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

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

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.

Supporting Institution

University of Dian Nuswantoro

References

  • Christine, D., Suryono, S. F. (2017). Effect of profitability and leverage on dividend policy (Empirical study on manufacturing companies on the Indonesia Stock Exchange 2010-2014). Professionalism of Accountants Towards Sustainable Business Practice, pp.205–214. http://repository.unpas.ac.id/6523/
  • Ekawati, G. Siswoyo, B. (2015). The Effects of Current Ratio and Debt to Equity Ratio on Dividend Policy through Net Profit Margin (A Study on Manufacturing Companies Listed in Indonesia Stock Exchange in the Period of 2013). Research Journal of Finance and Accounting, Vol.6, No.24, pp. 31- 37.
  • Fadli, A. Chabachib, M. Haryanto, M. (2013). Analysis of the Effect of Debt to Equity Ratio, Return On Assets, and Current Ratio to Dividend Payout Ratio. Strategy Business Journal . Vol.22, No.2, pp.128-144.
  • Finingsih, O., Nurlaela, S., & Titisari, K. H. (2019). Profitability, Liquidity, Leverage and Company Growth on Dividend Policy in Agricultural Companies on the Indonesia Stock Exchange. Journal of Paradigm Economics, Vol.20, No.02, pp.44–51.
  • Garjito, A. Basri. (2017). Finance Management. Yogyakarta:BPFE
  • Ginting, S. (2018). Effect of Liquidity, Profitability. And Leverage on Dividend Policy in LQ46 Companies Listed on the Indonesia Stock Exchange for the 2012-2016 Period. JWEM STIE Microskill, Vol.8, No.02, pp.195–204.
  • Halim, A., Hastuti, R. T. (2019). Factors Affecting Dividend Policy in Manufacturing Companies for the 2015-2017 Period. Multiparadigm Accounting, Vol.1, No.2, pp.263–272.
  • Hanafi, Mamduh. (2011). International Financial Management. Yogyakarta: BPFE.
  • Hendawati, H. (2017). Analysis of Current Ratio, Debt to Equity Ratio and Total Asset Turn Over Against Return on Equity. Attitude Journal, Vol.1, No.2, pp.97-111.
  • Horne,Wachowicz. (2013). Financial Management Principles. Thirteenth Edition. Second Book. Jakarta : Salemba Empat.
  • Izdihar, S., Suhendro, S., Fajri, R. N. (2020). Effect of Profitability, Lagged Dividend, Size, and Leverage on Dividend Policy. Scientific Journal of Batanghari University Jambi, Vol.20, No.2, pp.714. https://doi.org/10.33087/jiubj.v20i2.1012.
  • Kasmir. (2012). Financial Statement Analysis. Jakarta: PT Raja Grafindo Persada.
  • Lebelaha, D. L. (2016). The effect of price earnings ratio, debt to equity ratio and dividend payout ratio on the value of BUMN companies listed on the Indonesia Stock Exchange for the period 2011-2014. Efficiency Scientific Periodic Journal, Vol.16, No.2.
  • Martono, Harjito D.A. (2016). Finance Management. Yogyakarta: Ekonisia.
  • Mertanyani, D. Sri, W. (2015). Analysis of the Effect of Net Profit Margin, Debt Equity Ratio, Current Ratio and Company Size on Dividend Payout Ratio (a case study on LQ 45 companies listed on the Indonesia Stock Exchange for the period 2009-2013). E-Journal S1 Ak Ganesha University of Education. Vol. 3, No.1.
  • Oladipupo, A. Peter, Okoeguale I. (2013). Does Working Capital Management Matter in Dividend Policy Decision? Empirical Evidence from Nigeria. Financial Research. Vol.4, No.4. Nigeria: Department of Accounting, Faculty of Management Sciences, University of Benin.
  • Purba, DP. Sheren, Valent. Angeline. (2019). Effect of Current Ratio (CR), Debt To Equity Ratio (DER) and Return On Equity (ROE) on Dividend Payout Ratio (DPR) in Consumer Goods Industrial Sector Companies on the Indonesia Stock Exchange (IDX) in 2013 –2017. Journal of Accounting Research Going Concern, Vol. 14, No. 1, pp. 214-224.
  • Prasetyo, B. (2011). The Effect of Liquidity and Working Capital Efficiency on Profitability at PT BPR Sinar Dana Buana Sidoarjo. (Online). http://stieabibudiprasetyo.com/wpcontent/uploads/2013/05/jurnal/JURNAL %209.pdf.
  • Sudana, I. (2015). Corporate Financial Management.Erlangga. Jakarta.
  • Sartono, A. (2015). Financial Management Theory and Application. Fourth Edition. Jogyakarta : BPFF
  • Widodo. (2019). Popular and Practical Research Methodology. Depok: Rajawali Pers.

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

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

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.

References

  • Christine, D., Suryono, S. F. (2017). Effect of profitability and leverage on dividend policy (Empirical study on manufacturing companies on the Indonesia Stock Exchange 2010-2014). Professionalism of Accountants Towards Sustainable Business Practice, pp.205–214. http://repository.unpas.ac.id/6523/
  • Ekawati, G. Siswoyo, B. (2015). The Effects of Current Ratio and Debt to Equity Ratio on Dividend Policy through Net Profit Margin (A Study on Manufacturing Companies Listed in Indonesia Stock Exchange in the Period of 2013). Research Journal of Finance and Accounting, Vol.6, No.24, pp. 31- 37.
  • Fadli, A. Chabachib, M. Haryanto, M. (2013). Analysis of the Effect of Debt to Equity Ratio, Return On Assets, and Current Ratio to Dividend Payout Ratio. Strategy Business Journal . Vol.22, No.2, pp.128-144.
  • Finingsih, O., Nurlaela, S., & Titisari, K. H. (2019). Profitability, Liquidity, Leverage and Company Growth on Dividend Policy in Agricultural Companies on the Indonesia Stock Exchange. Journal of Paradigm Economics, Vol.20, No.02, pp.44–51.
  • Garjito, A. Basri. (2017). Finance Management. Yogyakarta:BPFE
  • Ginting, S. (2018). Effect of Liquidity, Profitability. And Leverage on Dividend Policy in LQ46 Companies Listed on the Indonesia Stock Exchange for the 2012-2016 Period. JWEM STIE Microskill, Vol.8, No.02, pp.195–204.
  • Halim, A., Hastuti, R. T. (2019). Factors Affecting Dividend Policy in Manufacturing Companies for the 2015-2017 Period. Multiparadigm Accounting, Vol.1, No.2, pp.263–272.
  • Hanafi, Mamduh. (2011). International Financial Management. Yogyakarta: BPFE.
  • Hendawati, H. (2017). Analysis of Current Ratio, Debt to Equity Ratio and Total Asset Turn Over Against Return on Equity. Attitude Journal, Vol.1, No.2, pp.97-111.
  • Horne,Wachowicz. (2013). Financial Management Principles. Thirteenth Edition. Second Book. Jakarta : Salemba Empat.
  • Izdihar, S., Suhendro, S., Fajri, R. N. (2020). Effect of Profitability, Lagged Dividend, Size, and Leverage on Dividend Policy. Scientific Journal of Batanghari University Jambi, Vol.20, No.2, pp.714. https://doi.org/10.33087/jiubj.v20i2.1012.
  • Kasmir. (2012). Financial Statement Analysis. Jakarta: PT Raja Grafindo Persada.
  • Lebelaha, D. L. (2016). The effect of price earnings ratio, debt to equity ratio and dividend payout ratio on the value of BUMN companies listed on the Indonesia Stock Exchange for the period 2011-2014. Efficiency Scientific Periodic Journal, Vol.16, No.2.
  • Martono, Harjito D.A. (2016). Finance Management. Yogyakarta: Ekonisia.
  • Mertanyani, D. Sri, W. (2015). Analysis of the Effect of Net Profit Margin, Debt Equity Ratio, Current Ratio and Company Size on Dividend Payout Ratio (a case study on LQ 45 companies listed on the Indonesia Stock Exchange for the period 2009-2013). E-Journal S1 Ak Ganesha University of Education. Vol. 3, No.1.
  • Oladipupo, A. Peter, Okoeguale I. (2013). Does Working Capital Management Matter in Dividend Policy Decision? Empirical Evidence from Nigeria. Financial Research. Vol.4, No.4. Nigeria: Department of Accounting, Faculty of Management Sciences, University of Benin.
  • Purba, DP. Sheren, Valent. Angeline. (2019). Effect of Current Ratio (CR), Debt To Equity Ratio (DER) and Return On Equity (ROE) on Dividend Payout Ratio (DPR) in Consumer Goods Industrial Sector Companies on the Indonesia Stock Exchange (IDX) in 2013 –2017. Journal of Accounting Research Going Concern, Vol. 14, No. 1, pp. 214-224.
  • Prasetyo, B. (2011). The Effect of Liquidity and Working Capital Efficiency on Profitability at PT BPR Sinar Dana Buana Sidoarjo. (Online). http://stieabibudiprasetyo.com/wpcontent/uploads/2013/05/jurnal/JURNAL %209.pdf.
  • Sudana, I. (2015). Corporate Financial Management.Erlangga. Jakarta.
  • Sartono, A. (2015). Financial Management Theory and Application. Fourth Edition. Jogyakarta : BPFF
  • Widodo. (2019). Popular and Practical Research Methodology. Depok: Rajawali Pers.
There are 21 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Research Articles
Authors

Ana Kadarnıngsıh 0000-0003-1382-8299

Publication Date April 1, 2022
Submission Date February 15, 2022
Acceptance Date March 15, 2022
Published in Issue Year 2022 Volume: 4 Issue: 6

Cite

APA Kadarnıngsıh, A. (2022). The Importance of Profitability and Dividend Policy for Indonesian State-Owned Enterprises - BUMN. Uluslararası Sosyal Bilimler Ve Eğitim Dergisi, 4(6), 377-388.

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