JRSSEM 2022 Vol. 01, No. 11, 1816 – 1829
E-ISSN: 2807 - 6311, P-ISSN: 2807 - 6494
DOI : 10.36418/jrssem.v1i11.189 https://jrssem.publikasiindonesia.id/index.php/jrssem/index
THE INFLUENCE OF LIQUIDITY, PROFITABILITY,
COMPANY SIZE AND LEVERAGE ON DIVIDEND POLICY IN
BIG TRADING COMPANIES (WHOLESALE) LISTED ON THE
IDX
Devi Asari Manik
1*
Ega Hanaya Syalomita Br Ginting
2
Universitas Prima Indonesia, Medan, Indonesia
e-mail: deviasary593@gmail.com
*Correspondence: deviasary593@gmail.com
Submitted: 28 May 2022, Revised: 05 June 2022, Accepted: 15 June 2022
Abstract. Companies need weapons to compete in the market, so they need to survive in business
competition. Companies need a lot of money and must be able to manage the resources needed
to produce optimal results. This program aims to analyze whether liquidity, profitability, firm size
and leverage affect dividend policy, either partially or simultaneously. The research method used
is descriptive analysis method and multiple linear regression analysis. The population in this study
amounted to 29 companies listed on the Indonesia Stock Exchange. The data used in this study
were obtained through the website www.idx.co.id and the company's official website. The results
showed that partially Current Ratio had a significant effect on the Dividend Payout Ratio, Return
on Assets had a significant effect on the Dividend Payout Ratio, Company Size had a significant
effect on the Dividend Payout Ratio and Debt to Equity Ratio had a significant effect on the
Dividend Payout Ratio. Simultaneously Current Ratio, Return on Assets, Company Size and Debt to
Equity Ratio have a significant effect on the Dividend Payout Ratio.
Keywords: current ratio; return on assets; company size; debt to equity ratio; dividend payout
ratio.
Devi Asari Manik, Ega Hanaya Syalomita Br Ginting | 1817
DOI : 10.36418/jrssem.v1i11.189 https://jrssem.publikasiindonesia.id/index.php/jrssem/index
INTRODUCTION
Companies must survive in business
competition, for that they need weapons
for companies to compete in the market.
The company requires a large amount of
funding.and must be able to manage the
resources owned to produce output
optimal. The capital market is the right
medium to channel and invest funds that
benefit investors (Firth et al., 2012); (Zeng
et al., 2017). Companies can obtain funds to
finance operational activities and company
expansion from capital market activities.
The capital market can be an alternative
place for companies to obtain funds from
investors (Farag & Johan, 2021); (Probst et
al., 2021). There are two types of
investments that investors can make in the
capital market, namely investments in
financial assets and physical assets (Kolozsi
et al., 2022); (Medabesh & Khan, 2020). The
purpose of investing in the capital market
is to direct the public to channel their funds
to more productive sectors and to achieve
equal distribution of income through
ownership of shares in a company.
Dividend policy is an important thing to
be used as a benchmark for investors in
investing their capital in a company
because investors want a high dividend
distribution. Profits earned by the company
at the end of the year will be distributed to
shareholders in the form of dividends or
will be retained to increase investment
financing capital in the future which is a
permanent source of funds that needs to
be considered for use in the expansion and
development of the company's business
(Ariyani et al., 2019); (Anton & Nucu, 2020),
while on the other hand, distribution
dividends are not expected to threaten the
survival of the company.
Liquidity can be considered in dividend
policy because dividends for companies are
cash outflows (Adityo & Heykal, 2020);
(Kusuma & Semuel, 2019). For companies,
dividends are a cash outflow and this
affects the company's cash position. If a
company is liquid, it is likely to pay large
dividends paid by the company.
The company's profitability is one way
to assess the extent of the rate of return
that will be obtained from its investment
activities (Côrte-Real et al., 2020). Investors
have an expectation of some return on their
current investment. If from year to year the
company has a significant profit, of course
investors tend to be optimistic about the
return as a bigger dividend, if the company
in recent years has suffered losses, the
distribution of dividends to investors will
decrease. Profitability is related to profit,
this profit is used as the basis for the
distribution of dividends. This profitability
is needed by the company if the company
will pay dividends. The profitability
indicator used in this study is ROA.
Company size needs to be considered
in dividend policy. Large, well-established
companies with a good level of profit and
profit stability tend to have easier
opportunities to enter the capital market,
while new companies will experience
difficulties in having access to the capital
market. This affects the flexibility of the
company to obtain large amounts of funds
(Úbeda-García et al., 2018).
Leverage is an important factor
influencing dividend policy. leverage will tie
the company to high fixed payments as a
result of high external financing (McCann et
1818 | The Influence of Liquidity, Profitability, Company Size and Leverage on Dividend Policy
in Big Trading Companies (Wholesale) Listed on the IDX
al., 2019); (Yuan et al., 2022). So that
increasing the leverage will reduce the
possibility of paying dividends, leverage
ratio has a use as an instrument to calculate
how the company's assets are funded using
debt. This means that how much of the
debt burden must be charged to the
company compared to the total assets.
Different from previous studies, large
trading companies (wholesale) were
chosen as objects in this study. This
company is engaged in buying and selling
distributors in bulk. The fairly rapid
development in this field has made the
competition increasingly fierce, requiring
companies to take advantage of existing
opportunities effectively and efficiently in
their operational activities.
Referring to the 2019 IDX data, there
are 10 constituents who are generous in
distributing dividends and are included in
the High Dividend 20 index, an index that
measures stock price movements that have
distributed cash dividends in the last 3
years. One of them is United Tractor Tbk
which is a large trading company
(Wholesale). Not all companies can
distribute dividends and not all companies
can distribute large dividends because of
different profits.
Many companies listed on the
Indonesia Stock Exchange, not all
companies distribute dividends to their
shareholders. Only certain industries can
pay dividends consistently, even though
the dividends paid to shareholders change
every year (fluctuations), even though
investors prefer to get a return on
investment in the form of a stable dividend.
This is due to different considerations in
making policy decisions and dividend
payments in each company. It can be seen
from Table 1.
Table 1. Research Phenomenon (in Rupiah)
Code
Year
Current
Liabilities
Net Profit
Total Assets
Equity
Dividend
AIMS
2016
2017
2018
2019
361,919,588
127,732,121
2,587,500,000
2,966,250,000
-3,478,303,196
-1,613,818,119
-637,109 .576
-697,155,438
17.009,196,124
15,100,638,538
17,533,206,467
17,531,591,615
16,612,741,286
14,972,906,417
14,335,796,841
13,638,641,403
0
0
0
0
APII
2016
2017
2018
2019
154,451,484,60
8
162,612,162,91
3
171,275,642,98
0
171,275,642,98
0 301,594
22,605,142,434
13,921,992,681
30,402,061,201
25,744,441,617
407,985,799,01
5
423,181,306,98
0
450,303,354,80
0
490,860,655,71
6
239,253,850,66
7
247,392,624,93
4
275,592,621,62
72.80,364,703,
057
32,703,058
0
2019
_
_
Devi Asari Manik, Ega Hanaya Syalomita Br Ginting | 1819
_
2016
2017
_
_
_ 618,000,000
1,608,000,000
1,641,842,000,
000
1,643,989,000
552,456,000,00
0
476,203,000,00
0
561,159,000,00
0
583,234,000,00
0
4,977,673,000,0
00
5,464,898,000,0
00
6,035,844,000,0
00
6,292,705,000,0
00
2,822,564,000,
000
3,137,829,000,
000
3,554,915,000,
000
3,949,413,000 .
000
167,400,000,0
00
139,500,000,0
00
167,400,000,0
00
0
UNT
R
2016
2017
2018
2019
18,355,948,000
,000
28,376,562,000
,000
48,785,716,000
,000
32,585,529,000
,000
5,104,477,000,0
00
7,673,322,000,0
00
11,498,409,000
.000
11,134,641,000,
000
63,991,229,000,
000
82,262,093,000,
000
116,281,017,00
0,000
111,713,375,00
0,000
42,621,943,000
,000
57,050,679,000
,000
61,110,074,000
,000
1,993,000,000
47,537,925,00
0,000.000
3,331,010,676
,448
4,450,051,217
,248
4,524,700,000
,000
METHODS
In this study using quantitative research
methods, in this study data that can be
measured or calculated directly, in the form
of information or explanations expressed in
the form of numbers that can be analyzed
by mathematical calculations or statistics.
In this study, researchers obtained data or
information in the form of complete
financial statements. In this study,
researchers took the population of large
trading companies (wholesale) on the
Indonesian stock exchange. The sampling
technique used in this study was purposive
sampling, namely the selection of sample
members based on the objectives and
considerations of the researcher. The
sampling criteria are as follows:
Table 2. Population and Sample
No
Information
Quantity
1.
Large trading sub-sector companies (wholesale) that have been
and are still listed on the IDX
36
2.
Large trading sub-sector companies (wholesale) that do not
publish their financial statements
(7)
1820 | The Influence of Liquidity, Profitability, Company Size and Leverage on Dividend Policy
in Big Trading Companies (Wholesale) Listed on the IDX
Number of samples
29
The number of samples in this study
were 29 samples. Researchers took a period
of three years. So that the total number of
observational data is 87 large (wholesale)
sub-sector companies.
Data collection techniques used in this
research is to use literature study and
documentation. Literature study by
collecting data through journals, books,
articles and previous research in
accordance with the research.
Documentation study is by collecting
secondary data obtained from the
Indonesia Stock Exchange on its official
website www.idx.co.id .
Research variable is something that
becomes the center of attention in a study.
The variables used in this study consisted of
two, namely the independent variable (X)
and the dependent variable (Y).
Table 3. Identification and Definition of Operational
Variables
Definition
Indicator
Scale
(X
1
)
According to Arief and Edi (2016:57) liquidity is a
ratio that aims to measure the company's ability to
meet its short obligations.
Current
Ratio =
Ratio
(X
2
)
Profitability is the ability of a company to earn a
profit where profit will be a reference in paying
dividends. The company's profitability is one way to
assess the extent of the rate of return that will be
obtained from its investment activities.
Return on
Assets =
Ratio
(X
3
)
Company size is a scale to classify the size of a
company. Large, well-established companies with
good profit levels and profit stability tend to have
easier opportunities to enter the capital market.
Company
Size = Ln
total assets
Ratio
Leverage
(X
4
)
Leverage describes the level of risk of the company
by comparing the company's total debt and total
assets owned.
Debt to
Equity Ratio=
Ratio
(Y)
Dividend policy is a decision whether the profit
earned by the company at the end of the year will
be distributed to shareholders in the form of
dividends or will be retained to increase investment
financing capital in the future.
Dividend
Payout Ratio
=
Ratio
Devi Asari Manik, Ega Hanaya Syalomita Br Ginting | 1821
DOI : 10.36418/jrssem.v1i11.189 https://jrssem.publikasiindonesia.id/index.php/jrssem/index
RESULTS AND DISCUSSION
statistical tests provide an overview of
the variables in the study to make it easier
for readers to understand. The following
are the results of descriptive statistical tests
in Table 3.1:
Table 4. Descriptive Statistics Test Results
Descriptive Statistics
N
Minimum
Maximum
Mean
Std.
Deviation
Liquidity
87
0.079
2726,451
41.73229
298.562137
Profitability
87
-3.543
0.310
-0.08455
0.512606
Company Size
87
22.377
32.387
27.56775
2.160640
Leverage
87
-43.086
146,355
2,51685
17.746926
Dividend Policy
87
-0.188
15,858
0.34337
1.715867
Valid
87
The table (above shows, Minimum
liquidity is 7.9% (ZBRA in 2019), maximum
value is 272645% (TRIL in 2020), mean is
4173.30% and standard deviation is
29856.56%. Profitability has a minimum
value of -354.3% (INTA 2020), a maximum
value of 31% (MPMX 2018), a mean of
8.45% and a standard deviation of 51.26%.
Company size has a minimum value of
2237.7% (ZBRA 2018), a maximum value of
3238.7% (UNTR 2018), a mean of 2956.78%
and a standard deviation of 216.06%.
leverage is -4308.6% (DWGL 2018), the
maximum value is 14635.5% (OKAS 2019),
the mean is 251.67% and the standard
deviation is 1774.69%. Dividend policy has
a minimum value of -18.8% (CARS 2019), a
maximum value of 1585.8% (MPMX 2020),
a mean of 34.34% and a standard deviation
of 171.59%.
Classical Assumption Test Classical
Assumption test in this study was
conducted to prevent bias in the
dependent and independent variables by
performing normality test, multicollinearity
test, autocorrelation test and
heteroscedasticity test. The researcher
transformed the data using SQRT so that all
the results in this study used the results
after the data had been transformed
Normality Test
The following are the results of the
normality test in this study:
Devi Asari Manik, Ega Hanaya Syalomita Br Ginting | 1822
DOI : 10.36418/jrssem.v1i11.189 https://jrssem.publikasiindonesia.id/index.php/jrssem/index
Figure 1. Histogram Graph of Normality
The histogram graph above forms a bell
so that the histogram graph is declared
normal.
Figure 2. P-Plot Graph of Normality
Figure 2, shows the plot points spread
out following the diagonal line so that the
graph shows that the data is normally
distributed.
Devi Asari Manik, Ega Hanaya Syalomita Br Ginting | 1823
DOI : 10.36418/jrssem.v1i11.189 https://jrssem.publikasiindonesia.id/index.php/jrssem/index
Table 5. Normality Test Results
One-Sample Kolmogorov-Smirnov Test
Unstandardiz
ed Residual
N
42
Normal
Parameters
a,b
Mean
0.0000000
Std. Deviation
0.23431062
Most Extreme
Differences
Absolute
0.067
Positive
0.067
Negative
-0.054
Test Statistic
0.067
Asymp. Sig. (2-tailed)
0.200
c,d
a. Test distribution is Normal.
b. Calculated from data.
c. Lilliefors Significance Correction.
d. This is a lower bound of the true significance.
Table 5, shows the magnitude of the
Asymp value. sig. (2 -tailed) of 0.200>0.05.
So it can be concluded that the data is
normally distributed.
Multicollinearity Test
The following are the results of the
multicollinearity test in this study:
Table 6. Multicollinearity Test Result
Coefficients
a
Model
Unstandardized
Coefficients
Standardized
Coefficients
Collinearity
Statistics
B
Std. Error
Beta
Toleran
ce
VIF
1
(Constant)
3.765
2.418
SQRT_X1
0.183
0.060
0.251
0.458
2.182
SQRT_X2
0.257
0.046
0.372
0.399
2.506
SQRT_X3
0.307
0.055
0.401
0.615
1.626
1824 | The Influence of Liquidity, Profitability, Company Size and Leverage on Dividend Policy
in Big Trading Companies (Wholesale) Listed on the IDX
SQRT_X4
0.273
0.062
0.434
0.531
1.884
a. Dependent Variable: SQRT_Y
Table 6 shows the constant significance
value of 0.865> 0.05, Liquidity 0.369> 0.05,
Profitability 0.257> 0.05, Company Size
0.750> 0.05 and Leverage 0.410> 0.05 so it
can be concluded not heteroscedasticity
occurs in the data.
Multiple Linear Analysis
The following are the results of the
multiple linear analysis test on SPSS 26:
Table 7. Results of Multiple Linear Analysis
Coefficients
a
Model
Unstandardized
Coefficients
Standardized
Coefficients
t
Sig.
B
Std. Error
Beta
1
(Constant)
3.765
2.418
1.557
0.123
SQRT_X1
0.183
0.060
0.251
SQRT_X2
0.003
3.053
0.257
0.046
0.372
5.632
0.000
SQRT_X3
0.307
0.055
0.401
5.629
0.000
SQRT_X4
0.273
0.062
0.434
4.064
0.046
a. Dependent Variable: SQRT_Y
Based on the processed data above,
the multiple linear regression equation
model in this study is as follows: Dividend
Policy = 3.765 + 0.183 Liquidity + 0.257
Profitability
+
0.307 Size
Company + 0.273 Leverage the
constant value of 3.765 states that if
liquidity, profitability, firm size and leverage
are assumed to be zero then dividend
policy is 3.765
The liquidity regression coefficient (X
1
)
of 0.183 states that every 1% increase or
increase in liquidity, dividend policy
increased by 0.183.
The profitability regression coefficient
(X
2
) of 0.257 states that for every 1%
increase or increase in profitability, the
dividend policy increases by 0.257.
Firm size regression coefficient (X
3
) of
0.307 states that for every 1% increase or
increase in firm size, dividend policy
increases by 0.307.
The regression coefficient of leverage
(X
4
) of 0.273 states that for every increase
or increase in leverage of 1%, the dividend
policy increases by 0.273.
Testing Coefficient of Determination
The following are the results of the
coefficient of determination test in this
study:
Devi Asari Manik, Ega Hanaya Syalomita Br Ginting | 1825
Table 8. Determination Coefficient Test Results
Summary
b
Model
R
R Square
Adjusted R
Square
Std. Error of
the Estimate
1
0.861
a
0.742
0.734
2.55265
a. Predictors: (Constant), SQRT_X4, SQRT_X3, SQRT_X2, SQRT_X1
b. Dependent Variable: SQRT_Y
The coefficient of determination is used
to see the % contribution of the influence
of the independent variables (liquidity,
profitability, firm size and leverage) on
dividend policy.
Table 8, shows the coefficient of
determination of 0.734 or 73.4%. So that
value means that the variables X
1
, X
2
, X
3
,
and X
4
contribute to the influence of 73.4%
on the Y variable, while the remaining
26.6% is influenced by other variables not
reviewed in this study.
Partial Significant Test (t test)
The following are the results of the
partial significant test in this study:
Table 9. Partial significant test results (t test)
Coefficients
a
Model
Unstandardized
Coefficients
Standardized
Coefficients
t
Sig.
B
Std. Error
Beta
1
(Constant)
3.765
2.418
1.557
0.123
SQRT_X1
0.183
0.060
0.251
SQRT
_X2
0.003
3.053
0.257
0.046
0.372
5.632
0.000
SQRT_X3
0.307
0.055
0.401
5.629
0.000
SQRT_X4
0.273
0.062
0.434
4.064
0.046
a. Dependent Variable: SQRT_Y
A partial hypothesis test (t-test) was
conducted to observe the effect of the
independent variable on the dependent
variable (Y) partially. To find the value of
t
table
= 42 – 5 = 37 at a significant level df =
5%. From this calculation, the t
table
1.68.
The results of the t-test for the Liquidity
variable (X1
)
showed the t
count
of 3.053 and
a significance value of 0.003. Thus, t
count
>
t
table
(3,053>1,68) and the significance value
with level . = 5% is 0.003 <0.05So that there
is a positive and significant influence
between Liquidity (X
1
) on Dividend Policy.
The results of the t-test for the
Profitability variable (X2
)
show the t
count
of
1826 | The Influence of Liquidity, Profitability, Company Size and Leverage on Dividend Policy
in Big Trading Companies (Wholesale) Listed on the IDX
5.632 and a significance value of 0.000.
Thus, t
count
> t
table
(5.632>1.68) and the
significance value with level . = 5% is 0.000
<0.05So there is a positive and significant
influence between Profitability (X
2
) on
Dividend Policy.
The results of the t test for the Firm Size
variable (X
3
) show a t
count
of 5.629 and a
significance value of 0.000. Thus, t
count
> t
table
(5.629<1.68) and the significance value
with level . = 5% is 0.000 <0.05So there is a
positive and significant effect between
Company Size (X
3
) on Dividend Policy.
variable Leverage (X4
4.064
) shows the
t
count
and a significance value of 0.046. Thus,
t
count
> t
table
(4,064>1,68) and the
significance value with level 0,046 <0,05. So
there is a positive and significant influence
between Leverage (X
4
) on Dividend Policy.
Simultaneous Significant Test (Test F)
The following are the results of the
Simultaneous Significant Test (Test F) in this
study:
Table 10. Simultaneous Significant Test Results (Test F)
ANOVA
a
Model
Sum of
Squares
df
Mean
Square
F
Sig.
1
Regression
1799,214
4
599,738
72,941
0.000
b
Residual
625,536
36
6,516
Total
2424,750
40
a. Dependent Variable: SQRT_Y
b., SQRT_X4,
SQRT_X3
Predictors
)(1) = 4 and df (2) = 42
– 5 = 37. From this calculation, it can be
seen that the F
table
in this study is 2.63.
Based on the results obtained above, it
is known that the F test results show
the
calculated
of 72,941 with a significance
value of 0.000. Thus, it means
that
calculated
<F
table
(72,941>2,63) and the
significance value at the . = 5% level is 0.000
<0.05This means that it is concluded that
simultaneously there is a positive and
significant influence between Liquidity,
Profitability, Company Size and Leverage on
Dividend Policy.
Discussion
Effect of Liquidity (CR) on Dividend
Policy (DPR)
liquidity is a ratio that describes the
ability or capacity of a company to pay
short-term liabilities (debts). If the liquidity
ratio owned by the company is high, it
explains that the company's ability or
capacity to pay obligations (debt).The size
of the company's liquidity affects the size
of the dividend policy to be distributed. The
results of the t-test indicate that liquidity
has a positive and significant effect on
Devi Asari Manik, Ega Hanaya Syalomita Br Ginting | 1827
dividend policy. In this study, the CR
variable has a positive and significant effect
because companies that regularly
distribute dividends manage their current
assets and current liabilities well so returns
and dividend payments to shareholders
can be made by the company. The results
of this study are supported by research
results from Zahidda (2017) with the title
"The Effect of Profitability, Liquidity, Cash
Position on Dividend Policy in Food
Beverages Companies".
Effect of Profitability (ROA) on Dividend
Policy (DPR)
Profitability is a measure of the
company's effectiveness in generating
profits by utilizing fixed assets used for
operations. The greater the Return On
Assets (ROA) indicates the better the
company's performance, because the rate
of return on investment (return) is getting
bigger. The return that will be received by
investors can be in the form of dividend
income. The results of the t test or
hypothesis test indicate that profitability
has a positive and significant effect on
dividend policy. This means that signaling
theory can give a positive signal to
shareholders (stakeholders). This signal can
result in the conclusion that the company's
ability or capacity to pay dividends is a
function of profits. And shows that every
increase in Profitability (ROA) there is an
increase in the value of dividends. In every
activity the company is expected to make a
profit. This profit will be used to continue
the company's operational activities or use
funds from outside parties. In this study,
the company is able to use its assets,
namely in obtaining profits so that dividend
payments can be made. The results of this
study are in line with the results of research
by Arjana and Suputra (2017) with the title
"The Effect of Profitability, Leverage,
Company Size, and Corporate Social
Responsibility on Dividend Policy" namely
profitability has a positive effect on
dividend policy.
The Influence of Company Size on
Dividend Policy (DPR)
A large and growing company size can
describe the company's ability to earn high
profits so that it attracts investors to invest
in the company. Paid more and more. The
results of the t-test indicate that firm size
has a positive and significant effect on
dividend policy. In this study, large
companies pay more dividends than small
companies. The results of this study are
also supported by the results of Aryani's
Research (2020)) with the title "The Effect of
Leverage, Liquidity, Profitability, and
Company Size on Dividend Policy and Firm
Value in Manufacturing Companies Listed
on the Indonesia Stock Exchange".
The Effect of Leverage (DER) on
Dividend Policy (DPR)
Leverage ratio is useful as an
instrument to calculate how a company's
assets are funded using liabilities (debt)
both in the long and short term, if the
company is in liquidation condition.The t-
test results show that leverage (DER) has a
positive and significant effect on dividend
policy. This study shows that the company
is able to use its capital to cover its debts to
outsiders. With a low debt ratio, the
company shows that they are able to pay
dividends. The greater the debt to equity
1828 | The Influence of Liquidity, Profitability, Company Size and Leverage on Dividend Policy
in Big Trading Companies (Wholesale) Listed on the IDX
ratio , the greater the debt burden borne by
the company so that the profit to be paid
as a dividend is smaller. This study is not in
line with the research conducted by
Yudiana & Yadnyana (2016) "The Influence
of Firm Size, Liquidity, Profitability and
Leverage on Dividend Policy" namely
leverage provides a negative and
significant contribution to dividend policy.
CONCLUSIONS
Through this research, it is concluded:
1) Partially Liquidity using the Current Ratio
has a positive and significant effect on
Dividend Policy (DPR) in Large Trading
Companies (Wholesale) on the Indonesia
Stock Exchange (IDX). 2) Partially,
Profitability using the calculation of Returns
on Assets has a positive and
significant effect on Dividend Policy (DPR)
in Large Trading Companies (Wholesale) on
the Indonesia Stock Exchange (IDX). 3)
Partially Company Size has a positive and
significant effect on Dividend Policy
(DPR) in Large Trading Companies
(Wholesale) on the Indonesia Stock
Exchange (IDX). 4)Partially, Leverage using
the calculation of the Debt to Equity Ratio
has a positive and significant effect on the
Dividend Policy (DPR) in Large Trading
Companies (Wholesale) on the
Indonesia Stock Exchange (IDX). 5)
Simultaneously, Liquidity, Profitability, Firm
Size and Leverage have a positive and
significant effect on Dividend Policy in
Large Trading Companies (Wholesale)
on the Indonesia Stock Exchange (IDX).
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