Pengaruh Leverage, Firm Size, dan Free Cash Flow terhadap Dividend Policy dengan Profitability sebagai Variabel Mediasi
Keywords:
dividend policy, firm size, free cash flow, leverage, and profitability.
Abstract
This study aims to analyze the effect of Leverage, Firm Size, Free Cash Flow on Dividend Policy with Profitability as a mediating variable. Dividend policy reflects the purpose of financial management in which the company manages fund income and allocates funds to achieve company value, namely shareholder prosperity share. The sampling technique used is a purposive sampling technique by establishing a number of criteria. In this study, there were 8 companies that met the criteria from a total observation of 73 companies with research objects in the property and real estate subsector companies listed on the Indonesia Stock Exchange (IDX) during the period 2016 to 2021. The data processing technique used was multiple linear regression with SPSS application assistance. The results of the study show that leverage, firm size, free cash flow and profitability have a simultaneous effect on dividend policy. Leverage has a negative effect on dividend policy. Firm size has no effect on dividend policy and free cash flow has a positive effect on dividend policy. Profitability does not moderate the effect of leverage and firm size on dividend policy, but positively mediates the effect of free cash flow on dividend policy.
References
Agustiningsih, W., & Septiani, N. D. (2022). Pengaruh ukuran perusahaan , leverage , dan profitabilitas terhadap nilai perusahaan. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 5(3), 1433–1440.
Al-Fasfus, F. S. (2020). Impact of free cash flows on dividend pay-out in jordanian banks. Asian Economic and Financial Review, 10(5), 547–558. https://doi.org/10.18488/journal.aefr.2020.105.547.558
Alex, F. utami, Isnurhadi, Marlina, W., & Agustina, H. (2018). Profitability, Growth Opportunity and Free Cash Flow: Dividend Policy With Debt Policy As the Intervening Variable on the Manufacturing Companies Listed in Indonesia Stock Exchange. Russian Journal of Agricultural and Socio-Economic Sciences (RJOAS), 7(79), 21–34. https://doi.org/10.18551/rjoas.2018-07.03
Ali, H. (2022). Corporate dividend policy in the time of COVID-19 : Evidence from the G-12 countries. Finance Research Letters, 46(PB), 1–8. https://doi.org/10.1016/j.frl.2021.102493
Ambreen, S., & Aftab, J. (2016). Impact of Free Cash Flow on Profitability of Firms Listed in Karachi Stock Exchange. Euro-Asian Journal of Economics and Finance, 4(4), 113–122.
Asadullah, M., Waris, M., Kamran, M., & Nadeem, M. M. (2021). Corporate Governance and Dividend Payout Policy : Mediating Role of Leverage . Evidence from Emerging Economy. Annals of Social Sciences and Perspective, 2(1), 113–133.
Atiningsih, S., & Izzaty, K. N. (2021). The Effect Firm Size on Company Value with Profitability as Intervening Variable and Dividend Policy as Moderating Variable. IJEBAR: International Journal of Economic, Business and Accounting Research, 5(4), 378–388.
Azhariyah, A., Witjaksono, A. D., & Hartono, U. (2021). The Effect of Profitability , Leverage , Liquidity , Size , and Company Growth on the Dividend Payout Ratio in the Indonesian Capital Market 2013-2018. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 4(1), 1351–1360.
Bayu, D. J. (2018). Pengembangan Perumahan Tumbuh Pesat di Jakarta dan 34 Kota Satelit. Katadata. https://katadata.co.id/muchamadnafi/berita/5e9a55d4167c3/pengembangan-perumahan-tumbuh-pesat-di-jakarta-dan-34-kota-satelit
BPS. (2020). Kependudukan. Badan Pusat Statistik.
Brigham, E. ., & Houston, J. . (2018). Dasar-dasar Manajemen Keuangan (Edisi 14). Salemba Empat.
Damanik, Y. R. H., Toni, N., Romi, E., & Purba, K. (2019). Analysis Of Debt To Total Asset , Return On Asset , Cash Ratio And Their Impact On Dividend Payout Ratio With Firm Size As Intervening Variable In Go Public Companies In The Primary Consumer Goods Sector That Recorded In Idx Period 2017-2019. International Journal of Science, Technology & Management, 1770–1776.
Damayanti, R., & Sucipto, A. (2022). The Effect of Profitability, Liquidity, and Leverage on Firm Value with Dividend Policy as Intervening Variable. IJEBAR: International Journal of Economic, Business and Accounting Research, 6(2), 863–876.
Fahmi, I. (2019). Pengantar Manajemen Keuangan. Alfabeta.
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program SPSS. Badan Penerbit Universitas Diponegoro.
Giriati. (2016). Free Cash Flow, Dividend Policy, Investment Opportunity Set, Opportunistic Behavior and Firm’s Value. Procedia: Social and Behavioral Sciences, 219, 248–254. https://doi.org/10.1016/j.sbspro.2016.05.013
Halim, A., & Kusufi, M. S. (2018). Akuntansi Sektor Publik: Akuntansi Keuangan Daerah (Edisi 4). Salemba Empat.
Handayani, S., & Karnawati, Y. (2021). Relevansi Informasi Dalam Pengambilan Keputusan Investor Di Pasar Modal. Jurnal Ekonomi : Journal of Economic, 12(01), 77–92. https://doi.org/10.47007/jeko.v12i01.4083
Hartono. (2010). Teori Portofolio dan Analisis Investasi (Edisi Kelima). BPFE.
Indrati, M., & Amelia, K. (2022). The Effect of Profitability , Liquidity , Leverage and Company Size on the Company ’ s Dividend Policy. Budapest International Research and Critics in Linguistics Institute Journal (BIRCI-Journal), 5(3), 21787–21799. https://doi.org/https://doi.org/10.33258/birci.v5i3.6191 21787
Jaara, B., Alashhab, H., & Jaara, O. O. (2018). The Determina n ts of Dividend Policy for Non-financial Companies in Jordan. International Journal of Economics and Financial Issues, 8(2), 198–209.
Jagadish, A. D., & Sharmila, J. T. (2021). Impact of Profitability on the Business, Cash Flow and Profitability. PalArch’s Journal of Archaeology …, 18(8), 4425–4434. https://www.archives.palarch.nl/index.php/jae/article/view/9684%0Ahttps://www.archives.palarch.nl/index.php/jae/article/download/9684/8919
Jensen, M. C. (1986). Agency Cost of Free Cash Flow, Corporate Finance, and Takeover. American Economic Review, 76(2).
Kanakriyah, R. (2020). Dividend Policy and Companies ’ Financial Performance. Journal of Asian Finance, Economics and Business, 7(10), 531–541. https://doi.org/10.13106/jafeb.2020.vol7.no10.531
Kartikasari, D., & Merianti, M. (2016). The effect of leverage and firm size to profitability of public manufacturing companies in Indonesia. International Journal of Economics and Financial Issues, 6(2), 409–413.
Kasmir. (2018). Analisis Laporan Keuangan. PT. Raja Grafindo Persada.
Kusuma, O., & Semuel, H. (2019). The Effect of Company Performance on Dividend Policy in Manufacturing Companies. Petra International Journal of Business Studies, 2(2), 87–95. https://doi.org/10.9744/ijbs.2.2.87-95
Li, M. (2020). Uber Future Value Prediction Using Discounted Cash Flow Model. American Journal Od Industrial and Business Management, 10(March 2019), 30–44. https://doi.org/10.4236/ajibm.2020.101003
Miller, M., & Modigliani, F. (1961). Dividend Policy, Growth and The Valuation 20 of Shares. Journal of Business, 34, 411–433.
Nyale, M. H. Y. (2020). Pengaruh Leverage , Cashflow Dan Working Moderating Pada Perusahaan Jasa Transportasi 2013 - 2016. Forum Ilmiah, 17(1), 1–20.
Pattiruhu, J. R., & Paais, M. (2020). Effect of Liquidity , Profitability , Leverage , and Firm Size on Dividend Policy. Journal of Asian Finance, Economics and Business, 7(10), 35–42. https://doi.org/10.13106/jafeb.2020.vol7.no10.035
Pratiwi, N. P., & Purwaningsih, E. (2022). Pengaruh Profitabilitas , Likuiditas Dan Ukuran Perusahaan terhadap Kebijakan Dividen. Bullet: Jurnal Multidisiplin Ilmu, 01(6), 971–981.
Purwaningsih, E. (2019). Struktu Kepemilikan Memoderasi Pengaruh Profitabilitas terhadap Kebijakan Dividen. Jurnal Ekonomi: Jurnal of Economic, 10(2), 111–120.
Rajapaksha, R. A. S., & Weerawickrama, V. L. (2020). The Impact of Free Cash Flow on Profitability of Listed Diversified Holding Companies in the Colombo Stock Exchange. The Conference Proceedings of 11th International Conference on Business & Information ICBI, University of Kelanilya, Sri Lanka, 41–55. https://doi.org/10.2139/ssrn.3844228
Riyanto, B. (2016). Dasar-dasar Pembelanjaan Perusahaan. BPFE.
Santosa, P. W., Aprilia, O., & Tambunan, M. E. (2020). The Intervening Effect of the Dividend Policy on Financial Performance and Firm Value in Large Indonesian Firms. International Journal of Financial Research, 11(4), 408–420. https://doi.org/10.5430/ijfr.v11n4p408
Seng, D., & Su, J. (2010). Managerial Incentive Behind Fixed Asset Revaluation: Evidence form New Zealand Firms. Department of Accountancy and Business Law, Working Paper Series, 3.
Sharpe, W. F., Alexander, G. J., & Bailey, J. V. (2006). Fundamentals Investment (3rd Edition (ed.)). Prentice Hall, Inc.
Siahaan, A. P., & Hanantijo, D. (2020). The Role of Profitability on Dividend Policy in Property and Real Estate Registered Subsector Company in Indonesia. International Journal of Progressive Sciences and Technologies (IJPSAT, 23(2), 376–383. https://dosen.perbanas.id/docs/wp-content/uploads/2020/08/BKD-2020-2021-Gasal-Artikel-The-Role-of-Profitability.pdf
Siswanto, D. J., Maudhiky, F., Wahyudi, I., & Syah, T. Y. R. (2022). The Influence of Debt to Equity Ratio (DER), Return on Assets (ROA) and Company Size on Profit Growth. Journal of Social Science, 3(6), 2137–2147.
Sudana. (2011). Manajemen Keuangan Perusahaan Teori dan Praktek. Erlangga.
Widyasti, I. G. A. V., & Putri, I. G. A. . A. D. (2021). The Effect of Profitability , Liquidity , Leverage , Free Cash Flow , and Good Corporate Governance on Dividend Policies ( Empirical Study on Manufacturing Companies Listed in Indonesia Stock Exchange 2017-2019 ). American Journal of Humanities and Social Sciences Research (AJHSSR), 5(1), 269–278.
Yulizartika, Satriawan, B., Khaddafi, M., & Wibisono, C. (2022). The Effect of Free Cash Flow, Leverage and Profitability on Dividend Policy through Cash Holding on Pharmaceutical Companies Listed on The Exchange Indonesia Effect. IJEBAS: International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration, 2(6), 913–928.
Al-Fasfus, F. S. (2020). Impact of free cash flows on dividend pay-out in jordanian banks. Asian Economic and Financial Review, 10(5), 547–558. https://doi.org/10.18488/journal.aefr.2020.105.547.558
Alex, F. utami, Isnurhadi, Marlina, W., & Agustina, H. (2018). Profitability, Growth Opportunity and Free Cash Flow: Dividend Policy With Debt Policy As the Intervening Variable on the Manufacturing Companies Listed in Indonesia Stock Exchange. Russian Journal of Agricultural and Socio-Economic Sciences (RJOAS), 7(79), 21–34. https://doi.org/10.18551/rjoas.2018-07.03
Ali, H. (2022). Corporate dividend policy in the time of COVID-19 : Evidence from the G-12 countries. Finance Research Letters, 46(PB), 1–8. https://doi.org/10.1016/j.frl.2021.102493
Ambreen, S., & Aftab, J. (2016). Impact of Free Cash Flow on Profitability of Firms Listed in Karachi Stock Exchange. Euro-Asian Journal of Economics and Finance, 4(4), 113–122.
Asadullah, M., Waris, M., Kamran, M., & Nadeem, M. M. (2021). Corporate Governance and Dividend Payout Policy : Mediating Role of Leverage . Evidence from Emerging Economy. Annals of Social Sciences and Perspective, 2(1), 113–133.
Atiningsih, S., & Izzaty, K. N. (2021). The Effect Firm Size on Company Value with Profitability as Intervening Variable and Dividend Policy as Moderating Variable. IJEBAR: International Journal of Economic, Business and Accounting Research, 5(4), 378–388.
Azhariyah, A., Witjaksono, A. D., & Hartono, U. (2021). The Effect of Profitability , Leverage , Liquidity , Size , and Company Growth on the Dividend Payout Ratio in the Indonesian Capital Market 2013-2018. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 4(1), 1351–1360.
Bayu, D. J. (2018). Pengembangan Perumahan Tumbuh Pesat di Jakarta dan 34 Kota Satelit. Katadata. https://katadata.co.id/muchamadnafi/berita/5e9a55d4167c3/pengembangan-perumahan-tumbuh-pesat-di-jakarta-dan-34-kota-satelit
BPS. (2020). Kependudukan. Badan Pusat Statistik.
Brigham, E. ., & Houston, J. . (2018). Dasar-dasar Manajemen Keuangan (Edisi 14). Salemba Empat.
Damanik, Y. R. H., Toni, N., Romi, E., & Purba, K. (2019). Analysis Of Debt To Total Asset , Return On Asset , Cash Ratio And Their Impact On Dividend Payout Ratio With Firm Size As Intervening Variable In Go Public Companies In The Primary Consumer Goods Sector That Recorded In Idx Period 2017-2019. International Journal of Science, Technology & Management, 1770–1776.
Damayanti, R., & Sucipto, A. (2022). The Effect of Profitability, Liquidity, and Leverage on Firm Value with Dividend Policy as Intervening Variable. IJEBAR: International Journal of Economic, Business and Accounting Research, 6(2), 863–876.
Fahmi, I. (2019). Pengantar Manajemen Keuangan. Alfabeta.
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program SPSS. Badan Penerbit Universitas Diponegoro.
Giriati. (2016). Free Cash Flow, Dividend Policy, Investment Opportunity Set, Opportunistic Behavior and Firm’s Value. Procedia: Social and Behavioral Sciences, 219, 248–254. https://doi.org/10.1016/j.sbspro.2016.05.013
Halim, A., & Kusufi, M. S. (2018). Akuntansi Sektor Publik: Akuntansi Keuangan Daerah (Edisi 4). Salemba Empat.
Handayani, S., & Karnawati, Y. (2021). Relevansi Informasi Dalam Pengambilan Keputusan Investor Di Pasar Modal. Jurnal Ekonomi : Journal of Economic, 12(01), 77–92. https://doi.org/10.47007/jeko.v12i01.4083
Hartono. (2010). Teori Portofolio dan Analisis Investasi (Edisi Kelima). BPFE.
Indrati, M., & Amelia, K. (2022). The Effect of Profitability , Liquidity , Leverage and Company Size on the Company ’ s Dividend Policy. Budapest International Research and Critics in Linguistics Institute Journal (BIRCI-Journal), 5(3), 21787–21799. https://doi.org/https://doi.org/10.33258/birci.v5i3.6191 21787
Jaara, B., Alashhab, H., & Jaara, O. O. (2018). The Determina n ts of Dividend Policy for Non-financial Companies in Jordan. International Journal of Economics and Financial Issues, 8(2), 198–209.
Jagadish, A. D., & Sharmila, J. T. (2021). Impact of Profitability on the Business, Cash Flow and Profitability. PalArch’s Journal of Archaeology …, 18(8), 4425–4434. https://www.archives.palarch.nl/index.php/jae/article/view/9684%0Ahttps://www.archives.palarch.nl/index.php/jae/article/download/9684/8919
Jensen, M. C. (1986). Agency Cost of Free Cash Flow, Corporate Finance, and Takeover. American Economic Review, 76(2).
Kanakriyah, R. (2020). Dividend Policy and Companies ’ Financial Performance. Journal of Asian Finance, Economics and Business, 7(10), 531–541. https://doi.org/10.13106/jafeb.2020.vol7.no10.531
Kartikasari, D., & Merianti, M. (2016). The effect of leverage and firm size to profitability of public manufacturing companies in Indonesia. International Journal of Economics and Financial Issues, 6(2), 409–413.
Kasmir. (2018). Analisis Laporan Keuangan. PT. Raja Grafindo Persada.
Kusuma, O., & Semuel, H. (2019). The Effect of Company Performance on Dividend Policy in Manufacturing Companies. Petra International Journal of Business Studies, 2(2), 87–95. https://doi.org/10.9744/ijbs.2.2.87-95
Li, M. (2020). Uber Future Value Prediction Using Discounted Cash Flow Model. American Journal Od Industrial and Business Management, 10(March 2019), 30–44. https://doi.org/10.4236/ajibm.2020.101003
Miller, M., & Modigliani, F. (1961). Dividend Policy, Growth and The Valuation 20 of Shares. Journal of Business, 34, 411–433.
Nyale, M. H. Y. (2020). Pengaruh Leverage , Cashflow Dan Working Moderating Pada Perusahaan Jasa Transportasi 2013 - 2016. Forum Ilmiah, 17(1), 1–20.
Pattiruhu, J. R., & Paais, M. (2020). Effect of Liquidity , Profitability , Leverage , and Firm Size on Dividend Policy. Journal of Asian Finance, Economics and Business, 7(10), 35–42. https://doi.org/10.13106/jafeb.2020.vol7.no10.035
Pratiwi, N. P., & Purwaningsih, E. (2022). Pengaruh Profitabilitas , Likuiditas Dan Ukuran Perusahaan terhadap Kebijakan Dividen. Bullet: Jurnal Multidisiplin Ilmu, 01(6), 971–981.
Purwaningsih, E. (2019). Struktu Kepemilikan Memoderasi Pengaruh Profitabilitas terhadap Kebijakan Dividen. Jurnal Ekonomi: Jurnal of Economic, 10(2), 111–120.
Rajapaksha, R. A. S., & Weerawickrama, V. L. (2020). The Impact of Free Cash Flow on Profitability of Listed Diversified Holding Companies in the Colombo Stock Exchange. The Conference Proceedings of 11th International Conference on Business & Information ICBI, University of Kelanilya, Sri Lanka, 41–55. https://doi.org/10.2139/ssrn.3844228
Riyanto, B. (2016). Dasar-dasar Pembelanjaan Perusahaan. BPFE.
Santosa, P. W., Aprilia, O., & Tambunan, M. E. (2020). The Intervening Effect of the Dividend Policy on Financial Performance and Firm Value in Large Indonesian Firms. International Journal of Financial Research, 11(4), 408–420. https://doi.org/10.5430/ijfr.v11n4p408
Seng, D., & Su, J. (2010). Managerial Incentive Behind Fixed Asset Revaluation: Evidence form New Zealand Firms. Department of Accountancy and Business Law, Working Paper Series, 3.
Sharpe, W. F., Alexander, G. J., & Bailey, J. V. (2006). Fundamentals Investment (3rd Edition (ed.)). Prentice Hall, Inc.
Siahaan, A. P., & Hanantijo, D. (2020). The Role of Profitability on Dividend Policy in Property and Real Estate Registered Subsector Company in Indonesia. International Journal of Progressive Sciences and Technologies (IJPSAT, 23(2), 376–383. https://dosen.perbanas.id/docs/wp-content/uploads/2020/08/BKD-2020-2021-Gasal-Artikel-The-Role-of-Profitability.pdf
Siswanto, D. J., Maudhiky, F., Wahyudi, I., & Syah, T. Y. R. (2022). The Influence of Debt to Equity Ratio (DER), Return on Assets (ROA) and Company Size on Profit Growth. Journal of Social Science, 3(6), 2137–2147.
Sudana. (2011). Manajemen Keuangan Perusahaan Teori dan Praktek. Erlangga.
Widyasti, I. G. A. V., & Putri, I. G. A. . A. D. (2021). The Effect of Profitability , Liquidity , Leverage , Free Cash Flow , and Good Corporate Governance on Dividend Policies ( Empirical Study on Manufacturing Companies Listed in Indonesia Stock Exchange 2017-2019 ). American Journal of Humanities and Social Sciences Research (AJHSSR), 5(1), 269–278.
Yulizartika, Satriawan, B., Khaddafi, M., & Wibisono, C. (2022). The Effect of Free Cash Flow, Leverage and Profitability on Dividend Policy through Cash Holding on Pharmaceutical Companies Listed on The Exchange Indonesia Effect. IJEBAS: International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration, 2(6), 913–928.
Published
2023-02-24
How to Cite
Yunia Andini, & Menik Indrati. (2023). Pengaruh Leverage, Firm Size, dan Free Cash Flow terhadap Dividend Policy dengan Profitability sebagai Variabel Mediasi. Jurnal Mahasiswa: Jurnal Ilmiah Penalaran Dan Penelitian Mahasiswa, 5(1), 136-166. https://doi.org/10.51903/jurnalmahasiswa.v5i1.576
2.png)
