PERAN DEBT TO EQUITY RATIO DALAM MEMEDIASI PENGARUH CURRENT RATIO DAN INSTITUTIONAL OWNERSHIP TERHADAP DIVIDEND PAYOUT RATIO PADA PERUSAHAAN MANUFAKTUR

Ika Rosyada Fitriati

Abstract


This study aims to examine the effect of current ratio variables and institutional ownership on dividend payout ratio and the role of debt to equity ratio in mediating those effects. The sampling method that is used in the study is purposive sampling method. This study uses financial statement data published in Indonesian Capital Market Directory (ICMD). The feasibility test of the model was tasted using a multicollinearity test, test the coefficient of determination and significance test. Path analysis and sobel test are used in hypothesis testing. The result of the study found that the current ratio has a significant negative effect on the debt to equity ratio, the debt to equity ratio has a significant negative effect on the dividend payout ratio and the debt to equity ratio is able to mediate the effect of the current ratio on the dividend payout ratio.

Keywords


current ratio, institutional ownership, debt to equity ratio and dividend payout ratio

References


Ahmed, I. E. (2015). Liquidity, Profitability and the Dividends Payout Policy, 5(2), 73–85.

Al-Najjar, B. (2010). Corporate governance and institutional ownership : evidence from Jordan, 10(2), 176–190. https://doi.org/10.1108/14720701011035693

Al-Najjar, B. (2016). The Effect of Ownership Structure on Dividend Policy: Evidence from Turkey. The International Journal of Business in Society, 16(1).

Al-Nawaiseh, M. (2013). Dividend Policy and Ownership Structure : An Applied Study on Industrial Companies in Amman Stock Exchange. Journal of Management Research, 5(2), 83–106. https://doi.org/10.5296/jmr.v5i2.2920

Ang, R. (1997). Buku Pintar Pasar Modal Indonesia. Mediasoft Indonesia.

Betania, R. P. (2015). Pengaruh Insider Ownership, Asset Tangibility, Institutional Ownership dan Pertumbuhan Perusahaan terhadap Dividend Payout Ratio dengan Mediasi Debt to Equity Ratio. Universitas Diponegoro.

Deitiana, T. (2013). Pengaruh Current Ratio, Return on Equity dan Total Asset Turn Over terhadap Deviden Payout Ratio dan Implikasi pada Harga Saham, 15(1), 82–88.

Gharaibeh, A. M. O. (2015). The Determinants of Capital Structure: Empirical Evidence from Kuwait, 3(6), 1–25.

Ghozali, I. (2014). Structural Equation Modeling Metode Alternatif dengan Partial Least Squares (PLS) (4th ed.). Semarang: Badan Penerbit Universitas Diponegoro.

Jahanzeb, A., & Bajuri, N. H. (2014). Determinants of Capital Structure: Empirical Evidence from Pakistan. SSRN Electronic Journal, 22(2), 272–278. https://doi.org/10.2139/ssrn.1977024

Jamal, A. A. A., Geetha, C., Mohidin, R., Abdul Karim, M. R., Sang, L. T., & Ch’g, Y. (2013). Capital Structure Decisions : Evidence from Large Capitalized Companies in Malaysia. Interdisciplinary Journal of Contemporary Research in Business, 5(5), 30–49.

Jensen, M. C. (2012). Value Maximization, Stakeholder Theory, and the Corporate Objective Function. Business Ethics Quarterly, 12(2), 235–256.

Masnoon, M., & Saeed, A. (2014). Capital Structure Determinants of Kse Listed Automobile Companies. European Scientific Journal, 10(13), 451–461.

Mehta, A. (2012). An Empirical Analysis of Determinants of Dividend Policy - Evidence from the UAE Companies Mehta. Global Reiew of Accounting and Finance, 3(1), 18–31.

Moradi, N. S., Aldin, M. M., Forough Heyrani, & Iranmahd, M. (2012). The Effect of Corporate Governance, Corporate Financing Decision and Ownership Structure on Firm Performance: A Panel Data Approach from Tehran Stock Exchange. International Journal of Economics and Finance, 4(6), 86–93. https://doi.org/10.5539/ijef.v4n6p86

Nerviana, R. (2015). The Effect of Financial Ratios and Company Size on Dividend Policy. The Indonesian Accounting Review, 5(1), 23–32. https://doi.org/10.14414/tiar.15.050103

Putri, I. F., & Nasir, M. (2006). Analisis Persamaan Simultan Kepemilikan Manajerial, Kepemilikan Institusional, Risiko, Kebijakan Hutang dan Kebijakan Dividen dalam Perspektif Teori Keagenan. Simposium Nasional Akuntansi 9 Padang, 23–26.

Šarlija, N., & Harc, M. (2012). The Impact of Liquidity on the Capital Structure : A Case Study of Croatian Firms, 3(1), 30–36. https://doi.org/10.2478/v10305-012-0005-1

Tariq, A. (2015). The Joint-Determinants of Leverage and Dividend Policy : a Balanced Panel Study of Non Financial Firms of India, 11(10), 311–328.

Wardhana, G. H. (2013). Pengaruh Profitability, Asset Tangibility dan Institutional Ownership terhadap Struktur Modal dan Dampaknya pada Kebijakan Dividen. Universitas Diponegoro.

Wasike, T. W., & Ambrose, J. (2015). Determinants of Dividend Policy in Kenya. International Journal of Arts and Entrepreneurship, 4(11), 71–80.




DOI: https://doi.org/10.24176/bmaj.v2i1.2973

Article Metrics

Abstract views : 156| PDF (Bahasa Indonesia) views : 239

Refbacks

  • There are currently no refbacks.


free hit counter View My Stats

Member of

Index by:

 

   

Flag Counter


Business Management Analysis Journal is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Dedicated to: