Pengaruh NPM, Current Ratio, DER, Company’s Growth, Firm Size, dan Collateralizable Assets Terhadap Dividend Payout Ratio

Abstract

Abstract. Dividend policy is very important because dividend policy is needed for both parties for the company and for shareholders. A dividend that will be distributed to shareholders depends on company policy. The problem of this research is due to the contradiction between theory and the facts about the effect of net profit margin, current ratio, debt to equity ratio, growth, firm size, and collateralizable assets to the dividend payout ratio during the period 2015-2018.

This study aims to determine the effect of a company's financial performance through net profit margin, current ratio, debt to equity ratio, growth, firm size, and collateralizable assets to the dividend payout ratio listed on the Indonesia Stock Exchange (IDX) for the period 2015 to 2018. Method The sampling used was purposive sampling, and the samples taken were 25 non-financial companies. The data analysis method uses multiple linear regression, classic assumptions, and hypothesis testing.

Based on the results of the research, the independent variables, namely net profit margin, current ratio, Debt to equity ratio, company's growth, firm size, and collateralizable assets simultaneously have a significant positive effect on the dividend payout ratio. Meanwhile, only partially the current ratio and firm size have a significant positive effect on the dividend payout ratio.

Keywords: net profit margin, current ratio, debt to equity ratio, company’s growth, firm size, collateralizable asset, non-financial companies, dividend payout ratio

Abstrak. Kebijkan dividen merupakan hal yang sangat penting karena kebijakan dividen sangat diperlukan untuk kedua pihak baik untuk perusahaan dan untuk pemegang saham. Suatu dividen yang akan dibagikan kepada para pemegang saham tergantung pada kebijakan perusahaan. Permasalahan dari penelitian ini adalah karena adanya kontradiksi antara teori dengan fakta yang ada mengenai pengaruh net profit margin, current ratio, debt to equity ratio, growth, firm size, dan collateralizable assets terhadap dividend payout ratio selama periode tahun 2015-2018.

Penelitian ini bertujuan untuk mengetahui suatu pengaruh kinerja keuangan perusahaan melalui net profit margin, current ratio, debt to equity ratio, growth, firm size, dan collateralizable assets terhadap dividend payout ratio yang terdaftar di Bursa Efek Indonesia (BEI) periode 2015 hingga 2018. Metode pengambilan sampel yang digunakan adalah purposive sampling, dan sampel yang diambil sebanyak 25 perusahaan non keuangan. Metode analisis data menggunakan regresi linier berganda, asumsi klasik, dan uji hipotesis.

Berdasarkan hasil penelitian variabel independen yaitu net profit margin, current ratio, Debt to equity ratio, company’s growth, firm size, dan collateralizable assets secara simultan pengaruh positif signifikan terhadap dividend payout ratio. Sedangkan secara parsial hanya current ratio dan firm size yang memiliki pengaruh positif signifikan terhadap dividend payout ratio.

Kata Kunci: net profit margin, current ratio, debt to equity ratio, company’s growth, firm size, collateralizable asset, perusahaan non keuangan, dividend payout ratio