PENGARUH PROFITABILITAS, LEVERAGE, DAN KEPEMILIKAN MANAJERIAL, TERHADAP KEBIJAKAN DIVIDEN DENGAN FIRM SIZE SEBAGAI VARIABEL MODERASI

Fiska Kholifahtul Muslima, Rollis Ayu Ditasari

Abstract


The objective of this study is to identify and analyze the influence of profitability, leverage, and managerial ownership on the dividend policy of companies in the Consumer Non-Cyclicals sector for the period 2016-2022, moderated by firm size. The population in this study comprises companies listed on the Indonesia Stock Exchange (IDX) in the Consumer Non-Cyclicals sector during the 2016-2022 period, with a total sample of 20 companies. The method used is purposive sampling. The hypothesis testing in this study involves classical assumption tests, multiple regression analysis with t-tests, moderated regression analysis (MRA), and the coefficient of determination (R²), assisted by SPSS software version 25. The results indicate that profitability (ROA) has a positive and significant effect on dividend policy, while leverage (DAR) and managerial ownership have a negative and insignificant effect on dividend policy. MRA analysis shows that firm size can moderate the influence of leverage (DAR) on dividend policy, but firm size cannot moderate the influence of profitability (ROA) and managerial ownership on dividend policy.

Keywords: Profitability, Leverage, Managerial Ownership, Dividend Policy, Firm Size.


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