Pengaruh Current Ratio, Return on Assets, dan Debt to Equity Ratio terhadap Dividend Payout Ratio Perusahaan Manufaktur di ISSI
DOI:
https://doi.org/10.63321/jifsb.v3i2.163Keywords:
Current Ratio, Return On AssetsDebt to Equity Ratio, Dividend Payout RatioAbstract
Investors in the Islamic capital market need accurate financial information to assess the sustainability of dividend distributions without risking financial difficulties (financial distress). This study aims to analyze the influence of Current Ratio (CR), Return on Assets (ROA), and Debt to Equity Ratio (DER) partially or simultaneously on Dividend Payout Ratio (DPR) on consumer goods manufacturing companies listed on the Indonesian Sharia Stock Index (ISSI) for the 2020–2024 period. This associative quantitative research uses purposive sampling and obtains a sample of 22 issuers, with a total of 110 observations over five years. Data analysis was conducted through multiple linear regression testing using SPSS software. The results showed that, partially, CR and DER had a positive and significant effect on DPR. Conversely, ROA did not significantly affect DPR, indicating that high profitability was not immediately allocated for dividend distribution, but rather prioritized as profit retention to strengthen internal capital post-pandemic. Simultaneously, the variables CR, ROA, and DER had a significant effect on DPR with a value ofAdjustedof 0.651 (65.1%), while the remaining 34.9% is explained by factors outside the research model. These results indicate that the dividend policy of Islamic manufacturing issuers is driven more by the availability of liquidity and a controlled debt structure below the Islamic screening criteria than by pure profitability. The practical implication for Islamic investors is the importance of prioritizing CR and DER ratio analysis as key indicators in predicting issuer dividend consistency.
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