Abstract
This study aims to determine the independent variables that are able to predict dividend payment behavior and prove the occurrence of dividend catering theory in manufacturing companies that are in the growth phase. In determining the research sample, the researcher used purposive sampling. The number of samples in this study were 7 manufacturing companies with a total of 92 observations during 2015 – 2019. This study uses multinomial logistic regression analysis on SPSS 25. The results show that the dividend premium and profitability variables get positive and significant values in the high dividend payout model. as well as low dividend payout models. While the firm size variable gets a positive and significant value in the high dividend payout model, it does not get a significant value in the low dividend payout model. This means that in the high dividend payout model, the variables of premium dividends, profitability, and firm size are able to predict the behavior of dividend payments in manufacturing companies that are in the growth phase. However, in the low dividend payout model, only the dividend premium and profitability variables are able to predict the behavior of dividend payments in manufacturing companies that are in the growth phase. The results also prove that the dividend catering theory is proven to occur in manufacturing companies that are in the growth phase of 2015 – 2019.
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