Download fulltext HTML
Surya, T., Taufik‎., & Malinda, S. (2024). Determinants of Dividend Policy: A Case of the Property and Real Estate Sector. KnE Social Sciences, 9(14), 516–530. https://doi.org/10.18502/kss.v9i14.16123

https://doi.org/10.18502/kss.v9i14.16123

statistics

  • 250 Abstract Views
  • 97 PDF Views
  • 0 HTML Views

authors

  • Thessalonika Surya

    Thessalonika Surya

    Sriwijaya University
  • ‎ Taufik

    ‎ Taufik

    Sriwijaya University
  • Shelfi Malinda

    Shelfi Malinda

    Sriwijaya University

Published Date

  • May 3, 2024

Determinants of Dividend Policy: A Case of the Property and Real Estate Sector

KnE Social Sciences / 8th Sriwijaya Economics, Accounting, and Business Conference (8th SEABC 2023) / Pages 516–530

Abstract

This study aimed to determine the effect of free cash flow, leverage, and liquidity on dividend policy and profitability as intervening variables in property companies and real estate. Companies were selected based on purposive sampling techniques to produce 50 samples from 10 companies. The data analysis technique used for testing the hypothesis was the path analysis test and the Sobel test. The research results showed that free cash flow, leverage and liquidity had no direct effect on dividend policy. Profitability had a mediate effect of free cash flow and liquidity on dividend policy while profitability was unable to mediate the relationship leverage on dividend policy. Companies can distribute dividends regardless of free cash flow, leverage and company liquidity. The results of the study indicated that there were no factors that are thought to have a direct influence on dividend policy that are proven to be significant, so it is suggested that further research include other factors that can influence dividend policy.


Keywords: free cash flow, leverage, liquidity, profitability, dividend policy

References
[1] Lestari P, Masitoh E, Siddi P. Faktor-Faktor Yang Mempengaruhi Kebijakan Deviden Pada Perusahaan LQ45. Jurnal Akuntansi Dan Keuangan. 2021;12:14–30.

[2] Karismawati, Suarjaya AAG, Ni Putu Ayu S. The Effect of Dividend Policy, Sales Growth, and Liquidity of the Company’s Capital Structure [AJHSSR]. American Journal of Humanities and Social Sciences Research. 2020;4:31.

[3] Budagaga AR. Determinants Of Banks’ Dividend Payment Decisions: Evidence From Mena Countries. International Journal Of Islamic And Middle Eastern Finance And Management. 2020;13(5):847–71.

[4] Gul S, Ullah I, Gul H, Rasheed S. Factors Affecting Dividend Policy: Empirical Study From Pharmaceutical’s Companies In Pakistan (PSX). European Journal Of Business And Management Research. 2020 Nov;5(5):2. ; Epub Ahead Of Print.

[5] Suliman Al-Fasfus F. Impact Of Free Cash Flows On Dividend Pay-Out In Jordanian Banks. Asian Econ Financ Rev. 2020;10(5):547–58.

[6] Lee CW, Hsu HH, Peng SJ, et al. Exploring The Determinants Of Company’s Dividend Payout Policy. Vietnamese Stock Market. Journal Of Applied Finance & Banking; 2022. pp. 1–25.

[7] Sanjaya S, Rizky MF. Analisis Profitabilitas Dalam Menilai Kinerja Keuangan Pada Pt. Taspen (Persero) Medan. Nat Methods; 7.

[8] Baker HK, Dewasiri NJ, Yatiwelle Koralalage WB, Azeez AA. Dividend Policy Determinants Of Sri Lankan Firms: A Triangulation Approach. Manag Finance. 2019;45(1):2–20.

[9] Pattiruhu JR, Paais M. Effect Of Liquidity, Profitability, Leverage, And Firm Size On Dividend Policy. The Journal Of Asian Finance. Economics And Business. 2020;7:35– 42.

[10] Bushra A, Mirza N. The Determinants Of Corporate Dividend Policy In Pakistan. The Lahore Journal Of Economics. 2015;20(2):77–98.

[11] Yunas. R, Ika W, Ida S. Pengaruh Likuiditas Terhadap Kebijakan Dividen Dengan Profitabilitas Sebagai Variabel Intervening (Studi Empiris Perusahaan Lq 45 Yang Terdaftar Di Bei Periode 2016-2020). Jurnal Mahasiswa Entrepreneur ( Jme); 1.

[12] Mahmudi AG. Pengaruh Likuiditas Dan Leverage Terhadap Kebijakan Dividen Dengan Profitabilitas Sebagai Variabel Intervening. Mdp Student Conference (Msc) 2022 2022; 192–199.

[13] Jensen M, Meckling WH. Theory Of The Firm: Managerial Behavior, Agency Cost And Ownership Structure. J Financ Econ. 1976;3(4):305–60.

[14] Myers SC. The Capital Structure Puzzle. J Finance. 1984;39(3):575.

[15] Widyasti IG. I.G.A.M. Asri Dwija. The Effect Of Profitability, Liquidity, Leverage, Free Cash Flow, And Good Corporate Governance On Dividend Policies (Empirical Study On Manufacturing Companies Listed In Indonesia Stock Exchange 2017- 2019) [AJHSSR]. American Journal Of Humanities And Social Sciences Research. 2021;5:269–78.

[16] Rozeff MS. Growth, Beta And Agency Cost As Determinants Of Dividend Payout Ratios. J Financ Res. 1982;5(3):249–59.

[17] Chukwuebuka OJ, Okonkwo OT. Financial Leverage And Dividend Policy: Evidence From Oil And Gas Firms. Nigeria. Asian Journal Of Economics, Business And Accounting; 2020. pp. 51–62.

[18] Baker K, Farrelly H, Edelman B. A Survey Of Management Views On Dividend Policy. Financ Manag. 1985;19(3):175–83.

[19] Puspitaningtyas Z, Prakoso A, Masruroh A. Pengaruh Profitabilitas Terhadap Kebijakan Dividen Dengan Likuiditas Sebagai Pemoderasi. Jurnal Administrasi Bisnis. 2019;9(3):1.

[20] Setyawan B. Pengaruh Free Cash Flow, Profitabilitas Dan Likuiditas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Intervening (Studi Pada Emiten Sub-Sektor Perdagangan Eceran Yang Terdaftar Di Bursa Efek Indonesia). Jurnal Mitra Manajemen. 2019;3(7):815–30.

[21] Bella L, Yantri O. Pengaruh Kebijakan Hutang Dan Free Cash Flow Terhadap Profitabilitas Pada Perusahaan Makanan Dan Minuman Yang Terdaftar Di Bei Tahun 2014-2019. Zona Keuangan: Program Studi Akuntansi (S1). Universitas Batam. 2022;11:46–56.

[22] Ca LS. Pengaruh Leverage, Likuiditas, Ukuran Perusahaan, Dan Perputaran Total Aset Terhadap Profitabilitas. Jurnal Paradigma Akuntansi. 2020;2(1):393.

[23] Widi E, Widyastuti T, Bahri S. Pengaruh Struktur Modal, Likuiditas, Arus Kas Bebas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening. Jurnal Ekobisman. 2021;6:17–34.

[24] Cahyani N, Badjra I. Pengaruh Leverage dan Likuiditas Terhadap Kebijakan Dividen dengan Profitabilitas Sebagai Variabel Intervening di BEI. Jurnal Manajemen Unud. 2017;6:5262–86.

[25] Ghozali I. Ekonometrika Teori Konsep dan Aplikasi dengan IBM SPSS 24. Edisi VIII. Badan Penerbit Universitas Diponegoro; 2017.

[26] Ali Taher FN, Al-Shboul M. Dividend policy, its asymmetric behavior and stock liquidity. J Econ Stud. 2023;50(3):578–600.

[27] Fatimah WP. Pengaruh Free Cash Flow, Leverage, Profitabilitas, Likuiditas Dan Ukuran Perusahaan Terhadap Kebijakan Dividen. Jurnal Kajian Akuntansi Dan Bisnis Terkini. 2020;3:438–57.

[28] Alawiyah A, Prasetyo G, Fatimah S. Pengaruh Leverage dan Likuiditas Terhadap Kebijakan Deviden. Jurnal Perspektif. 2021;19(2):175–83.

[29] Munyoki Kathuo S, Oluoch O, Njeru A. Influence of Financial Performance and Financial Leverage on Dividend Payout. International Journal of Accounting. Finance and Risk Management. 2020;5:167.