Pengaruh Profitabilitas, Likuiditas, dan Ukuran Perusahaan terhadap Kebijakan Dividen yang terdaftar di BEI pada Sektor Konsumer Primer Tahun 2023 - 2025

Putra, Marchelo Agatha (2026) Pengaruh Profitabilitas, Likuiditas, dan Ukuran Perusahaan terhadap Kebijakan Dividen yang terdaftar di BEI pada Sektor Konsumer Primer Tahun 2023 - 2025. Sarjana (S1) thesis, STIE Tri Bhakti.

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Abstract

Purpose – This study aims to analyze the influence of profitability, liquidity, and company size on dividend policy in primary consumer goods sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2023–2025.. Design/methodology/approach – This study uses a quantitative approach with secondary data obtained from the annual financial reports and annual reports of primary consumer goods companies listed on the Indonesia Stock Exchange for the 2023–2025 period. The sample was determined using a purposive sampling technique based on predetermined criteria, resulting in 46 companies with a total of 138 observations. After handling outliers, the data used in the analysis amounted to 135 observations. Data analysis was performed using panel data regression with the help of EViews 9 software at a significance level of 5 percent. Model estimation was carried out using the Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM). Based on the results of the Chow Test, Hausman Test, and Lagrange Multiplier Test, the Fixed Effect Model (FEM) was determined as the panel data regression model used in this study. Findings – The results of the study indicate that profitability measured using Return on Assets (ROA) has a coefficient of -0.562694 with a probability of 0.0000, thus having a negative and significant effect on dividend policy. Liquidity measured using Current Ratio (CR) has a coefficient of -1.126719 with a probability of 0.9503, thus having no significant effect on dividend policy. Company size has a coefficient of 0.020861 with a probability of 0.9022, thus having no significant effect on dividend policy. Simultaneously, profitability, liquidity, and company size have a significant effect on dividend policy with an F-statistic value of 4.143496 and a probability of 0.0000. The R-squared value of 0.691209 indicates that the research model is able to explain 69.1209% of the variation in dividend policy, while the remaining 30.8791% is explained by other factors outside the research model. The Adjusted R-squared value of 0.524391 shows the model's capability after being adjusted for the number of variables and observations. Research limitations/implications – This study is limited to companies in the primary consumer goods sector during the 2023–2025 period and uses only profitability, liquidity, and company size variables. Furthermore, the liquidity variable is indicated to be identical to dividend policy, resulting in a coefficient of one and an R-squared value of 100 percent. The regression model selection also yields inconsistent results... Originality/value – This study contributes to the existing literature by examining the influence of profitability, liquidity, and firm size on dividend policy in the primary consumer goods sector listed on the Indonesia Stock Exchange (IDX) during the 2023–2025 period.

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