PENGARUH FIRM SIZE, NET PROFIT MARGIN, CURRENT RATIO, DAN EARNING PER SHARE TERHADAP DIVIDEND PAYOUT RATIO DENGAN INVESTMENT OPPORTUNITY SET SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI TAHUN 2019
Keywords:
Firm Size (FS), Net Profit Margin (NPM), Current Ratio (CR), Earning Per Share (EPS), Dividend Payout Ratio (DPR), Investment Opportunity Set (MVBVE)Abstract
This study aims to examine the effect of firm size, net profit margin, current ratio, and earning per
share on the dividend payout ratio with investment opportunity set as a moderating variable in
manufacturing companies listed on the Indonesia Stock Exchange in 2019. The population in this study
are manufacturing companies listed on the Indonesia Stock Exchange in 2019. Amount of samples in this
study are 45 companies. Sampling method using purposive sampling technique. The statistical method
used descriptive statistical test, classical assumption test including normality test, multicollinearity test,
heteroscedasticity test, determination test, and hypothesis test using the multiple linear regression
analysis method and the Moderate Analysis (MRA) test. The result of this study indicate that firm size
have positive and significant effect to dividend payout ratio, and earning per share have negative, and
significant to dividend payout ratio in manufacturing companies listed on Indonesia Stock Exchange in
2019. Meanwhile net profit margin and current ratio have no effect to dividend payout ratio in
manufacturing companies listed on Indonesia Stock Exchange in 2019. For testing with Moderate
Regression Analysis (MRA) model, the result of investment opportunity set cannot mmoderate the effect
of firm size, net profit margin, current ratio, and earning per share on the dividend payout ratio
