The Effect Of Dividend Policy, Profitability, Liquidity, And Company Growth On Debt Policy In Manufacturing Companies In The Food And Beverage Sector On The Indonesia Stock Exchange In 2021-2024

Putri Elizabeth Nainggolan; Jessy Safitri Sitorus; Sindy Natalia Simatupang; David Parmonangan Situmorang; Ni Made Wulan Sari Sanjaya

doi:10.63922/ijebir.v5i03.3348

Putri Elizabeth Nainggolan PUI Finance, Universitas Prima Indonesia
Jessy Safitri Sitorus PUI Finance, Universitas Prima Indonesia
Sindy Natalia Simatupang PUI Finance, Universitas Prima Indonesia
David Parmonangan Situmorang PUI Finance, Universitas Prima Indonesia
Ni Made Wulan Sari Sanjaya STIE Satya Dharma

DOI: https://doi.org/10.63922/ijebir.v5i03.3348

Keywords: Debt Policy, Dividend Policy, Profitability, Liquidity, Company Growth.

Abstract

This study aims to empirically analyze the influence of dividend policy, profitability, liquidity, and company growth on debt policy in food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2021-2024, in the context of post-pandemic economic pressures that affect company financial performance. This study uses quantitative methods with secondary data obtained from the companies' annual financial reports. The population of this study was 83 food and beverage manufacturing companies listed on the Indonesia Stock Exchange. The sampling method used purposive sampling, with 32 companies selected based on certain criteria, resulting in a sample of 128 companies over a 4-year study period. The data analysis technique used was multiple linear regression analysis. The results showed that partially, dividend policy, profitability, and company growth had no significant influence on debt policy, while liquidity had a negative and significant effect on debt policy. Simultaneously, all independent variables had a significant effect on debt policy with a coefficient of determination (R Square) of 0.492. This indicates that the research variables were able to explain 49.2% of the variation in company debt policy. These findings indicate that liquidity is a key factor in determining debt use, particularly in unstable economic conditions. This research can serve as a reference for management in determining optimal financing decision strategies and for investors in assessing the financial risk of companies in the food and beverage sector.

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