The Effect of Return on Asset, Return on Equity, and Debt Equity Ratio on Dividend Policy and Dividend Payout in Manufacturing Companies Listed on the Indonesia Stock Exchange (2014–2018)
Keywords:
Debt Equity Ratio (DER), Dividend Policy, Dividend Payout Ratio (DPR), Return on Asset (ROA), Return on Equity (ROE)Abstract
This study aims to analyze the effect of Return on Assets (ROA), Return on Equity (ROE), and Debt to Equity Ratio (DER) on dividend policy, as proxied by the Dividend Payout Ratio (DPR). The research uses a quantitative approach with secondary data obtained from the financial statements of food and beverage manufacturing companies listed on the Indonesia Stock Exchange during the 2014–2018 period. The data were collected through documentation techniques and analyzed using statistical methods to examine the relationship between variables. The results indicate that ROA, ROE, and DER, as independent variables (x), have a positive and significant effect on dividend policy as the dependent variable (y). These findings suggest that higher profitability and leverage ratios influence the company’s decision in determining dividend distribution.
References
Arikunto, S. (1998). Prosedur Penelitian Suatu Pendekatan Praktek. In Metode Penelitian (p. 115). Rineka Cipta.
Attiah, E. (2019). The role of manufacturing and service sectors in economic growth : an empirical study of developing countries. European Research Studies Journal, 22(1), 118–124.
Bogda, R. C., & Biklen, S. knopp. (1975). Metodologi Penelitian Kualitatif. In Metodologi Penelitian Kualitatif. Remadja.
Candradewi, I., Bagus, I., & Sedana, P. (2016). Pengaruh Kepemilikan Manajerial , Kepemilikan Institusional Dan Dewan Komisaris Independen Terhadap Return On Asset Menghadapi Persaingan Bisnis Yang Kompetitif. E-Jurnal Manajemen Unud, 5(5), 3163–3190.
Dogan, M., & Topal, Y. (2014). The Influence of Dividend Payments on Company Performance: The Case of Istanbul Stock Exchange (BIST). In European Journal of Business and Management.
Dwi, P., & Rifka, J. (2002). Analisis Laporan Keuangan-Konsep dan Aplikasi. AMP YKPN.
Horne, J. C. Van, & Wachowicz Jr, J. M. (2012). Prinsip-Prinsip Manajemen Keuangan (13th ed.). Salemba Empat.
Kasiram, M. (2008). Metode Penelitian Kuantitatif-Kualitatif. In Metode Penelitian Kuantitatif-Kualitatif. UIN Malang Press.
Kasmir. (2016). Manajemen Sumber Daya Manusia (Teori dan Praktik). PT. Rajagrafindo Persada.
Kramoliš, J., & Dobeš, K. (2020). Debt as a financial risk factor in SMEs in the Czech Republic. Equilibrium: Quartely Journal of Economics and Economic Policy, 15(1), 87–105.
Kurniadi, H. (2010). Strategi Pembelajaran Inquiri Sosial. www.papantulisku.com/
Murni, Y. (2015). The Influence of Managerial Ownership, Institutional Ownership and Voluntary Disclosure on Financial Performance and its Implication on The Corporate Value. International Journal of Business and Management Investion, 4(5), 52–64.
Renaldi, J. Y., Pinem, D. B., & Permadhy, Y. T. (2020). Analysis Of Factors Affecting the Value Of Manufacturing Industry Companies in the Indonesian Stock Exchange (IDX). European Journal of Business and Management Research, 5(1). https://doi.org/10.24018/ejbmr.2020.5.1.230
Sari, W. N., Novari, E., Fitri, Y. S., & Nasution, A. I. (2022). Effect of Current Ratio (Cr), Quick Ratio (Qr), Debt to Asset Ratio (Dar) and Debt to Equity Ratio (Der) on Return on Assets (Roa). JIEB: Journal of Islamic Economics and Business, 2(1), 42–58.
Sartono, A. (2010). Menejemen Keuangan Teori dan Aplikasi. BPFE Yogyakarta.
Sugiyono. (2003). Metode Penelitian Bisnis. Pusat Bahasa.
Sugiyono. (2008). Metode Penelitian Kunatitatif Kualitatif dan R&D. Alfabeta.
Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Sunyoto, D. (2016). Metodologi Penelitian Akuntansi. PT Refika Aditama.
Syafri, H. S. (2011). Teori Akuntansi. Rajawali Pers.
Tamin, J., Robiani, B., Teguh, M., & Mukhlis, M. (2024). Food And Beverage Industry Sector Linkages In Indonesia. Equity: Jurnal Ekonomi, 12(1), 83–94. https://doi.org/10.33019/equity.v12i1.284
Vancin, D. F., & Kirch, G. (2020). Profit distribution and regulation: the impact of mandatory dividend in corporate internal funding. Revista Contabilidade & Finanças, 31(84), 524–541. https://doi.org/10.1590/1808-057x201910000
Wahyudiono, B. (2014). Mudah Membaca Laporan Keuangan. Raih Asa Sukses.
Wiranata, Y. A., & Nugrahanti, Y. W. (2013). Pengaruh Struktur Kepemilikan Terhadap Profitabilitas Perusahaan Manufaktur di Indonesia. Jurnal Akuntansi Dan Keuangan, 15(1), 15–26. https://doi.org/10.9744/jak.15.1.15-26
