The influence of liquidity, leverage, and profitability on dividend policy in manufacturing companies listed on the Indonesian stock exchange moderated by good corporate governance
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Abstract
This research aims to determine the moderated influence of liquidity, leverage, and profitability on dividend policy in manufacturing companies listed on the Indonesian Stock Exchange Moderated by Good Corporate Governance. This type of research is quantitative methods. Population in this research involved manufacturing companies listed on the Indonesia Stock Exchange for the 2015-2019 period, totaling 118 companies. Sampling process was taken using the purposive sampling. The data analysis technique used the Eviews version 9 program with multiple linear regression analysis techniques. According to the research findings, it can be concluded that liquidity and leverage influence policy dividend. Meanwhile, Good Corporate Governance and leverage are unable to moderate the influence of liquidity on dividend policy. Profitability is able to moderate the influence of liquidity on dividend policy. Then, GCG can strengthen the correlation between profitability and dividend policy.
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How to Cite
Gumelar, A., Setijaningsih, H. T., & Hendrian, H. (2024). The influence of liquidity, leverage, and profitability on dividend policy in manufacturing companies listed on the Indonesian stock exchange moderated by good corporate governance . Enrichment : Journal of Management, 14(1), 48-58. https://doi.org/10.35335/enrichment.v14i1.1870
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Cortez, M. C., Andrade, N., & Silva, F. (2022). The environmental and financial performance of green energy investments: European evidence. Ecological Economics, 197. https://doi.org/10.1016/j.ecolecon.2022.107427
Darmawan, A., & Japar, J. (2020). Investment Knowledge , Minimal Capital , Capital Market Training and Motivation for Influence of Investment Interest in Sharia Capital Markets. International Journal of Islamic Economics & Business Management in Emerging Market (IJIEBMEM), 1(01).
Fauziah & Widiyati. (2022). The Effect Of Tax Incentives And Good Corporate Governance On Tax Avoidance. Journal Of Industrial Engineering & Management Research, 3(1).
Ghodang, H., & Hantono. (2020). Metodologi Penelitian Kuantitatif (Konsep Dasar dan Aplikasi Analisis Regresi dan Jalur dengan SPSS).
Handayani, H., & Arrozi, M. F. (2023). Pengaruh Net Working Capital, Debt to Equity Ratio, Total Assets Turn Over, Dan Intellectual Capital Pada Kinerja Perusahaan. Sinomika Journal | Volume, 2(3).
Jura, J. V. J., & Tewu, M. D. (2021). Factors Affecting Audit Report Lag (Empirical Studies on Manufacturing Listed Companies on the Indonesia Stock Exchange). Petra International Journal of Business Studies, 4(1). https://doi.org/10.9744/ijbs.4.1.44-54
Kapoor, S., & Peia, O. (2021). The impact of quantitative easing on liquidity creation. Journal of Banking and Finance, 122. https://doi.org/10.1016/j.jbankfin.2020.105998
Kurniawati, R., Suparlinah, I., & Farida, Y. N. (2022). The effect of investment understanding, risk perception, income, and investment experience on investment behavior on capital market investors in Klaten District. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 4(9). https://doi.org/10.32670/fairvalue.v4i9.1581
Lawes, R. A., & Kingwell, R. S. (2012). A longitudinal examination of business performance indicators for drought-affected farms. Agricultural Systems, 106(1). https://doi.org/10.1016/j.agsy.2011.10.006
Mariana, L., & Rukmana, H. S. (2020). Analysis Of Liquidity, Solvency, Activity And Profitability Ratio To Assess The Financial Performance Of PT. Martina Berto Tbk For The Period 2014-2018. Neraca : Jurnal Akuntansi Terapan, 2(1). https://doi.org/10.31334/neraca.v2i1.1099
Mukhtar, S. I., Saprudin, & Ubedillah. (2022). The Effect of Return on Investment, Debt to Equity Ratio, and Earning Per Share on Stock Price. International Economic and Finance Review, 1(2). https://doi.org/10.56897/iefr.v1i2.22
Nuel, Y. (2015). Pengaruh Rasio Likuiditas, Solvabilitas, dan Profitabilitas Terhadap Harga Saham Perusahaan Sub Sektor Perkebunan Kelapa Sawit di Bursa Efek Indonesia. EJournal Administrasi Bisnis, 3(4).
Pratika. (2023). Pengaruh Financing To Deposit Ratio, Capital Adequacy Ratio, Return On Asset, Leverage, Gross Domestic Product, Dan Inflasi Terhadap Non-Performing Financing (Studi Empiris Pada Bprs Yang Terdaftar Di Otoritas Jasa Keuangan Pulau Jawa Tahun 2016-2020). Doctoral Dissertation, Universitas Islam Indonesia.
Rehman, K. U., Akhtar, H., & Shah, S. Z. A. (2019). Framing Effect and Financial Wellbeing: Role of Investment Behaviors as Mediator. Review of Economics and Development Studies, 5(2). https://doi.org/10.26710/reads.v5i2.555
Riyanto, S., & Hatmawan, A. A. (2020). Metode Riset Penelitian Kuantitatif Penelitian Di Bidang Manajemen, Teknik, Pendidikan Dan Eksperimen. Deepublish, 373.
Rosiawan, M., Singgih, M. L., & Widodo, E. (2021). Activity-based management as economic effect measurement for implementing ISO 9001:2015 clause. International Journal of Services and Operations Management, 40(1). https://doi.org/10.1504/IJSOM.2021.117649
Simbolon, K. V., Salindeho, J. K., & Karinda, A. F. (2022). Working Capital, Firm Size, Solvability, and Liquidity Towards Profitability of the Consumer Goods Industry. Klabat Journal of Management, 3(1), 34. https://doi.org/10.60090/kjm.v3i1.808.34-45
Sujana, I. N. (2017). Pasar Modal yang Efisien. Ekuitas: Jurnal Pendidikan Ekonomi, 5(2). https://doi.org/10.23887/ekuitas.v5i2.12753
Supriati, D., Bawono, I. R., & Anam, K. C. (2019). Analisis Perbandingan Model Springate, Zmijewski, Dan Altman Dalam Memprediksi Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Journal of Applied Business Administration, 3(2), 258–270. https://doi.org/10.30871/jaba.v3i2.1730
Tanaka, A. (2022). How can a central bank exit quantitative easing without rapidly shrinking its balance sheet? Central Bank Review, 22(2). https://doi.org/10.1016/j.cbrev.2022.06.001
Tangngisalu, J. (2022). Current Ratio, Return on Asset, and Debt-to-Equity-Ratio on Stock-Price of Sector Property and Real Estate. Golden Ratio of Finance Management, 2(1). https://doi.org/10.52970/grfm.v2i1.97
Unaradjan, D. (2019). Metode penelitian kuantitatif. Penerbit Universitas Katolik Atma Jaya, Jakarta.
Zhang, Y., & Xie, H. (2019). Interactive relationship among urban expansion, economic development, and population growth since the reform and opening up in China: An analysis based on a vector error correction model. Land, 8(10), 1–31. https://doi.org/10.3390/land8100153
Zuk, M., Bierbaum, A. H., Chapple, K., Gorska, K., & Loukaitou-Sideris, A. (2018). Gentrification, Displacement, and the Role of Public Investment. In Journal of Planning Literature (Vol. 33, Issue 1). https://doi.org/10.1177/0885412217716439