Factors Affectıng Dıvıdend Polıcy In Go Publıc State-Owned Enterprıses (BUMN)

Abstrak

The purpose of this research is to determine whether the political year (2019 Indonesian Presidential General Election), liquidity, leverage, and profitability have an impact on dividend policy in Go Public BUMN companies. The independent variables in this research are liquidity using the current ratio, leverage using the Debt to Assets Ratio, profitability using the return on asset ratio, and the political year (2019 Indonesian Presidential General Election) using dummy variables that assign a score of 1 (one) in the event of a presidential election and a score of 0 (zero) in the absence of one. The dependent variables of dividend policy include dividend payout ratio and dividend per share.

The research method used is quantitative, using the classic assumption test, descriptive statistics, and hypothesis testing, including the F test, T test, and R² test. The research data is the Go Public BUMN companies annual reports from 2018 to 2022, which comprise 24 companies in total. These companies are involved in the financial, infrastructure, energy, transportation and logistics, basic materials, and health sectors. The annual reports are found on www.idx.co.id and on the official websites of the Go Public BUMN companies. The findings of the research show that:

1. The political year (2019 Indonesian Presidential General Election) and liquidity have no positive effect on dividend policy (dividend payout ratio) in Go Public BUMN companies.


2. Leverage and profitability positively and significantly affect dividend policy (dividend payout ratio) in Go Public BUMN companies.


3. The political year (2019 Indonesian Presidential General Election), liquidity, leverage and profitability have no positive effect on dividend policy (Dividend Per Share) in Go Public BUMN companies.