The Role of Current Ratio, Return on Assets, and Debt to Equity Ratio in Determining Dividend Payout Ratio in Consumer Non-Cyclicals Companies Listed on the Indonesia Stock Exchange
DOI:
https://doi.org/10.30872/miceb.v7i1.15544Keywords:
Current Ratio, Return on Assets, Debt-to-Equity Ratio, Dividend Payout RatioAbstract
This study aims to examine the role of current ratio, return on assets, and debt-to-equity ratio in determining the dividend payout ratio in consumer non-cyclicals companies listed on the Indonesia Stock Exchange from 2020 to 2024. This study uses a quantitative approach with multiple linear regression analysis techniques to examine the relationship between independent and dependent variables. The research sample was determined using purposive sampling based on specific criteria, resulting in 113 observations from consumer non-cyclicals companies that met the research criteria. The analysis results show that the current ratio has a positive and significant effect on the dividend payout ratio, indicating that a high level of liquidity encourages companies to distribute larger dividends. Conversely, return on assets and debt-to-equity ratio have a negative and significant effect on the dividend payout ratio, indicating that increased profitability and leverage tend to be followed by a decrease in dividend distribution. The main findings indicate that companies prefer to retain earnings or allocate them for internal needs and debt obligations. Overall, this study provides practical implications for company management in making dividend policy decisions and provides relevant empirical information for investors in considering investment decisions
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