Pengaruh Rasio Likuiditas, Aktivitas, Leverage, dan Ukuran Perusahaan terhadap Kebijakan Deviden melalui Kinerja Keuangan sebagai Variabel Intervening pada Emiten Sektor Consumer Non Cyclicals di Bursa Efek Indonesia Periode 2017-2021

Abstract

Through the return of consumer non-cyclical issuers for (emiten) listed on Indonesia Stock Exchange from 2017-2021, this study seeks to empirically examine the effect of liquidity ratio, activity, leverage, and company size on dividend payout ratio. A purposive sampling technique is carried out to determine 27 consumer non-cyclical issuers as the samples of the study. In the end, the Eview 10 application is employed and completes descriptive-statistic-analytical test, panel data analysis, and path analysis, as well as a hypothetical test. It is found that liquidity Coverage Ratio (CR) and Return of Assets (ROA) have a negative and significant effect on the Dividend Payout Ratio (DPR). Meanwhile, Total Asset Turnover (TATO) has a positive and significant effect on Dividend Payout Ratio (DPR). Both Leverage/Debt Equity Ratio (DER) and company size do not affect Dividend Payout Ratio (DPR) significantly and favourably. Liquidity (CR) and Total Assets Turnover (TATO) have positive and significant effects on the Return of Assets (ROA). Debt Equity Ratio (DER) and company size, in addition, do not affect the Return of Assets (ROA) significantly. Liquidity (CR, Leverage/Debt Equity Ratio (DER), and company size on the Dividend Payout Ratio through the Return of Assets (ROA) have no significant effect. However, the effect of Total Asset Turnover (TATO) on Dividend Payout Ratio (DPR) through Return of Assets (ROA) is significant. This study is limited to the use of Return of Assets as the intervening variable and is focused on consumer non-cyclical issuer listed on the Indonesia Stock Exchange from 2017-2021. Therefore, the elaboration of the intervening variable in this study is not well elaborated. This study is anticipated to help increase the Dividend Payout Ratio. A company is advised to step up its sales activities in order to generate more revenue compared to the company expenditure. Additionally, the company should have positive free cash flow indicating stronger Return of Assets, so it can payout cash dividends to the shareholders. This is the use of Return of Assets as a mediator toward the influence of financial ratio on Dividend Payout Ratio on consumer non-cyclical issuer sectors listed on the Indonesian Stock Exchange from 2017-2021.