leverage, Profitability, and Business Risk on the Dividend Policy of Manufacturing Companies Listed on the IDX. Riset Akuntansi Dan Keuangan Indonesia, 7(2), 245–250. https://doi.org/10.23917/reaksi.v7i2.17251

Putri, G. C. T., & Putri, E. (2023). The Influence of Return On Assets (ROA), Return On Equity (ROE), Debt To Asset Ratio (DAR), Debt To Equity Ratio (DER), Dividend Payout Ratio (DPR), and Net Profit Margin (NPM) on Stock Prices. The International Journal of Business Management and Technology, 7(1), 580-591.

Sembiring, S., Sinaga, R. V., & Lase, B. (2022). Pengaruh Leverage, Likuiditas dan Profitabilitas terhadap Kebijakan Dividen Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2017–2019. Jurnal Riset Akuntansi & Keuangan, 8(1), 141–155.

Shomansurova, Z. (2021). Dividend Policy In Joint Stock Companies. The American Journal of Management and Economics Innovations, 3(06), 157–162. https://doi.org/10.37547/tajmei/Volume03Issue06-23

Spence, M. (2002). Signaling in Retrospect and the Informational Structure of Markets. The American Economic Review, 92(3), 434–459. https://doi.org/10.1257/00028280260136200

Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif dan R & D. Alfabeta.

Sumardi, R., & Suharyono. (2020). Dasar-Dasar Manajemen Keuangan. LPU-UNAS (Lembaga Penerbitan Universitas Nasional).

Sutrisno. (2017). Manajemen keuangan: Teori, konsep dan aplikasi (2nd ed.). Ekonisia.

Tanjung, M. S., Novietta, L., & Ika, D. (2022). Pengaruh Net Profit Margin, Debt To Equity Ratio Dan Current Ratio Terhadap Dividen Payout Ratio Melalui Return On Asset. Inovatif: Jurnal Ekonomi, Manajemen, Akuntansi, Bisnis Digital Dan Kewirausahaan, 1(4), 316–334. https://doi.org/10.55983/inov.v1i4.171

Van Horne, J. C., & Wachowicz, Jr. , J. M. (2009). Fundamentals of Financial Management (13th ed.). FT Prentice Hall (Pearson Education Limited).

Yudha, I. P. A. W. K., Arizona, I. P. E., & Pradnyawati, S. O. (2024). Pengaruh Profitabilitas, Leverage, Likuiditas, Kesempatan Investasi Dan Ukuran Perusahaan Terhadap Kebijakan Dividen. (2), 336–352.




DOI: https://doi.org/10.17509/manajerial.v25i1.100406

Refbacks

  • There are currently no refbacks.


Copyright (c) 2026 Universitas Pendidikan Indonesia (UPI)

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Creative Commons License

Jurnal Manajerial is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

View My Stats