Analisis Pengaruh Investment Opportunity Set, Profitabilitas, dan Dampaknya  terhadap Dividend Payout Ratio: Studi pada Perusahaan LQ45 di Indonesia

Muhammad Alfa  Niam

doi:10.33395/owner.v9i4.2790

Authors

Muhammad Alfa Niam Universitas Islam Kadiri

DOI:

10.33395/owner.v9i4.2790

Keywords:

Investment opportunity set, Profitabilitas, dividen policy, LQ45, Indonesia

Abstract

The purpose of this study is to investigate the effect of investment opportunity set (IOS) and profitability level (ROA) on dividend payout ratio (DPR) in companies listed on the Indonesia Stock Exchange and indexed in LQ45 from 2018 to 2021. This study fills the gap in previous research that showed inconsistent results regarding the influence of IOS on dividend policy in emerging markets. Using purposive sampling technique, 19 entities were selected as samples. Multiple regression analysis using SPSS 21 was employed as the analytical approach. The findings of this study indicate that IOS does not affect the Dividend Payout Ratio. Meanwhile, profitability (ROA) has a positive and significant effect on the Dividend Payout Ratio. This indicates that in the Indonesian context, where pyramid ownership structures are common, shareholders have more control over the company. Additionally, companies that can manage their assets effectively and efficiently create strong finances. This achievement is obtained by generating sufficient profits, so that companies are believed to be able to distribute part of their profits to shareholders in the form of dividends. The likelihood of a company distributing dividends increases if it achieves potential profits.

Downloads

Download data is not yet available.

Plum-X Analityc

References

Amanah., N. F. (2016). Pengaruh Free Cash Flow, Profitabilitas dan Debt to Equity Terhadap Rasio Dividen. Jurnal Ilmu dan Riset Akuntansi, Vol. 5, no. 10.

Amidu, M. (2007). Determinants of dividend payout ratios in Ghana. Journal of Risk Finance, 8(2), 136–145.

Anggraeny, W., Robiyanto., Sakti, I.M. (2020). jdudk. Jurnal 4(4): 543-552.

Arilaha., M. (2009). Pengaruh Free Cash Flow, Profitabilitas, Likuditas dan Leverage Terhadap Kebijakan Deviden. Jurnal keuangan dan Perbankan, Vol. 13 No.1.

Aristantia, D. &. (2015). Investment Opportunity Set dan Free Cash Flow Pada Tingkat Pembayaran Dividen Perusahaan Manufaktur. E-JurnalAkuntansi, 11(1), 220-234.

Desy. (2013). Pengaruh Profitabilitas dan Kesempatan Investasi terhadap Kebijakan Dividen pada Perusahaan Manufaktur yang Terdaftar di BEI.

Fauziyah. (2017). Kesehatan Bank, Kebijakan Deviden, dan Nilai Perusahaan teori dan kajian empiris. Kalimantan Timur: RV Pustaka Horizon.

Heri. (2016). Akuntansi, Aktiva dan Modal. Yogyakarta: Gava Media.

Heri. (2017). Analisis Laporan Keuangan (Intergrated and Comprehensive edition). Jakarta: Grasindo.

Kafata, A. A. (2018). Pengaruh Free Cash Flow, Investment Opportunity Set, dan Return On asset Terhadap Dividend Payout Ratio Pada Perusahaan Manufaktur Sektor Mining yang Terdaftar di BEI Periode 2011-2015. Jurnal Ilmu Manajemen, 6 (1).

Kallapur, S., & Trombley, M. A. (2001). The investment opportunity set: Determinants, consequences and measurement. Managerial Finance, 27(3), 3–15.

Mawarni, L. F. (2015). Pengaruh Kesempatan Investasi, Leverage, dan Likuiditas Pada Kebijakan Dividen Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. . E-JurnalAkuntansi, 200-208.

Mulyono. (2009). Pengaruh Debt To Equity Ratio, Insider Ownership, Size dan Investment Opportunity Set Terhadap Kebijakan Dividen.

Niam, M. A. (2023). Non Performing….. Jurnal Riset Akuntansi dan Bisnis, 9 (2) : 365-374

Njoku, A. C., & Lee, C. C. (2024). Ownership Structure and Dividend Policy: Evidence from Emerging Markets. Journal of Risk and Financial Management, 17(1), 22.

Pradana, S. W. (2014). Pengaruh Profitabilitas, Free Cash Flow, dan Investment Opportunity Set Terhadap Dividend Payout Ratio. Simposium Nasional Akuntansi 17 Mataram.

Purba, I. L. (2017). Pengaruh Laba Bersih, Arus Kas Operasi, dan Investment opportunity Set (IOS) Terhadap Kebijakan dividen. Jurnale-Proceeding of Management, 4 (2).

Riyanto., &. B. (2013). Analisis Laporan Keuangan. Yogyakarta: BPFE.

Sari, N. P. (2019). Pengaruh Profitabilitas, Likuiditas, Dan Tingkat Pertumbuhan Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur. . E-Jurnal Manajemen Universitas Udayana, 8 (7):4559.

Sari, R. F. (2010). Analisis Pengaruh Kepemilikan Manajerial, Kebijakan Utang, Profitabilitas, Ukuran Perusahaan dan Kesempatan Investasi Terhadap Kebijakan Dividen .

Shabrina, W., & Hadian, N. (2021). The influence of current ratio, debt to equity ratio, and return on assets on dividend payout ratio. International Journal of Financial, Accounting, and Management, 3(3), 193–204.

Singhania, M., & Gupta, A. (2012). Determinants of corporate dividend policy: A Tobit model approach. Vision: The Journal of Business Perspective, 16(3), 153–162.

Suartawan, I. G. (2016). Pengaruh Investment Opportunity Set dan Free Cash Flow pada Kebijakan Dividen dan Nilai Perusahaan. E-Jurnal Akuntansi Udayana, 14 (3).

Sugiyono. (2018). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.

Wicaksana, I. G. (2012). Pengaruh Cash Ratio, Debt to Equity dan ROA Terhadap Kebijakan Deviden Pada Perusahaan Manufaktur di Bursa Efek Indonesia .

Wulandari, D. U. (2017). Pengaruh Profitabilitas, Kesempatan Investasi, Free Cash Flow dan Debt Policy Pada Kebijakan Dividen Perusahaan Manufaktur. E-JurnalAkuntasi, 202-230.

Yudiana, I. G. (2016). Pengaruh Kepemilikan Manajerial Leverage, Investment Opportunity Set dan Profitabilitas Pada Kebijakan Dividen Perusahaan Manufaktur. E-Jurnal Akuntansi, 111-141.

Zahrah. (2017). Pengaruh Profitabilitas, Leverage, Free Cash Flow dan IOS Terhadap Kebijakan Dividen. Jurnal Ilmu dan Riset Akuntansi, 2460-0585.