Impact of Return on Assets, Sales Growth, Asset Growth, Cash Flow, and Liquidity (DTA) on The Organization’s Dividend Payout Ratio (Study on Financial Institution Organizations on The Indonesia Stock Exchange 2018 – 2020 Period)
Keywords:
Liquidity, Cash Flow, Asset Growth, Sales Growth, Return on Assets, and Dividend Payout Ratio.Abstract
The purpose of this study is to determine the Impact of the variables of Liquidity, Cash Flow, Asset Growth, Sales Growth, and Return on Assets (ROA) simultaneously on the Dividend Payout Ratio variable in Financial Institution Organizations listed on the Indonesia Stock Exchange. For this study, the research population selected were all organizations listed by financial institutions listed on the Indonesia Stock Exchange (IDX). Based on a report issued by the Indonesia Stock Exchange (IDX) it shows that the number of issuers in the 2018-2020 period is 105 issuers, while the research sample is 36 Financial Institution Organizations that have legal entities for the period 2018-2020.
For this study, using a sampling technique for purposive sampling with certain criteria, including (1) organizations with financial statements for December 2018 to 2020; (2) organizations that represent cash flows for the period 2018 to 2020, and (3) organizations that distribute dividends for the period 2018 to 2020. The data of this study are based on publications issued by the Indonesia Stock Exchange. This resulted in a research sample of 36 organizations from 105 organizations listed on the Indonesia Stock Exchange. For this study, the analysis technique is in the form of multiple regression, while for hypothesis testing is to use t-statistics to carry out testing of the partial regression coefficients and f-statistics to carry out tests for the mean of mutual Impact, where the significance level is 5%. The classical assumption test used includes autocorrelation, heteroscedasticity, multicollinearity, and normality tests. Based on the results of this analysis, it shows that the variables of liquidity, asset growth, sales growth and also ROA have a significant Impact on the organization's DPR variable partially on the Indonesia Stock Exchange for the period 2018 to 2020, with a significance level of not more than 5%, meanwhile , this shows that the variable of Cash Flow does not have a significant Impact on the Organization's DPR variable partially on the Indonesia Stock Exchange for the period 2018 to 2020, with a significance level of not more than 5%, which is 91.3%. Based on the results of this research, it shows that the variables of Liquidity, Cash Flow, Asset Growth, Sales Growth, and Return On Assets (ROA) have no Impact on the Dividend Payout Ratio variable partially.
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