The Importance of Profitability and Dividend Policy for Indonesian State-Owned Enterprises - BUMN

Year 2022, Volume: 4 Issue: 6, 377 - 388, 01.04.2022

Ana Kadarnıngsıh

Abstract

The final aim of this research is to see how far the influence of liquidity and leverage on the dividend payout ratio through the intervening variable profitability. Sampling using a purposive technique that produces 91 data from 13 BUMN or state-owned entreprises registered on the IDX. The data used are financial statements for the period ending 2014 to 2020. This study uses path analysis with the Warp PLS 7.0 application. The results of this study found that profitability and leverage have a significant effect on the dividend payout ratio in state-owned companies. Meanwhile, liquidity cannot increase the dividend payout ratio of state-owned entreprises. The results of the indirect effect and total effect test state that profitability can mediate the relationship between leverage and dividend payout ratio as indicated by T statistic > 1.96 and P-Value < 0.05, but cannot mediate the relationship between liquidity and dividend payout ratio.

Keywords

Liquidity, Leverage, Profitability, Dividend Payout Ratio

Supporting Institution

University of Dian Nuswantoro

The Importance of Profitability and Dividend Policy for Indonesian State-Owned Enterprises - BUMN

Abstract

Bu araştırmanın nihai amacı, araya giren değişken karlılık yoluyla likidite ve kaldıracın temettü ödeme oranı üzerindeki etkisinin ne kadar olduğunu görmektir. 13 BUMN'den veya IDX'te kayıtlı devlete ait işletmelerden 91 veri üreten amaçlı bir teknik kullanılarak örnekleme. Kullanılan veriler 2014 ile 2020 arasında sona eren döneme ait mali tablolardır. Bu çalışma, Warp PLS 7.0 uygulaması ile yol analizini kullanır. Bu çalışmanın sonuçları, kârlılık ve kaldıracın devlete ait şirketlerde temettü dağıtım oranı üzerinde önemli bir etkiye sahip olduğunu ortaya koymuştur. Bu arada, likidite, devlete ait işletmelerin temettü ödeme oranını artıramaz. Dolaylı etki ve toplam etki testinin sonuçları, kârlılığın, T istatistiği > 1.96 ve P-Değeri < 0.05 ile gösterildiği gibi kaldıraç ve temettü ödeme oranı arasındaki ilişkiye aracılık edebileceğini, ancak likidite ve temettü ödeme oranı arasındaki ilişkiye aracılık edemediğini belirtmektedir.

Keywords

Likidite, Kaldıraç, Karlılık, Temettü Ödeme Oranı

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