The Effect of Liquidity and Leverage on Dividend Policy with a Set of Investment Opportunities as Moderation Variables on LQ-45 Companies on the Indonesia Stock Exchange for the Period 2015-2019
Abstract
Improving the welfare of the owners is one of the goals of the establishment of the company. The increase in the welfare of the owner can be realized from the distribution of dividends. This research aims to test (a) the effect of liquidity on dividend policy, (b) the influence of leverage on dividend policy, (c) the influence of liquidity on dividend policy with the set of investment opportunities as a moderation variable, (d) the influence of leverage on dividend policy with the set of investment opportunities as moderation variables. The sample in the study was companies included in the LQ-45 index for 2015-2019 using method purposive sampling. Based on the criteria that have been determined, 16 companies are sampled. Data analysis uses Smart PLS 3 applications using moderated regressions analysis (MRA) methods. The results of this study showed that liquidity had an insignificant negative effect on dividend policy, leverage had no significant negative effect on dividend policy, investment opportunity sets were unable to moderate liquidity's influence on dividend policy and were unable to moderate the influence of leverage on dividend policy
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