Analisis Pengaruh Faktor Finansial terhadap Kebijakan Dividen Dimediasi oleh Profitabilitas pada Perusahaan Sektor Energi Batubara Terdaftar di Bursa Efek Indonesia pada Tahun 2019-2023

Abstract

This study aims to analyze the effect of Efficiency, Capital Structure, Company Growth, Royalty Costs, and Liquidity on Dividend Policy mediated by Profitability in coal energy sector companies listed on the Indonesia Stock Exchange for the period 2019-2023. The type of research conducted is a quantitative approach with a correlational research method. Secondary data was obtained from the financial and annual reports of 8 companies selected through the purposive sampling method. The total panel data is 40 observations for 5 years. The data analysis method used is descriptive statistical analysis, multiple linear regression of panel data, classical assumption test, and path analysis test with the Sobel test. The results of the study indicate that only Company Growth has a significant effect with a negative correlation on Dividend Policy. Meanwhile, Efficiency, Capital Structure, and Company Growth have a significant effect with a positive correlation nature on Profitability. However, Profitability is unable to mediate the influence of these factors on Dividend Policy.