PENGARUH KEBIJAKAN HUTANG, PROFITABILITAS DAN LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI pada PERUSAHAAN MANUFAKTUR yang TERDAFTAR di BURSA EFEK INDONESIA TAHUN 2017 - 2019

Abstract

Dividend policy is a decision about how much current profit will be paid out as dividends rather than being held to be reinvested in the company. The purpose of this study was to determine the effect of debt, profitability and liquidity policies on dividend policy with company size as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange in 2017-2019. The sampling method of this study was purposive sampling and obtained 46 samples that met the criteria from 154 companies which became the observation data. The analysis technique used in this research is Moderated Regression Analysis. The results of this study indicate that the debt policy proxied by the debt to equity ratio (DER) partially has a negative effect on dividend policy. profitability partially has a positive effect on dividend policy. Partially liquidity has no effect on dividend policy. Firm size does not significantly weaken the effect of debt policy on dividend policy. Firm size significantly weakens the effect of profitability on dividend policy and liquidity does not significantly weaken the effect of liquidity on dividend policy. The result of the coefficient of determination test shows that the independent variable, the moderating variable and the interaction of the two variables are only able to explain the dependent variable by 32%, while the remaining 68% is explained by other variables that are not explained in this study.