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Sulistyawati, Anna
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Influence Of Liquidity, Profitability, And Asset Growth On Dividend Policy With Debt Policy As A Mediating Variable In The Banking Sector Listed On The Indonesian Stock Exchange Sulistyawati, Anna; Hermuningsih, Sri; Hidayat, Riskin
JURNAL MANAJEMEN MOTIVASI Vol 21 No 2 (2025): Jurnal Manajemen Motivasi
Publisher : Universitas Muhammadiyah Pontianak

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29406/jmm.v21i2.7937

Abstract

This study examines the effects of liquidity, profitability, and asset growth on dividend policy, with debt policy as a mediating variable in Indonesian banking firms during the Covid-19 pandemic. Using panel data from 13 banks (2019–2023), path analysis via SEM reveals that liquidity and asset growth significantly affect debt policy, which in turn negatively impacts dividend policy. Debt policy mediates the relationship between liquidity and dividends. These findings reinforce pecking order, signaling, and agency theories in capital structure decisions amid financial uncertainty.
Co-Authors Riskin Hidayat Sri Hermuningsih