Pengaruh Nilai Perusahaan, Profitabilitas, dan Inflasi Terhadap Kebijakan Dividen
Main Article Content
Abstract
Penelitian ini menguji pengaruh nilai perusahaan (Market-to-Book/MTB), profitabilitas (Net Profit Margin/NPM), dan inflasi terhadap kebijakan dividen (Dividend Payout Ratio/DPR) dengan ukuran perusahaan sebagai variabel kontrol pada subsektor food & beverage di Bursa Efek Jakarta. Populasi terdiri dari 95 perusahaan dengan kriteria dan purposive sampling diperoleh 31 perusahaan (93 sampel) untuk periode 2022–2024. Metode yang digunakan adalah regresi linier berganda menggunakan SPSS 25. Hasil menunjukkan variabel nilai perusahaan berpengaruh positif dan signifikan terhadap DPR (β=0,042; t=2,031; p=0,046). Variabel profitabilitas (NPM) berpengaruh positif dan signifikan terhadap DPR (β=0,989; t=2,587; p=0,012) dan inflasi tidak berpengaruh signifikan (β=−0,454; t=−0,175; p=0,862). Secara simultan model signifikan (F=3,564; p=0,011) dengan Adjusted R²=0,126. Hasil penelitian ini mengindikasikan bahwa perusahaan dengan valuasi pasar dan margin laba yang lebih tinggi cenderung meningkatkan pembayaran dividen, sementara tekanan inflasi pada periode observasi tidak mengubah kebijakan dividen secara berarti. Bagi investor dan regulator indikator nilai perusahaan dan profitabilitas relevan untuk menilai konsistensi kebijakan dividen di subsektor ini.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
Akolor, M., & Gujral, T. (2024). Analyzing The Dynamics Of Firm Size And Investment On Dividend Policy Of Quoted Firms In Ghana. Financial And Credit Activity: Problems Of Theory And Practice, 5(58), 199–206. Https://Doi.Org/10.55643/Fcaptp.5.58.2024.4497
Akpadaka, O. S., Farouk, M. A., Dang, D. Y., & Fodio, M. I. (2024). Does Profitability Moderate The Relationship Between The Leverage And Dividend Policy Of Manufacturing Firms In Nigeria And South Africa? Journal Of Risk And Financial Management, 17(12), 0–18. Https://Doi.Org/10.3390/Jrfm17120563
Aldarma, R., & Wahyudi, W. (2023). The Influence Of Profitability, Liquidity And Inflation On Dividend Policy In Primary Consumer Sector Companies On The Indonesian Stock Exchange. Jurnal Manajemen, 11(4), 310–316. Https://Doi.Org/10.36546/Jm.V11i4.957
Ali, H. (2022). Corporate Dividend Policy In The Time Of Covid-19: Evidence From The G-12 Countries. Finance Research Letters, 46(Pb), 102493. Https://Doi.Org/10.1016/J.Frl.2021.102493
Badan Pusat Statistik. (2025). Pertumbuhan Ekonomi Indonesia. Pertumbuhan Ekonomi.
Damayanti, C. R., & Palinggi, Y. A. (2023). Factors Affecting Dividend Policy: An Evidence From Indonesian Financial Companies. Management Analysis Journal, 12(1), 1–16. Https://Doi.Org/Https://Doi.Org/10.15294/Maj.V12i1.57970
Dhova, E. P., Setyadi, M. G., & Suprihati. (2022). Pengaruh Solvabilitas, Pertumbuhan Aset, Firm Size, Dan Profitabilitas Terhadap Kebijakan Dividen Perusahaan Manufaktur Di Bei Tahun 2018- 2020. Jurnal Akuntansi Dan Pajak, 22(22), 1–13.
Ghose, B., Tyagi, P. K., Sharma, P., Gogoi, N., Singh, P. K., Ngima, Y., Vasudevan, A., & Gope, K. (2025). Exploring New Aspects Of Corporate Dividend Policy: Case Of An Emerging Nation. Journal Of Risk And Financial Management, 18(5), 1–20. Https://Doi.Org/10.3390/Jrfm18050232
Harahap, I. A., & Kristanti, F. T. (2022). Pengaruh Kepemilikan Institusional, Leverage, Pertumbuhan Perusahaan, Dan Inflasi Terhadap Dividend Policy. Seiko : Journal Of Management & Business, 5(1), 2022–2512. Https://Doi.Org/10.37531/Sejaman.V5i1.2254
Heliani, H., Yulianti, R., & Hermawan, I. (2022). Pengaruh Net Profit Margin, Current Ratio, Debt To Equity Ratio, Free Cash Flow Dan Firm Size Terhadap Kebijakan Dividen. Moneter - Jurnal Akuntansi Dan Keuangan, 9(2), 162–170. Https://Doi.Org/10.31294/Moneter.V9i2.13415
Hidayat, R. F., I Gusti Ketut Agung Ulupui, & Hera Khairunnisa. (2024). Pengaruh Profitabilitas, Ukuran Perusahaan, Dan Kepemilikan Perusahaan Terhadap Kebijakan Dividen Pada Perusahaan Bumn. Jurnal Akuntansi, Perpajakan Dan Auditing, 4(3), 753–769. Https://Doi.Org/10.21009/Japa.0403.09
Ickhsanto, W., & Futuh, T. S. (2025). Pengaruh Ukuran Perusahaan, Kebijakan Dividen, Likuiditas, Dan Profitabilitas Terhadap Nilai Perusahaan. 4, 193–209. Https://Doi.Org/10.56672/Assyirkah.V4i1.446
Idris, A. A., Bala, H., & Suleiman, N. (2020). Dividend Policy And Political Uncertainty: Does Firm Maturity Matter? Jurnal Dinamika Akuntansi Dan Bisnis, 7(2), 139–150. Https://Doi.Org/10.24815/Jdab.V7i2.16789
Indarwati, E. T., & Nur, D. I. (2023). Dampak Rasio Keuangan Terhadap Kebijakan Dividen Dengan Moderasi Ukuran Perusahaan Pada Perusahaan Sektor Consumer Goods Yang Terdaftar Di Bursa Efek Indonesia. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(6), 2738–2748. Https://Doi.Org/10.47467/Alkharaj.V5i6.3620
Indrati, M., & Amelia, K. (2022). The Effect Of Profitability, Liquidity, Leverage And Company Size On The Company’s Dividend Policy. Budapest International Research And Critics Institute-Journal (Birci-Journal), 5(3), 4(3), 21787–21799. Https://Doi.Org/10.47467/Alkharaj.V4i3.749
International Monetary Fund. (2022). World Economic Outlook: War Sets Back The Global Recovery. Https://Www.Imf.Org/En/Publications/Weo/Issues/2022/04/19/World-Economic-Outlook-April-2022
Irmansyah, D., & Nariman, A. (2024). Analisis Faktor-Faktor Yang Mempengaruhi Dividend Payout Ratio Dengan Ukuran Perusahaan Sebagai Pemoderasi. Jurnal Paradigma Akuntansi, 6(1), 53–63. Https://Doi.Org/10.24912/Jpa.V6i1.28539
Julyana, J., Sutjiati, R. N., & Bram, H. (2022). Market Responses Around The Publication Dates Of Annual Financial Report. Journal Of Economics And Business, 5(1). Https://Doi.Org/10.31014/Aior.1992.05.01.403
Muzakki, N., & Ulfah, Y. (2023). Volume . 19 Issue 4 ( 2023 ) Pages 925-932 Inovasi : Jurnal Ekonomi , Keuangan Dan Manajemen Issn : 0216-7786 ( Print ) 2528-1097 ( Online ) Pengaruh Profitabilitas Terhadap Kebijakan Dividen Dengan Likuiditas Sebagai Variabel Moderasi. 4(4), 925–932.
Naibaho, E. A. B., & Widyastari, N. (2023). Effect Of Net Profit Margin, Sales Growth, Profitability On Dividens Pay-Out Ratio With Managerial Ownership As Moderation. Jurnal Keuangan Dan Perbankan, 27(1), 96–111. Https://Doi.Org/10.26905/Jkdp.V27i1.9053
Natsir, K., & Bangun, N. (2021). The Effect Of Inflation, Good Corporate Governance, And Investment Opportunity Set On Dividend Policy. Jurnal Ekonomi Dan Pembangunan, 12(1), 57–70.
Njoku, O. E., & Lee, Y. (2024). Revisiting The Effect Of Dividend Policy On Firm Performance And Value: Empirical Evidence From The Korean Market. International Journal Of Financial Studies, 12(1). Https://Doi.Org/10.3390/Ijfs12010022
Prastya, A. H., & Jalil, F. Y. (2020). Pengaruh Free Cash Flow, Leverage, Profitabilitas, Likuiditas Dan Ukuran Perusahaan Terhadap Kebijakan Dividen. Jurnal Kajian Akuntansi Dan Bisnis Terkini, 1(1), 132–149. Https://Doi.Org/10.31258/Jc.1.1.132-149
Pristiana, U., & Murtadho, M. (2025). Improving Firm Value To Dividend Policy Evidence Of Indonesia Public Company In Emerging Market. Jurnal Ilmiah Manajemen Kesatuan, 13(4), 2521–2532. Https://Doi.Org/10.37641/Jimkes.V13i4.3515
Rahman, M., Chowdhury, M., & Uddin, M. (2023). Corporate Governance, Firm Value And Dividend Policy: Evidence From Emerging Markets. International Journal Of Finance & Economics, 28(2), 2345–2362. Https://Doi.Org/Https://Doi.Org/10.1002/Ijfe.2741
Refaldi, A., & Kardinal. (2025). The Effect Of Net Profit Margin (Npm) And Debt To Equity Ratio (Der) On Dividend Policy Dividend Policy Listed On The Idx30 Index For The Period 2019-2023. Jurnal Multidisiplin Sahombu, 5(03), 312–318. Https://Ejournal.Seaninstitute.Or.Id/Index.Php/Jms/Index
Sakinah, T., Purwanto, B., & Ermawati, W. J. (2021). Analisis Penghindaran Risiko Pada Keputusan Investasi Di Pasar Modal Indonesia. Jurnal Aplikasi Bisnis Dan Manajemen, 7(1), 66–74. Https://Doi.Org/10.17358/Jabm.7.1.66
Shaheen, R., & Ullah, S. (2021). Effect Of Institutional And Insider Ownership On Dividend Policy: Evidence From Pakistan. Journal Of Business & Tourism, 4(2), 155–166. Https://Doi.Org/10.34260/Jbt.V4i2.169
Sitorus, N. I. S., & Marbun, P. (2024). Pengaruh Inflasi, Good Corporate Governance, Dan Investment Opportunity Set Terhadap Kebijakan Dividen Pada Perusahaan Food And Beverage Yang Terdaftar Di Bei Tahun 2019-2023. Jurnal Ekonomi Dan Perbankan Syariah, 9(5), 3160–3169.
Spence, M. (1973). Editorial : Aktuell Diskutiert. Geburtshilfe Und Frauenheilkunde 2004; 64(4): 419. Https://Doi.Org/Doi: 10.1055/S-2004-820924
Theiri, S., Ben Hamad, S., & Ben Amor, M. (2023). Dividend Policy And Crisis: Exploring The Interplay Between Performance And Financial Constraints In The French Context. Heliyon, 9(10), E20586. Https://Doi.Org/10.1016/J.Heliyon.2023.E20586
Triani, N., & Tarmidi, D. (2019). Firm Value: Impact Of Investment Decisions, Funding Decisions And Dividend Policies. International Journal Of Academic Research In Accounting, 9(2), 158–163. Https://Doi.Org/10.6007/Ijarafms/V9-I2/6107
Ullah, W., Haris, M., & Khan, A. (2022). Determinants Of Dividend Policy In Emerging Economies: Does Firm Value Matter? Cogent Economics & Finance, 10(1), 2098762. Https://Doi.Org/Https://Doi.Org/10.1080/23322039.2022.2098762
Yusuf, Y., & Suherman, A. (2021). Pengaruh Likuiditas Dan Profitabilitas Terhadap Kebijakan Dividen Dengan Variabel Ukuran Perusahaan Sebagai Variabel Mediasi. Jurnal Akuntansi Dan Bisnis Indonesia (Jabisi), 2(1), 39–49. Https://Doi.Org/10.55122/Jabisi.V2i1.203