Pengaruh Profitabilitas, Ukuran Perusahaan, dan Kepemilikan Perusahaan Terhadap Kebijakan Dividen pada Perusahaan BUMN
DOI:
https://doi.org/10.21009/japa.0403.09Keywords:
Dividend Policy, Firm’s Size, Institutional Ownership Profitability, State-Owned CompanyAbstract
Examining and assessing the effects of company size, profitability, and institutional ownership on state-owned enterprises listed on the Indonesia Stock Exchange's dividend policy from 2018 to 2022 is the goal of this research. In this study, logistic regression analysis was utilized with the assistance of SPSS 29. Utilizing secondary data from corporate annual reports and financial reports that are available on each company's website as well as the IDX, this study is quantitative in nature. The study's population consists of the 24 state-owned companies that were listed on the Indonesian stock exchange between 2018 and 2022. In this study, 75 data samples from 15 businesses that complied with the criteria were used to implement purposeful sampling. The results of the study indicate that, at least in part, profitability has a considerable favorable influence on the dividend policy. The company's size has no discernible effect on the dividend policy. Institutional ownership has no appreciable effect on the dividend policy. The study's implication for the corporation is that it should maximise profits through improved performance, particularly when it comes to the utilisation of company assets. Investors might therefore infer from this that they can base their selections on profitability. This is due to the study's showing that dividend policy can be impacted by a company's profitability.
References
Akbar, F., & Fahmi, I. (2020). Pengaruh Ukuran Perusahaan, Profitabilitas dan Likuiditas Terhadap Kebijakan Dividen dan Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Ilmiah Mahasiswa Ekonomi Manajemen, 5(1), 62–81. http:jim.unsyiah.ac.id/ekm
Al-Fasfus, F. S. (2020). Impact of Free Cash Flows on Dividend Pay-Out in Jordanian Banks. Asian Economic and Financial Review, 10(5), 547–558. https://doi.org/10.18488/journal.aefr.2020.105.547.558
Angelia, N., & Toni, N. (2020). The Analysis of Factors Affecting Dividend Policy in Food and Beverage Sector Manufacturing Companies Listed in Indonesia Stock Exchange in 2015-2017. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 3(2), 902–910. https://doi.org/10.33258/birci.v3i2.918
Anisah, N., & Fitria, I. (2019). Pengaruh Profitabilitas, Free Cash Flow, dan Likuiditas Terhadap Kebijakan Dividen. JAD: Jurnal Riset Akuntansi & Keuangan Dewantara, 10(9), 50–53.
Bagaskara, R. S., Titisari, K. H., & Dewi, R. R. (2021). Pengaruh Profitabilitas , Leverage , Ukuran Perusahaan dan Kepemilikan Manajerial Terhadap Nilai Perusahaan. Forum Ekonomi, 23(1), 29–38.
Ben Amar, A., Ben Salah, O., & Jarboui, A. (2018). Do Discretionary Accruals Affect Firms’ Corporate Dividend Policy? Evidence from France. Journal of Financial Reporting and Accounting, 16(2), 333–347. https://doi.org/10.1108/JFRA-03-2017-0020
Cheng, J.-C., Lin, F.-C., & Tung, T.-H. (2018). The Effect of Institutional Ownership Stability on Cash Dividend Policy: Evidence from Taiwan. 207–222. https://doi.org/10.1108/s2514-465020180000006006
Dang, H. N., Ha, N. V., & Binh, D. T. (2018). Factors Influencing the Dividend Policy of Vietnamese Enterprises. Asian Journal of Finance & Accounting, 10(2), 33. https://doi.org/10.5296/ajfa.v10i2.13651
Dhira, Ni. S. O., Wulandari, N., & Wahyuni, N. I. (2010). Pengaruh Laba Bersih, Arus Kas Operasi dan Ukuran Perusahaan terhadap Kebijakan Dividen. Jeam, 72–86.
Dhuhri, R., & Diantimala, Y. (2018). The Influence of Institutional Ownership, Individual Ownership, and Managerial Ownership Toward Dividend Payout Ratio at Non-financial Companies Registered in Indonesia Stock Exchange in 2012-2016. International Journal of Social Science and Economic Research, 03(03), 786–801. http://www.ijsser.org/2018files/ijsser_03__55.pdfEffendi, H. R. T.,
Latiefa, F. A., & Lestari, H. S. (2021). Pengaruh Struktur Kepemilikan Terhadap Kebijakan Dividen Perusahaan. Ekonomi, 16(02), 119–141. https://doi.org/10.35129/simak.v16i02.39Ghozali, I. (2016). Aplikasi Analisis Multivariete dengan Program IBM SPSS 23. Badan Penerbit Universitas Diponegoro.
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Badan Penerbit Universitas Diponegoro.
Ghozali, I., & Ratmono, D. (2013). Analisis Multivariat dan Ekonometrika, Teori : Konsep, dan Aplikasi dengan Eviews 8. Badan Penerbit Universitas Diponegoro.
Hermanto, W., & Djashan, I. A. (2021). Faktor-Faktor Penentu Rasio Pembayaran Dividen pada Perusahaan Non-Keuangan. E-Jurnal Akuntansi TSM, 1(1), 61–70. https://jurnaltsm.id/index.php/EJATSM/article/view/971
Jacob, C., & Jijo Lukose, P. J. (2018). Institutional Ownership and Dividend Payout in Emerging Markets: Evidence from India. Journal of Emerging Market Finance, 17(1_suppl), S54–S82. https://doi.org/10.1177/0972652717751538
Johanes, S. R., Hendiarto, R. S., & Nugraha, N. M. (2021).The Effect of Institutional Ownership, Managerial Ownership, and Company Size to Dividend Policy. International Journal of Trends in Accounting Research, 2(1).
Le, T. T. H., Nguyen, X. H., & Tran, M. D. (2019). Determinants of dividend payout policy in emerging markets: Evidence from the ASEAN region. Asian Economic and Financial Review, 9(4), 531–546. https://doi.org/10.18488/journal.aefr.2019.94.531.546
Narindro, L., & Basri, H. (2019). Assessing Determinants of Dividend Policy of the Government-owned Companies in Indonesia. International Journal of Law and Management, 61(5–6), 530–541. https://doi.org/10.1108/IJLMA-09-2017-0215
Naveed, F. (2021). Institutional Shareholding and the Dividend Payout Policy of Islamic Mutual Funds: Evidence from International Islamic Funds Industry. Borsa Istanbul Review, 21(2), 125–132. https://doi.org/10.1016/j.bir.2020.09.002
Nurfatma, H., & Purwohandoko, P. (2020). Pengaruh Cash Flow, Ukuran Perusahaan dan Kinerja Keuangan Terhadap Kebijakan Dividen pada Perusahaan Infrastruktur di Indonesia. Profit: Jurnal Kajian Ekonomi dan Perbankan Syariah, 4(1), 1–14. https://doi.org/10.33650/profit.v4i1.1079
Nyere, L., & Wesson, N. (2019). Factors Influencing Dividend Payout Decisions: Evidence from South Africa. South African Journal of Business Management, 50(1), 1–16. https://doi.org/10.4102/sajbm.v50i1.1302
Paramita, S. (2015). Free Cash Flow, Leverage, Besaran dan Siklus Hidup: Bukti Dividen di Indonesia. Journal of Research Economy and Managemen.
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
Prastya, A. H., & Jalil, F. Y. (2020). Current Jurnal Kajian Akuntansi dan Bisnis Terkini. Jurnal Kajian Akuntansi dan Bisnis Terkini, 3(1), 438–457.
Rahayu, D., & Rusliati, E. (2019). Kepemilikan Institusional, Kepemilikan Manajerial, dan Ukuran Perusahaan Terhadap Kebijakan Dividen. Jurnal Riset Akuntansi Kontemporer, 11(1), 41–47. https://doi.org/10.23969/jrak.v11i1.1870
Renneboog, L., & Szilagyi, P. G. (2020). How Relevant is Dividend Policy Under Low Shareholder Protection? Journal of International Financial Markets, Institutions and Money, 64. https://doi.org/10.1016/j.intfin.2015.01.006
Rokhmawati, A. (2016). ManajemenKeuangan(1st ed.). CV Budi Utama.
Sanjaya, G., Nurdhiana, & Kuntari, Y. (2018). Pengaruh Profitabilitas, Struktur Kepemilikan, Tingkat Pertumbuhan Perusahaan dan Efektifitas Usaha Terhadap Kebijakan Dividen (Studi Empiris pada Perusahaan Manufaktur di BEI periode 2013-2015)(Vol. 20, Issue 1).
Teo, C. M., Maria Helena Putri M, Prameswary Chandra Buana, Acep Samsudin, & Lia Nirawati. (2022). Determinasi Kebijakan Dividen. Jurnal Ilmiah Manajemen, Ekonomi dan Akuntansi, 2(3), 174–180. https://doi.org/10.55606/jurimea.v2i3.189
Wahjudi, E. (2020). Factors Affecting Dividend Policy in Manufacturing Companies in Indonesia Stock Exchange. Journal of Management Development, 39(1), 4–17. https://doi.org/10.1108/JMD-07-2018-0211
Wahyuni, S., Febriansyah, S., Darni, S., & Razali, R. (2020). Pengaruh Kepemilikan Saham Institusional, Konsentrasi Kepemilikan Saham dan Profitabilitas Terhadap Keputusan Investasi. J-ISCAN: Journal of Islamic Accounting Research, 2(1), 55–66. https://doi.org/10.52490/j-iscan.v2i1.865
Widiastari, P. A., & Yasa, G. W. (2018). Pengaruh Profitabilitas, Free Cash Flow, dan Ukuran Perusahaan pada Nilai Perusahaan. E-Jurnal Akuntansi, 23, 957. https://doi.org/10.24843/eja.2018.v23.i02.p06
Winarno, W. W. (2009). Analisis Ekonometrika dan Statistika Eviews. UPP STIM YKPN.
Yusof Ali, N., Mohamad, Z., & Syuhada Baharuddin, N. (2018). the Impact of Ownership Structure on Dividend Policy: Evidence of Malaysian Listed Firms. Journal of Global Business and Social Entrepreneurship (GBSE), 4(10), 24621714. www.gbse.com.my
Al-Fasfus, F. S. (2020). Impact of Free Cash Flows on Dividend Pay-Out in Jordanian Banks. Asian Economic and Financial Review, 10(5), 547–558. https://doi.org/10.18488/journal.aefr.2020.105.547.558
Angelia, N., & Toni, N. (2020). The Analysis of Factors Affecting Dividend Policy in Food and Beverage Sector Manufacturing Companies Listed in Indonesia Stock Exchange in 2015-2017. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 3(2), 902–910. https://doi.org/10.33258/birci.v3i2.918
Anisah, N., & Fitria, I. (2019). Pengaruh Profitabilitas, Free Cash Flow, dan Likuiditas Terhadap Kebijakan Dividen. JAD: Jurnal Riset Akuntansi & Keuangan Dewantara, 10(9), 50–53.
Bagaskara, R. S., Titisari, K. H., & Dewi, R. R. (2021). Pengaruh Profitabilitas , Leverage , Ukuran Perusahaan dan Kepemilikan Manajerial Terhadap Nilai Perusahaan. Forum Ekonomi, 23(1), 29–38.
Ben Amar, A., Ben Salah, O., & Jarboui, A. (2018). Do Discretionary Accruals Affect Firms’ Corporate Dividend Policy? Evidence from France. Journal of Financial Reporting and Accounting, 16(2), 333–347. https://doi.org/10.1108/JFRA-03-2017-0020
Cheng, J.-C., Lin, F.-C., & Tung, T.-H. (2018). The Effect of Institutional Ownership Stability on Cash Dividend Policy: Evidence from Taiwan. 207–222. https://doi.org/10.1108/s2514-465020180000006006
Dang, H. N., Ha, N. V., & Binh, D. T. (2018). Factors Influencing the Dividend Policy of Vietnamese Enterprises. Asian Journal of Finance & Accounting, 10(2), 33. https://doi.org/10.5296/ajfa.v10i2.13651
Dhira, Ni. S. O., Wulandari, N., & Wahyuni, N. I. (2010). Pengaruh Laba Bersih, Arus Kas Operasi dan Ukuran Perusahaan terhadap Kebijakan Dividen. Jeam, 72–86.
Dhuhri, R., & Diantimala, Y. (2018). The Influence of Institutional Ownership, Individual Ownership, and Managerial Ownership Toward Dividend Payout Ratio at Non-financial Companies Registered in Indonesia Stock Exchange in 2012-2016. International Journal of Social Science and Economic Research, 03(03), 786–801. http://www.ijsser.org/2018files/ijsser_03__55.pdfEffendi, H. R. T.,
Latiefa, F. A., & Lestari, H. S. (2021). Pengaruh Struktur Kepemilikan Terhadap Kebijakan Dividen Perusahaan. Ekonomi, 16(02), 119–141. https://doi.org/10.35129/simak.v16i02.39Ghozali, I. (2016). Aplikasi Analisis Multivariete dengan Program IBM SPSS 23. Badan Penerbit Universitas Diponegoro.
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Badan Penerbit Universitas Diponegoro.
Ghozali, I., & Ratmono, D. (2013). Analisis Multivariat dan Ekonometrika, Teori : Konsep, dan Aplikasi dengan Eviews 8. Badan Penerbit Universitas Diponegoro.
Hermanto, W., & Djashan, I. A. (2021). Faktor-Faktor Penentu Rasio Pembayaran Dividen pada Perusahaan Non-Keuangan. E-Jurnal Akuntansi TSM, 1(1), 61–70. https://jurnaltsm.id/index.php/EJATSM/article/view/971
Jacob, C., & Jijo Lukose, P. J. (2018). Institutional Ownership and Dividend Payout in Emerging Markets: Evidence from India. Journal of Emerging Market Finance, 17(1_suppl), S54–S82. https://doi.org/10.1177/0972652717751538
Johanes, S. R., Hendiarto, R. S., & Nugraha, N. M. (2021).The Effect of Institutional Ownership, Managerial Ownership, and Company Size to Dividend Policy. International Journal of Trends in Accounting Research, 2(1).
Le, T. T. H., Nguyen, X. H., & Tran, M. D. (2019). Determinants of dividend payout policy in emerging markets: Evidence from the ASEAN region. Asian Economic and Financial Review, 9(4), 531–546. https://doi.org/10.18488/journal.aefr.2019.94.531.546
Narindro, L., & Basri, H. (2019). Assessing Determinants of Dividend Policy of the Government-owned Companies in Indonesia. International Journal of Law and Management, 61(5–6), 530–541. https://doi.org/10.1108/IJLMA-09-2017-0215
Naveed, F. (2021). Institutional Shareholding and the Dividend Payout Policy of Islamic Mutual Funds: Evidence from International Islamic Funds Industry. Borsa Istanbul Review, 21(2), 125–132. https://doi.org/10.1016/j.bir.2020.09.002
Nurfatma, H., & Purwohandoko, P. (2020). Pengaruh Cash Flow, Ukuran Perusahaan dan Kinerja Keuangan Terhadap Kebijakan Dividen pada Perusahaan Infrastruktur di Indonesia. Profit: Jurnal Kajian Ekonomi dan Perbankan Syariah, 4(1), 1–14. https://doi.org/10.33650/profit.v4i1.1079
Nyere, L., & Wesson, N. (2019). Factors Influencing Dividend Payout Decisions: Evidence from South Africa. South African Journal of Business Management, 50(1), 1–16. https://doi.org/10.4102/sajbm.v50i1.1302
Paramita, S. (2015). Free Cash Flow, Leverage, Besaran dan Siklus Hidup: Bukti Dividen di Indonesia. Journal of Research Economy and Managemen.
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
Prastya, A. H., & Jalil, F. Y. (2020). Current Jurnal Kajian Akuntansi dan Bisnis Terkini. Jurnal Kajian Akuntansi dan Bisnis Terkini, 3(1), 438–457.
Rahayu, D., & Rusliati, E. (2019). Kepemilikan Institusional, Kepemilikan Manajerial, dan Ukuran Perusahaan Terhadap Kebijakan Dividen. Jurnal Riset Akuntansi Kontemporer, 11(1), 41–47. https://doi.org/10.23969/jrak.v11i1.1870
Renneboog, L., & Szilagyi, P. G. (2020). How Relevant is Dividend Policy Under Low Shareholder Protection? Journal of International Financial Markets, Institutions and Money, 64. https://doi.org/10.1016/j.intfin.2015.01.006
Rokhmawati, A. (2016). ManajemenKeuangan(1st ed.). CV Budi Utama.
Sanjaya, G., Nurdhiana, & Kuntari, Y. (2018). Pengaruh Profitabilitas, Struktur Kepemilikan, Tingkat Pertumbuhan Perusahaan dan Efektifitas Usaha Terhadap Kebijakan Dividen (Studi Empiris pada Perusahaan Manufaktur di BEI periode 2013-2015)(Vol. 20, Issue 1).
Teo, C. M., Maria Helena Putri M, Prameswary Chandra Buana, Acep Samsudin, & Lia Nirawati. (2022). Determinasi Kebijakan Dividen. Jurnal Ilmiah Manajemen, Ekonomi dan Akuntansi, 2(3), 174–180. https://doi.org/10.55606/jurimea.v2i3.189
Wahjudi, E. (2020). Factors Affecting Dividend Policy in Manufacturing Companies in Indonesia Stock Exchange. Journal of Management Development, 39(1), 4–17. https://doi.org/10.1108/JMD-07-2018-0211
Wahyuni, S., Febriansyah, S., Darni, S., & Razali, R. (2020). Pengaruh Kepemilikan Saham Institusional, Konsentrasi Kepemilikan Saham dan Profitabilitas Terhadap Keputusan Investasi. J-ISCAN: Journal of Islamic Accounting Research, 2(1), 55–66. https://doi.org/10.52490/j-iscan.v2i1.865
Widiastari, P. A., & Yasa, G. W. (2018). Pengaruh Profitabilitas, Free Cash Flow, dan Ukuran Perusahaan pada Nilai Perusahaan. E-Jurnal Akuntansi, 23, 957. https://doi.org/10.24843/eja.2018.v23.i02.p06
Winarno, W. W. (2009). Analisis Ekonometrika dan Statistika Eviews. UPP STIM YKPN.
Yusof Ali, N., Mohamad, Z., & Syuhada Baharuddin, N. (2018). the Impact of Ownership Structure on Dividend Policy: Evidence of Malaysian Listed Firms. Journal of Global Business and Social Entrepreneurship (GBSE), 4(10), 24621714. www.gbse.com.my
Downloads
Published
2024-02-17
How to Cite
Hidayat, R. F., Ulupui, I. G. K. A. ., & Khairunnisa, H. . (2024). Pengaruh Profitabilitas, Ukuran Perusahaan, dan Kepemilikan Perusahaan Terhadap Kebijakan Dividen pada Perusahaan BUMN . Jurnal Akuntansi, Perpajakan Dan Auditing, 4(3), 753–769. https://doi.org/10.21009/japa.0403.09
Issue
Section
Articles
