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All Journal Solusi: Jurnal Kajian Ekonomi dan Bisnis
Algifari Algifari
Sekolah Tinggi Ilmu Ekonomi YKPN, Yogyakarta
Economics, Econometrics & Finance Environmental Science Social Sciences

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A DETERMINANTS OF DIVIDEND POLICY: EMPIRICAL EVIDENCE FROM INDONESIAN PUBLICLY LISTED COMPANIES Theresia Trisanti; Algifari Algifari; Astuti Purnamawati; Conny Tjandra Rahardja
Kajian Ekonomi dan Bisnis Vol. 21 No. 1 (2026):
Publisher : Sekolah Tinggi Ilmu Ekonomi SBI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51277/keb.v21i1.303

Abstract

This study examines the determinants of dividend policy among Indonesian listed manufacturing firms. Specifically, it investigates the effects of sales, profitability, leverage, and asset growth on dividend payout ratio. The study employs secondary data obtained from 80 manufacturing firms listed on the Indonesia Stock Exchange during the 2023–2025 period, resulting in 320 firm-year observations. Multiple regression analysis is used to test the proposed hypotheses. The findings reveal that sales and profitability have a positive and significant effect on dividend payout, indicating that firms with stronger financial performance tend to distribute higher dividends to shareholders. In contrast, asset growth has a negative and significant effect, suggesting that firms with higher growth opportunities prefer to retain earnings for expansion. Meanwhile, leverage shows a negative but statistically insignificant relationship with dividend payout. Overall, the results highlight the trade-off between growth opportunities and dividend distribution decisions in emerging market contexts.
Co-Authors Astuti Purnamawati Conny Tjandra Rahardja Theresia Trisanti