Determinants of Dividend Policy with Liquidity as a Moderating Variables in Financial Companies Listed on the Indonesia Stock Exchange (IDX)

Mutiasari Nur Wulan, Nurul Husna

Abstract


Dividend policy is one of the most important things that companies need to pay attention to. Dividends are what makes investors interested in investing in a company, because the main goal of the company is to maximize the welfare of its shareholders. Making this decision is indeed a difficult thing, because in addition to the company having to maximize the welfare of its shareholders, the company must also think about funding the company's investment in the future. This study aims to examine the effect of profitability, leverage, and investment opportunity set on dividend policy in manufacturing companies with liquidity as a moderating variable. The results showed that profitability and investment opportunity set have a positive and significant effect on dividend policy. Meanwhile, leverage was found to have a negative and significant effect. Furthermore, liquidity managed to moderate all independent variables in this study. Liquidity is empirically proven to be able to strengthen the relationship between profitability, leverage, and investment opportunity set on dividend policy.

DOI: http://dx.doi.org/10.23960/E3J/v8.i1.78-88

 

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Economic Education and Entrepreneurship Journal
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