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Journal : ARZUSIN: Jurnal Manajemen dan Pendidikan Dasar

Pengaruh Likuiditas, Profitabilitas, dan Leverage terhadap Kebijakan Dividen pada Perusahaan LQ45 Kaswanti, Ferna; Mayliza, Riri
ARZUSIN Vol 5 No 3 (2025): JUNI
Publisher : Lembaga Yasin AlSys

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58578/arzusin.v5i3.5699

Abstract

This research is motivated by the inconsistent findings of previous studies regarding the factors that influence dividend policy, particularly in companies listed in the LQ45 index on the Indonesia Stock Exchange. The purpose of this study is to examine the effect of liquidity, profitability, and leverage on dividend policy in LQ45 companies during the 2019–2023 period. This study employs a quantitative approach using purposive sampling, resulting in 24 companies selected as samples with a total of 108 observations. The data were obtained from the companies’ financial statements, and the variables used include the current ratio, return on equity, debt to asset ratio, and debt to equity ratio. Data analysis was conducted using panel data regression with the help of the Eviews 12 software. The results indicate that liquidity has no significant effect on dividend policy. Meanwhile, profitability (Return on Equity) and leverage (Debt to Asset Ratio and Debt to Equity Ratio) have a positive and significant effect on dividend policy. These findings suggest that companies with high profitability and a sound capital structure tend to be more capable of distributing dividends to shareholders. This study has implications for investors in evaluating financial indicators before making investment decisions and serves as a reference for future research related to dividend policy in the Indonesian capital market.
Profitabilitas dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan Sektor Perbankan yang Terdaftar di Bursa Efek Indonesia (BEI) Mayliza, Riri; Dahyana, Dini Sri
ARZUSIN Vol 5 No 4 (2025): AGUSTUS
Publisher : Lembaga Yasin AlSys

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58578/arzusin.v5i4.6101

Abstract

This study is motivated by the gap in understanding regarding the influence of profitability and company growth on firm value in Indonesia’s banking sector, particularly during the 2019–2023 period. The objective is to examine the effect of profitability and company growth on firm value among banks listed on the Indonesia Stock Exchange (Bursa Efek Indonesia or BEI). A quantitative approach was employed using multiple linear regression analysis based on panel data, obtained from the annual financial statements of 38 banking companies selected through purposive sampling. Data analysis was conducted using E-Views version 12 software and included model feasibility tests (Chow test, Hausman test, and Lagrange Multiplier test), normality test, and partial hypothesis testing using the t-test at a 5% significance level. The results indicate that profitability, measured by Return on Assets (ROA), has a positive and significant effect on firm value, while company growth does not show a significant effect. These findings confirm that profitability is a primary determinant of firm value as perceived by investors in the BEI banking sector. This research contributes meaningfully to corporate financial management and investment strategy in the banking industry and recommends that future studies expand the variables and sample scope to generate more comprehensive and applicable insights.