Pengaruh Return On Asset, Current Ratio, dan Firm Size Terhadap Kebijakan Dividen
- Roni Romansyah Universitas Cipasung, Tasikmalaya, Indonesia
-
Dheri Febiyani Lestari Lestari
*
Universitas Cipasung, Tasikmalaya,
Indonesia
https://orcid.org/0009-0003-4859-7010
Abstract
This study aims to analyze the determinants of dividend policy, focusing on the effects of Return on Assets (ROA), Current Ratio (CR), and Firm Size on the Dividend Policy. The primary background of this research is the fluctuation in dividend distributions among companies listed on the LQ45 index during the 2021–2024 period, particularly within the context of post-pandemic economic recovery strategies. The research method employs an associative quantitative approach with multiple linear regression analysis using SPSS software. The research sample was selected through a purposive sampling method, resulting in 18 companies with a total of 72 observations over the four-year study period. The results indicate that, only ROA has a positive and significant effect on dividend policy, with a significance value of 0.014 (< 0.05) and a regression coefficient of 1.236. This finding supports the Signaling Theory, suggesting that profitability serves as a fundamental signal for investors. Conversely, CR (sig. 0.337) and Firm Size (sig. 0.739) do not have a significant effect, indicating that liquidity and asset scale are not the primary determinants of profit distribution for LQ45 issuers. This model is able to explain 7.2% of the variation in dividend policy, as shown by the Adjusted R Square value. The managerial implications of this study suggest that companies should optimize asset efficiency to increase profitability as the main attraction for shareholders
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