Zulkifli Zulkifli, Endri Endri, Augustina Kurniasih


This study aimed to examine and analyze the effect of the internal determinant of dividend payout ratio pharmaceutical company, annual data observation period 2008 until 2014. The type of this study was quantitative research. The population of the research was the entire pharmaceutical company consisting of 10 companies. The sampled criteria were pharmaceutical companies that consistently paid cash dividends. There were 6 companies listed in Indonesia Stock Exchange with non-probability sampling technique namely purposive sampling. Data analysis using panel data regression fixed effect which had larger R square value. The results showed that current ratio, return on assets, debt to equity ratio, earnings growth, return on equity, earnings per share and market to book value simultaneously were having significant influence to the dividend payout ratio. Partially return on assets and market to book value had a positive significant effect on the dividend payout ratio, while current ratio, debt to equity ratio and return on equity had a significant negative effect. Earnings growth and earnings per share did not have a significant influence on the dividend payout ratio. It was suggested to add external variables factors using more samples of companies.



current ratio, return on assets, debt to equity ratio, earning growth, return on equity, earning per share, market to book value, dividend payout ratio.

Full Text:



Amah, N. 2012. Faktor-Faktor yang Memengaruhi Dividend Policy Perusahaan go Public di Indonesia. ASSETS: Jurnal Akuntansi dan Pendidikan, (1)1: 45-55.

Amidu, M. & Abor, J. 2006. Determinants of Dividend Payout Ratios in Ghana, Journal of Risk Finance, 7(2): 136-45.

Brigham, E.F. & Houston, J.F. 2006. Dasar-Dasar Manajemen Keuangan. Alih bahasa oleh Ali Akbar Yulianto. Edisi 10. Jakarta: Salemba Empat.

Gill, A., Biger, N., & Tibrewala, R. 2010. Determinants of Dividend Payout Ratios: Evidence from United States. The Open Business Journal, 3: 08-14.

Goranova, M., Dharwadkar, R., & Brandes. P. 2010. Owners on Both Sides of the Deal: Mergers and Acquisitions and Overlapping Institutional Ownership. Strategic Management Journal, 31(10): 1114-35.

Harahap, S.S. 2008. Analisis Kritis atas Laporan Keuangan. Edisi 1. Jakarta: Raja Grafindo Persada.

Halim, J.J. 2013. Faktor-Faktor yang Memengaruhi Kebijakan Dividen Perusahaan yang terdaftar di Bursa Efek Indonesia Pada Sektor Industri Barang Konsumsi Periode 2008-2011. Jurnal Ilmiah Mahasiswa Universitas Surabaya, 2(2): 1-19.

Hasan, M., Ahmad, M.I., Rafiq., M.Y., & Rehman, R.U. 2015. Dividend Payout Ratio and Firm’s Profitability: Evidence from Pakistan. Theoretical Economics Letters, 5(5): 441-445.

Harianja, H., Lubis, A.F., & Torong, Z.B. 2013. Analisa Faktor-Faktor yang Memengaruhi Kebijakan Dividen dengan Cash Ratio sebagai Variabel Moderating pada Perusahaan Barang Konsumsi yang terdaftar di Bursa Efek Indonesia. Jurnal Telaah dan Riset Akuntansi, 6(2): 109-121.

Husnan, S. & Pudjiastuti, E. 2006. Dasar-Dasar Manajemen Keuangan. Yogyakarta: UPP STIM YKPN.

Hutagalung, S., Yahya, M.H., Kamarudin, F., & Osman, Z. 2013. The Dividend Payout Policy: A Study on Malaysian Financial Institution. Socials Sciences and Humanities, 21: 127-148.

Hossain, Md., Sheikh, F.R., & Akterujjaman, S.M. 2014. Impact of Firm Specific Factors on Cash Dividend Payment Decisions: Evidence from Bangladesh. International Review of Business Research Papers, 10(2): 62-80.

Kasmir. 2012. Analisis Laporan Keuangan. Cetakan Keenam. Jakarta: Raja Grafindo Persada.

Khalid, S., & Rehman, M.U. 2015. Determination of Factors effecting the Dividend policy of Organizations. International Journal of Information, Business and Management, 8(3): 319- 333.

Odawo, C. & Ntoiti, J. 2015. Determinants of Dividend Payout Policy in Public Ltd Banks In Kenya: A Case Study Of CFC Stanbic Bank. The Strategic Journal of Business and Change Management, 2(2): 182-191.

Laim, W., Nangoy, S.C., & Murni, S. 2015. Analisis Faktor-Faktor yang Memengaruhi Dividend Payout Ratio pada Perusahaan yang Terdaftar di Indeks LQ-45 Bursa Efek Indonesia. Jurnal Ekonomi, Bisnis dan Akuntansi, 3(1): 1129-1140.

Lenox, M. J., Rockart, S. F., & Lewin. A.Y. 2010. Does Interdependency Affect Firm and Industry Profitability? An Empirical Test. Strategic Management Journal, 31(2): 121-139.

Lioew, M.A., Murni, S., & Mandagie, Y. 2014. ROA, ROE, NPM Pengaruhnya terhadap Dividend Payout Ratio pada Perusahaan Perbankan dan Financial Institusi yang Terdaftar di BEI Periode 2010-2012. Jurnal Ekonomi, Bisnis dan Akuntansi, 2(2): 1406- 1416.

Maladjian, C. & Khoury, R.E. 2014. Determinants of the Dividend Policy: An Empirical Study on the Lebanese Listed Banks. International Journal Economics and Finance, 6(4): 240 -256.

Marietta, U. & Sampurno, D. 2013. Analisis Pengaruh Cash Ratio, Return on Assets, Growth, Firm Size, Debt to Equity Ratio terhadap Dividend Payout Ratio (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2008-2011). Diponegoro Journal of Management, 2(3): 1-11.

Manneh, A.M. & Naser, K. 2015. Determinants of Corporate Dividends Policy: Evidence from an Emerging Economy”. International Journal Economics and Finance, Vol. VII, No,7, hal 229- 239.

Marpaung, I.E. & Hadianto, B. 2009. Pengaruh Profitabilitas dan Kesempatan Investasi terhadap Kebijakan Dividen: Studi Empirik pada Emiten Pembentuk Indeks LQ45 di Bursa Efek Indonesia. Jurnal Akuntansi, 1(1): 70- 84.

Marlina, L. & Danica, C. 2009. Analisis Pengaruh Cash Position, Debt to Equity Ratio dan Return on Asset terhadap Dividend Payout Ratio. Jurnal Manajemen Bisnis, 2(1): 1-6.

Mertayani, S., Darmawan, A.S., & Werastuti, S. 2015. Analisis Pengaruh Net Profit Margin, Debt Equity Ratio, Current Ratio dan Ukuran Perusahaan Terhadap Dividend Payout Ratio (Studi Kasus Pada Perusahaan Lq 45 yang Terdaftar di Bursa Efek Indonesia Periode 2009-2013). E-Journal S1 Ak Universitas Pendidikan Ganesha, 3(1): 1-13.

Omran, M. & Pointon, J. 2004. Dividend Policy Trading Characteristics and Share Prices: Empirical Evidence From Egyptian Firms. Int. J. Theory Appl. Finance, 7: 121-30.

Pribadi, S.A. & Sampurno, D. 2012. Analisis Pengaruh Cash Position, Firm Size, Growth Opportunity, Ownership, dan Return on Asset terhadap Dividend Payout Ratio. Diponegoro Journal of Management, 1(1): 212- 222.

Rahayuningtyas, S., Suhadak, & Handayani, S.R. 2014. Pengaruh Rasio-Rasio Keuangan Terhadap Dividend Payout Ratio (DPR) (Studi pada Perusahaan yang Listing di BEI Tahun 2009 – 2011). Jurnal Administrasi dan Bisnis, 7(2): 1-9.

Rehman, A. & Takumi, H. 2012. Determinants of Dividend Payout Ratio: Evidence From Karachi Stock Exchange (KSE). Journal of Contemporary Issues in Business Research, 1(1): 20-27.

Riyanto, B. 2010. Dasar- Dasar Pembelanjaan Perusahaan. Edisi 4. Yogyakarta: BPFE.

Saeed, R., Riaz, A., Lodhi, R.N., Munir, H.M., & Iqbal, A. 2014. Determinants of Dividend Payouts in Financial Sector of Pakistan. Journal of Basic and Applied Scientific Research, 4(2): 33-42.

Sartono, A. 2010. Manajemen Keuangan: Teori dan Aplikasi. Edisi 4. Yogyakarta: BPFE.

Sutrisno. 2009. Manajemen Keuangan Teori, Konsep dan Aplikasi. Yogyakarta: Ekonisia.

Sunarya, H.D. 2013. Pengaruh Kebijakan Utang, Profitabilitas dan Likuiditas terhadap Kebijakan Dividen dengan Size sebagai Variabel Moderasi pada Sektor Manufaktur Periode 2008-2011. Jurnal Ilmiah Mahasiswa Universitas Surabaya, 2(1): 1-19.

Subramanyam, K.R. & Wild, J. 2010. Analisis Laporan Keuangan. Salemba Empat. Jakarta.

Sundjaja, R. & Barlin, I. 2010. Manajemen Keuangan. Edisi 6. Jakarta: Literata Lintas Media.

Syamsuddin, L. 2011. Manajemen Keuangan Perusahaan. Jakarta: Raja Grafindo Persada.

Utami, B.W. 2015. The Effectness of Investment Opportunity, Financing Company, Profitability, Cash, and Market to Book Value to Dividend Payment Policy (A Case Study of Manufacturing Company Listed In Indonesian Stock Exchange In 2008-2011). International Journal Of Scientific Research and Education, 3(5): 3476 -3494.

Tong, T.W. & Reuer, J.J. Firm and Industry Influences on the Value of Growth Options. 2006. Strategic Organization 4(1): 71-95.

Yudhanto, S. & Aisjah, S. 2013. Pengaruh Net Profit Margin, Return on Asset, Return on Equity, Earning Per Share terhadap Kebijakan Dividen (Studi Pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia). Jurnal Ilmiah Mahasiswa FEB, 1(2): 1-14.

Zulkifli. 2015. Effect of Current Ratio, Return on Asset, Debt to Equity Ratio, Earning Growth, Return on Equity and Earning Per Share For Dividend Payout Ratio Pharmaceutical Company Listed on The Indonesia Stock Exchange. Proceeding Indonesia International Conference on Business, Management And Communication. Makassar 27- 28 Agustus 2015.



  • There are currently no refbacks.

Jurnal Keuangan dan Perbankan (Journal of Finance and Banking)

Diploma Program of Banking and Finance, Faculty of Economics and Business, University of Merdeka Malang

Published by University of Merdeka Malang

Mailing Address:
2nd floor Finance and Banking Building, Jl. Terusan Raya Dieng No. 57 Malang, East Java, Indonesia
Phone: +62 813-3180-1534

This work is licensed under a Creative
Commons Attribution-ShareAlike 4.0