Terbitan Terkini
Vol 4 No 3 (2026): 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
Abstract
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.
Diterbitkan:
2026-06-08
Terbitan Utuh
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