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Determinants of Dividend Increases in Manufacturing Companies in the Consumer Goods Industry Sector Listed on the Indonesia Stock Exchange Intan Aisa Salsabila; Cut Delsie Hasrina; Rizal Ansari
Jurnal Humaniora: Jurnal Ilmu Sosial, Ekonomi dan Hukum Vol. 9 No. 2 (2025): October 2025
Publisher : Center for Research and Community Service (LPPM) University of Abulyatama

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30601/humaniora.v9i2.7330

Abstract

This study aims to examine the effect of liquidity, leverage, and profitability on dividend policy. The population of this study is manufacturing companies in the consumer goods sector listed on the Indonesia Stock Exchange (IDX) from 2014-2023. The sample obtained was based on purposive sampling technique, resulting in 16 companies. The data used is secondary data obtained from the Indonesian Stock Exchange website with the website address: www.idx.co.id, then processed using E-Views 12 software with the Fixed Effect Model (FEM) regression model. The results of the analysis show that liquidity has a negative and significant effect on dividend policy, leverage has a negative and insignificant effect on dividend policy, while profitability has a negative and significant effect on dividend policy. The results of the f-test show that all independent variables simultaneously have a significant effect on the dependent variable. The results of the determination test (Adjusted R²) show a value of 0.475637, which means that the independent variables in this model are only able to explain the variation of the dependent variable by 47,56%.