The Effect of Liquidity, Leverage, and Company Growth On Dividend Policy Through Profit Growth
DOI:
https://doi.org/10.32662/gaj.v9i2.4660Abstract
This study aims to examine the effect of liquidity, leverage, and company growth on dividend policy. In addition, it also examines the effect of liquidity, leverage, and company growth on dividend policy through profit growth. This is a quantitative study using secondary data. The sampling technique used purposive sampling on companies in the non-cyclical consumer sector, food and beverage sub-sector, listed on the Indonesia Stock Exchange (IDX) for the period 2018-2024. The number of samples that met the criteria was 161 observations. The independent variables were liquidity (proxied by the Current Ratio), leverage (proxied by the Debt-to-Equity Ratio), and company growth, while the intervening variable was profit growth, and the dependent variable was dividend policy. The study used two models, namely model 1 (direct effect using multiple regression) and model 2 (indirect effect using path analysis with PLS statistical techniques). The results of this study indicate that liquidity does not affect dividend policy, while leverage and company growth have a negative effect on dividend policy. Profit growth is unable to mediate the effect of liquidity and company growth on dividend policy, but conversely, profit growth is able to mediate the effect of leverage on dividend policy.
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