PENGARUH LIKUIDITAS DAN PROFITABILITAS TERHADAP KEBIJAKAN DIVIDEN (Studi Empiris pada Perusahaan Sektor Aneka Industri yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2018) - Ratipah Sulastri, - (2020)
Penelitian ini dilatarbelakangi oleh menurunnya rasio pembayaran dividen pada perusahaan sektor aneka industri periode 2015-2018. Penelitian ini bertujuan untuk mengetahui gambaran likuiditas yang diukur dengan Cash Ratio, profitabilitas yang diukur dengan Net Profit Margin (NPM) dan kebijakan dividen yang diukur dengan Dividend Payout Ratio (DPR), serta untuk mengetahui pengaruh likuiditas dan pofitabilitas terhadap kebijakan dividen. Penelitian ini menggunakan metode deskriptif dan verifikatif. Alat analisis yang digunakan meliputi analisis regresi data panel, uji keberartian regresi dan uji keberartian koefisien regresi. Data yang digunakan adalah data sekunder yang dikumpulkan dari situs Bursa Efek Indonesia berupa laporan keuangan dan laporan tahunan perusahaan periode 2015-2018. Populasi penelitian berjumlah 41 perusahaan sektor aneka industri periode 2015-2018. Sampel yang diambil berjumlah 14 perusahaan dengan 56 unit data, dengan teknik purposive sampling. Hasil penelitian menggambarkan likuiditas berfluktuatif cenderung menurun, profitabilitas berfluktuatif cenderung turun dan kebijakan dividen berfluktuatif cenderung turun. Berdasarkan hasil analisis data, likuiditas dan profitabilitas secara simultan berpengaruh signifikan terhadap kebijakan dividen. Sedangkan secara parsial, likuiditas berpengaruh tidak signifikan terhadap kebijakan dividen, dan profitabilitas berpengaruh signifikan terhadap kebijakan dividen. Kata kunci : Likuiditas, Profitabilitas, Cash Ratio, Net Profit Margin, Kebijakan Dividen, Dividend Payout Ratio This research is based on the decreasing of dividend payout ratio in Miscellaneous Industry Sector Companies in Indonesia Stock Exchange during the period of 2015-2018. This study aims to determine the description of Liquidity as measured by cash ratio, Profitability as measured by Net Profit Margin (NPM), and Dividend Policy as measured by Dividend Payout Ratio (DPR), and also to figure out how the effect of liquidity and profitability toward dividend policy. This research uses descriptive and verification methods. The analysis tools used include panel data regression analysis, classic assumption test and hypothesis testing by using test of F test and t test. Data used in this study is secondary data collected from Indonesia Stock Exchange website in the form of financial statements and annual reports for the 2015-2018 period. The population of this research is 41 miscellaneous industry companies listed in Indonesia Stock Exchange active from 2015 to 2018. The sample was taken into 14 companies and 56 data units , with a purposive sampling technique. The results of this research indicate that the development of Liquidity has fluctuations tend to decline, the development of Profitability has fluctuations tend to decline, and the development of Dividend Policy has fluctuations tend to decline. Based on the analysis that has been done shows that, Liquidity and Profitability simultaneously has significant effect on Dividend Policy. While partially liquidity not significantly affect on dividend policy, and profitability significantly influence of dividend policy. Keywords: Liquidity, Profitability, Cash Ratio, Net Profit Margin, Dividend Policy, Dividend Payout Ratio