THE EFFECT OF CURRENT RATIO, DEBT TO EQUITY RATIO, AND NET PROFIT MARGIN ON DIVIDEND PAYOUT RATIO AT PT. ASTRA AGRO LESTARI, TBK LISTED ON THE INDONESIA STOCK EXCHANGE
DOI:
https://doi.org/10.52630/jmbv.v11.i02.84Keywords:
Dividend Payout Ratio, Dividend Policy, Current Ratio, Debt to Equity Ratio, Net Profit MarginAbstract
The dividend policy is very important because it not only deals with the importance of the enterprise but it also deals with the importance of the stock holders. The dividend that is given to the stock holders depends on the enterprise’s policies.The research was conducted to examine the influences of Current Ratio, Debt to Equity Ratio, and Net Profit Margin to word Dividend Payout Ratio at Astra Agro Lestari PT. Tbk.
Variables used in this study were, Dividend Payout Ratio as the dependen variable and the Current Ratio, Debt to Equity Ratio, and Net Profit Margin as an independen variable.The analysis techique used is multiple linear regression and hypothesis testing using the F statistic to test the effect together with a 5% confidence level and t-statistics for testing the partial regression coefficients.
The result of this study showed that Current Ratio did not significantly effect to Dividend Payout Ratio with count t-value 1,013 and significant 0,333. Debt to Equity Ratio has negative and significant impact to Dividend Payout Ratio with count t-value - 3,400 and significant 0,006. Net Profit Margin did not significantly effect to Dividend Payout Ratio with count t-value -1,665 and significant 0,124.
Based on result of statistical analysis F, obtained F value 7,137 dan significant 0,006, and it can concluded that the variables Current Ratio, Debt to Equity Ratio and Net Profit Margin simultaneously have a significant effect to Devidend Payout Ratio. The Adjusted R Square was 0,568, that showed the influence Current Ratio, Debt to Equity Ratio and Net Profit Margin to Devidend Payout Ratio value at 56,8% while 43,2% by other variables beyond the variables used in this study
References
Amah, Nik. 2012. Faktor-Faktor yang Mempengaruhi Dividend Policy Perusahaan Go Public di Indonesia. Jurnal Akuntansi dan Pendidikan, Volume 1, Nomor 1, Oktober 2012: 45-55.
Baridwan, Zaki. 2010. Intermediate Accounting. Edisi 8. Yogyakarta: BPFE.
Bastian, Indra dan Suhardjono. 2006. Akuntansi Perbankan Buku 1. Edisi 1. Jakarta: Salemba Empat.
Brigham, Eugene F. dan Joel F. Houston. 2011. Dasar-dasar Manajemen Keuangan Buku 2. (Alih Bahasa: Ali Akbar Yulianto). Edisi Kesebelas. Jakarta: Salemba Empat.
Ghozali, H. Imam. 2013. Aplikasi Analisis Multivariate dengan Program IBM SPSS 21 Update PLS Regresi. Edisi Tujuh. Semarang. Badan Penerbit Universitas Diponegoro.
Hadiwidjaja, Rini Dwiyani dan Lely Fera Triani. 2009. Pengaruh Profitabilitas Terhadap Dividend Payout Pada Perusahaan Manufaktur Di Indonesia. Jurnal Organisasi dan Manajemen, Volume 5, Nomor 2, Maret 2009: 49-54.
Harahap, Sofyan Syafri. 2010. Analisis Kritis atas Laporan Keuangan. Edisi 1. Cetakan Kesembilan. Jakarta: PT. Rajagrafindo Persada.
Hardinugroho, Agung. 2012. Analisis Faktor-Faktor Yang Mempengaruhi Dividend Payout Ratio Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Tahun 2009-2010. Diponegoro Journal of Management, Volume 1, Nomor 1, Tahun 2012: 1-11
Husnan, Suad. 1985. Manajemen Keuangan. Cetakan Pertama. Yogyakarta: BPFE.
Husnan, Suad dan Enny Pudjiastuti. 2004. Dasar-dasar Manajemen Keuangan. Edisi Keempat. Yogyakarta: UPP YKPN.
Kadir, Abdul. 2011. Analisis Faktor- Faktor Yang Mempengaruhi Kebijakan Dividen Pada Perusahaan Credit Agencies Go Public Di Bursa Efek Indonesia. Jurnal Manajemen dan Akuntansi, Volume 11, Nomor 1, April 2010: 10-20.
Kasmir. 2014. Analisis Laporan Keuangan. Edisi 1. Cetakan Ketujuh. Jakarta: PT. Rajagrafindo Persada.
Kieso, Donald E., Jerry J. Weygandt, dan Terry D. Warfield. 2007. Intermediate Accounting. (Ahlibahasa: oleh Emil Salim, S.E). Edisi Keduabelas. Jilid 2. John Wiley & Sons, Inc.
Lioew, Alfian Meykel; Sri Murni dan Yunita Mandagie. 2014. ROA, ROE, NPM Pengaruhnya Terhadap Dividend Payout Ratio Pada Perusahaan Perbankan dan Financial Institusi Yang Terdaftar Di BEI. Jurnal EMBA, Volume 2, Nomor 2, Juni 2014:
1406-1416
Mahesti, Febrijani Sri; Theresia Purbandari dan Mujilan. 2013. Faktor-faktor Yang Mempengaruhi Dividend Payout Ratio (DPR) Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Tahun 2009-2011. Jurnal Riset Manajemen dan Akuntansi, Volume 01, Nomor 02, Agustus
2013: 13-21.
Margaretha, Farah. 2014. Dasar-dasar Manajemen Keuangan. Cetakan Pertama. Jakarta: PT. Dian Rakyat.
Meythi; Oktavianti dan Riki Martusa. 2015. Nilai Perusahaan: Dampak Interaksi Antara Profitabilitas Dan Risiko Finansial Pada Perusahaan Manufaktur. Jurnal Keuangan dan Perbankan, Volume 18, Nomor 1, Januari 2014: 40-51
Riyanto, Bambang. 2001. Dasar-dasar Pembelanjaan Perusahaan. Edisi 4. Cetakan Ketujuh. Yogyakarta: BPFE.
Rukmana, Ristia Angga. 2013. Analisis Pengaruh ROA, Debt To Total Assets, Current Ratio, Growth dan Size Terhadap Dividend Payout Ratio. Skripsi Universitas Diponegoro.
Sartono, Agus. 2001. Manajemen Keuangan Teori dan Aplikasi. Edisi 4. Yogyakarta: BPFE.
Sugiyono. 2014. Metode Penelitian Kuantitatif, Kualitatif dan R&D. Cetakan Keduapuluh. Bandung: Alfabeta.
Suharli, Michell dan Megawati Oktorina. 2005. Memprediksi Tingkat Pengembalian Investasi Pada Equity Securities Melalui Rasio Profitabilitas, Likuiditas, Dan Hutang Pada Perusahaan Publik Di Jakarta. Simposium Nasional Akuntansi VIII Solo, 15-16 September 2005: 288-296.
Sumiadji. 2011. Analisis Variabel Keuangan Yang Mempengaruhi Kebijakan Dividen. Jurnal Dinamika Akuntansi. Vol 3 (2) 129-138.
Sunyoto, Danang. 2013. Analisis Laporan Keuangan untuk Bisnis (Teori dan Kasus). Cetakan Pertama. Yogyakarta: CAPS.
Susanti, Fanny Evania. 2011. Pengaruh Cash Ratio, Return on Assets, Growth dan Leverage terhadap Dividend Payout Ratio. Skripsi Universitas Atma Jaya Yogyakarta.
Wira, Variyetmi. 2010. Faktor Yang Mempengaruhi Pengembalian Investasi Pada Equity Securities Pada Perusahaan Manufaktur Di Indonesia. Jurnal Akuntansi & Manajemen, Vol 5, No. 1 Juni 2010: 87-99.
www.idx.co.id.
www.statistikian.com.
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution 4.0 International License.
License Terms
VISONER : Jurnal Manajemen dan Bisnis (VJMB) by STIE Balikpapan is licensed under a Creative Commons Attribution 4.0 International License.
You are free to:
- Share ” copy and redistribute the material in any medium or format
- Adapt ” remix, transform, and build upon the material for any purpose, even commercially.
Under the following terms:
-
Attribution ” You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- No additional restrictions ” You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
