Pengaruh Profitabilitas, Leverage, dan Growth Terhadap Kebijakan Dividen dengan Good Corporate Governance sebagai Variabel Intervening

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Pengaruh Profitabilitas, Leverage, dan Growth Terhadap Kebijakan Dividen dengan Good Corporate Governance sebagai Variabel Intervening


Universitas Negeri Jakarta

[Jurnal Akuntansi Manajemen – SNA 13]


The purpose of this study is to prove the indirect effect of profitability measured by ROA (X1), leverage measured by DER (X2), and growth as measured by the growth of assets (X3) on dividend policy as measured by the dividend payout ratio (Y) through good corporate governance as measured by scores CGPI (X4). This research also adds control variables such as age and type of industrial companies.

The population in this study are included in the rating companies CGPI 63 companies in 2006, 2007, and 2008 (pooled data). The sample selection is done with less use of purposive sampling techniques and criteria used by 31 companies selected. Analysis of the data used is multiple linear regression to identify independent variables that influence the dependent variable and path analysis to detect whether an indirect relationship through good corporate governance.


The test results showed that partially or simultaneously all the independent variables and control variables didn’t have significant effect on dividend policy and the implementation of good corporate governance. The implementation of good corporate governance is also not proved influential as an intervening variable.

Keywords: Profitability, Leverage, Growth, Good Corporate Governance, and Dividend Policy


One of the goals of a company is to improve the welfare or to maximize shareholder value by increasing the value of the company. Increasing corporate value can be achieved if the company is able to operate with achieving the targeted profit. Through the company’s profits will be able to provide dividends to shareholders, increase the company’s growth and continued survival.

Ownership in companies owned by public or community at large, dividend policy has a significant influence for investors and companies that will pay dividends. In investing, investors want a return on investment (return) either in the form of profits distributed as dividends given company as they have invested in that company as well as to increase the capital income (capital gains).

For some companies, dividends are considered burdensome because the company must always provide the amount of cash in a relatively permanent to pay dividends in the foreseeable future. Companies that do not have the funds but must still issue a dividend may result in reduced funding for its investment needs that require additional capital by issuing new shares or make loans to other parties.

Jurnal Akuntansi Lainnya:  The Effect of Related and Unrelated Diversification of Capital Structure Policy: Empirical Evidence on Indonesian Companies

While on the one hand, the general business world dominated by a group of family owned companies where the entire board and management of familial and also managed the majority shareholding held by a particular family. Indonesia as one of them, about 90% of companies that went public on the Indonesia Stock Exchange (IDX) is owned by a certain family (Suherli, 2004). Indicators show that the characteristics of listed companies in Indonesia are still run by the owner of the first and second generation.

Research based IDX, there are indications that the conflict of interest where a conflict of interest in the management of the majority shareholder with various third parties such as suppliers, agents and the like do not put the company in a favorable position in which the majority shareholders and management that is owned by family members more dominant in management decisions (Daniri, 2006). …

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