Pengaruh Ukuran Perusahaan, ROA, DER, dan Growth Opportunities Terhadap Kebijakan Dividen pada Perusahaan Pertambangan yang Terdaftar di BEI

Alfath Arif Subartha; Kardinal Kardinal; Faradila Meirisa; Trisnadi Wijaya

doi:10.55606/jaemb.v6i1.8249

Authors

Alfath Arif Subartha Universitas Multi Data Palembang
Kardinal Kardinal Universitas Multi Data Palembang
Faradila Meirisa Universitas Multi Data Palembang
Trisnadi Wijaya Universitas Multi Data Palembang

DOI:

https://doi.org/10.55606/jaemb.v6i1.8249

Keywords:

dividend policy, firm size, return on assets, debt to equity ratio, growth opportunities, mining sector, financial strategy, Indonesia Stock Exchange

Abstract

This study examines the effect of firm size, return on assets (ROA), debt to equity ratio (DER), and growth opportunities on dividend policy in mining companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. Despite the strategic role of dividend policy in signaling company performance, empirical results in previous studies have shown inconsistencies. This research aims to address the gap by employing a quantitative approach using multiple linear regression analysis. Secondary data were obtained from the financial statements of 29 mining companies that consistently distributed dividends during the observation period. The results show that firm size and ROA have a positive and significant effect on dividend policy, while DER and growth opportunities have a negative and significant effect. Simultaneously, all independent variables significantly influence dividend policy. These findings support signaling theory and indicate that stable and profitable companies are more likely to distribute dividends, whereas firms with higher debt and growth potential prefer to retain earnings. The study contributes to financial management literature and offers practical implications for investors and corporate managers in formulating dividend strategies.

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