Faktor Keuangan dan non-Keuangan yang Mendorong Distribusi Laba
DOI:
https://doi.org/10.60036/jbm.630Keywords:
Profitabilitas, Leverage, Likuiditas, Kepemilikan Manajerial, Kebijakan DevidenAbstract
Penelitian ini menguji bagaimana variabel keuangan dan non-keuangan mempengaruhi kebijakan dividen pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia dari tahun 2012 hingga 2021. Profitabilitas, struktur modal, likuiditas, dan kepemilikan manajerial dipertimbangkan. Sampel penelitian ini terdiri dari 141 perusahaan dengan 1.117 observasi tahunan. Penelitian ini menggunakan regresi linier berganda. Hasil temuan menunjukkan bahwa profitabilitas membantu meningkatkan rasio pembagian laba. Sebaliknya, struktur modal menunjukkan pengaruh negatif. Likuiditas menunjukkan dampak positif dan signifikan namun tidak konsisten pada dua model yang diuji, sementara kepemilikan manajerial meminimalkan besaran rasio pembagian dividen. Hal ini membuktikan bahwa peningkatan profitabilitas dan likuiditas perusahaan meningkatkan jumlah laba yang dapat diatribusikan, sementara perusahaan dengan utang yang tinggi dan kepemilikan manajemen yang tinggi cenderung memilih untuk menimbun laba. Studi ini memberikan kontribusi terhadap pengembangan teori agensi serta menawarkan implikasi praktis bagi manajemen, investor, dan pembuat kebijakan dalam memahami faktor-faktor yang memengaruhi keputusan distribusi laba.
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