PERAN MEDIASI VARIABEL LEVERAGE PADA PENGARUH PROFITABILITAS TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAN MANUFAKTUR SEKTOR INDUSTRI BARANG KONSUMSI YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

Penelitian ini bertujuan untuk menguji pengaruh (1) profitabilitas dan leverage terhadap kebijakan dividen, (2) profitabilitas terhadap kebijakan dividen, (3) leverage terhadap kebijakan dividen, (4) profitabilitas terhadap leverage, (5) leverage memediasi pengaruh profitabilitas terhadap kebijakan dividen. Desain penelitian yang digunakan adalah kuantitatif kausal. Subjek penelitian ini adalah perusahaan manufaktur sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia, dan objeknya adalah kebijakan dividen, profitabilitas, dan leverage. Pengambilan sampel dengan purposive sampling sebanyak 17 perusahaan. Data dikumpulkan dengan pencatatan dokumen dan dianalisis dengan analisis jalur. Hasil penelitian menunjukkan bahwa (1) profitabilitas dan leverage berpengaruh signifikan terhadap kebijakan dividen, (2) profitabilitas berpengaruh positif dan signifikan terhadap kebijakan dividen, (3) leverage berpengaruh negatif dan signifikan terhadap kebijakan dividen, (4) profitabilitas berpengaruh positif dan signifikan terhadap leverage, (5) leverage tidak memediasi pengaruh profitabilitas terhadap kebijakan dividen.
Kata Kunci : kebijakan dividen, leverage, dan profitabilitas

This study aimed to examine the effect of (1) profitability and leverage on dividend policy, (2) profitability on dividend policy, (3) leverage on dividend policy, (4) profitability on leverage, (5) leverage mediates the effect of profitability on dividend policy.The research design which used was quantitative causal. The subject of this study was a consumer goods manufacturing sector listed on the Indonesia Stock Exchange, and the object was dividend policy, profitability, and leverage. Taking the samples used purposive sampling technique as many as 17 companies. Data was collected by recording documents and analyzed by path analysis.The results of the study showed that (1) profitability and leverage had a significant effect on dividend policy, (2) profitability had a positive and significant effect on dividend policy, (3) leverage had a negative and significant effect on dividend policy, (4) profitability had a positive and significant effect on leverage, (5) leverage did not mediate the effect of profitability on dividend policy.
keyword : dividend policy, leverage, and profitability