Pengaruh profitabilitas dan kepemilikan manajerial terhadap kebijakan dividen dengan ukuran perusahaan sebagai variabel moderasi (studi empiris pada perusahaan real estate yang terdaftar di bursa efek indonesia)

Abstract

This study aims to examine the effect of profitability and managerial ownership on dividend policy with firm size as a moderating variable in property and real estate companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. This research adopts a quantitative approach using multiple linear regression analysis and Moderated Regression Analysis (MRA), processed with EViews 13 software. The data used are secondary data obtained from company financial statements, with a total of 95 observations selected through purposive sampling based on specific criteria.The results indicate that profitability has a positive and significant effect on dividend policy, suggesting that companies with higher profitability tend to distribute higher dividends to shareholders. In contrast, managerial ownership has a negative and significant effect on dividend policy, implying that higher managerial ownership encourages firms to retain earnings for internal financing purposes. Furthermore, firm size is proven to strengthen the relationship between profitability and dividend policy, while weakening the negative effect of managerial ownership on dividend policy. These findings provide important implications for investors and corporate management in formulating optimal dividend policy strategies