International Journal of Accounting & Finance in Asia Pasific
Vol 8, No 1 (2025): February 2025

Determinants of Dividend Policy During the COVID-19 Pandemic

Prihatni, Rida (Unknown)



Article Info

Publish Date
20 Feb 2025

Abstract

This study aims to examine the effect of company growth, profitability, free cash flow, and corporate social responsibility (CSR) on dividend policy during the COVID-19 pandemic. The dependent variable of this study is dividend policy, while the independent variables are company growth, profitability, free cash flow, and CSR. The population of this study comprises manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period 2020–2021. Sampling is based on purposive sampling. The sample criteria are manufacturing companies listed on the IDX in 2020–2021, using rupiah currency in their financial statements, and having complete financial statement data. The data analysis technique used in this study was logistic regression. The results showed that company growth and free cash flow did not affect dividend policy, while return on assets (ROA) and CSR had a positive effect on dividend policy. The value of the coefficient of determination (R²) shows that 34.6% of the dividend policy of the consumption industry subsector for the 2020–2021 period can be explained by company growth, profitability, free cash flow, and CSR. This research suggestion is that future research is expected to use other independent variables besides those contained in this study, such as other financial and non-financial variables. In addition, future research can use other measurement proxies, expand the research sector, and extend the research period so that the research scope becomes wider.

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Journal Info

Abbrev

IJAFAP

Publisher

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

Description

IJAFAP aims to feature narrative, theoretical, and empirical-based research articles within the abovementioned fields. The journal welcomes articles relating to the current issues of financial decision making as well as its impact on society. IJAFAP carries out the mission to feature narrative, ...