The Effect of Financial Ratio and Effective Tax Rate on Dividend Policy in Technology Sector Companies Listed on the Indonesia Stock Exchange for the 2018–2022 Period with Firm Size and Liquidity as Moderation Variables

Moh Richi Firdausi

Authors

Moh Richi Firdausi Department of Management, Faculty of Economics and Business, Universitas Negeri Surabaya, Surabaya, Indonesia Author

Keywords:

Dividend Policy, Current Ratio, Company Size, Technology

Abstract

This research aims to examine factors that can influence dividend policy in the technology sector for the period 2018 - 2022. This research uses quantitative data with secondary data sources obtained from the Indonesian Stock Exchange and IDM websites. Financials. The data used in this research are annual reports (Annual Report) companies in the Technology sector for the 2020-2022 period. The criteria for the sample are technology sector companies that list financial reports on the Indonesia Stock Exchange for the 2018 - 2022 period, and distribute dividends at least 1 out of 5 years during the observation period. Data is processed using software IBM SPSS application Statistic 29 with analysis techniques using Multiple Linear Regression Tests and Moderated Regression Analysis (MRA) for the moderation test. The resulting findings show that Current Ratio, Cash Ratio, and Debt to Equity Ratio influence on Dividend Policy which is proxied through Dividend Payout Ratio. There is an influence on the liquidity ratio, namely Current Ratio and Cash Ratio The dividend policy shows that if the management of the company's short-term liabilities can be managed effectively, characterized by timely debt payments, it can influence the company's profit level, thereby influencing dividend distribution. Apart from that, effective management of long-term liabilities using capital from the company will have a positive impact on company performance. Good performance will influence dividend distribution. However, the TATO, ROA and ETR variables show that they have no effect on dividend policy. The results of the moderation test show that company size is unable to moderate the influence of the CR variable, Cash Ratio, TATO, and ROA on dividend policy. In the moderation test Current Ratio also shows that the results cannot moderate the influence of DER and ETR on dividend policy.

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