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All Journal Sibatik Journal : Jurnal Ilmiah Bidang Sosial, Ekonomi, Budaya, Teknologi, Dan Pendidikan Economic and Business Horizon
Marpaung, Aldio
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Arts Computer Science & IT Economics, Econometrics & Finance Education Social Sciences

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Sustainable Dividend Strategies: Analyzing Factors Influencing Dividend Policy in Indonesian Manufacturing Firms Marpaung, Aldio; Brahmanto, Unggul; Muharam, Harjum
Economic and Business Horizon Vol. 4 No. 2 (2025): May
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.4.2.2025.614

Abstract

This study aims to provide empirical evidence on the development of sustainable dividend strategies by examining the influence of profitability, liquidity, insider ownership, free cash flow, and growth opportunities on dividend policy within Indonesian manufacturing companies. The dividend policy in this research is proxied using the dividend payout ratio (DPR), reflecting the commitment of firms to distribute profits sustainably. The population for this study includes all manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2021-2023 period, with purposive sampling yielding a sample of 39 companies. Secondary data, primarily financial statements sourced from the IDX's official website (www.idx.co.id), is utilized for analysis. Hypothesis testing is conducted using multiple linear regression analysis facilitated by SPSS version 26. The findings indicate that profitability, insider ownership, free cash flow, and growth opportunities significantly and positively influence sustainable dividend strategies, while liquidity does not exhibit a significant effect. This research contributes to the understanding of how manufacturing firms can align their dividend policies with sustainable practices, ultimately enhancing their competitive advantage in the market.
MEASURES THAT MATTER: AN EMPIRICAL INVESTIGATION OF INTELLECTUAL CAPITAL AND FINANCIAL PERFORMANCE IN CONVENTIONAL BANKING COMPANIES Marpaung, Aldio; Muharam, Harjum
SIBATIK JOURNAL: Jurnal Ilmiah Bidang Sosial, Ekonomi, Budaya, Teknologi, Dan Pendidikan Vol. 3 No. 10 (2024): September
Publisher : Penerbit Lafadz Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/sibatik.v3i10.2382

Abstract

This study aims to determine the influence of intellectual capital of the conventional banking industry in Indonesia on financial performance for the 2020 - 2023 period. This study analyzes the performance of intellectual capital using the A-VAIC method which has three indicators, namely Human Capital Efficiency (HCE), Innovation Capital Efficiency (INVCE), and Capital Employed Efficiency (CEE) as independent variables. Financial performance in this study was measured using Return On Asset (ROA) as a dependent variable. This study is a descriptive quantitative research, with secondary data sources obtained from the annual financial statements of the conventional banking industry listed on the Indonesia Stock Exchange and accessible through www.idx.co.id. This study examined the influence of banking intellectual capital for 4 years with a sample of 64 financial statement data. Data analysis uses multiple regression analysis with the help of Eviews software. The results of the analysis showed that HCE had a positive and significant effect on ROA, and INVCE had a negative and significant effect on ROA, while CEE had no effect on ROA.
Co-Authors Brahmanto, Unggul Harjum Muharam