p–ISSN: 2723 - 6609 e-ISSN: 2745-5254
Vol. 5, No. 9 September 2024 http://jist.publikasiindonesia.id/
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 9, September 2024 3404
The Effect of Dividend Policy on Company Value with
Profitability as an Intervening Variable in LQ45 Companies
Listed on the Indonesia Stock Exchange
Tika Pramana
1
, Mohamad Adam
2
*, Marlina Widiyanti
3
, Isnurhadi
4
Universitas Sriwijaya, Indonesia
Email:
1
2*
,
3
4
*Correspondence
ABSTRACT
Keywords: dividend
policy, profitability,
company value, LQ45,
indonesia stock exchange.
This study aims to analyze the influence of dividend policy
on the value of companies with profitability as an
intervening variable in companies that are members of LQ45
listed on the Indonesia Stock Exchange (IDX). LQ45 is a
stock index consisting of 45 selected companies with high
liquidity and large market capitalization. A dividend policy
is a company's decision to distribute profits to shareholders,
which can affect the market's perception of the company's
value. Profitability is measured using Return on Assets
(ROA), which reflects a company's ability to generate profits
from the assets it owns. This study uses a quantitative
approach with secondary data taken from the annual
financial statements of LQ45 companies during the 2019-
2022 period. Data analysis was carried out using multiple
regression methods to test the relationship between dividend
policy, profitability, and company value. The results of the
study show that the dividend policy has a significant positive
influence on the company's value, both directly and through
profitability as an intervening variable. This finding has
implications for company management in designing optimal
dividend policies to increase company value, as well as for
investors in considering dividend policies and profitability
as important factors in making investment decisions.
Introduction
The capital market is one of the important instruments in the economy that serves
as a means for companies to obtain funds from investors. The Indonesia Stock Exchange
(IDX) is one of the main institutions in this context, offering various stock indices that
reflect market performance, one of which is the LQ45 index. The LQ45 Index consists of
45 selected companies with high liquidity and large market capitalization, which are
considered the main representation of the Indonesian stock market.
An important thing that must be considered as the number of investors increases is
the improvement of the quality of investors so that the people who become investors
The Effect of Dividend Policy on Company Value with Profitability as an Intervening Variable
in LQ45 Companies Listed on the Indonesia Stock Exchange
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 9, September 2024 3405
understand the stocks collected both from the fundamental and technical sides. It is hoped
that in the future investors in Indonesia will carry out their activities in the capital market
using their own fundamental and technical analysis basis, not just buying certain stocks
that are widely discussed on social media. The Indonesia Stock Exchange on its website
has provided various data that can help investors analyze stocks listed on the Indonesia
Stock Exchange, including annual financial statements, stock indices, stock price history
data, company actions, and news related to trading activities in the capital market
(Parlindungan Sipahutar, et al., 2021).
The assessment of the value of a company is a crucial aspect for investors and
company management. A company's value reflects the market's perception of the
company's performance and prospects. The value of this company is not only influenced
by internal factors such as financial performance but also by the company's policy in
terms of profit distribution, namely the dividend policy. Dividend policy refers to a
company's decision to distribute profits to shareholders in the form of cash dividends or
shares. This policy can give a positive or negative signal to the market, depending on the
company's financial condition and strategy. (Dang et al., 2021). Dividend policy refers to
the company's decision to distribute profits to shareholders in the form of dividends.
According to Andayani and Warsono, (2013) The value of a company indicates the
price that potential buyers are willing to pay if the company is sold. Many factors can
affect the value of a company, including a company's financial performance, dividend
policy, corporate governance, and so on. The value of the company will affect the decision
of investors in determining their investment in the capital market based on their
perception of the company's success rate. So companies need to know the factors that
affect the company's value in their efforts to increase the company's value. The higher the
company's ability to generate profits, the higher the company's value. The value of a
company is greatly influenced by the profitability of the company. The value of a
company looks at the size of the company in question. The maximization of the company's
corporate value leads to profit. Financial performance shows the profitability of how a
company uses assets to obtain high profits. This ratio is more in demand by shareholders
and company management as one of the investment decision tools, whether this business
investment will be developed, maintained, and so on. Profitability is the level of net profit
that a company can achieve when carrying out its operations. High profits indicate the
company's good prospects so that it can trigger investors to increase demand for shares.
The better the company's profitability growth means that the company's prospects are
considered better in the eyes of investors. (A’yun et al., 2022). If the company's ability to
generate profits increases, the stock price will also increase.
The Profitability Ratio measures the overall management effectiveness aimed at the
magnitude of the level of support obtained about sales and investments. The better the
profitability ratio, the better it describes the Company's ability to obtain high profits
(Irfani, 2015). The profitability ratio depends on the accounting information taken from
the financial statements. Therefore, profitability in the context of ratio analysis, measures
income according to the income statement with the investment book value. This
Tika Pramana, Mohamad Adam, Marlina Widiyanti, Isnurhadi
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 9, September 2024 3406
profitability ratio can then be compared to the same ratio of the company in the past year
or the industry average ratio. The Profitability Ratio is measured by Return On assets,
ROA is a measure of the company's overall ability of the assets available in the company.
ROA can measure the company's ability to generate profits in the past and then project it
in the future. The asset in question is the entire company's assets obtained by its capital
or from foreign capital that the company has converted into assets used for the survival
of the company. Food and beverage companies, although growing very rapidly, can
generate profits not continuously or every year.
This study aims to analyze the influence of dividend policy on company value by
considering profitability as an intervening variable in companies that are members of
LQ45. This research is important because it can provide insights to company management
on how dividend policies and profitability levels can affect a company's value in the eyes
of investors. In addition, the results of this research can also help investors make better
investment decisions based on dividend policies and the company's profitability
performance.
Previous research has examined the relationship between dividend policy,
profitability, and company value, but the results are still varied and contextual. Therefore,
this study seeks to fill the gap by focusing on LQ45 companies in Indonesia, which have
their characteristics in terms of dividend policy and financial performance. By using a
quantitative approach and statistical analysis, this study is expected to make a significant
contribution to understanding the dynamics between dividend policy, profitability, and
company value in the context of Indonesia's capital market.
The following is the average Firm Value using Tobin's Q method in LQ-45
companies listed on the Indonesia Stock Exchange (IDX) for the 2019–2022 period:
Table 1
Firm Value of LQ45 Companies for the Period 2019−2022
No.
Company Code
Tobin’s Q (%)
2019
2020
2021
2022
Average
1.
CHURCHYARD
7,34
7,55
9,91
11,82
9,15
2.
ITEM
1,07
1,87
2,01
1,71
1,66
3.
ASIA
1,27
1,14
1,04
0,97
1,11
4.
BRPT
20,41
14,54
8,21
8,25
12,85
5.
ACES
4,16
4,34
18,62
7,23
8,58
6.
EXCL
1,23
1,15
1,19
1,03
1,15
7.
GGRM
1,65
1,26
1,01
0,74
1,16
8.
ACCRA
0,68
0,57
0,66
0,72
0,65
9.
HRUM
0,11
0,09
0,26
0,23
0,17
10.
ICBP
0,31
0,52
0,54
0,51
0,47
11.
INCO
0,14
1,29
0,15
0,14
0,43
12.
INDF
0,44
0,52
0,52
0,48
0,49
13.
INKP
0,53
0,51
0,47
0,42
0,48
14.
KLBF
3,92
3,26
3,12
3,79
3,52
15.
MEDC
0,78
0,81
0,79
0,75
0,78
The Effect of Dividend Policy on Company Value with Profitability as an Intervening Variable
in LQ45 Companies Listed on the Indonesia Stock Exchange
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 9, September 2024 3407
16.
PGAS
0,57
0,61
0,57
0,53
0,57
17.
PTBA
1,47
1,64
1,19
1,31
1,41
18.
SCMA
0,81
1,42
0,73
0,48
0,86
19.
SMGR
1,46
1,49
1,01
0,91
1,21
20.
BEEN
5,51
6,39
6,52
5,69
6,02
21.
TLKM
2,25
1,84
1,92
1,81
1,95
22.
TPIA
0,51
0,51
0,42
0,44
0,47
23.
UNTR
1,17
1,36
1,11
1,06
1,17
24.
UNVR
16,26
14,41
9,01
10,57
12,56
25.
INDY
2,27
3,33
2,94
4,58
3,28
Source: Indonesia Stock Exchange (data processed in 2019-2022)
In Table 1, it can be seen that the company with the highest average Tobin's Q value
during the period 2019 to 2022 is owned by PT Barito Pacific Tbk. at 12.85%, this shows
that the company can be classified as expensive (overvalued), thus attracting parties who
want to imitate the company's business model to get profits as well. The higher the value
of Tobin's Q, the more expensive the company's shares are. This is because the market
considers the company to have assets that are not recorded in the company's books. The
lowest average value of Tobin's Q during the period 2019 to 2022 is owned by PT Harum
Energy Tbk. at 0.17%. A company can be classified as cheap (undervalued) because its
book value is higher than its market value. This can attract interested parties to buy the
company.
The following is the average value of the Dividend Policy in LQ-45 companies
listed on the Indonesia Stock Exchange (IDX) for the 2019–2022 period:
Table 2
LQ45 Corporate Dividend Policy for the Period 2019−2022
No.
Company Code
DPR (%)
2019
2020
2021
2022
Average
1.
CHURCHYARD
40,27
232,58
32,54
26,58
82,99
2.
ITEM
38,06
14,47
19,87
41,80
28,55
3.
ASIA
41,76
37,47
58,23
39,99
44,36
4.
BRPT
0,00
0,00
14,70
28,44
10,79
5.
ACES
48,72
37,28
104,73
52,72
60,86
6.
EXCL
0,00
20,00
31,70
51,00
25,68
7.
GGRM
884,64
1258,52
1486,16
2995,98
1656,33
8.
ACCRA
76,50
76,50
51,30
55,59
64,97
9.
HRUM
30,04
0,00
10,85
6,59
11,87
10.
ICBP
137,00
215,00
215,00
215,00
195,50
11.
INCO
0,00
0,00
47,65
0,00
11,91
12.
INDF
171,00
278,00
278,00
278,00
251,25
13.
INKP
12,96
5,77
5,01
2,46
6,55
14.
KLBF
47,46
46,54
43,84
49,37
46,80
15.
MEDC
0,00
0,00
0,00
22,29
5,57
16.
PGAS
45,92
45,92
0,00
59,99
37,96
Tika Pramana, Mohamad Adam, Marlina Widiyanti, Isnurhadi
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 9, September 2024 3408
17.
PTBA
339,63
326,46
74,69
688,52
357,33
18.
SCMA
63,49
0,00
0,00
14,96
19,61
19.
SMGR
53,86
9,06
42,34
51,04
39,08
20.
BEEN
84,63
136,20
2488,98
97,33
701,79
21.
TLKM
80,11
80,83
72,37
57,99
72,83
22.
TPIA
83,77
0,00
0,00
80,97
41,19
23.
UNTR
43,12
45,45
35,53
35,06
39,79
24.
UNVR
125,85
101,09
96,10
97,43
105,12
25.
INDY
0,00
0,00
0,00
16,41
4,10
Source: Indonesia Stock Exchange (data processed in 2019-2022)
In the table above, it can be seen that the company with the highest average DPR
value during the period 2019 to 2022 is owned by PT Gudang Garam Tbk. of 1656.33%,
this indicates that the company does not want to innovate so the value of dividends
distributed by the company in the long term may decrease or even not distribute dividends
at all. Meanwhile, the lowest average value of the House of Representatives during the
period 2019 to 2022 is owned by PT Indika Energy Tbk. at 4.10%, which shows that
related companies are expanding a lot so they need more funds. Investors of this company
are asked to be a little patient before finally, the company distributes the profits.
The following is the average value of the Dividend Policy in LQ-45 companies
listed on the Indonesia Stock Exchange (IDX) for the 2019–2022 period:
Table 3
LQ45 Corporate Dividend Policy for the Period 2019−2022
No.
Company Code
DPR (%)
2019
2020
2021
2022
Average
1.
CHURCHYARD
40,27
232,58
32,54
26,58
82,99
2.
ITEM
38,06
14,47
19,87
41,80
28,55
3.
ASIA
41,76
37,47
58,23
39,99
44,36
4.
BRPT
0,00
0,00
14,70
28,44
10,79
5.
ACES
48,72
37,28
104,73
52,72
60,86
6.
EXCL
0,00
20,00
31,70
51,00
25,68
7.
GGRM
884,64
1258,52
1486,16
2995,98
1656,33
8.
ACCRA
76,50
76,50
51,30
55,59
64,97
9.
HRUM
30,04
0,00
10,85
6,59
11,87
10.
ICBP
137,00
215,00
215,00
215,00
195,50
11.
INCO
0,00
0,00
47,65
0,00
11,91
12.
INDF
171,00
278,00
278,00
278,00
251,25
13.
INKP
12,96
5,77
5,01
2,46
6,55
14.
KLBF
47,46
46,54
43,84
49,37
46,80
15.
MEDC
0,00
0,00
0,00
22,29
5,57
16.
PGAS
45,92
45,92
0,00
59,99
37,96
17.
PTBA
339,63
326,46
74,69
688,52
357,33
18.
SCMA
63,49
0,00
0,00
14,96
19,61
19.
SMGR
53,86
9,06
42,34
51,04
39,08
The Effect of Dividend Policy on Company Value with Profitability as an Intervening Variable
in LQ45 Companies Listed on the Indonesia Stock Exchange
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 9, September 2024 3409
20.
BEEN
84,63
136,20
2488,98
97,33
701,79
21.
TLKM
80,11
80,83
72,37
57,99
72,83
22.
TPIA
83,77
0,00
0,00
80,97
41,19
23.
UNTR
43,12
45,45
35,53
35,06
39,79
24.
UNVR
125,85
101,09
96,10
97,43
105,12
25.
INDY
0,00
0,00
0,00
16,41
4,10
Source: Indonesia Stock Exchange (data processed in 2019-2022)
In the table above, it can be seen that the company with the highest average DPR
value during the period 2019 to 2022 is owned by PT Gudang Garam Tbk. of 1656.33%,
this indicates that the company does not want to innovate so the value of dividends
distributed by the company in the long term may decrease or even not distribute dividends
at all. Meanwhile, the lowest average value of the House of Representatives during the
period 2019 to 2022 is owned by PT Indika Energy Tbk. at 4.10%, which shows that
related companies are expanding a lot so they need more funds. Investors of this company
are asked to be a little patient before finally, the company distributes the profits.
Research Methods
The type of research conducted in this study is associative quantitative research that
aims to analyze and explain the influence of independent variables on dependent
variables. The data collection technique used in this study is documentation, namely the
data collected through financial statements and performance summaries that have been
published through the company's official website and www.idx.co.id website related to
the object being studied.
The population used in this study is 45 LQ45 companies listed on the Indonesia
Stock Exchange (IDX) for the 2019–2022 period. The sample is 21 companies because
the available data is quite complete, homogeneous, and open to outsiders who will
conduct research. To determine the sample in this study, the researcher uses the purpose
sampling technique, namely by deliberately sampling according to the requirements of
the required sample, namely:
1. LQ45 indexed companies on the Indonesia Stock Exchange during the 2019-2022
period.
2. Non-banking companies indexed by LQ45 consecutively during the 2019-2022 period.
Because there are differences in financial statements between banking companies and
manufacturing companies, in the form of differences in inventory and company
liabilities. Banking companies have special regulations issued by the Financial
Services Authority (OJK) and Bank Indonesia (BI).
3. The company did not suffer losses for the 2019-2022 period.
4. Companies that have audited annual financial report data.
Tika Pramana, Mohamad Adam, Marlina Widiyanti, Isnurhadi
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 9, September 2024 3410
Table 4
Calculation of Sampling Criteria
Information
Sum
Companies indexed by LQ-45 consecutively
during the 2019-2022 period
45
Companies that have not issued cash dividends
in their Annual Report
12
Banking companies indexed by LQ-45
consecutively during the 2018-2022 period
8
Companies that suffer losses
4
LQ-45 company sampled
21
Source: Data processed by the author
The sample in this study was obtained from as many as 21 companies that were
included in the research criteria using the purposive sampling technique.
Results and Discussion
Uji Hipotesis
Coefficient of Determination (Adjusted R2)
The determination coefficient test aims to measure how far the independent variable
can explain the variation of the dependent variable (Ghozali, 2018). shows that the
dividend and leverage policy variables can explain the ROA variable of 22.8% while the
remaining 77.2% is explained by other variables outside the regression model of this
study.
Partial Test (T-Test)
The t-value test is used to measure how far the influence of one independent
variable individually in explaining the variation of dependent variables (Ghazali, 2018).
The results of the t-value test underlie the preparation of a research model that can be
formulated as follows:
ROA = -0,018DPR + 0,90LEV… (model 1)
Tobins Q = -0,62DPR + 0,346LEV + 0,326ROA… (model 2)
Table 5
Results of Path Analysis and Hypothesis Test
Variable
Nilai Standardized Beta
Mr.
Hypothesis
Direct
Influence
Indirect influence
DPR - ROA
(0,018)
0,868
rejected
LEO - ROA
0,090
0,419
rejected
DPR - TQ
(0,620)
0,525
rejected
LEV - TQ
0,346
0,001
Accepted
ROA - TQ
0,326
0,001
Accepted
The Effect of Dividend Policy on Company Value with Profitability as an Intervening Variable
in LQ45 Companies Listed on the Indonesia Stock Exchange
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 9, September 2024 3411
DPR-ROA-TQ
(0,018)
(0,006)
Accepted
LEV-ROA-TQ
0,090
0,031
rejected
Source: Output SPSS 25.0 (Data processed by the author)
Dividend Policy on Profitability
Based on the results of the T-test in Table 4.12, it was obtained that the Dividend
Payout Ratio did not affect the Profitability proxied by the return on Assets in LQ45
companies listed on the Indonesia Stock Exchange for the 2019-2022 period. This can be
seen from the test results where the regression coefficient value is -0.018 with a
significance value of 0.868 (0.868 > α 0.05), so the hypothesis that the Dividend Payout
Ratio has a negative and significant effect on the return on Asset is accepted. Dividend
policies can affect a company's ability to generate profits. The higher the dividend
payment ratio, the smaller the profit obtained by the company, this is to the theory of
irrelevant dividends, the share price due to the increase in dividend yield will be directly
proportional to the decrease in the share price due to the issuance of new shares
(Kuswanto, 2012).
Leverage on Profitability
Based on the results of the T-test in the table, it is stated that the results of the
Leverage test do not affect the Profitability proxied by the Return on assets in LQ45
companies listed on the Indonesia Stock Exchange for the 2019-2022 period. This can be
seen from the test results where the regression coefficient value is 0.090 with a
significance value of 0.419 (0.419 > α 0.05) so the hypothesis that Leverage does not
affect the Return on Asset is rejected. An indication of the absence of the influence of
debt policy variables (leverage) on profitability with ROA proxies is due to the absence
of significant changes in the company's profitability level even though the company's debt
level rises and falls. Based on the stakeholder theory, shareholders want high profitability
from the company, and indirectly the company will implement policies, one of which is
debt policy management. Another thing is that when the company is in debt, the company
will pay interest expenses, interest expense is one component of profit deduction which
means that the company must pay interest expenses which results in low profitability.
(Juliani Putri, 2023).
Dividend Policy on Company Value
Based on the results of the T-Test, it was obtained that the Dividend Payout Ratio
had no effect on the Company Value proxied with Tobin's q in LQ45 companies listed on
the Indonesia Stock Exchange for the 2019-2022 period. This can be seen from the test
results where the regression coefficient value is -0.620 with a significance value of 0.525
(0.525 > α 0.05) so that the hypothesis that the Dividend Payout Ratio does not affect
Tobin's q is rejected. The lack of effect of dividend policy on stock prices can be because
most investors want short-term profits in the form of capital gains. So stock investment
does not consider the company's policy to distribute dividends or hold them as capital,
but investors or potential investors will follow the trends that occur in the market more.
Tika Pramana, Mohamad Adam, Marlina Widiyanti, Isnurhadi
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 9, September 2024 3412
So that the company's policy to distribute dividends or not to distribute dividends is not
responded to by the market so that it does not result in a change in the stock price
(Warisman dan Amwila, 2022).
Profitability to Company Value
Based on the results of the T-Test in Table 5, it was obtained that Return on Asset
had a positive and significant effect on the Company Value proxied with Tobin's q in
LQ45 companies listed on the Indonesia Stock Exchange for the 2019-2022 period. This
can be seen from the test results where the regression coefficient value is 0.326 with a
significance value of 0.001 (0.001 < α 0.05) so that the hypothesis that the Return on
Asset has a positive and significant effect on Tobin's q. Profitability is a ratio that can
represent the company's financial performance, where increasing the company's
profitability will increase the returns that will be obtained by investors (Louziri & Oubal,
2022). The higher the profit obtained by the company, the greater the level of dividend
payment distributed to shareholders so that it can trigger an increase in stock demand
(Iman, Sari, and Pujianti, 2021).
Dividend Policy on Financial Performance Through Profitability
Based on Table 5, the direct effect of the Dividend Payout Ratio has a regression
coefficient value of -0.018. The indirect effect of the Dividend Payout Ratio is a
coefficient value of -0.006, which is applied from -0.018 x 0.326 = -0.006. 0.326 is the
value of the influence of ROA on the Company's Value. If the value of direct influence >
the value of indirect influence, the intervening influence is significant. -0.006 > -0.018,
the results show that the ROA variable can significantly mediate the influence of the
Dividend Payout Ratio on the Company's Value (H6 supported). Based on the clientele
effect theory, there are characteristics of investors who prefer not to receive dividends
because the tax rate is higher than capital gains. Investors are happier if dividends are
reinvested in the company. The amount of undistributed dividends will settle in the profit
balance. Based on agency theory, dividend policy is also able to reduce agency costs
(Ridwan et al., 2023).
Leverage on Financial Performance through Profitability
Based on Table 4.12, the direct influence of Leverage has a regression coefficient
value of 0.090. The indirect effect of the Dividend Payout Ratio is a coefficient value of
0.031, which is obtained from 0.090 x 0.326 = 0.031. 0.326 is the value of the influence
of ROA on the Company's Value. If the value of direct influence > the value of indirect
influence, the intervening influence is significant. 0.031 < 0.090, the results show that the
ROA variable is not able to mediate the influence of Leverage significantly on the
Company's Value. This assumes that the additional profitability variable cannot mediate
the effect of leverage on the company's value. The problem is that additional funds
through debt are not able to increase the company's profits. The addition of company
funds through debt will charge the company high interest if the debt is high enough and
The Effect of Dividend Policy on Company Value with Profitability as an Intervening Variable
in LQ45 Companies Listed on the Indonesia Stock Exchange
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 9, September 2024 3413
the profits received by the company are reduced.
Conclusion
This study aims to test independent variables consisting of Dividend Policy and
Leverage on Company Value with Return on Asset as intervening. The determination
coefficient of this study shows a figure of 0.288 which means that the independent
variable is only able to explain the bound variable with 22.8% while the remaining 77.2%
is influenced by other factors outside this model.
Tika Pramana, Mohamad Adam, Marlina Widiyanti, Isnurhadi
Jurnal Indonesia Sosial Teknologi, Vol. 5, No. 9, September 2024 3414
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