Pengaruh Kapasitas Dividen, Pembayaran Dividen, Free Cash Flow Savings, Tingkat Hutang, Dewan Direksi Terhadap Kinerja Keuangan
Abstract
Rasio Return on Equity (ROE) merupakan salah satu indikator kesehatan keuangan suatu perusahaan. Pengembalian investasi (ROI) suatu perusahaan adalah ukuran profitabilitasnya. Yang memotivasi penelitian ini adalah kebutuhan untuk memahami bagaimana faktor-faktor seperti tabungan arus kas bebas, kapasitas dividen, dewan direksi, tingkat utang, dan kinerja keuangan berinteraksi satu sama lain. Penelitian ini akan menggunakan sampel data pada perusahaan manufaktur makanan dan minuman yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2018 hingga 2021. Persyaratan data dipenuhi oleh 23 perusahaan jika menggunakan teknik seleksi bertujuan. Sampel penelitian ini terdiri dari perusahaan produsen makanan dan minuman yang terdaftar di BEI di Indonesia antara tahun 2018 dan 2021. Terdapat sembilan kelompok yang memenuhi persyaratan data dengan menggunakan teknik seleksi terarah. Perusahaan di bisnis makanan dan minuman menyediakan 36 set data laporan keuangan untuk penelitian ini. Pengujian asumsi digunakan dalam penelitian ini. Penelitian ini dievaluasi melalui penggunaan analisis regresi berganda dan model persamaan regresi berganda. Temuan menunjukkan bahwa tingkat utang tidak berpengaruh terhadap pembayaran dividen atau kinerja keuangan, namun dewan direksi memiliki pengaruh yang sangat negatif terhadap tabungan arus kas bebas dan kinerja keuangan.
Kata Kunci: Kinerja Keuangan, Kapasitas Dividen, Arus Kas Bebas, Penghematan Arus Kas Bebas, Dewan Direksi, Tingkat Hutang
References
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Alshaboul, M., & Zraiq, M. (2020). Investigating the Relationship Between Board of Directors and Corporate Financial in Jordan. Journal of Finance and Accounting, 8(2), 59. https://doi.org/10.11648/j.jfa.20200802.11
Aulia, A., & Suharti, E. (2023). Cash Position Moderated Financial Performance And Managerial Owners To Dividend Policy. 2(683).
Bendigeri, M., & Hyderabad, R. L. (2022). Impact of Board Structure on Financial Performance: A Study of CNX Nifty Listed Companies in India. MANTHAN: Journal of Commerce and Management, 9(1), 20–38. https://doi.org/10.17492/jpi.manthan.v9i1.912202
Bhagyalakshmi, K. (2020). Effect of Firms Capital Structure on Stock Returns—A Study of Selected Companies Listed in National Stock Exchange.
Bossman, A., Agyei, S. K., Asiamah, O., Agyei, E. A., Arhin, E. Y., & Marfo-Yiadom, E. (2022). Dividend policy and performance of listed firms on Ghana stock exchange. Cogent Economics & Finance, 10(1), 2127220. https://doi.org/10.1080/23322039.2022.2127220
Dang, H. N., Vu, V. T. T., Ngo, X. T., & Hoang, H. T. V. (2021). Impact of dividend policy on corporate value: Experiment in Vietnam. International Journal of Finance & Economics, 26(4), 5815–5825. https://doi.org/10.1002/ijfe.2095
Delima, V. J. (2021). Board Structure and Financial Performance: A Special Reference to Listed Companies in Sri Lanka. IOSR Journal of Business and Management.
Ernawati, D., & Purwaningsih, E. (2022). The Effect of Profitability, Debt Level and Fixed Asset Intensity on Tax Evasion. 6(2).
Fibriyanti, Y. V. (2022). The Influence of Corporate Governancec, Leverage, Company Size on Financial Performance. JHSS (Journal of Humanities and Social Studies), 6(3), 345–348. https://doi.org/10.33751/jhss.v6i3.6490
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 (9th ed.).
Handa, R. (2018). Does Corporate Governance Affect Financial Performance: A Study of Select Indian Banks. Asian Economic and Financial Review, 8(4), 478–486. https://doi.org/10.18488/journal.aefr.2018.84.478.486
Hermanto, H. (2018). Analisis Pembagian Deviden Pada Perusahaan Yang Tercatat Di Bei. Jurnal Akuntansi Bisnis, Vol.11.
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Istan, M. (2022). PENGARUH EMPLOYEE STOCK OWNERSHIP PROGRAM (ESOP), LEVERAGE, AND UKURAN PERUSAHAAN TERHADAP KINERJA KEUANGAN PERUSAHAAN DI BURSA EFEK INDONESIA. 4(6).
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Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2,), 323–329.
Kanakriyah, R. (2020). Dividend Policy and Companies’ Financial Performance. The Journal of Asian Finance, Economics and Business, 7(10), 531–541. https://doi.org/10.13106/JAFEB.2020.VOL7.NO10.531
Kanakriyah, R. (2021). The Impact of Board of Directors’ Characteristics on Firm Performance: A Case Study in Jordan. The Journal of Asian Finance, Economics and Business, 8(3), 341–350. https://doi.org/10.13106/JAFEB.2021.VOL8.NO3.0341
Komal, Z. E. H., Saeed, S., & Qazi, I. I. (2022). Impact Of Free Cash Flow On The Financial Performance: Evidence From Commercial Banks of Pakistan. Pakistan Journal of Social Research, 04(02), 545–551. https://doi.org/10.52567/pjsr.v4i2.505
Kurniati, S. (2019). Stock returns and financial performance as mediation variables in the influence of good corporate governance on corporate value. Corporate Governance: The International Journal of Business in Society, 19(6), 1289–1309. https://doi.org/10.1108/CG-10-2018-0308
Kyere, M., & Ausloos, M. (2021). Corporate governance and firms financial performance in the United Kingdom. International Journal of Finance & Economics, 26(2), 1871–1885. https://doi.org/10.1002/ijfe.1883
Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411–433.
Murage, G., & Emba, F. (2019). Relationship Between Dividend Policy and Financial Performance of Manufacturing and Allied Firms Listed at Nairobi Securities Exchange. International Academic Journal of Economics and Finance, Volume 3(Issue 4), 99–119.
Ngoc, N. M., Tien, N. H., & Thu, T. H. (2021). The Impact of Capital Structure on Financial Performance of Logistic Service Providers Listed on Ho Chi Minh City Stock Exchange.
Nguyen, A. H., Pham, C. D., Doan, N. T., Ta, T. T., Nguyen, H. T., & Truong, T. V. (2021). The Effect of Dividend Payment on Firm’s Financial Performance: An Empirical Study of Vietnam.
Nuriksani, P., & Sari, V. P. (2022). Pengaruh Pembayaran Dividen Terhadap Kinerja Keuangan Perusahaan Pada Perusahaan Manufaktur Di BEI. Jurnal Ekonomi, 27(1), 94–108. https://doi.org/10.24912/je.v27i1.860
Paniagua, J., Rivelles, R., & Sapena, J. (2018). Corporate governance and financial performance: The role of ownership and board structure. Journal of Business Research, 89, 229–234. https://doi.org/10.1016/j.jbusres.2018.01.060
Purnawarman, A., Handayati, P., & Firmansyah, R. (2020). The Effect of Free Cash Flow (FCF) On Agency Cost and Financial Performance in Financial Sector Companies Registered in Indonesia Stock Exchange (BEI) 2015-2016.
Purwaningsih, E., & Kurniawati, E. (2022). The Effects of Intelectual Capital, Capital Structure and Sales Growth on Financial Performance. Tirtayasa Ekonomika, 17(1), 15. https://doi.org/10.35448/jte.v17i1.12291
Qu, Y., Jia, B., & Zhang, J. (2018). Empirical Research on the Impact of Free Cash Flow on Operating Performance of Listed Companies. Proceedings of the 2018 5th International Conference on Education, Management, Arts, Economics and Social Science (ICEMAESS 2018). Proceedings of the 2018 5th International Conference on Education, Management, Arts, Economics and Social Science (ICEMAESS 2018), Dalian, China. https://doi.org/10.2991/icemaess-18.2018.84
Rahmawati, E. D., Wahyuni, S., Dirgantari, N., & Winarni, D. (2022). The Effect of Ownership of Managerial, Independent Board of Commissioners, Board of Directors and Intellectual Capital on Financial Performance. Jurnal Manajemen Bisnis, Akuntansi Dan Keuangan, 1(2), 91–106. https://doi.org/10.55927/jambak.v1i2.1662
Sandria, F. (2021). Dihantam Pandemi, Nasib Pizza Hut-CFC dkk Merana di Q1. CNBC Indonesia. https://www.cnbcindonesia.com/market/20210705082012-17-258182/dihantam-pandemi-nasib-pizza-hut-cfc-dkk-merana-di-q1
Shibutse, R. L., Kalunda, E., & Achoki, G. (2019). Effect Of Liquidity And Dividend Pay-Out On Financial Performance Of Deposit Taking Sacco’s In Kenya. International Journal of Commerce and Finance.
Sianipar, R. H., & Wiksuana, I. G. B. (2019). The Study of Effect of Good Corporate Governance on Financial Performance. Russian Journal of Agricultural and Socio-Economic Sciences, 86(2), 166–170. https://doi.org/10.18551/rjoas.2019-02.19
Sifkhiana, C., & Febryansyah, A. (2022). Pengaruh Proporsi Dewan Komisaris Independen, Ukuran Perusahaan, Rasio Aktivitas dan Rasio Utang Terhadap Kinerja Keuangan Perusahaan. 03(02).
Soewarno, N., & Tjahjadi, B. (2020). Measures that matter: An empirical investigation of intellectual capital and financial performance of banking firms in Indonesia. Journal of Intellectual Capital, 21(6), 1085–1106. https://doi.org/10.1108/JIC-09-2019-0225
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355. https://doi.org/10.2307/1882010
Tanjung, P. R. S. (2020). The Effect of Capital Structure and Good Corporate Governance on Financial Performance. EPRA International Journal of Economic and Business Review, 32–40. https://doi.org/10.36713/epra5433
Trafalgar, J., & Africa, L. A. (2019). The effect of capital structure, institutional ownership, managerial ownership, and profitability on company value in manufacturing companies. The Indonesian Accounting Review, 9(1), 27. https://doi.org/10.14414/tiar.v9i1.1619
Ugo, C. C., & Egbuhuzor, C. A. (2022). Effect of Cashflow Management on Financial Performance: Evidence from the Pharmaceutical Industry in Nigeria. African Journal of Accounting and Financial Research, 5(1), 1–13. https://doi.org/10.52589/AJAFR-SHMLD3AQ
Widnyana, I. W., Wiksuana, I. G. B., Artini, L. G. S., & Sedana, I. B. P. (2021). Influence of financial architecture, intangible assets on financial performance and corporate value in the Indonesian capital market. International Journal of Productivity and Performance Management, 70(7), 1837–1864. https://doi.org/10.1108/IJPPM-06-2019-0307
Yahaya, O. A. (2019). Impact of Dividend Payout on Profitability of Consumer Goods Firm Quoted on Nigeria Stock Exchange. Research Journal of Finance and Accounting. https://doi.org/10.7176/RJFA/10-11-06
Yuan, R., & Zhao, X. (2019). Empirical Analysis of Cash Dividend Capability of China’s Listed Home Appliance Companies based on Free Cash Flow. Proceedings of the 2018 International Symposium on Social Science and Management Innovation (SSMI 2018). Proceedings of the 2018 International Symposium on Social Science and Management Innovation (SSMI 2018), Xi’an, China. https://doi.org/10.2991/ssmi-18.2019.3
Albart, N., Sinaga, B. M., Santosa, P. W., & Andati, T. (2020). The Controlling of Ownership on the relationship between Financial Performance and Capital Structure in Indonesia. International Journal of Finance & Banking Studies (2147-4486), 9(3), 15–27. https://doi.org/10.20525/ijfbs.v9i3.780
Alshaboul, M., & Zraiq, M. (2020). Investigating the Relationship Between Board of Directors and Corporate Financial in Jordan. Journal of Finance and Accounting, 8(2), 59. https://doi.org/10.11648/j.jfa.20200802.11
Aulia, A., & Suharti, E. (2023). Cash Position Moderated Financial Performance And Managerial Owners To Dividend Policy. 2(683).
Bendigeri, M., & Hyderabad, R. L. (2022). Impact of Board Structure on Financial Performance: A Study of CNX Nifty Listed Companies in India. MANTHAN: Journal of Commerce and Management, 9(1), 20–38. https://doi.org/10.17492/jpi.manthan.v9i1.912202
Bhagyalakshmi, K. (2020). Effect of Firms Capital Structure on Stock Returns—A Study of Selected Companies Listed in National Stock Exchange.
Bossman, A., Agyei, S. K., Asiamah, O., Agyei, E. A., Arhin, E. Y., & Marfo-Yiadom, E. (2022). Dividend policy and performance of listed firms on Ghana stock exchange. Cogent Economics & Finance, 10(1), 2127220. https://doi.org/10.1080/23322039.2022.2127220
Dang, H. N., Vu, V. T. T., Ngo, X. T., & Hoang, H. T. V. (2021). Impact of dividend policy on corporate value: Experiment in Vietnam. International Journal of Finance & Economics, 26(4), 5815–5825. https://doi.org/10.1002/ijfe.2095
Delima, V. J. (2021). Board Structure and Financial Performance: A Special Reference to Listed Companies in Sri Lanka. IOSR Journal of Business and Management.
Ernawati, D., & Purwaningsih, E. (2022). The Effect of Profitability, Debt Level and Fixed Asset Intensity on Tax Evasion. 6(2).
Fibriyanti, Y. V. (2022). The Influence of Corporate Governancec, Leverage, Company Size on Financial Performance. JHSS (Journal of Humanities and Social Studies), 6(3), 345–348. https://doi.org/10.33751/jhss.v6i3.6490
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 (9th ed.).
Handa, R. (2018). Does Corporate Governance Affect Financial Performance: A Study of Select Indian Banks. Asian Economic and Financial Review, 8(4), 478–486. https://doi.org/10.18488/journal.aefr.2018.84.478.486
Hermanto, H. (2018). Analisis Pembagian Deviden Pada Perusahaan Yang Tercatat Di Bei. Jurnal Akuntansi Bisnis, Vol.11.
Hidayat, A., & Hidayat, K. (2020, September 21). Pertumbuhan industri makanan dan minuman terhambat selama pandemi corona. kontan.co.id. https://industri.kontan.co.id/news/pertumbuhan-industri-makanan-dan-minuman-terhambat-selama-pandemi-corona
Hisar, R., & Suharna, J. (2020). Pengaruh WCT, DER Terhadap ROE Pada Industri Manufaktur di Bursa Efek Indonesia Yang Go Publik. Jurnal Ekonomi : Journal of Economic, 11(1). https://doi.org/10.47007/jeko.v11i1.3263
Indrati, M., Purwaningsih, E., Agustinah, W., Sarikha, A., & Hermanto. (2021). Corporate Governance Mechanisms and Possible Financial Statements Containing Fraud. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences.
Istan, M. (2022). PENGARUH EMPLOYEE STOCK OWNERSHIP PROGRAM (ESOP), LEVERAGE, AND UKURAN PERUSAHAAN TERHADAP KINERJA KEUANGAN PERUSAHAAN DI BURSA EFEK INDONESIA. 4(6).
Jensen, C., & Meckling, H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2,), 323–329.
Kanakriyah, R. (2020). Dividend Policy and Companies’ Financial Performance. The Journal of Asian Finance, Economics and Business, 7(10), 531–541. https://doi.org/10.13106/JAFEB.2020.VOL7.NO10.531
Kanakriyah, R. (2021). The Impact of Board of Directors’ Characteristics on Firm Performance: A Case Study in Jordan. The Journal of Asian Finance, Economics and Business, 8(3), 341–350. https://doi.org/10.13106/JAFEB.2021.VOL8.NO3.0341
Komal, Z. E. H., Saeed, S., & Qazi, I. I. (2022). Impact Of Free Cash Flow On The Financial Performance: Evidence From Commercial Banks of Pakistan. Pakistan Journal of Social Research, 04(02), 545–551. https://doi.org/10.52567/pjsr.v4i2.505
Kurniati, S. (2019). Stock returns and financial performance as mediation variables in the influence of good corporate governance on corporate value. Corporate Governance: The International Journal of Business in Society, 19(6), 1289–1309. https://doi.org/10.1108/CG-10-2018-0308
Kyere, M., & Ausloos, M. (2021). Corporate governance and firms financial performance in the United Kingdom. International Journal of Finance & Economics, 26(2), 1871–1885. https://doi.org/10.1002/ijfe.1883
Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411–433.
Murage, G., & Emba, F. (2019). Relationship Between Dividend Policy and Financial Performance of Manufacturing and Allied Firms Listed at Nairobi Securities Exchange. International Academic Journal of Economics and Finance, Volume 3(Issue 4), 99–119.
Ngoc, N. M., Tien, N. H., & Thu, T. H. (2021). The Impact of Capital Structure on Financial Performance of Logistic Service Providers Listed on Ho Chi Minh City Stock Exchange.
Nguyen, A. H., Pham, C. D., Doan, N. T., Ta, T. T., Nguyen, H. T., & Truong, T. V. (2021). The Effect of Dividend Payment on Firm’s Financial Performance: An Empirical Study of Vietnam.
Nuriksani, P., & Sari, V. P. (2022). Pengaruh Pembayaran Dividen Terhadap Kinerja Keuangan Perusahaan Pada Perusahaan Manufaktur Di BEI. Jurnal Ekonomi, 27(1), 94–108. https://doi.org/10.24912/je.v27i1.860
Paniagua, J., Rivelles, R., & Sapena, J. (2018). Corporate governance and financial performance: The role of ownership and board structure. Journal of Business Research, 89, 229–234. https://doi.org/10.1016/j.jbusres.2018.01.060
Purnawarman, A., Handayati, P., & Firmansyah, R. (2020). The Effect of Free Cash Flow (FCF) On Agency Cost and Financial Performance in Financial Sector Companies Registered in Indonesia Stock Exchange (BEI) 2015-2016.
Purwaningsih, E., & Kurniawati, E. (2022). The Effects of Intelectual Capital, Capital Structure and Sales Growth on Financial Performance. Tirtayasa Ekonomika, 17(1), 15. https://doi.org/10.35448/jte.v17i1.12291
Qu, Y., Jia, B., & Zhang, J. (2018). Empirical Research on the Impact of Free Cash Flow on Operating Performance of Listed Companies. Proceedings of the 2018 5th International Conference on Education, Management, Arts, Economics and Social Science (ICEMAESS 2018). Proceedings of the 2018 5th International Conference on Education, Management, Arts, Economics and Social Science (ICEMAESS 2018), Dalian, China. https://doi.org/10.2991/icemaess-18.2018.84
Rahmawati, E. D., Wahyuni, S., Dirgantari, N., & Winarni, D. (2022). The Effect of Ownership of Managerial, Independent Board of Commissioners, Board of Directors and Intellectual Capital on Financial Performance. Jurnal Manajemen Bisnis, Akuntansi Dan Keuangan, 1(2), 91–106. https://doi.org/10.55927/jambak.v1i2.1662
Sandria, F. (2021). Dihantam Pandemi, Nasib Pizza Hut-CFC dkk Merana di Q1. CNBC Indonesia. https://www.cnbcindonesia.com/market/20210705082012-17-258182/dihantam-pandemi-nasib-pizza-hut-cfc-dkk-merana-di-q1
Shibutse, R. L., Kalunda, E., & Achoki, G. (2019). Effect Of Liquidity And Dividend Pay-Out On Financial Performance Of Deposit Taking Sacco’s In Kenya. International Journal of Commerce and Finance.
Sianipar, R. H., & Wiksuana, I. G. B. (2019). The Study of Effect of Good Corporate Governance on Financial Performance. Russian Journal of Agricultural and Socio-Economic Sciences, 86(2), 166–170. https://doi.org/10.18551/rjoas.2019-02.19
Sifkhiana, C., & Febryansyah, A. (2022). Pengaruh Proporsi Dewan Komisaris Independen, Ukuran Perusahaan, Rasio Aktivitas dan Rasio Utang Terhadap Kinerja Keuangan Perusahaan. 03(02).
Soewarno, N., & Tjahjadi, B. (2020). Measures that matter: An empirical investigation of intellectual capital and financial performance of banking firms in Indonesia. Journal of Intellectual Capital, 21(6), 1085–1106. https://doi.org/10.1108/JIC-09-2019-0225
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355. https://doi.org/10.2307/1882010
Tanjung, P. R. S. (2020). The Effect of Capital Structure and Good Corporate Governance on Financial Performance. EPRA International Journal of Economic and Business Review, 32–40. https://doi.org/10.36713/epra5433
Trafalgar, J., & Africa, L. A. (2019). The effect of capital structure, institutional ownership, managerial ownership, and profitability on company value in manufacturing companies. The Indonesian Accounting Review, 9(1), 27. https://doi.org/10.14414/tiar.v9i1.1619
Ugo, C. C., & Egbuhuzor, C. A. (2022). Effect of Cashflow Management on Financial Performance: Evidence from the Pharmaceutical Industry in Nigeria. African Journal of Accounting and Financial Research, 5(1), 1–13. https://doi.org/10.52589/AJAFR-SHMLD3AQ
Widnyana, I. W., Wiksuana, I. G. B., Artini, L. G. S., & Sedana, I. B. P. (2021). Influence of financial architecture, intangible assets on financial performance and corporate value in the Indonesian capital market. International Journal of Productivity and Performance Management, 70(7), 1837–1864. https://doi.org/10.1108/IJPPM-06-2019-0307
Yahaya, O. A. (2019). Impact of Dividend Payout on Profitability of Consumer Goods Firm Quoted on Nigeria Stock Exchange. Research Journal of Finance and Accounting. https://doi.org/10.7176/RJFA/10-11-06
Yuan, R., & Zhao, X. (2019). Empirical Analysis of Cash Dividend Capability of China’s Listed Home Appliance Companies based on Free Cash Flow. Proceedings of the 2018 International Symposium on Social Science and Management Innovation (SSMI 2018). Proceedings of the 2018 International Symposium on Social Science and Management Innovation (SSMI 2018), Xi’an, China. https://doi.org/10.2991/ssmi-18.2019.3
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2024-04-30
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