Pengaruh Struktur Modal terhadap Alokasi Dividen pada Sektor Keuangan di Bursa Efek Indonesia
Kata Kunci:
struktur modal, alokasi dividen, debt to equity ratio, debt to asset ratio, dividend payout ratioAbstrak
Capital structure and dividend allocation are two critical elements in corporate financial management, especially in the financial sector, which has unique characteristics such as strict regulations and high operational risks. This study aims to analyze the impact of capital structure, measured by Debt to Equity Ratio (DER) and Debt to Asset Ratio (DAR), on dividend allocation, represented by the Dividend Payout Ratio (DPR). Data were collected from the financial statements of 53 financial sector companies listed on the Indonesia Stock Exchange (IDX) for the 2022–2023 period. Multiple linear regression analysis revealed that the effects of DER and DAR on DPR were not significant. Factors such as regulation, profitability, and liquidity play a more dominant role in determining dividend policies. These findings provide strategic insights for financial sector companies to balance high leverage with effective dividend policies to enhance their attractiveness to investors.
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