The Effect of Liquidity and Profitability to Dividend Policy With Asset Growth as Moderating Variable: (Study on Property Sector, Real Estate and Building Construction Listed On Indonesia Stock Exchange)

摘要

Dividend Policy is the decision whether the profit earned by the company will be shared toward the shareholders as a dividend or will be held in the form of profit in order to be used to fund future investments. Investors prefer high dividends rather than low dividends because of its certainty. To minimize the uncertainty that might occur, investors need information taken from the company based on the company's performance from the financial report such as financial ratio analysis. This research is aimed to know the effect of liquidity and profitability toward the dividend policy and to know whether the asset growth can be used as moderation variable in the effect of liquidity and profitability toward the dividend policy. This research uses quantitative approach. The population used in this research is 63 companies in property, real estate, and building construction registered Indonesian Stock Exchange year 2014-2016. The sample used in this research is taken with purposive sampling technique, with a total of 14 companies. Analysis method used in this research is descriptive and inferential analysis, and data analysis used is Partial Least Square (SmartPLS3). The result showed that liquidity measured with CR and QR does not significantly influence dividend policy, and profitability measured with ROA and ROE does significantly and positively influence dividend policy. The asset growth measured with the total asset does not significantly influence dividend policy. The results suggest that asset growth does not significantly influence and enhance the effect of liquidity toward dividend policy. Whereas, the asset growth does not significantly influence and minimize the effect of profitability toward dividend policy.