Pengaruh Rasio Profitabilitas, Leverage, Likuiditas, Aktivitas, dan Free Cash Flow terhadap Dividend Payout Ratio Perusahaan Sektor Kesehatan yang Terdaftar di Bursa Efek Indonesia Periode 2019 – 2023

Fitria Anggun Tri Aulia, Prasetyo Nugroho

Abstract


Dividend Payout Ratio measures the percentage of dividends distributed to shareholders. This paper aims to analyze the factors that determine the Dividend Payout Ratio using five independent variables, which are Net Profit Margin, Debt to Equity Ratio, Current Ratio, Total Assets Turnover, and Free Cash Flow in healthcare sector firms that registered in Indonesia Stock Exchange in the time range of 2019 - 2023. The total population consists of 34 companies. The sample in this study was selected by applying a non-probability sampling technique based on the purposive sampling method, so that nine companies were obtained that met the research criteria. Secondary data in this study were accessed through the official IDX or company website. Partial test results state that Debt to Equity Ratio and Current Ratio have a positive and significant effect, Net Profit Margin and Total Assets Turnover have no significant effect, and Free Cash Flow has a negative and significant effect. Simultaneously, the five variables positively and significantly affect the Dividend Payout Ratio with an R Square value of 82.8%.


Full Text:

PDF

References


BAHRI, S. (2017). Faktor-Faktor Yang Memengaruhi Kebijakan Dividen. JRAK: Jurnal Riset Akuntansi Dan Komputerisasi Akuntansi, 8(1), 63–84. https://doi.org/10.33558/jrak.v8i1.882

Batrancea, L. (2021). The influence of liquidity and solvency on performance within the healthcare industry: Evidence from publicly listed companies. Mathematics, 9(18). https://doi.org/10.3390/math9182231

Chandra, K., Tan, M., Purba, D. P., & Rioni, Y. S. (2023). The Effect of Debt to Equity Ratio, Current Ratio, Cash Ratio, Return on Asset and Total Asset Turnover on Dividend Payout Ratio in Basic Materials Companies. COSTING : Journal of Economic, Business and Accounting, 7(1), 2128–2139.

Fadah, I., Hasanah, N., Endhiarto, T., & Juniar, A. (2020). Determinants of the dividend payout policy of public companies in Indonesia, based on financial ratio analysis. International Journal of Innovation, Creativity and Change, 13(4), 1084–1098.

Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 (9th ed.). Badan Penerbit Universitas Diponegoro.

Jatmika, D., & Andarwati, M. (2018). Pengaruh Kinerja Keuangan Yang Diukur Dengan Rasio Rentabilitas Terhadap Dividend Payout Ratio. Jurnal Ilmiah Ekonomi Islam, 4(01), 41. https://doi.org/10.29040/jiei.v4i1.165

Limanseto, H. (2024). Dukung Transformasi di Sektor Kesehatan, Menko Airlangga Ajak Semua Pihak untuk Ciptakan Sistem Kesehatan yang Inklusif, Efisien, dan Berkelanjutan. Ekon. https://ekon.go.id/publikasi/detail/5811/dukung-transformasi-di-sektor-kesehatan-menko-airlangga-ajak-semua-pihak-untuk-ciptakan-sistem-kesehatan-yang-inklusif-efisien-dan-berkelanjutan

Marlim, P., & Arifin, A. Z. (2015). Analysis of cash position, debt to equity ratio, return on assets, growth potential, and total assets turn over effect to dividend pay out ratio on companies listed at Indonesia stock exchange 2009-2011. International Journal of Applied Business and Economic Research, 13(7), 5403–5419.

Meiliyawati, Y., & Rusliati, E. (2020). Insider Ownership, Free Cash Flow, Dan Pertumbuhan Terhadap Dividend Payout Ratio. Jurnal Riset Akuntansi Kontemporer, 12(1), 7–14. https://doi.org/10.23969/jrak.v12i1.4040

Riyanto, B. (2008). Dasar - Dasar Pembelanjaan Perusahaan (4th ed.). BPFE-YOGYAKARTA.

Sugiyono. (2019). Metode Penelitian Kuantitatif Kualitatif dan R&D (2nd ed.). Penerbit Alfabeta.

Sulistiyo, C. D., Hartoyo, S., & Maulana, T. N. A. (2016). Perubahan Pajak Dividen Terhadap Dividend Payout Ratio perusahaan terbuka. Jurnal Keuangan Dan Perbankan, 20(1), 22–31.

Tim Riset CNBC Indonesia. (2024). Covid Datang Lagi, Begini Prospek Sektor Kesehatan. Cnbc Indonesia. https://www.cnbcindonesia.com/research/20240101094942-128-501747/covid-datang-lagi-begini-prospek-sektor-kesehatan




DOI: https://doi.org/10.21107/jkim.v5i1.29232

Refbacks

  • There are currently no refbacks.


Copyright (c) 2025 Jurnal Kajian Ilmu Manajemen (JKIM)

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.