Prediktor-Prediktor Kebijakan Dividen: Studi Empiris Perusahaan Real Estat dan Properti Indonesia

Authors

  • Yasika Aulia Ramadhany Sekolah Tinggi Ilmu Ekonomi Ciputra Makassar
  • Celine Catharine Sabe Sekolah Tinggi Ilmu Ekonomi Ciputra Makassar
  • Powell Gian Hartono Sekolah Tinggi Ilmu Ekonomi Ciputra Makassar

DOI:

https://doi.org/10.55837/ed.v4i2.179

Keywords:

Kebijakan Dividen, Real Estat, Properti, Bursa Efek Indonesia, Random Effect Model

Abstract

Purpose ― Penelitian ini bertujuan untuk menginvestigasi pengaruh profitabilitas, leverage, ukuran perusahaan, dan usia perusahaan terhadap kebijakan dividen pada perusahaan sektor real estat dan properti di Indonesia.

Methods ― Studi ini menggunakan pendekatan kuantitatif berbasis data panel pada 20 perusahaan selama periode 2014–2023, dengan estimasi Random Effect Model (REM) berbasis Generalized Least Squares.

Findings ― Hasil regresi menunjukkan bahwa profitabilitas dan usia perusahaan berpengaruh positif dan signifikan terhadap kebijakan dividen, sementara ukuran perusahaan berpengaruh negatif. Leverage menunjukkan pengaruh positif namun tidak searah dengan dugaan awal. Temuan ini mengindikasikan bahwa struktur keuangan internal dan kematangan siklus hidup perusahaan lebih dominan dalam memengaruhi kebijakan dividen dibandingkan skala perusahaan.

Implication ― Hasil ini merekomendasikan perlunya penguatan kinerja laba dan optimalisasi struktur modal sebagai instrumen pengelolaan reputasi dan stabilitas pasar dalam kebijakan dividen.

Originality ― Penelitian ini memberikan kontribusi kontekstual terhadap literatur kebijakan dividen di sektor properti negara berkembang, dengan menyoroti dinamika spesifik sektoral yang belum banyak terungkap dalam studi lintas negara.

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Published

2025-08-05

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Ramadhany, Y. A., Sabe, C. C., & Hartono, P. G. (2025). Prediktor-Prediktor Kebijakan Dividen: Studi Empiris Perusahaan Real Estat dan Properti Indonesia. Ekonomi Digital, 4(2), 65–78. https://doi.org/10.55837/ed.v4i2.179

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Vol. 4 No. 2 (2025): Oktober

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