Analysis of the Effect of Liquidity, Leverage, Profitability, and
Company Growth on Dividend Policy in Manufacturing
Companies Sector Food and Beverage Listed on the IDX
Paskah Ria Sitorus, Nagian Toni, Syaifuddin and Teng Sauh Hwee
Universitas Prima Indonesia, Jalan Sekip Simpang Sikambing, Medan, Indonesia
Keywords: Liquidity, Leverage, Profitability, Company Growth, Dividend Policy.
Abstract: Capital Market Issuers in Indonesia are divided into several sectors. One of them is the food and beverage
sector. So far the author has not found a research focusing on food and beverage sector manufacturing
companies. The method that researcher used in this study is associative quantitative research. About the
collection techniques of the data are carried out by collecting financial statement documents from
www.idx.co.id in the period 2015 - 2017. To analysis the data, the researcher use method like multiple
linear regression, coefficient of determination, t test, F test. The sample in this study were 18 companies
with data consisting of 3 years. The sample selection is done by purposive method. The results showed that
the ratio of liquidity, leverage, profitability and company growth have significant effect toward dividend
policy in Manufacturing Companies Sector Food and Beverage Listed on the IDX in 2015 - 2017 amounting
to 45.3%. The independent variable which have a dominant influence is the leverage variable.
1 INTRODUCTION
According to Gunawan, “Dividend policy is one
important aspect of the objective of maximizing the
value of the company. Management has two
treatment alternatives to net income after taxes or
Earnings After Tax (EAT), which divide it to
shareholders in the form of dividends, or reinvested
back into the company as retained earnings. Usually,
most EAT divided in the form of dividends and
partly reinvested. Therefore, management must
create a policy about the amount of EAT distributed
as dividends. The company's value can be seen on
the company's ability to pay dividends. The amount
of the dividend divided can affect stock prices. If
dividends were paid higher then stock prices tend to
be high so that the company's value too high.
However, if dividends paid to small shareholders the
company's stock price was too low. Thus, a large
dividend will increase the company's value (Harjito
and Martono, 2010: 115).
According to Finingsih (2018), “This study aims
to perform empirical tests on the influence of
liquidity, leverage, profitability, and company
growth to Dividend Policy. The dividend policy
basically to determine how much of the share of
profits to be shared with shareholders or to be
retained as part of profits which are subsequently
reused for the operations of the company. Based on
previous studies there are several factors that
managers need to consider in making dividend
policy decisions”.
Firms need to consider various factors in
dividend payout, which are the need of funding, the
need to retain some of the firms net income to
finance prospective investment, firm’s liquidity
condition, the behavior of stakeholders and other
factors related to dividend payout (Brigham and
Gapenski, 1996). According to Jiang et al. (2017)
and Banerjee et al. (2007), there is one factor that
influences dividend policy, which is stock liquidity.
According to Bahar (2018), “In the current era of
globalization, the growth of a country's economic
conditions is increasing and tighter. Competition that
occurs in the capital market is an opportunity and
also a challenge for every entrepreneur to develop in
his business. The total amount of profits to be
generated by a company is one of the determining
factors that will be taken into consideration in
paying dividends by a company. The dividends that
the company will give to its investors are different,
this is determined based on the dividend policy of
384
Sitorus, P., Toni, N. and Hwee, T.
Analysis of the Effect of Liquidity, Leverage, Profitability, and Company Growth on Dividend Policy in Manufacturing Companies Sector Food and Beverage Listed on the IDX.
DOI: 10.5220/0010312200003051
In Proceedings of the International Conference on Culture Heritage, Education, Sustainable Tourism, and Innovation Technologies (CESIT 2020), pages 384-391
ISBN: 978-989-758-501-2
Copyright
c
2022 by SCITEPRESS – Science and Technology Publications, Lda. All rights reserved
each company. Investors generally want the
distribution of dividends that are relatively stable or
tend to increase, where the stability of dividend
distribution can foster investor confidence in a
company because it can minimize the uncertainty of
investors to invest their funds”.
There are two types of dividends that can be
obtained by investors, namely cash dividends and
non-cash dividends. Cash dividends are dividends
that companies will give to investors in cash.
Whereas non-cash dividends are dividends given to
investors in the form of shares with a certain size
distribution, for example assets dividends and stock
dividends. However, in reality investors tend to
prefer the provision of dividends in the form of cash
dividends, because this can reduce the risk of
uncertainty that must be faced by investors for
investments made in a company”.
According to Darmawan (2020), “The
development of the business world today, coupled
with the uncertainty of the global economic
situation, causes increasingly fierce competition
between companies. This competition makes each
company increasingly competing to improve its
performance to increase the welfare of shareholders
and attract the interest of potential investors to buy
company shares. A company with excellent
prospects can be characterized by the amount of
interest from investors to invest their shares in a
company”.
One of the most desirable companies by
investors is companies in the manufacturing industry
sector. The Ministry of Industry (Kemenperin) noted
that investment in the manufacturing industry sector
continues to grow significantly. One factor that
causes high investor interest in manufacturing
companies is due to the company's excellent
performance. The performance of manufacturing
companies continues to show positive performance
throughout February 2019, with the Purchasing
Managers Index (PMI) data of Indonesian
manufacturing companies at the level of 50.1. This
figure is up from the previous month's level, which
was 49.9. Furthermore, it indicates that the
manufacturing industry sector is increasing. This
year, the Ministry of Industry (Kemenperin) projects
manufacturing industry growth of 5.4%. Subsectors
that are expected to grow high include the food and
beverage industry, the machinery industry, the
textile and apparel industry, the leather industry, the
footwear industry, the metal goods industry,
computers, and electronics goods.
Manufacturing companies are companies
engaged in processing raw goods into finished goods
to add value to the goods. Of course, there are many
manufacturing companies in Indonesia, one of which
is listed on the Indonesia Stock Exchange.
Nevertheless, investors are not just arbitrary in
choosing. Investors will consider many factors
before making an investment decision. One of the
considerations of investors to invest is to consider
the value of the company.
According to Sondakh (2019), “Firms that go
public have a goal to increase value of firm because
it is a factor that is considered by investors to name
their capital. Firm value is an indicator of financial
performance because if a high corporate value can
indicate prosperity for shareholders. In choosing a
good firm, investors certainly do not just choose
companies to invest their capital, because investors
see the value of the firm as reflected in the price of
their shares. The market price of the firm's shares
formed between buyers and sellers when a
transaction is called is called the firm's market value,
the stock market price is considered a reflection of
the value of the firm's assets. The value of a firm
formed through indicators of stock market value is
strongly influenced by investment opportunities. The
existence of investment opportunities will provide a
positive signal about firm's growth in the future, so
that it will increase stock prices and by increasing of
stock prices then value of firm will increase”.
Every firm that goes public certainly wants to
show investors that their firm is one of the best
alternatives to invest. There are many factors that
can affect firm value. In this study four factors were
used, namely dividend policy, liquidity, profitability
and firm size. This study aims to analyze the effect
of dividend, liquidity, profitability and firm size
policies on firm value. Based on the background
described above, the formulation of the problem in
this study is to analyze the effect of dividend policy,
liquidity, profitability and firm size on firm value.
This study uses financial services companies listed
on the Indonesia Stock Exchange over period 2015
to 2018 as sample where 12 firms meet the
requirements.
According to Fajaria (2018),Each company
must take into account the advantages obtained, as
well as with investors who want to profit from the
capital that they grow in the company. A company
can be said to be included in the company an
attractive one from the company's ability not only
generate a profit, but also able to maintain and
increase profits. This advantage is known as
corporate profits. Management of the company
believes and is confident that consistent profits to
attract and retain investors to invest in the company,
Analysis of the Effect of Liquidity, Leverage, Profitability, and Company Growth on Dividend Policy in Manufacturing Companies Sector
Food and Beverage Listed on the IDX
385
which in turn will increase Firm Value. Investors are
more interested in a company that can generate
profits continuously rather than companies without
earnings”.
The company's goal is the prosperity of our
shareholders and enhance shareholder value as
reflected in the company's stock price. Investors are
more interested in investing in companies that have
favorable job prospects and promises, one of which
financial performance.
According to Tahu (2017), “Research on the
value of the company interesting to study because it
is based on the results of previous research they
found the results of research that the controversy
between the dependent variable (X) of the
independent variable (Y) and a moderating variable
(Z). In contrast to previous studies, this study is not
only to determine the effect of financial performance
(liquidity, leverage, and profitability), the value of
the company's dividend policy, and dividend policy
in this study is used as a moderating variable
between the financial performance of the company's
value”.
According to Darmawati (2018), “The dividend
policy of a company has an important impact for
many parties involved in the community. For
shareholders or investors the dividend policy tends
to attract more attention, because the dividend
obtained is one reflection of the certainty of the
value obtained on paid capital. Meanwhile, for
dividend management is cash outflow which reduces
the company's cash. Therefore, there is often a
difference between the interests of shareholders and
management companies. In this regard, it is
necessary to test to know the factors influencing
dividend policy”.
According to Sulhan (2018), “Investors who
invest in shares of a company have the primary
purpose of generating revenue or return on
investment in the form of dividend income (dividend
yield) and capital gains. Shareholders tend to prefer
dividends than capital gains, for dividends promised
something more definite. Following the theory (a
bird in the hand theory) states that investors prefer
dividends rose from the fall. The main reason
preferred dividends rose is a certainty”.
Meanwhile, expect a rise in stock prices is
something uncertain. Companies need to make
policy on the profits distributed to shareholders or
called Dividend Payout Ratio. Companies that tend
to generate profit, the company will distribute a
dividend.
1.1 Liquidity
Liquidity is the company's ability to settle short-term
obligations. Companies with current Liquidity will
pay off short-term obligations promptly. The high
level of Liquidity indicates that the company is in
good condition to attract investors to invest, there by
increasing demand for company shares and, of
course, will increase the price of a company's shares.
The high ratio of company liquidity will be good
news. This is in line with the signaling theory
approach which states that a high liquidity ratio is
likely to have an effect on rising stock prices. Then
the investor will decide to buy shares when the
company's liquidity ratio is healthy and stable.
Liquidity has a positive and significant effect on
value company (Darmawan, 2020).
Liquidity is also an indicator to measure the
company's ability to pay all short-term financial
obligations at maturity using liquid assets available.
According to Hanafi and Halim "Liquidity is the
ability of the company to meet short-term liabilities
by looking at a company's current assets relative to
debt (debt, in this case, is the obligation of the
company)." Moreover, it can be said that the
company can meet short-term obligations on time
indicates that the company is in a liquid state. The
financial ratio used to measure liquidity, namely:
current ratio and quick ratio (Sulhan, 2018).
Liquidity is a picture of a company's ability to
meet its short-term obligations. Liquidity is
important to analyze because failure to pay
obligations can lead to bankruptcy. The company's
management always tries to maintain a healthy and
liquidity condition of the company that is fulfilled in
a timely manner. Companies with high liquidity can
be interpreted that the company has sufficient funds
to meet its short-term obligations.
Liquidity is also an indicator to measure the
company's ability to pay all short-term financial
obligations at maturity using liquid assets available.
According to Hanafi and Halim "Liquidity is the
ability of the company to meet short-term liabilities
by looking at a company's current assets relative to
debt (debt, in this case, is the obligation of the
company)." Moreover, it can be said that the
company can meet short-term obligations on time
indicates that the company is in a liquid state. The
financial ratio used to measure liquidity, namely:
current ratio and quick ratio (Sulhan, 2018).
The liquidity ratio according to Kasmir (2017:
129) serves to show or measure capability the
company in fulfilling its obligations that are due,
both obligations to parties outside the company
CESIT 2020 - International Conference on Culture Heritage, Education, Sustainable Tourism, and Innovation Technologies
386
(business entity liquidity) and within the company
(company liquidity) (Darmawati, 2018).
1.2 Leverage
States that the DER is a ratio used to assess the debt
for equity. This ratio is sought by comparing the
total debt to total equity. DER ratio illustrates the
extent to which the owners of capital to cover debts
to outside parties. The smaller this ratio, the better.
This ratio is also called leverage ratio. For best
security outside parties if the total capital ratio is
greater than or at least the same amount of debt. But
for shareholders or management, this ratio should be
big. (Fajaria, 2018).
Leverage has a negative impact on the amount of
dividends payout. High leverage will lead to a
decrease in the amount of dividends paid because the
company prioritizes debt repayment. Zais (2017)
states that Debt to Equity Ratio has a significant
negative influence on dividend policy. Sari &
Sudjarni (2015) states that leverage has a significant
negative influence on dividend policy.
According to Syamsuddin (2013: 89), leverage is
the company's ability to use fixed cost assets or
funds to increase the level of income (return) for
company owners.
The solvency ratio or leverage ratio according to
Kasmir (2014: 151) is the ratio used to measure the
extent to which the company's assets are financed
with debt. This means how big the debt burden is
borne by the company compared to its assets. The
greater the degree of corporate leverage, the greater
the amount of debt used, and the greater the business
risk faced, especially if economic conditions
worsened.
According to Sjahrial and Purba (2014: 37), the
liquidity ratio describes the company's ability to pay
short-term liabilities (or current debt) at maturity
using current assets.
According to Gumanti (2013: 112), stating the
liquidity ratio or smoothness ratio shows the level of
smoothness of a company in fulfilling its short-term
obligations.
1.3 Profitability
According to Bahar (2019), profitability ratio is a
ratio that can be used as a benchmark of efficiency
against the use of assets in a company or also an
ability to earn profits in a company within a certain
time period, in order to see the company's
performance in operating efficiently [3]. If the
earnings per share (profit per share) of a company
increases, the higher the level dividends distributed.
Rising levels of dividend payments, will signal to
investors that the company's profitability is getting
better
.
Ningrum & Asandimitra (2017) said that
profitability could affect the company's stock price
so that it can be used as a signal for investors to
assess the merits of the company. Profitability has a
positive and significant effect on firm value based
Profitability ratios measure the level of profit
that can be obtained. According to Hanafi
"Profitability ratio is the ratio that measures the
ability of the company making a profit (profitability)
at the level of sales, assets, and certain share capital.
With good profitability, conditions will encourage
investors to invest in the company in order to receive
dividends on the company's profits. So a decent
profit share of the shareholders is profit after the
company meets all its fixed obligations, namely
interest expenses and taxes. Therefore, dividends are
taken from the net profits derived by an enterprise
succeed, then the benefit will affect the amount
distributed by the company.
According to Gunawan (2018), the value of the
company will also be influenced by the profitability.
Profitability is considered important in the retention
of the company's survival in the long term, because
the profitability indicate whether the company has
good prospects in the future. Thus, each company
will always strive to improve its profitability,
because the higher the level of profitability of the
company, the company's survival will be more
secure. Profitability means the extent to which
companies make a profit from sales and investment
companies.
1.4 Company Growth
According to Sulhan (2018), the rate of growth of
assets is where the faster the growth rate of the asset
is greater cash needs for the foreseeable future to
finance its growth, and the company is usually more
than happy to hold the "earning" it rather than be
paid as a dividend to shareholders keeping in mind
the limitations costs. Thus it can be said that the
rapid rate of growth in the greater assets of the fund
is needed, the greater the opportunity for profit, the
greater part of the company's retained earnings,
which means the lower the "Dividend Payout Ratio"
her. If the company has achieved a growth rate such
that the company has been "well established" where
the funds' needs can be met with funds from the
capital markets or other sources of external funding,
Analysis of the Effect of Liquidity, Leverage, Profitability, and Company Growth on Dividend Policy in Manufacturing Companies Sector
Food and Beverage Listed on the IDX
387
then the situation is different. In such cases, the
company may set "Dividend Payout Ratio" is high.
Growth assets can be used as a benchmark for
asset growth that is used as a measure in assessing
operational activities in a company. The higher the
growth of a company, the greater the need for funds
needed to finance the development of the company.
If the need to finance the growth of a company in the
future is getting higher, then the company tends to
hold income rather than pay it as dividends to
investors.
The Assets Growth shows the growth of assets
used for operating activities of the company, the
more rapid rate of growth of assets, the higher the
funds needed to finance the growth of the company
so that the more significant part of retained earnings
in the company which means fewer dividends paid.
According to Gunawan (2018) Companies that
have total assets of the shows that the company has
reached a stage of maturity where at this stage the
company cash flow has been positive and is
considered to have good prospects within a
relatively long time, but it also reflects that the
company is relatively more stable and better able to
generate profits than companies with total assets
were small (Indriani 2005 in Daniati and Suhairi,
2006). Usually large companies have assets greater
value.
Chang & Rhee (1990) in Maladjian & Khoury
(2014) state that high Growth of the company led to
an increase in the need for funds to finance
expansion, enabling the company to retain its profits
rather than paying it as dividends. Zaman (2013)
states that the company growth has a significant
influence on dividend policy, Lestari (2017) states
that the growth of the company as measured by
Assets Growth has no influence on dividend policy.
(Finingsih, 2018).
According to the research Rahmanita shows that
assets growth does not affect the dividend payout
ratio. In contrast to the results of research Lopolusi,
research shows that the growth assets showed a
significant negative effect on dividend payout ratio.
Jossie research results Jossie The results showed that
the growth assets showed a significant positive
effect on dividend payout ratio.
1.5 Dividend Policy
According Sudana (2015: 192), dividend policy
relating to the determination of the dividend payout
ratio, ie the percentage of the amount of net profit
after tax which is distributed as dividends to
shareholders. Parliament proxy can be calculated by
comparing the dividend per share to earnings per
share for the company.
Dividend policy is a part that cannot separate
with corporate funding decision and one crucial
factor that must be considered by management in
managing the company. According to Gitman
(2012), dividend policy as a policy to determine how
much profit to paid in the form of dividends to
shareholders and how much should be reinvested
(retained earnings).
According to Horne (2013), stated that there are
several factors that affect dividend policy, are as
follows: The rules of Law (Legal Rules), Needs
Funding Company (Funding Needs of the Firm),
Liquidity (Liquidity), ability to Borrowing (Ability
to borrow), Limitation on Debt Contracts
(Restrictions in Debt Contract).
According to Harmono (2015: 12), dividend
policy is the percentage of profit paid to
shareholders in the form of cash dividends,
maintaining dividend stability from time to time,
distributing stock dividends, and buying back shares.
According to Gumanti (2013: 7), dividend policy
is a practice carried out by management in making
dividend payment decisions, which include the
amount of rupiah, the pattern of cash distribution to
shareholders.
Ross et al. (2016:600) define dividend as a
payment made out of a firm’s earnings to its owners,
in the form of either cash or stock. Sudana
(2015:192) argues that dividend policy is related to
the amount of dividend payout ratio (DPR), which is
the amount of cash paid put to shareholders divided
by net income.
2 METHOD
In this study, researchers used associative
quantitative methods in research on the Analysis of
Effects of Liquidity, Leverage, Profitability, and
Company Growth on Dividend Policy in
Manufacturing Companies Sector Food and
Beverage Listed On The IDX 2015 - 2017. The
location on this Research is at Medan. The data
collection technique used by researchers is the
technique of collecting data through documents from
the website www.idx.co.id. The data format is in the
form of annual financial statements of the
Manufacturing Companies Sector Food and
Beverage On The IDX for the 2015 - 2017 Period.
The sampel of this Research are 54. This study uses
the normality test, multicollinearity test,
autocorrelation test, heteroscedasticity test, multiple
CESIT 2020 - International Conference on Culture Heritage, Education, Sustainable Tourism, and Innovation Technologies
388
linear regression, t - statistical test, F - statistical test,
determination coefficient test. (Ghozali, 2016).
Formula of Liquidity
𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝑹𝒂𝒕𝒊𝒐
𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐀𝐬𝐬𝐞𝐭
𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐃𝐞𝐛𝐭
(1)
Formula of Leverage
𝑫𝒆𝒃𝒕 𝒓𝒂𝒕𝒊𝒐
𝐓𝐨𝐭𝐚𝐥 𝐃𝐞𝐛𝐭
𝐓𝐨𝐭𝐚𝐥 𝐀𝐬𝐬𝐞𝐭𝐬
(2)
Formula of Profitability
𝑹𝑶𝑨
𝑵𝒆𝒕 𝑰𝒏𝒄𝒐𝒎𝒆
𝑻𝒐𝒕𝒂𝒍 𝑨𝒔𝒔𝒆𝒕
(3)
Formula of Company Growth
𝑪𝒐𝒎𝒑𝒂𝒏𝒚 𝑮𝒓𝒐𝒘𝒕𝒉
𝐓𝐀 𝐓𝐡𝐢𝐬 𝐘𝐞𝐚𝐫𝐓𝐀 𝐋𝐚𝐬𝐭 𝐘𝐞𝐚𝐫
𝐓𝐨𝐭𝐚𝐥𝐀𝐬𝐬𝐞𝐭𝐬 𝐥𝐚𝐬𝐭 𝐘𝐞𝐚𝐫
(4)
Formula of Dividend Policy
𝑫𝑷𝑹
𝑪𝒂𝒔𝒉 𝑫𝒊𝒗𝒊𝒅𝒆𝒏𝒅 𝑷𝒆𝒓 𝑺𝒉𝒂𝒓𝒆
𝑵𝒆𝒕 𝑰𝒏𝒄𝒐𝒎𝒆 𝑷𝒆𝒓 𝑺𝒉𝒂𝒓𝒆
(5)
3 RESULT AND DISCUSSION
To find out the normality of a data, it can be done by
using the Kolmogorov - Smirnov test as in Table 1.
Table 1: Normality Test Results.
One-Sample Kolmogorov-Smirnov Test
a. Test distribution is Normal.
b. Calculated from data.
Because the value of Asymp. Sig. (2-tailed) 0.672>
0.05, it can be concluded that the data is normally
distributed.
To determine whether there is multicollinearity
or not, it can be seen from the tolerance and VIF
values as in Table 2.
Table 2: Multicollinearity Test Results.
Coefficients
a
a. Dependent Variable: LN_DPR
From the test results, it was found that none of
the independent variables had a Tolerance value of
less than 0.10. None of the VIF values of all the
independent variables is greater than 10. It can be
concluded that the data does not occur
multicolinearity.
To find out whether there is autocorrelation or
not, it can be seen from Table 3
Table 3: Autocorrelation Test Results.
Model Summary
b
a. Predictors: (Constant), LN_PERT_ASET, LN_CR,
LN_ROA, LN_DAR
b. Dependent Variable: LN_DPR
From the test results of the Durbin Watson test
show that the Durbin Watson value is 2.030 while in
the DW table "k" = 4 (independent variables,
excluding dependent variables) and N = 54, the
values of dL and dU by looked at the DW table are:
d
L
(lower limit) : 1,4069
d
U
(lower upper) : 1,7234
4 - d
L
: 2,5931
4 - d
U
: 2,2766
By looked at the criteria in the Durbin Watson
guideline, it shows the value of dU<dw<4 - dU or
1.7234 <2.030 <2.2766, the autocorrelation result is
not positive or negative autocorrelation.
To determine the presence or absence of
heteroscedasticity, it can be seen from the Glejser
test as shown in Table 4.
Analysis of the Effect of Liquidity, Leverage, Profitability, and Company Growth on Dividend Policy in Manufacturing Companies Sector
Food and Beverage Listed on the IDX
389
3.1 Heteroscedasticity Test Result
Table 4: Heteroscedasticity Test Results.
Coefficients
a
a. Dependent Variable: ABS_UT
From the research results, it can be seen that the
Sig. value of the independent variable is greater than
0.05, it can be concluded that the data does not occur
heteroscedasticity.
The results of the multiple linear regression
equation can be seen in Table 5.
Table 5: Multiple Linear Regression and t - Test Results
a. Dependent Variable: LN_DPR
LN_DPR=-0,855-0,515LN_CR-
0,847LN_DAR+0,312LN_ROA-
0,067LN
_
PERT
_
ASET
The results of the t test between the independent
variable and earnings management can be seen in
Table 5:
The result is: (i) The t value for liquidity of -3.829 is
greater than the t table value of 2,00958 and the Sig t
value of 0.000 is less than 0.05. So that liquidity has
a significant dividend policy; (ii) The t value for
leverage of -3.915 is greater than the t table value of
2,00958 and the Sig t value of 0.000 is less than
0.05. So that leverage has a significant dividend
policy; (iii) The t value for profitability of 2.752 is
greater than the t table value of 2,00958 and the Sig t
value of 0.009 is less than 0.05. So that profitability
has a significant dividend policy; (iv) The t value for
company growth of -0.756 is greater than the t table
value of 2,00958 and the Sig t value of 0.454 is less
than 0.05. So that company growth has no
significant dividend policy.
The results of the F test can be seen in Table 6:
Table 6: F - Test Results.
ANOVA
b
a. Predictors: (Constant), LN_PERT_ASET, LN_CR,
LN_ROA, LN_DAR
b. Dependent Variable: LN_DPR
From the test results obtained an F value of
10.510 with a significance level of 0.000. Based on
the F table value of 2.56 is smaller than the
calculated F value of 10.510 and the significance
value of 0.000 is smaller than 0.05. So that
simultaneously the liquidity, leverage, profitability,,
and company growth have an effect on dividend
policy.
The result of the determination coefficient test
can be seen in Table 7.
Table 7: Determination Coefficient Test Results.
Model Summary
b
a. Predictors: (Constant), BEBAN, TAX, ROA
b
. De
p
endent Variable: LABA
From Table 7 indicates that the R Square value is
0.453. This means that the ratio of liquidity,
leverage, profitability and company growth can
explain the dividend policy variable ratio of 45.3%
and the remaining 54.7% is explained by other
variables not included in this research model.
4 CONCLUSION
Based on the discussion of the research results, the
conclusions of this study are as follows:
The liquidity ratio has a effect on the dividend
policy ratio of the Manufacturing Companies Sector
Food and Beverage Listed on the IDX in 2015 -
2017. The leverage ratio has a effect on the dividend
policy ratio of the Manufacturing Companies Sector
Food and Beverage Listed on the IDX in 2015 -
2017. The profitability ratio has a effect on the
dividend policy ratio of the Manufacturing
Companies Sector Food and Beverage Listed on the
IDX in 2015 - 2017.
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The company growth ratio has not a effect on the
dividend policy ratio of the Manufacturing
Companies Sector Food and Beverage Listed on the
IDX in 2015 2017. Liquidity, Leverage,
Profitability and Company Growth simultaneously
have a effect on Dividend Policy in Manufacturing
Companies Sector Food and Beverage Listed on the
IDX in 2015 - 2017 amounting to 45.3%. The
independent variable that has a dominant influence
is the tax planning variable.
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