Analysis of the Effects of Variables

Oct 13, 2025 by windailys.com 142 views

Analysis of the Effect of Leverage, Growth, Assets that Can Be Guaranteed, and Systematic Risk of Dividend Payout Ratio in Consumer Goods Industry Companies on the Indonesian Stock Exchange

In the context of the investment world, companies are often faced with decisions regarding dividend distribution to shareholders. One important factor that can influence this decision is the Dividend Payout Ratio (DPR). This article will examine the effect of several variables, namely leverage, growth (growth), assets that can be guaranteed (collateralizable assets), and systematic risk (systematic risk) of the DPR in companies listed in the consumer goods industry in the Indonesia Stock Exchange.

Research Background

The decision to distribute dividends to shareholders is a crucial aspect of a company's financial management. It not only affects the company's financial performance but also has a significant impact on the investors' expectations and confidence in the company. In this study, we aim to investigate the effect of leverage, growth, assets that can be guaranteed, and systematic risk on the Dividend Payout Ratio (DPR) in companies listed in the consumer goods industry in the Indonesia Stock Exchange.

This study was conducted using secondary data which included 28 companies in the consumer goods industry during the 2009-2012 period, and produced a sample of 12 companies. Variables analyzed include leverage, growth, assets that can be guaranteed, and systematic risks as independent variables, and dividend payout ratio as dependent variables. This study uses a significance level of 5%.

Research Methodology

The research methodology used in this study is a quantitative approach, where we analyzed the data using statistical methods to identify the relationships between the variables. The data was collected from the Indonesia Stock Exchange (IDX) and other secondary sources. The sample size was 12 companies, which were selected based on their relevance to the consumer goods industry.

Research Findings

The results showed that simultaneously, leverage, growth, assets that can be guaranteed, and systematic risk has a positive and significant influence on the dividend payout ratio. This means that companies that have a higher debt ratio, better growth, assets that can be guaranteed, and systematic risks that are well managed tend to have a tendency to distribute greater dividends.

Analysis of the Effects of Variables

Leverage: Although showing a positive influence, partial testing found that leverage did not have a negative significant effect on the DPR. This shows that companies that have high debt may still be able to share dividends, as long as debt management is carried out efficiently.
Growth (growth): The results show that growth does not have a significant positive effect on the DPR. This may reflect that companies that are in the expansion phase are more likely to reinvest their profits in development, rather than distributing them as dividends.
Collateralizable assets: Although not significant negative to the DPR, the existence of assets that can be guaranteed can provide a sense of security for creditors and shareholders that the company has sufficient financial reserves, thereby increasing the potential distribution of dividends in the period next.
Systematic risk (systematic risk): Findings that systematic risk has a significant negative effect on the DPR shows that companies operating in the environment with high uncertainty tend to be more careful in dividend distribution. Investors may face greater uncertainty in the acquisition of dividends when systematic risk increases.

Conclusion

From the analysis above, it can be concluded that leverage, growth, assets that can be guaranteed, and systematic risk have a complex impact on the Dividend Payout Ratio in the consumer goods industry listed on the Indonesia Stock Exchange. Although the simultaneous influence is positive and significant, the effect of each variable gives a different picture, shows the importance of cautious financial management and well-considered investment strategies for companies in determining their dividend policies.

Understanding the effect of these variables, investors and stakeholders can make better decisions related to their investment in the consumer goods sector. This study provides valuable insights for investors, policymakers, and financial analysts to make informed decisions about their investments in the consumer goods industry.

Implications of the Study

The findings of this study have several implications for investors, policymakers, and financial analysts. Firstly, the study highlights the importance of considering the effect of leverage, growth, assets that can be guaranteed, and systematic risk on the Dividend Payout Ratio when making investment decisions. Secondly, the study suggests that companies in the consumer goods industry should adopt a cautious approach to dividend distribution, taking into account the level of debt, growth, assets that can be guaranteed, and systematic risk.

Limitations of the Study

This study has several limitations. Firstly, the sample size is relatively small, which may limit the generalizability of the findings. Secondly, the study only considers the effect of leverage, growth, assets that can be guaranteed, and systematic risk on the Dividend Payout Ratio, and does not consider other factors that may influence dividend distribution.

Future Research Directions

This study provides several avenues for future research. Firstly, future studies can investigate the effect of other factors on the Dividend Payout Ratio, such as the company's size, industry, and market conditions. Secondly, future studies can examine the impact of dividend distribution on the company's financial performance and investor expectations.

Conclusion

In conclusion, this study provides valuable insights into the effect of leverage, growth, assets that can be guaranteed, and systematic risk on the Dividend Payout Ratio in the consumer goods industry listed on the Indonesia Stock Exchange. The findings of this study have several implications for investors, policymakers, and financial analysts, and provide a basis for future research in this area.
Frequently Asked Questions (FAQs) about the Effect of Leverage, Growth, Assets that Can Be Guaranteed, and Systematic Risk on the Dividend Payout Ratio in Consumer Goods Industry Companies on the Indonesian Stock Exchange

In our previous article, we discussed the effect of leverage, growth, assets that can be guaranteed, and systematic risk on the Dividend Payout Ratio (DPR) in companies listed in the consumer goods industry in the Indonesia Stock Exchange. In this article, we will answer some of the frequently asked questions (FAQs) related to this topic.

Q: What is the Dividend Payout Ratio (DPR)?

A: The Dividend Payout Ratio (DPR) is a financial ratio that measures the percentage of earnings paid out as dividends to shareholders. It is calculated by dividing the total amount of dividends paid by the total amount of earnings.

Q: What is the significance of the Dividend Payout Ratio (DPR) in the consumer goods industry?

A: The Dividend Payout Ratio (DPR) is an important indicator of a company's financial health and its ability to distribute dividends to shareholders. In the consumer goods industry, a high DPR may indicate that a company has a strong financial position and is able to distribute a significant portion of its earnings to shareholders.

Q: What is the effect of leverage on the Dividend Payout Ratio (DPR)?

A: The results of our study show that leverage has a positive and significant effect on the Dividend Payout Ratio (DPR). This means that companies with high debt levels tend to have a higher DPR, indicating that they are able to distribute a significant portion of their earnings to shareholders.

Q: What is the effect of growth on the Dividend Payout Ratio (DPR)?

A: The results of our study show that growth does not have a significant positive effect on the Dividend Payout Ratio (DPR). This means that companies that are in the expansion phase may not necessarily have a higher DPR, as they may be reinvesting their profits in development rather than distributing them as dividends.

Q: What is the effect of assets that can be guaranteed on the Dividend Payout Ratio (DPR)?

A: The results of our study show that assets that can be guaranteed do not have a significant negative effect on the Dividend Payout Ratio (DPR). This means that companies with assets that can be guaranteed, such as property or equipment, may still be able to distribute a significant portion of their earnings to shareholders.

Q: What is the effect of systematic risk on the Dividend Payout Ratio (DPR)?

A: The results of our study show that systematic risk has a significant negative effect on the Dividend Payout Ratio (DPR). This means that companies operating in an environment with high uncertainty may be more cautious in their dividend distribution, as investors may face greater uncertainty in acquiring dividends.

Q: What are the implications of the study for investors and policymakers?

A: The study provides valuable insights for investors and policymakers to make informed decisions about their investments in the consumer goods industry. It highlights the importance of considering the effect of leverage, growth, assets that can be guaranteed, and systematic risk on the Dividend Payout Ratio when making investment decisions.

Q: What are the limitations of the study?

A: The study has several limitations, including a relatively small sample size and the consideration of only a few factors that may influence dividend distribution. Future studies can investigate the effect of other factors on the Dividend Payout Ratio and provide a more comprehensive understanding of the topic.

Q: What are the future research directions?

A: Future studies can investigate the effect of other factors on the Dividend Payout Ratio, such as the company's size, industry, and market conditions. Additionally, future studies can examine the impact of dividend distribution on the company's financial performance and investor expectations.

Q: What are the practical implications of the study for companies in the consumer goods industry?

A: The study provides valuable insights for companies in the consumer goods industry to make informed decisions about their dividend distribution policies. It highlights the importance of considering the effect of leverage, growth, assets that can be guaranteed, and systematic risk on the Dividend Payout Ratio when making dividend distribution decisions.

Q: What are the implications of the study for the Indonesian Stock Exchange?

A: The study provides valuable insights for the Indonesian Stock Exchange to make informed decisions about the listing requirements and regulations for companies in the consumer goods industry. It highlights the importance of considering the effect of leverage, growth, assets that can be guaranteed, and systematic risk on the Dividend Payout Ratio when making listing decisions.