Factors Affecting the Dividend Policy with Company Size as Moderating Variable on the IDX30 Listed on Indonesia Stock Exchange for the Period of 2018-2020

Abstract

The rapid development of the world has intensely driven corporate competition. In order for the business to run continuously, funds are needed from investors. On the other hand, the main purpose of an investor investing their funds is to seek income or a rate of return on investment. This income attracts investors to invest in the company. Hence, dividend policy is a topic that is often discussed in the financial sector. So, this research was conducted with the aim of knowing the extent to which the influence of certain financial ratios such as Return on Assets (ROA), Return on Equity (ROE), Debt to Equity Ratio (DER) can affect dividend policy with company size as moderating variable on the IDX30 index stock which listed on the Indonesia Stock Exchange (IDX) in 2018 – 2020. The method of determining the sample is carried out by the purposive sampling method. The data was obtained from the IDX's official website, namely www.idx.co.id and the official website of each company which is secondary data. The results show that Return on Assets (ROA), Return on Equity (ROE) and Debt to Equity Ratio (DER) partially have a significant effect on Dividend Policy. Company size cannot moderate the relationship of Return on Assets (ROA) to Dividend Policy. Companies can moderate the relationship of Return on Equity (ROE) and Debt to Equity Ratio (DER) to Dividend Policy. Company size has no effect on dividend policy.