PENGARUH CASH POSITION DAN FIRM SIZE TERHADAP KEBIJAKAN DIVIDEN DENGAN PROFITABILITAS SEBAGAI VARIABEL MEDIASI PADA PERUSAHAAN SEKTOR AGRIKULTUR

Abstract

The average dividend distribution ratio for all sectors from 2014 – 2018 experienced a very volatile movement, the agriculture sector is a sector with very significant data fluctuation. This research was to determine the effect of cash position and firm size on dividend policy with profitability as a mediating variable on agricultural listed on the Indonesia stock exchange in 2014 - 2018. Data from this study were obtained from the companys annual financial statements on www.idx.co.id. using purposive sampling techniques to sort the sample into 9 companies from 20 companies that become populations in agricultural sector companies. This research is explanative, techniques using path analysis, using smartPLS 3.0 analysis tools. The results of this study indicate that firm size has a significant negative effect on profitability, while cash position does not affect dividend policy because the company chooses to hold cash instead of distributing cash dividends. Firm size does not affect dividend policy because large assets do not guarantee the dividends distributed are also large. Profitability does not affect dividend policy because when experiencing gains or losses will continue to distribute dividends. The cash position does not affect profitability. Testing the indirect effect of cash position and firm size on dividend policy through profitability shows the results have no significant effect. The company focuses on meeting the companys internal needs and the size of assets owned by the company does not guarantee the amount of profit to distribute a greater dividend Keywords: cash position; DPR; firm size; ROE.