American
Journal of Economic and Management Business
p-ISSN: XXXX-XXXX
e-ISSN: 2835-5199
Vol.
3 No. 3 March 2024
Profitability as an Intervening Variable of the
Effect of Dividend Policy and Leverage on the Value of LQ45 Companies Listed on
the Indonesia Stock Exchange
Tika Pramana1, Mohamad Adam2*,
Marlina Widiyanti3, Isnurhadi4
Sriwijaya University, Palembang, South Sumatra,
Indonesia1,2,3,4
Email: [email protected]1, [email protected]2*, [email protected]3, [email protected]4
Abstract
This
study seeks to gather empirical evidence regarding the impact of Dividend
Policy and Leverage on the performance of LQ45 Companies listed on the
Indonesia Stock Exchange. Purposive sampling was employed to select the
research samples, resulting in 21 companies being included in the study for the
period spanning from 2019 to 2022, constituting 84 units of analysis. The
research methodology adopted a quantitative descriptive approach, with path
analysis being the chosen analytical technique. The findings indicate that
neither leverage nor Dividend Policy directly affects Profitability. However,
both Leverage and Profitability significantly positively influence firm value,
whereas Dividend Policy does not. Moreover, Profitability serves as a mediator
in the relationship between Dividend Policy and Firm Value but does not mediate
the connection between Leverage and Firm Value. This study underscores the
importance for companies to carefully consider their leverage and
profitability, which can significantly impact firm value and ultimately enhance
overall company performance.
Keywords: Return on Assets, Dividend
Policy, Leverage, Firm Value.
This
article is licensed under a Creative Commons Attribution-ShareAlike
4.0 International
INTRODUCTION
The development of the capital market in Indonesia
encourages companies to issue their shares to external parties by going public.
External parties, especially potential investors, need information about
companies' finances that go public to determine investment choices. The
company's financial information is a reflection of the company's performance,
which can be seen in the financial statements. According to
Quoted from IDX.co.id, the number of investors in
Indonesia is currently increasing, with the main driver being millennials with
an age range of 18-30 years, reaching 411,480 SID or 70 percent of the total
new investors in 2020. The number of investors in the Indonesian Capital Market
increased throughout 2020 by 56 percent, with 3.87 million Single Investor
Identification (SID) recorded until December 2020, which included stock, bond,
and mutual fund investors. The increase for stock investors alone reached 53
percent to a total of 1.68 million SID, in line with the efforts of the
Indonesia Stock Exchange in order to cover all levels of society in Indonesia
through the expansion of distribution networks by placing 30 Representative
Offices. The Indonesia Stock Exchange also collaborates with universities and
institutions by establishing 504 Investment Galleries and 402 investor
communities
As Indonesia's capital market evolves, more
companies are opting for public offerings, thereby attracting a growing number
of external investors, particularly millennials. These investors, constituting
a significant portion of the market, seek robust financial information to
inform their investment decisions. Financial statements serve as vital tools,
providing insights into a company's performance and management's outlook,
thereby influencing investor perceptions. A positive perception, driven by
comprehensive financial reporting, can stimulate investor interest, leading to
increased demand for company shares. This trend is particularly pronounced
given the substantial rise in investor numbers, with millennials comprising a
substantial proportion. Consequently, the study delves into the dynamics
between financial reporting, investor behavior, and
market trends, offering valuable insights for stakeholders navigating
Indonesia's dynamic capital market landscape.
The important thing that must be considered as the
number of investors increases is the improvement of the quality of investors so
that people who become investors understand the stocks collected both from a
fundamental and technical side. It is expected that in the future investors in
Indonesia will carry out their activities in the capital market using the basis
of their own fundamental and technical analysis, not just joining in 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. The
data includes annual financial reports, stock indices, historical stock price
data, company actions, and news related to trading activities in the capital
market
On the Indonesia Stock Exchange, there are 24 stock
indices with different criteria that investors can use to guide investing in
the Indonesian Capital Market. Investors can use the index in screening stocks
to determine their investment decisions according to their investment style and
risk profile. The LQ45 Index is an index that contains a list of stocks
consisting of 45 stocks that have been selected based on various selection
criteria carried out every 6 months. Stocks indexed by LQ45 are stocks that have
large liquidity and market capitalization, or it can be concluded that LQ45
shares are superior stocks that are low risk, so novice investors who are new
to the capital market can make LQ45 shares as the first investment choice
Previously,
studies have examined the effect of dividend and leverage policies on company
value through profitability as mediation but showed inconsistent results. As
the results of research conducted by
Research
conducted by
Research
conducted by
Research
conducted by
Research
conducted by Machali (2017);
Research
conducted by Wijaya and Pakpahan (2021) states that
Profitability can mediate Dividend Policy on Company Value. Meanwhile, research
by Siagian (2020) argues that Profitability is not
able to mediate Dividend Policy on Company Value. Research conducted by Budiandriani et al. (2023) states that Profitability can
mediate Leverage against Company Value. Research by Nurlela
et al. (2019) argues that Profitability cannot mediate Leverage against Company
Value.
The
research gap identified in this study stems from the inconsistency in the
impact of dividend and leverage policies on company value through
profitability, as observed by previous researchers. The study focuses on LQ45
companies listed on the Indonesia Stock Exchange (IDX) due to the availability
of comprehensive annual financial reports. Building on this background, the
author has chosen the title "Profitability as an Intervening Variable:
Assessing the Impact of Dividend Policy and Leverage on the Value of LQ45
Companies Listed on the Indonesia Stock Exchange."
RESEARCH
METHODS
Research focused on
Banking Companies listed on the Indonesia Stock Exchange during 2019-2022.
Purposive sampling gathered data from 21 companies. A descriptive methodology
with a quantitative approach employing path analysis was utilized. Classical
assumption testing preceded hypothesis testing to ensure adherence to the BLUE
criteria. Hypotheses were then tested using statistical t-tests, F tests, and
determination coefficient analysis. The model employed in this study can be
expressed as follows:
Z = α +
β1X1 + β2X2 + e... (equation 1)
Y = α +
β3X1 + β4X2 + β5Z + e... (equation 2)
Table 1. Operational Definition and Variable
Measurement
|
No. |
Variable |
Definition |
Formula |
Scale |
|
1. |
Dividend
Policy (DPR) (X1) |
Dtau's dividends are used to fund the company's
investments and operations as retained earnings. (Senata,
2016). |
DPR=
(Dividend Per Share)/(Earnings Per Share) |
Ratio |
|
2. |
Leverage (DER) (X2) |
A ratio that compares
the amount of debt to
equity. (Horne & Wachowicz, 2008) |
DER=(Total Liabilities)/(Total
Equity) |
Ratio |
|
3. |
Profitability
(ROA) (Z) |
Profitability is
the ability of a company to make a profit. (Tijow et al., 2018). |
ROA=(Net Profit)/(Total Assets) |
Ratio |
|
4. |
Company Value (Tobin's Q) (Y) |
Is one of the
measuring tools or ratios that
are able to define company value as a form of value between
tangible assets and intangible assets. (Pratiwi &; Pamungkas, 2020) |
((ʃ outstanding share×closing price)+Total liabilities)/(Total
Assets) |
Ratio |
Source: data processed by authors from selected books.
RESULT AND
DISCUSSION
Results of
Descriptive Statistical Analysis
Table
2. Descriptive Statistical Results
|
Descriptive Statistics |
|||||
|
|
N |
Minimum |
Maximum |
Mean |
Std. Deviation |
|
TQ |
84 |
.0009 |
.2041 |
.031955 |
.0442271 |
|
HOUSE |
84 |
.0246 |
29.9598 |
1.586771 |
3.9374087 |
|
LEV |
84 |
.1000 |
3.5800 |
.864643 |
.7660341 |
|
ROA |
84 |
.0001 |
.0036 |
.001054 |
.0008688 |
|
Valid N (listwise) |
84 |
|
|
|
|
Source: SPSS 25.0 Data Processing Results
Coefficient
of Determination (Adjusted R2)
The
test for coefficient of determination seeks to gauge the extent to which the
independent variable can account for the variability in the dependent variable
(Ghozali,
2018). It indicates that the dividend and leverage policy factors can elucidate
22.8% of the variance in ROA variables, with the remaining 77.2% attributable
to other factors not included in the regression model of this study.
Partial Test (T-Test)
The
t-value test serves to quantify the extent to which an individual independent
variable influences the variation of the dependent variable (Ghozali,
2018). The outcomes of t-value testing form the basis for constructing a
research model, which can be articulated as follows:
ROA =
-0.018DPR + 0.90LEV... (Model 1)
Tobins Q = -0.62DPR + 0.346LEV + 0.326ROA... (Model
2)
Table 3. Test Results of
Path Analysis and Hypothesis
|
Variable |
Standardized Beta Values |
Sig. |
Hypothesis |
|
|
Direct Influence |
Indirect influence |
|||
|
DPR - ROA |
(0,018) |
0,868 |
rejected |
|
|
LEV - 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 |
|
|
DPR-ROA-TQ |
(0,018) |
(0,006) |
Accepted |
|
|
LEV-ROA-TQ |
0,090 |
0,031 |
|
rejected |
Source: SPSS 25.0 Output (Data
processed by author)
Discussion of Research
Results
The Effect of Managerial Ownership on
Profitability
According to the findings
of the T-Test presented in Table 2, it appears that the Dividend Payout Ratio does not exert any influence on Profitability,
as indicated by Return on Assets in LQ45 companies listed on the Indonesia
Stock Exchange during the 2019-2022 period. This conclusion is drawn from the
regression coefficient value of -0.018, coupled with a significance value of
0.868 (where 0.868 > α 0.05). Consequently, the initial hypothesis (H2)
asserting that the Dividend Payout Ratio does not
impact the Return on Assets is rejected, thus indicating that H1 is not supported.d These results are different from previous
studies conducted by
The Effect of Institutional Ownership
on Profitability
According to the findings from Test T outlined in Table 2, it's observed
that there's no discernible impact of Leverage on Profitability, as measured by
Return on Assets, among LQ45 companies listed on the Indonesia Stock Exchange
during the period spanning 2019 to 2022. This conclusion is drawn from the
regression analysis, where the coefficient for Leverage stands at 0.090 with a
significance level of 0.419 (0.419 > α 0.05). Consequently, the initial
hypothesis (H2) asserting the absence of Leverage's effect on Return on Assets
is rejected, indicating no support for H2. This lack of influence of Leverage
on Profitability, as represented by ROA, suggests a consistent profitability
level despite fluctuations in the company's debt. This aligns with stakeholder
theory, which posits that shareholders prioritize high profitability, prompting
companies to adopt policies, including debt management. Moreover, increased
debt incurs interest expenses, leading to diminished profitability due to the
deduction of interest expenses from profits.
Based on this assumption, it is concluded that debt policy does not
affect profitability
The
Effect of the Independent Board of Commissioners on Profitability
The T-Test Findings presented in Table 4.12 suggest
that the Dividend Payout Ratio had an insignificant
impact on Company Values, as assessed by Tobin's q, among LQ45 companies listed
on the Indonesia Stock Exchange during the period from 2019 to 2022. This
inference is drawn from the regression analysis, which revealed a coefficient
of -0.620 with a significance level of 0.525 (0.525 > α 0.05). Consequently,
the original hypothesis (H3) proposing the absence of influence of the Dividend
Payout Ratio on Tobin's q is refuted, indicating no
backing for H3. The lack of effect of dividend policy on stock prices may be
attributed to the fact that most investors prioritize short-term gains in the
form of capital appreciation. Consequently, stock investment decisions may not
necessarily reflect the company's dividend distribution policy but rather
follow prevailing market trends. So, the company's policy to distribute dividends or not to distribute
dividends is not responded to by the market, so it does not result in changes
in stock prices
The
Effect of the Board of Directors on Profitability
The T-Test Results displayed in Table 4.12
reveal that Leverage exerts a positive and statistically significant impact on
Company Values, as represented by Tobin's q, among LQ45 companies listed on the
Indonesia Stock Exchange throughout the 2019-2022 period. This assertion is
supported by the regression analysis, which demonstrates a coefficient of 0.346
alongside a significance level of 0.001 (0.001 < α 0.05). Thus, the initial
hypothesis (H4) positing that Leverage has a positive and significant effect on
Tobin's q is corroborated. The results of the study are in line with signal theory (Spence, 1973).
Companies that increase debt are seen as companies that have good prospects in
the future, so investors are expected to pick up on these signals and improve
the company's capital structure. It is also the same with the results
The
Effect of the Audit Committee on Profitability
According to
the T-Test findings presented in Table 2, it was discovered that the Return on
Assets exerted a notable and beneficial impact on Company Values, as indicated
by Tobin's q, among LQ45 companies enlisted on the Indonesia Stock Exchange
during the period from 2019 to 2022. This assertion is substantiated by the
regression analysis, revealing a coefficient of 0.326, along with a
significance level of 0.001 (0.001 < α 0.05), thus affirming the first
hypothesis (H5) that posits the positive and significant influence of Return on
Assets on Tobin's q (H5 supported). Profitability serves as a metric reflecting
a company's financial performance, whereby enhancing profitability tends to
augment the returns for investors. The higher the
profit obtained by the company, the greater the level of dividend payments
distributed to shareholders so that it can trigger an increase in demand for
shares
The
Effect of the Audit Committee on Profitability
According to the data presented in Table 2, the direct
impact of the Dividend Payout Ratio is represented by
a regression coefficient of -0.018. The indirect impact, calculated as the
product of -0.018 and 0.326 (the coefficient representing the effect of ROA on
Company Value), yields a value of -0.006. Comparing these values, where -0.006
> -0.018, indicates the intervening influence is significant. Consequently,
these findings demonstrate that the ROA variable substantially mediates the
relationship between the Dividend Payout Ratio and
Company 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 prefer to have dividends reinvested in the
company. The number of dividends that are not distributed will settle into the
retained earnings. Based on agency theory, dividend policy is also able to
reduce agency costs (Wijaya and Pakpahan, 2021).
Research conducted by Wijaya and Pakpahan (2021)
states that Profitability can mediate Dividend Policy on Company Value.
The
Effect of the Audit Committee on Profitability
According to the data provided in Table 2, the direct
impact of Leverage is indicated by a regression coefficient of 0.090.
Calculating the indirect impact by multiplying this coefficient by 0.326
(representing the effect of ROA on Company Value) results in a value of 0.031.
Comparing these values, where 0.031 < 0.090, suggests that the intervening
influence is insignificant. Therefore, these findings indicate that the ROA
variable is unable to significantly mediate the effect of Leverage on Company Value
(H7 not supported).
This assumes that additional profitability variables cannot mediate the effect
of leverage on company value. The addition of funds through debt cannot
increase the company's profits. The addition of company funds through debt will charge high interest on the company if the debt owed is
high enough and the profits received by the company are reduced. The results of
this study are in line with the results of the study
CONCLUSION
This research investigates
how Dividend Policy and Leverage, as independent variables, affect Company
Value, with Return on Assets as mediators. The coefficient of determination
indicates that the independent variables can only account for 22.8% of the
variance in the dependent variable, implying that 77.2% of the variance is
influenced by factors not included in the model.
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Copyright holders:
Tika Pramana, Mohamad Adam, Marlina Widiyanti, Isnurhadi (2024)
First publication right:
AJEMB – American Journal of Economic and Management
Business