Pengaruh Likuiditas, Leverage, Profitabilitas, dan Risiko Bisnis terhadap Dividen IDX Quality30

Abstract. This study aims to determine the effect of liquidity, leverage, profitability, and business risk on dividend policy in companies listed on the IDX Quality30 Index on the Indonesia Stock Exchange for the 2020–2024 period. The study employed a quantitative approach with descriptive and verification methods. The data used were secondary data in the form of the companies' annual financial reports. The sampling technique used purposive sampling, resulting in 10 companies as samples over five years of observation, with a total of 50 observations. Data analysis was performed using panel data regression with EViews 12 software. The independent variables consisted of liquidity, measured by the Quick Ratio (QR), leverage by the Debt to Equity Ratio (DER), profitability by Return on Assets (ROA), and business risk by the Degree of Operating Leverage (DOL). The dependent variable was dividend policy, measured by the Dividend Payout Ratio (DPR). The results showed that all independent variables simultaneously had a significant effect on dividend policy. Partially, liquidity and leverage had no significant effect, while profitability and business risk had a significant negative effect on dividend policy. Abstrak. Penelitian ini bertujuan untuk mengetahui pengaruh likuiditas, leverage, profitabilitas, dan risiko bisnis terhadap kebijakan dividen pada perusahaan yang tergabung dalam Indeks IDX Quality30 di Bursa Efek Indonesia periode 2020–2024. Penelitian menggunakan pendekatan kuantitatif dengan metode deskriptif dan verifikatif. Data yang digunakan merupakan data sekunder berupa laporan keuangan tahunan perusahaan. Teknik pengambilan sampel menggunakan purposive sampling sehingga diperoleh 10 perusahaan sebagai sampel selama lima tahun pengamatan dengan total 50 observasi. Analisis data dilakukan menggunakan regresi data panel dengan bantuan perangkat lunak EViews 12. Variabel independen terdiri atas likuiditas yang diukur dengan Quick Ratio (QR), leverage dengan Debt to Equity Ratio (DER), profitabilitas dengan Return on Assets (ROA), serta risiko bisnis dengan Degree of Operating Leverage (DOL). Variabel dependen adalah kebijakan dividen yang diukur dengan Dividend Payout Ratio (DPR). Hasil penelitian menunjukkan bahwa secara simultan seluruh variabel independen berpengaruh signifikan terhadap kebijakan dividen. Secara parsial, likuiditas dan leverage tidak berpengaruh signifikan, sedangkan profitabilitas dan risiko bisnis berpengaruh signifikan negatif terhadap kebijakan dividen.