PENGARUH LEVERAGE DAN LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING

This study aims to analyze the effect of leverage and liquidity on dividend policy with profitability as an intervening variable. The sample used in this study is a manufacturing company listed on the Indonesia Stock Exchange for the period 2015-2019. In this study, there were 270 of 73 companies and the sample used was purposive sampling method. The type of data used is secondary data using company financial reports, and the analytical tool used is path analysis through multiple linear regression with the help of SPSS 22. The results showed that partially leverage has a negative and significant effect on dividend policy, liquidity and profitability have a positive effect on dividend policy, leverage has a negative effect on profitability, liquidity has a positive effect on profitability. Leverage indirectly does not affect dividend policy through profitability. liquidity indirectly affects dividend policy through profitability.