Analysis of the Effect of Good Corporate Governance, Company Size and Liquidity on Dividend Policy and Company Value with Profitability as an Intervening Variable in State-Owned Companies Listed on the IDX 2011 – 2019
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May 1, 2021
Keywords:
Good corporate governance, Company Size, Liquidity, Profitability, Dividend Policy, The value of the company
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Computer Science
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Abstract
Research aims to analyze the influence of good corporate governance , company size, liquidity and profitability as factors affecting the company's dividend policy and the value of the state-owned enterprises listed on the Indonesia Stock Exchange Period 2011-2019. The type of data used is secondary data and the data analysis technique used is Panel Data Regression Analysis using STATA software. The results of the study with an alpha level of five percent showed that GCG had no significant effect on profitability, while company size had no significant positive effect and liquidity had a significant positive effect on profitability. GCG and company size have a negative and insignificant effect on dividend policy, while liquidity and profitability have a significant positive effect on dividend policy. Furthermore, GCG and liquidity have a negative and insignificant effect on firm value, while company size has a significant negative effect on firm value. positive and significant impact on firm value. The results of path analysis I show that GCG has an indirect negative effect and company size indirectly has a positive effect on dividend policy through profitability, while liquidity does not have an indirect effect on dividend policy through profitability. Path II analysis, company size and liquidity indirectly have a positive effect and GCG indirectly has a negative effect on firm value through profitability
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Zuhandi, Iskandar Muda and Sirojuzilam (2021) “Analysis of the Effect of Good Corporate Governance, Company Size and Liquidity on Dividend Policy and Company Value with Profitability as an Intervening Variable in State-Owned Companies Listed on the IDX 2011 – 2019”, Jurnal Mantik, 5(1), pp. 292-302. Available at: https://iocscience.org/ejournal/index.php/mantik/article/view/1333 (Accessed: 17April2026).
References
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[24] Suryaningtyas, A., & Rohman, A. (2019). The Effect of the Application of Corporate Governance on Firm Value with Financial Performance as a Mediation Variable. Diponegoro Journal Of Accounting Volume 8., Number 4, Year 2019, Pages 1. , 8 , 1–10.
[25] Widnyana, IW, Wiksuana, IGB, Artini, LGS, & Sedana, IBP (2020). Influence Of Financial Architecture, Intangible Assets On Financial Performance And Corporate Value In The Indonesian Capital Market. International Journal of Productivity and Performance Management. Emerald Publishing Limited 1741-0401 , (1999). https://doi.org/10.1108/IJPPM-06-2019-0307
[2] Arora, A., & Bodhanwala, S. (2018). Relationship between Corporate Governance Index and Firm Performance: Indian Evidence . https://doi.org/10.1177/0972150917713812
[3] Bri Gham, EF, & Houston, JF (2001). Fundamentals of Financial management. (Eight Edit; D. Suharto & H. Wibowo, eds.). Erlangga, Jakarta.
[4] Budagaga, AR (2020). Determinants of banks' dividend payment decisions: evidence from MENA countries. Intern ational Journal of Islamic and Middle Eastern Finance and Management. Emerald Publishing Limited 1753-8394 . https://doi.org/10.1108/IMEFM-09-2019-0404
[5] Cahyani, NLAP, & Badjra, IB (2017). The Effect of Leverage and Liquidity on Dividend Policy with Profitability as the Intervening Variable. E-Journal of Management, Udayana University. , 6 (10), 5262–5286.
[6] Dewasiri, NJ, Koralalage, WBY, Azeez, AA, Jayarathne, PGS., Kuruppuarachchi, D., & Weerasinghe, VA (2019). Determinants of dividend policy:
[7] Dewi, ASM, & Wirajaya, A. (2013). The Influence of Capital Structure, Profitability and Company Size on Firm Value. E-Journal of Accounting at Udayana University , 2 (4), 358–372. https://doi.org/10.1111/j.1748-1716.2008.01865.x
[8] Gunarwati, AM, Maryam, S., & Sudarwati. (2020). Capital Structure and Company Size on Firm Value with Profitability as an Intervening Variable (Case Study of Manufacturing Companies in the Consumer Goods Industry Sector Listed on the IDX 2016-2018 Period). Edunomika , 04 (02), 543–555.
[9] Hwee, TS, Williem, Stephani, Vera, Supantri, D., Waynne, & Prasetya, D. (2019). The Effect of Solvency Ratio, Profitability Ratio, Liquidity and Earnings Per Share on Dividend Policy in Consumer Goods Companies Listed on the Indonesia Stock Exchange (BEI) 2013-2017. JOURNAL PLANS Management & Business Science Research. , 14 (1), 1–10.
[10] Jensen, C., & Meckling, H. (1976). Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structure. 3 , 305–360.
[11] Cashmere. (2015). Financial Statement Analysis (1st ed.). Jakarta: Rajawali Press.
[12] Kautsar, A. (2014). Analysis of the Influence of Firm Size, DER, and Sales Growth on Dividend Payout Ratio with ROE as an Intervening Variable in Non-Financial Companies Listed on the IDX 2009-2011. Journal of Business STRATEGY Vol. 23 No. 2 Dec. 2014. , 23 (2), 1–13. Retrieved from https://doi.org/10.14710/jbs.23.2.1-13
[13] Octaviany, A., Hidayat, S., & Miftahudin. (2019). The Effect of Firm Size and Leverage on Firm Value with Profitability as an Intervening Variable. Journal of Management Inspiration and Entrepreneurship Research Volume 3 No. 1 March 2019 Edition 3 No. 1 March 2019 Edition , 3 (1), 30–36. Retrieved from https://ejurnal.stimi-bjm.ac.id
[14] Pernamasari, R., & Wahyudi, N. (2019). Profitability as an Intervening Variable of Good Corporate Governance and Debt Policy to Dividend Policy. Sch Bull, June 2019; 5 (6): 300-309.
[15] Prasetyorini, FB (2013). The Influence of Company Size, Leverage, Price Earning Ratio and Profitability on Firm Value. Journal of Management Science (JIM) , 1 (1).
[16] Pratama, IS (2019). The Effect of Capital Structure and Liquidity on Firm Value with Profitability as an Intervening Variable (Empirical Study of Manufacturing Companies on the IDX 2017-2018). Proceedings of the 2nd Business and Economics Conference In Utilizing of Modern Technology. , 568–578.
[17] Riyanto, PDB (2010). Company Spending Basics (4th Edition). Yogyakarta: BPFE.
[18] Rusdiyanto, Susetyorini, & Elan, U. (2019). Good Corporate Governance: Theory and Implementation in Indonesia. (Prints To). Bandung: PT Refika Aditama.
[19] SR Aprilia, R., Puspitaningtyas, Z., & Prakoso, A. (2018). The Influence of Current Ratio, Total Asset Turnover and Debt To Equity Ratio Against Price To Book Value With Return On Asset As An Intervening Variable (A Study In The Consumer Goods Industry Sector Companies In Indonesia Stock Exchange 2013-2017) Profita: Scientific Communication on Accounting and Taxation. , 11 (3), 329–358. [20] Salvatore,D. (2001). Managerial Economics in a Global Economy (fourth; N. Mahanai, ed.). Jakarta: Erlangga.
[21] Sianipar, RH, & Wiksuana, IGB (2019). The Study Of Effect Of Good Corporate Governance. 2 (March 2015), 166–170. https://doi.org/10.18551/rjoas.2019-02.19
[22] Sudana, IM (2015). Corporate Financial Management Theory & Practice (2nd Edition; NI Sallama, ed.). Jakarta: Erlangga Publisher.
[23] Sudiartana, IGP, & Yudantara, IGAP (2020). The Influence of Company Size, Liquidity, Profitability and Leverage on Dividend Policy. Accounting Student Scientific Journal , 11 (2), 287–298.
[24] Suryaningtyas, A., & Rohman, A. (2019). The Effect of the Application of Corporate Governance on Firm Value with Financial Performance as a Mediation Variable. Diponegoro Journal Of Accounting Volume 8., Number 4, Year 2019, Pages 1. , 8 , 1–10.
[25] Widnyana, IW, Wiksuana, IGB, Artini, LGS, & Sedana, IBP (2020). Influence Of Financial Architecture, Intangible Assets On Financial Performance And Corporate Value In The Indonesian Capital Market. International Journal of Productivity and Performance Management. Emerald Publishing Limited 1741-0401 , (1999). https://doi.org/10.1108/IJPPM-06-2019-0307
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