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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.
Pengaruh Profitabilitas dan Likuiditas terhadap Kebijakan Dividen dengan Moderasi Leverage pada BUMN yang Tercatat di BEI Tahun 2018-2024 wahyuningsih, Chofifah Dwi; Hidayat, Riskin; Damanik, Johannes Maysan
REVITALISASI : Jurnal Ilmu Manajemen Vol 15 No 1 (2026): REVITALISASI : Jurnal Ilmu Manajemen
Publisher : Universitas Islam Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32503/revitalisasi.v14i2.8272

Abstract

Penelitian ini mengkaji faktor-faktor yang memengaruhi praktik pengambilan keputusan dividen pada Badan Usaha Milik Negara (BUMN) yang terdaftar di Bursa Efek Indonesia (BEI) periode 2018–2024, yang mengalami dinamika profitabilitas, likuiditas, dan leverage dalam beberapa tahun terakhir pascapandemi. Tujuan penelitian ini adalah menganalisis pengaruh profitabilitas dan likuiditas terhadap kebijakan dividen dan menguji apakah leverage memoderasi hubungan tersebut. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan keuangan BUMN, dengan total 98 observasi yang dipilih secara purposive sampling. Analisis dilakukan menggunakan uji asumsi klasik, regresi linier berganda, dan analisis regresi termoderasi (MRA). Hasil empiris menunjukkan bahwa profitabilitas berpengaruh positif dan signifikan terhadap kebijakan dividen, yang menunjukkan bahwa BUMN yang menghasilkan laba lebih tinggi cenderung membagikan dividen yang lebih besar. Sebaliknya, likuiditas tidak berpengaruh signifikan, yang menunjukkan bahwa kemampuan perusahaan untuk melunasi komitmen jangka pendeknya bukanlah penentu utama pembagian dividen. Lebih lanjut, leverage belum terbukti memoderasi hubungan antara profitabilitas dan likuiditas terhadap kebijakan dividen. Temuan ini menegaskan bahwa kebijakan dividen BUMN lebih dipengaruhi oleh kinerja profitabilitas daripada kondisi likuiditas atau struktur pendanaan perusahaan.
THE EFFECT OF FIRM SIZE, PROFITABILITY, AND LIQUIDITY ON FIRM VALUE WITH CAPITAL STRUCTURE AS INTERVENING VARIABLES Sri Hermuningsih; Teguh Santoso; Riskin Hidayat; Saizal bin Pinjaman
International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC) Vol. 4 No. 3 (2026): June
Publisher : ZILLZELL MEDIA PRIMA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61990/ijamesc.v4i3.808

Abstract

This study aims to examine, the effect of firm size, profitability, and liquidity on firm value and capital structure as intervening variables. The focus of this study is on companies in the property and real estate sector listed on the Indonesia Stock Exchange during the period 2019 to 2023. The indicators used include profitability measured using size, Price Book Value, Return on Assets and Current Ratio, while capital structure is measured using the Debt to Equity Ratio. The sample in this study consisted of 19 companies using purposive sampling. The results of hypothesis testing show that company size, profitability, liquidity and capital structure has a positive and significant effect on firm value, company size has a positive and significant effect on capital structure, profitability has no effect on capital structure, Liquidity has a positive and significant effect on capital structure, Capital structure can mediate the relationship between firm size and firm value, while capital structure does not mediate the relationship between profitability and firm value, but capital structure mediates the relationship between liquidity and firm value.