Published: 2025-08-01

Pengaruh Profitabilitas, Likuiditas, Leverage, Ukuran Perusahaan (Size), dan Investment Opportunity Set (IOS) terhadap Kebijakan Dividen pada Perusahaan Sub Sektor Consumer Goods Industry yang Terdaftar di BEI Periode 2020–2023

DOI: 10.35870/jemsi.v11i4.4279

Diana Wahyuningrum, Khusnatul Zulfa Wafirotin, Nur Sayidatul Muntiah
  • Diana Wahyuningrum: Universitas Muhammadiyah Ponorogo , Indonesia
  • Khusnatul Zulfa Wafirotin: Universitas Muhammadiyah Ponorogo
  • Nur Sayidatul Muntiah: Universitas Muhammadiyah Ponorogo
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Abstract

This study aims to analyze the effect of profitability, liquidity, leverage, company size, and investment opportunity set (IOS) on dividend policy. The object of the study is the consumer goods industry sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. This study uses a quantitative approach with a descriptive statistical research type. The sampling technique was carried out using the purposive sampling method, based on the following criteria: (1) the company consistently publishes complete financial reports every year during the study period (2) the company distributes dividends during that period. Based on these criteria, a sample of 30 companies was obtained. The data is secondary and obtained from published financial reports. The data analysis technique uses multiple linear regression with the help of SPSS 25. The results of the study show that liquidity (CR) and leverage (DER) have a significant negative effect on dividend policy, while company size has a significant positive effect. Meanwhile, profitability (ROA) and investment opportunity set (MBVE) do not have a significant effect on dividend policy. Simultaneously, the five independent variables have a significant effect on dividend policy. These results indicate that the company's internal financial factors, especially company size, liquidity, and leverage, have an important role in determining dividend distribution policy. These findings are expected to provide insight for company management and investors in evaluating financial performance and decision making related to profit allocation. 

Keywords

Profitability ; Liquidity ; Leverage ; Firm Size ; Investment Opportunity Set ; Dividend Policy

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Wahyuningrum, D., Wafirotin, K. Z., & Muntiah, N. S. (2025). Pengaruh Profitabilitas, Likuiditas, Leverage, Ukuran Perusahaan (Size), dan Investment Opportunity Set (IOS) terhadap Kebijakan Dividen pada Perusahaan Sub Sektor Consumer Goods Industry yang Terdaftar di BEI Periode 2020–2023. JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 11(4), 2131-2143. https://doi.org/10.35870/jemsi.v11i4.4279
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This article has been peer-reviewed and published in the JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi). The content is available under the terms of the Creative Commons Attribution 4.0 International License.

  • Issue: Vol. 11 No. 4 (2025)

  • Section: Articles

  • Published: %750 %e, %2025

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Author Biographies
Diana Wahyuningrum
Google Scholar ResearchGate ORCID

Program Studi Akuntansi, Fakultas Ekonomi, Universitas Muhammadiyah Ponorogo, Jl. Budi Utomo No. 10, Ponorogo, 63471 Jawa Timur, Indonesia.

Khusnatul Zulfa Wafirotin
Google Scholar ResearchGate ORCID

Program Studi Akuntansi, Fakultas Ekonomi, Universitas Muhammadiyah Ponorogo, Jl. Budi Utomo No. 10, Ponorogo, 63471 Jawa Timur, Indonesia.

Nur Sayidatul Muntiah
Google Scholar ResearchGate ORCID

Program Studi Akuntansi, Fakultas Ekonomi, Universitas Muhammadiyah Ponorogo, Jl. Budi Utomo No. 10, Ponorogo, 63471 Jawa Timur, Indonesia.

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