The Effect of Profitability, Leverage and Liquidity on Dividend Policy for Construction Issuers in 2014-2019
DOI:
https://doi.org/10.38035/dijefa.v2i2.821Keywords:
Dividend, Profitability , Leverage, Liquidity , ConstructionAbstract
The era of globalization when it has led to the development of the economy which is very rapid and demanding companies , both companies locally and internationally , must contend tight . Policy dividends have become a concern many parties on the outside of the internal enterprise , such as the holder of the stock , investors, creditors , and the external others who have interest in the information that is issued by a company. This paper aims to determine the factors that affect dividends in construction companies . To test the hypothesis , we used the data series while the annual are listed on the bursary effect in 2014 until 2019. We use panel data model to analyze the influence of Return On Equity , Debt to Equiy Ratio and Current Ratio that affect the dividend.
References
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Fauzi, S. E., & Saluy, A. B. (2021). Comparative Analysis of Financial Sustainability Using the Altman Z-Score, Springate, Zmijewski and Grover Models for Companies Listed at Indonesia Stock Exchange Sub-Sector Telecommunication Period 2014–2019. Journal of Economics and Business, 4(1).
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Ginting (2018)”Pengaruh Likuiditas, Profitabilitas dan Leverage terhadap Kebijakan Dividen pada perusahaan LQ45 yang terdaftar di BEI 2012-2016” ISSN 2622-6421 Volume 8, Nomor 02, Oktober 2018
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Sari dan Sudjarni(2019)” Pengaruh Likuidtas, Leverage, Pertumbuhan perusahaan, dan Profitabilitas terhadap kebijakan Dividen pada perusahaan Manufaktur di BEI” Vol 4 (10): 2302-8912
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Sharma dan Bakshi (2019). “An evident prescience of determinants of dividend policy of Indian real estate companies”. Emerald Journal
Singla and Pradeepta (2018) “Determinants of dividend payout of construction companies: a panel data analysis”. Emerald: School of General Management, National Institute of Construction Management and Research – Pune, Pune, India.
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Sudjarni(2018)”Pengaruh Likuidtas, Leverage, Pertumbuhan perusahaan, dan Profitabilitas terhadap kebijakan Dividen pada perusahaan Manufaktur di BEI” Vol 4 (10): 2302-8912
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Suzulia, M. T., & Saluy, A. B. (2020). The Effect of Capital Structure, Company Growht, and Inflation on firm Value With Profitability as Intervening Variable (STUDY ON MANUFACTURING COMPANIES LISTED ON BEI PERIOD 2014-2018). Dinasti International Journal of Economics, Finance & Accounting, 1(1), 95-109.
Syahyunan. (2015). Manajemen Keuangan Perencanaan, Analisis dan Pengendalian Keuangan. Edisi ketiga, Medan: USU press.
Topani, Sudjono, Badawy (2020) The Effect of Capital Structure, Company Growth, and Inflation On Firm value With Profitability As Intervening Variable (Study On Manufacturing Companies Listed On Bei Period 2014-2018) E-ISSN : 2721-303X, P-ISSN : 2721-3021 Volume 1, Issue 1, March 2020
Tran (2019). “Creditors and dividend policy: Reputation building versus debtcovenan”. European Research on Management and Business Economics. Volume 25, Issue 3, September–December 2019, Pages 114-121
Van Horne, James C. dan John M. Wachowicz, Jr., 1998, Prinsip-prinsip Manajemen Keuangan, Alih Bahasa : Heru Sutojo, Buku Dua, Edisi Kesembilan, Salemba Empat, Jakarta.
Wahjudi (2018). “Factors affecting dividend policy in manufacturing companies in Indonesia Stock Exchange”. Journal of Management Development. ISSN ISSN: 0262-1711
Alashhab dan Jaara (2018). “The Determinants of Dividend Policy for Non-financial Companies in Jordan International Journal of Economics and Financial Issues. ISSN: 2146-4138.
Apriliani dan Natalylova (2017)” Faktor- Faktor yang mempengaruhi Kebijakan Dividen pada perusahaan Manufaktur di BEI” . Jurnal Bisnis dan Akuntansi : Vol 19 No 1a-1 (2017)
Basri (2019). “Assessing determinants of dividend policy of the government-owned companies in Indonesia”. Emerald Journal 2019.
Bawamenewi dan Afriyeni (2019)” Pengaruh Profitabilitas, Leverage, Dan Likuiditas Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia”
Brigham dan Houston. 2011. Dasar-dasar Manajemen Keuangan. Jakarta: Salemba Empat.
Dewantara, Siswanto, dan Rizqi (2019). “Profitability and Leverage and the Implication on the Dividend Policy of Jakarta Islamic Index EL DINAR: Jurnal Keuangan dan Perbankan Syariah. Volume 7 , No. 1, Tahun 2019.
Dewasiri, Koralalage, Azeez dan Kuruppuarachchi (2019). “Determinants of dividend policy: evidence from an emerging and developing market”. Emerald Journal
Elmagrhi, Ntim, Crossley,.Malagila, Fosu dan Tien (2019). “Corporate governance and dividend pay-out policy in UK listed SMEs”. Emerald Journal.
Fahmi, Irham. 2016. Pengantar Manajemen Keuangan Teori dan Soal Jawab. Bandung: Alfabeta.
Fajaria dan Isnalita (2018) “The Effect of Profitability, Liquidity, Leverage and Firm Growth of Firm Value with its Dividend Policy as a Moderating Variable”. International Journal of Managerial Studies and Research.
Fauzi, S. E., & Saluy, A. B. (2021). Comparative Analysis of Financial Sustainability Using the Altman Z-Score, Springate, Zmijewski and Grover Models for Companies Listed at Indonesia Stock Exchange Sub-Sector Telecommunication Period 2014–2019. Journal of Economics and Business, 4(1).
Ghozali, Imam. 2013. Aplikasi Analisis Multivariate Dengan Program IBM SPSS 20 Edisi 6. Semarang: Badan Penerbit Universitas Diponegoro.
Ginting (2018)”Pengaruh Likuiditas, Profitabilitas dan Leverage terhadap Kebijakan Dividen pada perusahaan LQ45 yang terdaftar di BEI 2012-2016” ISSN 2622-6421 Volume 8, Nomor 02, Oktober 2018
Gumantri, Tatang Ary. 2013. Kebijakan DIviden Teori, Empiris, dan Aplikasi. Yogyakarta: UPP STIM YKPN.
Helmy dan Ariyani (2020). “Analysis of Liquidity, Leverage and Dividend Policy Towar Profitability Inpublic Co.Manufacturing Industrial Sector. JEAMS: ISSN 2685-9696 (Online)
https://www.cnnindonesia.com/ekonomi/20190508101733-92-392941/laba-bumn-konstruksi-kuartal-i-2019-anjlok-35-persen
https://www.sahamok.net/emiten/sektor-property-real-estate/sub-sektor-konstruksi-bangunan/
Jó?wiaka (2015). Determinants of Dividend Policy: Evidence from Polish Listed Companies: Procedia Economics and Finance 23 ( 2015 ) 473 – 477
Kasmir. 2016. Analisis Laporan Keuangan. Jakarta: RajaGrafindo Persada.
Madyoningrum (2019)” Pengaruh Firm Size, Leverage dan Profitabilitas terhadap Kebijakan Dividen” Jurnal Bisnis dan Manajemen Universitas Merdeka Malang” Volume 6 No 1 2019 Hlm. 45 – 55.
Miller, M.H & Modigliani, F., 1961; "Dividend Policy, Growth and the Valuation of Shares", Journal ofBusiness, October 411-433.
Myers, S. C&N.S Majluf., 1984, "Corporate Financing & Invesment Decision When Firm Have Information That Investor Do Not Have", Journal of Financial Economics, 13, pp 187-221
Nurchaqiqi Suryarini (2018) The Effect of Leverage and Liquidity on Cash Dividend Policy with Profitability as Moderator Moderating. Accounting Analysis Journal, 7(1), 10-16.
Odum, Omeziri dan Egbunike (2019). “Impact of Dividend Payout Ratio on the Value of Firm: A Study of Companies Listed on the Nigerian Stock Exchange”. Indonesian Journal of Contemporary Management Research Vol.1, No. 1, (2019)
Rachman, R. R., & Saluy, A. B. (2020). THE EFFECT OF MACRO ECONOMY AND FINANCIAL PERFORMANCE ON STOCK PRICE WITH EARNING PER SHARE AS THE INTERVENING VARIABLE (A STUDY ON RETAIL TRADING COMPANY IN IDX IN 2011-2018). Dinasti International Journal of Economics, Finance & Accounting, 1(2), 275-290.
Ross, S.A., 1977. "The Determination of Finacial Structure:The Incentive Signalling Approach", Journal of Economics, Spring, 8, pp 23-40.
Sari dan Sudjarni(2019)” Pengaruh Likuidtas, Leverage, Pertumbuhan perusahaan, dan Profitabilitas terhadap kebijakan Dividen pada perusahaan Manufaktur di BEI” Vol 4 (10): 2302-8912
Septiana, Aldila, (2019). Analisis Laporan Keuangan Konsep Dasar Dan Deskripsi Laporan Keuangan. Jakarta: Duta Media Publishing.
Sharma dan Bakshi (2019). “An evident prescience of determinants of dividend policy of Indian real estate companies”. Emerald Journal
Singla and Pradeepta (2018) “Determinants of dividend payout of construction companies: a panel data analysis”. Emerald: School of General Management, National Institute of Construction Management and Research – Pune, Pune, India.
Sudana, I. M., (2015), Manajemen Keuangan Teori dan Praktik, Edisi 2. Jakarta: Erlangga.
Sudjarni(2018)”Pengaruh Likuidtas, Leverage, Pertumbuhan perusahaan, dan Profitabilitas terhadap kebijakan Dividen pada perusahaan Manufaktur di BEI” Vol 4 (10): 2302-8912
Sugiyono. (2016). Metode Penelitian Kuantitatif, Kualitatif dan R&D. Bandung: PT Alfabeta
Suzulia, M. T., & Saluy, A. B. (2020). The Effect of Capital Structure, Company Growht, and Inflation on firm Value With Profitability as Intervening Variable (STUDY ON MANUFACTURING COMPANIES LISTED ON BEI PERIOD 2014-2018). Dinasti International Journal of Economics, Finance & Accounting, 1(1), 95-109.
Syahyunan. (2015). Manajemen Keuangan Perencanaan, Analisis dan Pengendalian Keuangan. Edisi ketiga, Medan: USU press.
Topani, Sudjono, Badawy (2020) The Effect of Capital Structure, Company Growth, and Inflation On Firm value With Profitability As Intervening Variable (Study On Manufacturing Companies Listed On Bei Period 2014-2018) E-ISSN : 2721-303X, P-ISSN : 2721-3021 Volume 1, Issue 1, March 2020
Tran (2019). “Creditors and dividend policy: Reputation building versus debtcovenan”. European Research on Management and Business Economics. Volume 25, Issue 3, September–December 2019, Pages 114-121
Van Horne, James C. dan John M. Wachowicz, Jr., 1998, Prinsip-prinsip Manajemen Keuangan, Alih Bahasa : Heru Sutojo, Buku Dua, Edisi Kesembilan, Salemba Empat, Jakarta.
Wahjudi (2018). “Factors affecting dividend policy in manufacturing companies in Indonesia Stock Exchange”. Journal of Management Development. ISSN ISSN: 0262-1711
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