Pengaruh Current Ratio, Debt to Equity Ratio, dan Return On Assets terhadap Dividend Payout Ratio dengan Ukuran Perusahaan Sebagai Variabel Moderasi pada Perusahaan Sub Sektor Farmasi di BEI Periode 2013-2022

Abstrak

Penelitian ini dilakukan didasari permasalahan pada sub sektor farmasi yaitu rendahnya investor lokal yang berinvestasi disektor itu dan bertujuan mengetahui pengaruh parsial dari Current Ratio (CR), Debt to Equity Ratio (DER), Return On Assets (ROA) dan Ukuran Perusahaan (UP)terhadap Dividend Payout Ratio,moderasi Ukuran Perusahaan (UP) terhadap pengaruh Current Ratio (CR), Debt to EquityRatio (DER), danReturn On Assets (ROA)terhadap Dividend Payout Ratio (DPR), dan pengaruh simultan dari Current Ratio (CR), Debt to Equity Ratio (DER), danReturn On Assets (ROA)terhadap Dividend Payout Ratio (DPR). Penelitian ini menggunakan metode kuantitatif. Sampel diambil dengan metode purposive samplingsejumlah 8 perusahaan sehingga jumlah data dalam penelitian adalah sebanyak 60. Pengolahan data dilakukan dengan metode analisis regresi linear berganda dan analisis regresi moderasi menggunakan SPSS 27. Hasil penelitian menunjukkan CR berpengaruh positif signifikan terhadap DPR(nilai sig. 0,029, t hitung (2,240) > t tabel (1,671)), DER berpengaruh negatif tidak signifikan terhadap DPR(nilai sig. 0,169 > 0,05, t hitung (-1,395) < t tabel (1,671)). ROA berpengaruh positif signifikan terhadap DPR(nilai sig. 0,001 < 0,05, t hitung (4,513) > t tabel (1,671)). UP berpengaruh negatif signifikan terhadap DPR(nilai sig. 0,009 < 0,05, t hitung (-2,721) < t tabel (1,671)).UP tidak mampu memoderasi pengaruh CR terhadap DPR(nilai sig. 0,093 > 0,05, t hitung (1,708) < t tabel (2,001)). UP tidak mampu memoderasi pengaruh DERterhadap DPR(nilai sig. 0,103 > 0,05, t hitung (-1,658) < t tabel (2,001)). UP mampu memoderasi pengaruh ROA terhadap DPR(nilai sig. 0,001 < 0,05, t hitung (4,515) > t tabel (2,001)). Secara simultan CR, DER, dan ROA berpengaruh signifikan terhadap DPR(F hitung (14,816) > F tabel (2,77) dan nilai sig. 0,001 < 0,05).Kesimpulannya Current Ratiodan Return On Assetsberpengaruh positifsignifikan terhadap Dividend Payout Ratio. Debt to Equity Ratioberpengaruh negatif tidak signifikan terhadap Dividend Payout Ratio. Ukuran perusahaan berpengaruh negatif signifikan terhadap Dividend Payout Ratio.Ukuran perusahaan tidak mampu memoderasi pengaruh Current Ratiodan Debt to Equity Ratioterhadap Dividend Payout Ratio, dan mampu memoderasi pengaruh Return On Assetsterhadap Dividend Payout Ratio. Secara simultan, Current Ratio, Debt To Equity Ratio, dan Return On Assetsberpengaruh signifikanterhadap Dividend Payout Ratio pada Perusahaan Sub Sektor Farmasi di BEI Periode 2013-2022

This study was conducted based on issues in the pharmaceutical sub-sector, specifically the low
number of local investors investing in this sector. It aims to determine: the partial influence of Current Ratio
(CR), Debt to Equity Ratio (DER), Return on Assets (ROA), and Firm Size (FS) on Dividend Payout Ratio
(DPR); the moderating effect of Firm Size (FS) on the influence of CR, DER, and ROA on DPR; and the
simultaneous influence of CR, DER, and ROA on DPR.

This research uses a quantitative method. The sample was selected using purposive sampling,
consisting of 8 companies, resulting in 60 data points. Data processing was conducted using multiple linear
regression analysis and moderation regression analysis with SPSS 27.
The results show that CR has a significant positive effect on DPR (sig. value 0.029, t-value (2.240) > ttable (1.671)). DER has an insignificant negative effect on DPR (sig. value 0.169 > 0.05, t-value (−1.395) < ttable (1.671)). ROA has a significant positive effect on DPR (sig. value 0.001 < 0.05, t-value (4.513) > t-table
(1.671)). Firm Size (FS) has a significant negative effect on DPR (sig. value 0.009 < 0.05, t-value (−2.721) < ttable (1.671)). Firm Size (FS) is not able to moderate the influence of CR on DPR (sig. value 0.093 > 0.05, tvalue (1.708) < t-table (2.001)). Firm Size (FS) is not able to moderate the influence of DER on DPR (sig. value
0.103 > 0.05, t-value (−1.658) < t-table (2.001)). Firm Size (FS) is able to moderate the influence of ROA on
DPR (sig. value 0.001 < 0.05, t-value (4.515) > t-table (2.001)). Simultaneously, CR, DER, and ROA have a
significant effect on DPR (F-value (14.816) > F-table (2.77), and sig. value 0.001 < 0.05).
In conclusion, Current Ratio and Return on Assets have a significant positive effect on Dividend
Payout Ratio. Debt to Equity Ratio has an insignificant negative effect on Dividend Payout Ratio. Firm Size has
a significant negative effect on Dividend Payout Ratio. Firm Size is not able to moderate the influence of
Current Ratio and Debt to Equity Ratio on Dividend Payout Ratio but is able to moderate the influence of
Return on Assets on Dividend Payout Ratio. Simultaneously, Current Ratio, Debt to Equity Ratio, and Return on
Assets have a significant effect on Dividend Payout Ratio in Pharmaceutical Sub-Sector.