Pengaruh Rasio Profitabilitas, Likuiditas, Aktivitas Dan Kepemilikan Institusional Terhadap Kebijakan Dividen Perusahan Subsektor Farmasi Di Bursa Efek Indonesia  Periode 2019-2023

Happy Aulia Priyambodo; Eko Wahjudi

Authors

Happy Aulia Priyambodo Universitas Negeri Surabaya
Eko Wahjudi Universitas Negeri Surabaya

Abstract

This study aims to analyze the influence of profitability, as proxied by Return on Assets (ROA), liquidity, as proxied by Current Ratio (CR), activity, as proxied by Total Asset Turnover (TATO), and institutional ownership (INST), on dividend policy, as proxied by Dividend Payout Ratio (DPR) in pharmaceutical subsector companies listed on the Indonesia Stock Exchange for the 2019-2023 period. This study uses a quantitative method with secondary data in the form of company annual reports. The research sample consisted of 9 companies selected using purposive sampling technique and analyzed using multiple linear regression. This finding suggests that dividend policy is more influenced by profitability and liquidity than activity and institutional ownership, thus providing input for management in formulating dividend policy and for investors in evaluating investment decisions.

Downloads

Download data is not yet available.

References

Aisyah, S. (2025). The Relationship Between Profitability Ratios and Dividend Policy in Consumption Sector Enterprises. 2(2), 34–44.

Ani, A. A. S., & Krisna, P. (2025). The effect of profitability , solvency , and free cash flow on dividend policy. 7(June), 93–108.

Ardelia, J., & Lukman, H. (2023). Factors Affecting Dividend Policy on Lq45 Index Companies on the Indonesia Stock Exchange. International Journal of Application on Economics and Business, 1(2), 24–35. https://doi.org/10.24912/v1i2.24-35

Ariesta, A. (2025). Kalbe Farma (KLBF) Janji Bagi Dividen Maksimal di Tengah Gejolak Pasar. IDXChannel. https://www.idxchannel.com/market-news/kalbe-farma-klbf-janji-bagi-dividen-maksimal-di-tengah-gejolak-pasar?

Arsyad, M., Hartati Haeruddin, S., Muslim, & Faisal A.R Pelu, M. (2021). The effect of activity ratios, liquidity, and profitability on the dividend payout ratio. Indonesia Accounting Journal, 3(1), 36–44.

Aryati, D., & Zakiyah, T. (2024). Pengaruh Profitabilitas, Kebijakan Hutang, dan Kepemilikan Institusional Terhadap Kebijakan Dividen (Pada Perusahaan Manufaktur Periode 2019-2021). 6(1), 152–164.

Asrini, & Musnaini. (2025). Can Ownership Structure, Capital Structure, and Company Value Determine a Company’s Dividend Policy? AKRUAL: Jurnal Akuntansi, 17(1), 2085–9643. https://doi.org/10.26740/jaj.v17n1.p.126-137

Astuti, Sembiring, L. D., Supitriyani, Azwar, K., & Susanti, E. (2020). Analisis Laporan Keuangan.

Audrey, A. S., & Fitria, A. (2023). Pengaruh Rasio Keuangan Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur. Jurnal Ilmu Dan Riset Akuntansi, 12(6). http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/5339

Azhariyah, A., Witjaksono, A. D., & Hartono, U. (2018). The Effect of Profitability , Leverage , Liquidity , Size , and Company Growth on the Dividend Payout Ratio in the Indonesian Capital Market 2013-2018. Idx, 1351–1360.

Aziz, A., Tatariyanto, F., & Rosini, I. (2026). The Effect Of Collateralizable Assets, Free Cash Flow, And Managerial Ownership On Dividend Policy With Good Corporate Governance As A Moderating Variable (Case Study Of Non-Cyclical Consumer Sector Companies Listed On The Indonesia Stock Exchange During . 9, 1242–1257.

Baker, M., Mendel, B., & Wurgler, J. (2015). Dividends as Reference Points : A Behavioral Signaling Approach. 212. https://doi.org/10.1093/rfs/hhv058

Brigham, E. F., & Houston, J. F. (2018). Fundamentals Of Financial Management.

Candika, Y. I., Rozzaq, A. N. D., & Bahtera, N. T. (2025). Kebijakan Dividen Perbankan di Indonesia : Tinjauan Profitabilitas , Firm Size , Earning per Share , dan Nilai Pasar. 303–315.

Elina Saragih, A. (2022). Event Study: Reaksi Pasar Terhadap Pengumuman Dividen Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia. Algorithmic Finance, 5(1), 321–367. https://doi.org/10.1142/9789811238314_0009

Elvin, Suprapti, E., & Ananto, R. W. (2024). Perlindungan Hukum Bagi Investor Melalui Penerapan Prinsip-Prinsip Keterbukaan Informasi Di Pasar Modal Indonesia. 8(11), 3119–3126.

Estuti, E. P., Hendrayanti, S., & Fauziyanti, W. (2020). Analisis Likuiditas, Profitabiitas Dan Kepemilikan Manajerial Terhadap Kebijakan Dividen Perusahaan. 1.

Hariyanto, I. T., & Murhadi, W. R. (2021). The Phenomenon of Dividend Announcement on Stock Abnormal Return (Case in ASEAN Countries). Jurnal Manajemen Bisnis, 12(1), 1–18. https://doi.org/10.18196/mabis.v12i1.9001

Heliani, Mareta, F., Rina, E., Rahayu, M. S., & Rizky, M. (2021). Liquidity , Profitability and Asset Growth towards The Dividend Payout Ratio. 4(2), 225–232.

Husin, J., & Sri, D. (2023). Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, Dan Kepemilikan Publik Terhadap Kebijakan Dividen Pada Perusahaan Perbankan Indonesia. 2(2), 1–16.

Kautsar, A., Nihaya, I. U., & Indarwati, T. A. (2023). Dividend Policy in Indonesia Agriculture Firms : Modmed Profitability and Liquidity. 18(4), 1245–1253.

Kemenkeu. (1995). Undang-Undang Republik Indonesia Nomor 8 Tahun 1995 Tentang Pasar Modal. Covering Globalization, 17–31.

Kencana, M. R. B. (2023). Pandemi Covid-19 Reda, Beban Usaha Kimia Farma Turun Rp 189 Miliar di 2022. Liputan6.Com. https://www.liputan6.com/bisnis/read/5251127/pandemi-covid-19-reda-beban-usaha-kimia-farma-turun-rp-189-miliar-di-2022

Khoer, M., & Acim. (2024). Pengaruh Struktur Kepemilikan, Kebijakan Hutang Dan Pertumbuhan Aset Terhadap Kebijakan Dividen. 2(2), 59–68.

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (n.d.). Intermediate Accounting : IFRS Edition.

Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (n.d.). Financial Accounting.

Lumbantobing, S. A., Siahaan, Y., & Damai, B. S. (2017). Pengaruh Profitabilitas Dan Rasio Aktivitas Terhadap Kebijakan Dividen Pada Pt Bumi Serpong Damai , Tbk Yang Terdaftar Di Bursa Efek Indonesia. 6(1), 56–64.

Maghfiroh, L., & Aufa, M. (2025). Pengaruh Likuiditas Profitabilitas Dan Leverage Terhadap Kebijakan Dividen. Arzusin, 5(3), 1052–1062. https://doi.org/10.58578/arzusin.v5i3.5699

Maisarah, M., Syaharuddin, M., Nur, N., Mustafa, S., Sofia, Z., Elina, F., & Kamaruddin, B. (2022). Interrelationships between Financial Ratios and Dividend Policy : The Evidence of Healthcare Equipment and Service Sector in Malaysia Interrelationships between Financial Ratios and Dividend Policy : The Evidence of Healthcare Equipment and Service Sector in Malaysia. 1(3), 589–599. https://doi.org/10.6007/IJARAFMS

Martono, S., Yulianto, A., Witiastuti, R. S., & Wijaya, A. P. (2020). The Role of Institutional Ownership and Industry Characteristics on the Propensity to Pay Dividend : An Insight from Company Open Innovation.

Maulina, A., Badina, T., & Fatoni, A. (2025). Pengaruh Likuiditas Terhadap Kebijakan Dividen pada Perusahaan Manufaktur Yang Terdaftar Di Jakarta Islamic Index 70 (JII 70) Periode 2018-2023. Akuntansi Dan Manajemen, 20(1), 76–94. https://doi.org/10.30630/jam.v20i1.322

Mustamiroh, T. F., & Wijayanti, D. M. (2023). Pengaruh kepemilikan institusi, kepemilikan manajerial, dan konsentrasi kepemilikan terhadap kebijakan dividen. 3(1), 77–96.

Muthoharoh, L., & Heru Setianto, R. (2025). Foreign Institutional Ownership and Dividend Policy. Original Research 227 | Southeast Asian Business Review |, 3(2). https://e-journal.unair.ac.id/SABR/article/download/77104/33844

Ningsih, A. M., Hardiwinoto, Ridwan, M., P.R.Z., A., & Putri. (2023). Analisis rasio likuiditas, solvabilitas, aktivitas dan profitabilitas untuk menilai kinerja keuangan pada perusahaan food and beverage yang terdaftar di Bursa Efek Indonesia tahun 2019-2021. Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 11(4), 1233–1245. https://doi.org/10.35794/emba.v11i4.52294

Nofitasari, S., & Gunarsih, T. (2022). Are Managerial Ownership and Financial Performance Affect Dividend Policy ? 6(10), 108–124.

Permana, G. P. L., Setiorini, K. R., Dewi, P. P., Chairunesia, W., Kusuma, P. S. A. J., Oktasari, D. P., Berbudi, S., Tanjung, P. R. S., Hasibuan, R. P. S., Darnawati, Saeni, A. A., & I Gusti Agung Arista Pradnyani. (2022). Analisis Laporan Keuangan.

Purba, J., Wulandari, D. S., & Muna, K. N. (2024). Determinants of Corporate Dividend Policy: A Factorial Analysis. Financial Review, 2(4), 523–547. https://doi.org/10.1111/j.1540-6288.1993.tb01361.x

Purwaningsih, E., & Lestari, K. (2021). Pengaruh Struktur Kepemilikan, Struktur Modal Dan Pertumbuhan Aset Terhadap Kebijakan Dividen. 6(1), 108–124.

Purwanti, A., & Mispiyanti. (2024). Pengaruh Profitabilitas, Leverage, Likuiditas, dan Aktivitas terhadap Kebijakan Dividen pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman Tahun 2017-2021. 6(3), 454–474.

Ratnasari, P. S. P., & Purnawati, N. K. (2019). Pengaruh Profitabilitas, Likuiditas, Tingkat Pertumbuhan Perusahaan Dan Leverage Terhadap Kebijakan Dividen. 8(10), 6179–6198.

Rayhanatuzzahra, & Wahjudi, E. (2023). 3The Effect of Liquidity Ratio, Activity, Profitability and Institutional Ownership on Dividend Policy of Pharmaceutical Subsector Companies on the Indonesia Stock Exchange. Management Studies and Entrepreneurship Journal, 4(5), 6563–6579. http://journal.yrpipku.com/index.php/msej

Sadidah, D., Pribadi, M., & Jamal, S. (2025). Pengaruh Profitabilitas dan Likuiditas terhadap Kebijakan Dividen pada Perusahaan yang Terdaftar dalam Indeks High Dividend 20. Jurnal Ekonomi, Manajemen, Akuntansi Dan Keuangan, 6(3), 10. https://doi.org/10.53697/emak.v6i3.2686

Sariasih, N. K., Adnantara, K. F., & Oktaviani, L. (2021). Pengaruh Rasio Likuiditas, Solvabilitas, Profitabilitas Dan Aktivitas, Terhadap Kebijakan Dividen Pada Perusahaan Property, Real Estate, And Building. 3(1), 76–92.

Septika, E., Mudjiyanti, R., Hariyanto, E., & Hardiyanto Wibowo. (2021). Pengaruh Profitabilitas, Kebijakan Hutang, Likuiditas, Dan Kepemilikan Institusional Terhadap Kebijakan Dividen. 1(2), 1–10.

Shabrina, W., & Hadian, N. (2021). The influence of current ratio , debt to equity ratio , and return on assets on dividend payout ratio. 3(3), 193–204.

Siagian, K. J., & Sarumpaet, S. (2025). The Impact of Profitability , Institutional Ownership , and Managerial Ownership on Dividend Payout in Indonesian Energy Sector.

Siahaan, M., Gursida, H., & Sasongko, H. (2025). Determinan nilai perusahaan.

Soeiswanto, C. C., Karamoy, H., & Weku, P. (2024). Pengaruh Free Cash Flow, Profitabilitas, Dan Likuiditas Terhadap Kebijakan Dividen Pada Perusahaan Food And Beverage Yang Terdaftar Di Bei Periode 2019-2022. 19(2), 133–142.

Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010

Sugiyono. (2023). Metode Penelitian Kuantitatif Kualitatif dan R&D.

Sultan, R. (2021). Kasus Covid-19 melonjak, permintaan produk farmasi Kalbe Farma (KLBF) meningkat. Kontan.Co.Id. https://amp.kontan.co.id/news/kasus-covid-19-melonjak-permintaan-produk-farmasi-kalbe-farma-klbf-meningkat

Sunarwijaya, K., Putu, N., Ernawatiningsih, L., & Mahawerdi, I. K. A. (2023). Kebijakan Dividen Serta Faktor-Faktor yang Mempengaruhinya. 8(1), 49–59.

Umagapi, N. A. M. (2019). Pengaruh Profitabilitas, Likuiditas Dan Aktivitas Terhadap Kebijakan Dividen Pada Perusahaan Perbankan Di BEI. Jurnal Ilmu Dan Riset Manajemen, 8, 1–18.

Vebriyanti, R., & Puspitasari, E. (2023). Kebijakan Dividen Ditinjau Dari Kinerja Total Asset Turn Over, Current Ratio, Debt To Equity Ratio Dan Return On Assets. Owner, 7(4), 2807–2822. https://doi.org/10.33395/owner.v7i4.1737

Widodo, F. P. T., Praptapa, A., Suparlinah, I., & Setyorini, C. T. (2021). The effect of company size , institutional ownership , profitability and leverage on dividends payout ratio. 3(2), 77–87. https://doi.org/10.20885/jca.vol3.iss2.art3

Yara, D. (2023). Effect of total asset turnover, current ratio and debt to equity ratio on dividend payout ratio in company sector consumption goods industry sector companies listed on the Indonesia stock exchange period 2015-2017. Enrichment: Journal of Management, 12(6), 4886–4894. www.enrichment.iocspublisher.org

Yuliana, L., & Utami, E. S. (2024). Pengaruh rasio Keuangan Terhadap Kebijakan Dividen. 10(2), 482–494.

Yulianti, M. L., Purnomo, B. S., Purnamasari, I., & Sari, M. (2026). Dividend Policy And Profitability : An Empirical Analysis Of Companies Listed On The Idx. 19(1), 179–196.