Pengaruh Kepemilikan Manajerial, Kepemilikan Intitusional,Profitabilitas dan Leverage terhadap Kebijakan Dividen dengan Likuiditas sebagai Variabel Moderasi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2014-2021

Abstract

This study aims to examine the effect of managerial ownership, institutional ownership, profitability, and leverage on dividend policy with liquidity as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange. This research design uses a quantitative approach with the type of secondary data which sampled 22 manufacturing companies listed on the Indonesia Stock Exchange period 2014-2021. The sampling technique is purposive sampling. The data analysis technique uses multiple linear regression analysis and residual tests for moderation variables which are carried out with the help of the Eviews program. The results of this study indicate that institutional ownership, profitability, and leverage variables have a significant effect on dividend policy. Meanwhile, managerial ownership has no significant effect on dividend policy. Liquidity as a moderating variable is able to moderate the effect of leverage on dividend policy and is unable to moderate the effect of managerial ownership, institutional ownership, and profitability on dividend policy.