The influence of profitability and growth on dividend policy with firm size as a control variable in the oil and gas subsector listed on the Indonesian Stock Exchange for the 2020-2024 period
-
Riyandi Riyandi(1*)
Faculty of Economics and Businesses, University of Singaperbangsa Karawang
-
Hari Sulistiyo(2)
Faculty of Economics and Businesses, University of Singaperbangsa Karawang
-
Irvan Yoga Pardistya(3)
Faculty of Economics and Businesses, University of Singaperbangsa Karawang
(*) Corresponding Author
Keywords:
Profitability, Growth, Firm Size, Dividend Policy
Abstract
This study aims to analyze the effect of profitability and company growth on dividend policy, with firm size as a control variable, in oil and gas subsector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The study employs a quantitative research approach using secondary data obtained from annual reports and applies logistic regression analysis. The findings indicate that profitability and company growth simultaneously affect dividend policy. Partially, profitability has a significant effect on dividend policy, whereas company growth does not have a significant effect. Furthermore, the results show that the independent variables explain 40.4% of the variation in dividend policy. These findings suggest that companies with higher profitability are more likely to distribute dividends, while company growth is not a primary consideration in determining dividend policy.
Keywords: Profitability; Growth; Firm Size; Dividend Policy
Downloads
Download data is not yet available.
References
Amalia, F. P. N., & Wahyuni, L. (2023). Pengaruh Profitabilitas, Leverage, Pertumbuhan Perusahaan Terhadap Kebijakan Dividen. Jurnal Ekonomi Trisakti, 3(2), 2289–2298. https://doi.org/http://dx.doi.org/10.25105/jet.v3i2.16919
Ansari, Y., Albarrak, M. S., Sherfudeen, N., & Aman, A. (2022). A Study of Financial Literacy of Investors — A Bibliometric Analysis. International Journal OfFinancial Studies, 10(36). https://doi.org/https://doi.org/10.3390/ijfs10020036
Dianissa, R. P., & Asmara, R. Y. (2025). Pengaruh ROE , Sales Growth Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Ekonomi Bisnis, Manajemen Dan Akuntansi (Jebma), 5(1), 77–88.
https://doi.org/doi.org/10.47709/jebma.v5n1.4685
Fitriana, A. (2024). Analisis Laporan Keuangan. In Akademi Keuangan & Perbankan Riau (AKBAR) Pekanbaru (Issue July). CV. Malik Rizki Amanah.
Gabriela, M., Yanti, & Dewi, S. (2022). Dividend Policy Pada Perusahaan Manufaktur Dengan Variabel Kontrol Firm Size. Jurnal Multiparadigma Akuntansi, 4(1), 80–90.
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25 Edisi 9. Badan Penerbit Universitas Diponegoro.
Ginting, M. C. (2021). Faktor-Faktor Yang Mempengaruhi Cost Of Capital Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2020. Jurnal Manajemen Open, 7(2), 1–12.
Hakim, M. F. (2024). Metode Manajemen Keuangan Teori dan Penerapannya. PT. Anak Hebat Indonesia.
Hardani, Auliya, N. H., Andriani, H., Fardani, R. A., Ustiawaty, J., Utami, E. F., Sukmana, D. J., & Istiqomah, R. R. (2020). Metode Penelitian Kualitatif & Kuantitatif. In CV. Pustaka Ilmu. CV. Pustaka Ilmu Editor:
Hasanah, U., Usman, A., Khaddafi, M., & Yunita, N. A. (2024). Pengaruh Pertumbuhan Perusahaan, Profit Growth, Kepemilikan Manajerial Dan Kebijakan Hutang Terhadap Kebijakan Deviden Pada Perusahaan Perbankan Yang Ada Di Bursa Efek Indonesia Periode 2020-2022. Jurnal Akuntansi Malikussaleh, 3(3), 49–68. https://doi.org/10.29103/jam.v%vi%i.17061
Hendrawaty, E. (2017). Excess Cash dalam Perspektif Teori Keagenan. In CV. Anugrah Utama Raharja. CV. Anugrah Utama Raharja.
Hermansyah, A. M. S. (2023). The Effect of Dividend Policy on Corporate Financial Performance. Journal of Contemporary Administration and Management (ADMAN), 1(1), 5–8. https://doi.org/https://doi.org/10.61100/adman.v1i1.2
Hidayat, W. (2020). Pengaruh kebijakan dividen, kebijakan hutang dan profitabilitas terhadap nilai perusahaan. Jurnal Ilmu Dan Riset Manajemen, 9(4), 1–16.
Hidayat, W. (2024). Indikasi Kesulitan Keuangan (Financial Distress). PT. Pena Persada Kerta Utama.
Januarsi, Y., & Sanusi, F. (2024). Profitability and dividend policy : How does free cash flow explain this relationship ? Jurnal Siasat Bisnis, 28(1), 56–70. https://doi.org/10.20885/jsb.vol28.iss1.art4
Maharisht, D. D. L., & Riduwan, A. (2022). Pengaruh Profitabilitas, Pertumbuhan Perusahaan dan Ukuran Perusahaan Terhadap Kebijakan Dividen. Jurnal Ilmu Dan Riset Akuntansi, 11(11), 1–16.
Nidrah. (2026). Pengaruh Volatilitas Harga Minyak Dunia terhadap Return Saham Sektor Energi di Indonesia. Jejak Digital: Jurnal Ilmiah Multidisiplin, 2(3), 3832–3841. https://doi.org/https://doi.org/10.63822/nkpq3g15
Nur, S., Sunarti, & Oktaviani, A. R. (2024). Determinants Of Dividend Policy: Evaluating The Role Of Profitability And Leverage In Indonesian Manufacturing Companies. Proceeding Of Research And Civil Society Desemination, 2(1), 274–278. https://doi.org/https://doi.org/10.37476/presed.v2i1.44
Putri, A. R., & Yuniati, T. (2023). Pengaruh Profitabilitas, Ukuran Perusahaan dan Nilai Tukar terhadap Nilai Perusahaan Farmasi yang Terdaftar Di BEI. Jurnal Ilmu Dan Riset Manajemen, 12(5), 1–18.
Rustan. (2023). Kebijakan Dividen Dan Nilai Perusahaan (Upaya Pencapaian Nilai Perusahaan Melalui Kebijakan Dividen). Penerbit Insan Cendaka Mandiri.
Sari, W. F., & Saputra, D. (2025). Analysis of the Effect of Dividend Payout Ratio and Firm Size on Company Value with Profitability as a Mediating Variable in the Energy Sector on the Indonesia Stock Exchange. Journal of Economic, Business and Accounting, 8(6), 1022–1032.
https://doi.org/https://doi.org/10.31539/gq68mb56
Satria, M. R. (2022). Peran Teori Agensi Dalam Issue Bidang Akuntansi. Land Journal, 3(2), 125–138.
Sawitri, N. N., & Eprianto, I. (2025). Determining Sustainability Growth : Analysis of Dividend Policy, Capital Structure , Liquidity, and Financial Statement Digitalization Mediated by Profitability. Greenation International Journal of Rconomicss and Accounting, 3(2), 217–236.
https://doi.org/https://doi.org/10.38035/gijea.v3i2
Setyorini, P. I., & Cahyono, Y. T. (2024). Pengaruh Profitability, Leverage, Sales Growth, Firm Size dan Corporate Social Responsibility Terhadap Firm Value (Studi Empiris pada Perusahaan Manufaktur Sektor Consimer Non-Cyclical yang Terdaftar di Bursa Efek Indonesia Tahun 2021-2023). Jurnal Bina Bangsa Ekonomika, 18(Vol. 18, No. 1, Tahun 2024), 507–517.
https://www.jbbe.lppmbinabangsa.id/index.php/jbbe/article/view/723
Siahaan, M., Gursida, H., & Sasongko, H. (2025). Determinan Nilai Perusahaan. PT. Pena Persada Kerta Utama.
Soesanto, E., Tamima, M., & Dasuqi, A. R. (2025). Fluktuasi Harga Minyak Global dan Dampaknya Terhadap Ekspor Migas Indonesia. Jurnal Ekonomi, Akuntansi Dan Perpajakan, 2(1), 63–69.
https://doi.org/https://doi.org/10.61132/jeap.v2i1.765
Sugiyono. (2023). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. ALFABETA.
Uqba, L. A., & Hindasah, L. (2025). Pengaruh Profitabilitas, Likuiditas Leverage, Assets Growth, Ukuran Perusahaan dan Kepemilikan Institusional Terhadap Kebijakan Dividen Pada Perusahaan Non-Keuangan yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2023. JURNAL MANEKSI, 14(01), 257–269.
Utami, F. L. (2022). Profitability, Liquidity, Firm Size, Dividend Payout Ratio and Moderating Effect of Leverage. International Journal of Multidisciplinary Research and Analysis, 05(07), 1855–1865. https://doi.org/10.47191/ijmra/v5-i7-33
Yulianti, M. L., Purnomo, B. S., Purnamasari, I., & Sari, M. (2026). Dividend Policy And Profitability : An Empirical Analysis Of Companies Listed On The IDX. Jurnal Riset Bisnis Dan Manajemen, 19(1), 179–196.
Yuliyanti, E., & Turmudhi, A. (2024). Kajian Literatur : Mengungkap Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen Perusahaan. MENAWAN: Jurnal Riset Dan Publikasi Ilmu Ekonomi, 2(5), 12–25.
https://doi.org/https://doi.org/10.61132/menawan.v2i5.776
Yusuf, P. S., Laksono, R., & Mulyawan, F. (2024). The Influence of Profitability, Liquidity, and Growth of Company on Dividend Policy (Study of Manufacturing Industrial Listed Company on the Indonesian Stock Exchange Period 2018 - 2022). EKUILNOMI : Jurnal Ekonomi Pembangunan, 6(2), 293–300.
https://doi.org/10.36985/6wzct550
Zakiah, M. W., & Hasanatina, F. H. (2023). Pengaruh Profitabilitas, Leverage, Likuiditas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Diponegoro Journal Of Management, 12(3), 1–13.
Ansari, Y., Albarrak, M. S., Sherfudeen, N., & Aman, A. (2022). A Study of Financial Literacy of Investors — A Bibliometric Analysis. International Journal OfFinancial Studies, 10(36). https://doi.org/https://doi.org/10.3390/ijfs10020036
Dianissa, R. P., & Asmara, R. Y. (2025). Pengaruh ROE , Sales Growth Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Ekonomi Bisnis, Manajemen Dan Akuntansi (Jebma), 5(1), 77–88.
https://doi.org/doi.org/10.47709/jebma.v5n1.4685
Fitriana, A. (2024). Analisis Laporan Keuangan. In Akademi Keuangan & Perbankan Riau (AKBAR) Pekanbaru (Issue July). CV. Malik Rizki Amanah.
Gabriela, M., Yanti, & Dewi, S. (2022). Dividend Policy Pada Perusahaan Manufaktur Dengan Variabel Kontrol Firm Size. Jurnal Multiparadigma Akuntansi, 4(1), 80–90.
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25 Edisi 9. Badan Penerbit Universitas Diponegoro.
Ginting, M. C. (2021). Faktor-Faktor Yang Mempengaruhi Cost Of Capital Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2020. Jurnal Manajemen Open, 7(2), 1–12.
Hakim, M. F. (2024). Metode Manajemen Keuangan Teori dan Penerapannya. PT. Anak Hebat Indonesia.
Hardani, Auliya, N. H., Andriani, H., Fardani, R. A., Ustiawaty, J., Utami, E. F., Sukmana, D. J., & Istiqomah, R. R. (2020). Metode Penelitian Kualitatif & Kuantitatif. In CV. Pustaka Ilmu. CV. Pustaka Ilmu Editor:
Hasanah, U., Usman, A., Khaddafi, M., & Yunita, N. A. (2024). Pengaruh Pertumbuhan Perusahaan, Profit Growth, Kepemilikan Manajerial Dan Kebijakan Hutang Terhadap Kebijakan Deviden Pada Perusahaan Perbankan Yang Ada Di Bursa Efek Indonesia Periode 2020-2022. Jurnal Akuntansi Malikussaleh, 3(3), 49–68. https://doi.org/10.29103/jam.v%vi%i.17061
Hendrawaty, E. (2017). Excess Cash dalam Perspektif Teori Keagenan. In CV. Anugrah Utama Raharja. CV. Anugrah Utama Raharja.
Hermansyah, A. M. S. (2023). The Effect of Dividend Policy on Corporate Financial Performance. Journal of Contemporary Administration and Management (ADMAN), 1(1), 5–8. https://doi.org/https://doi.org/10.61100/adman.v1i1.2
Hidayat, W. (2020). Pengaruh kebijakan dividen, kebijakan hutang dan profitabilitas terhadap nilai perusahaan. Jurnal Ilmu Dan Riset Manajemen, 9(4), 1–16.
Hidayat, W. (2024). Indikasi Kesulitan Keuangan (Financial Distress). PT. Pena Persada Kerta Utama.
Januarsi, Y., & Sanusi, F. (2024). Profitability and dividend policy : How does free cash flow explain this relationship ? Jurnal Siasat Bisnis, 28(1), 56–70. https://doi.org/10.20885/jsb.vol28.iss1.art4
Maharisht, D. D. L., & Riduwan, A. (2022). Pengaruh Profitabilitas, Pertumbuhan Perusahaan dan Ukuran Perusahaan Terhadap Kebijakan Dividen. Jurnal Ilmu Dan Riset Akuntansi, 11(11), 1–16.
Nidrah. (2026). Pengaruh Volatilitas Harga Minyak Dunia terhadap Return Saham Sektor Energi di Indonesia. Jejak Digital: Jurnal Ilmiah Multidisiplin, 2(3), 3832–3841. https://doi.org/https://doi.org/10.63822/nkpq3g15
Nur, S., Sunarti, & Oktaviani, A. R. (2024). Determinants Of Dividend Policy: Evaluating The Role Of Profitability And Leverage In Indonesian Manufacturing Companies. Proceeding Of Research And Civil Society Desemination, 2(1), 274–278. https://doi.org/https://doi.org/10.37476/presed.v2i1.44
Putri, A. R., & Yuniati, T. (2023). Pengaruh Profitabilitas, Ukuran Perusahaan dan Nilai Tukar terhadap Nilai Perusahaan Farmasi yang Terdaftar Di BEI. Jurnal Ilmu Dan Riset Manajemen, 12(5), 1–18.
Rustan. (2023). Kebijakan Dividen Dan Nilai Perusahaan (Upaya Pencapaian Nilai Perusahaan Melalui Kebijakan Dividen). Penerbit Insan Cendaka Mandiri.
Sari, W. F., & Saputra, D. (2025). Analysis of the Effect of Dividend Payout Ratio and Firm Size on Company Value with Profitability as a Mediating Variable in the Energy Sector on the Indonesia Stock Exchange. Journal of Economic, Business and Accounting, 8(6), 1022–1032.
https://doi.org/https://doi.org/10.31539/gq68mb56
Satria, M. R. (2022). Peran Teori Agensi Dalam Issue Bidang Akuntansi. Land Journal, 3(2), 125–138.
Sawitri, N. N., & Eprianto, I. (2025). Determining Sustainability Growth : Analysis of Dividend Policy, Capital Structure , Liquidity, and Financial Statement Digitalization Mediated by Profitability. Greenation International Journal of Rconomicss and Accounting, 3(2), 217–236.
https://doi.org/https://doi.org/10.38035/gijea.v3i2
Setyorini, P. I., & Cahyono, Y. T. (2024). Pengaruh Profitability, Leverage, Sales Growth, Firm Size dan Corporate Social Responsibility Terhadap Firm Value (Studi Empiris pada Perusahaan Manufaktur Sektor Consimer Non-Cyclical yang Terdaftar di Bursa Efek Indonesia Tahun 2021-2023). Jurnal Bina Bangsa Ekonomika, 18(Vol. 18, No. 1, Tahun 2024), 507–517.
https://www.jbbe.lppmbinabangsa.id/index.php/jbbe/article/view/723
Siahaan, M., Gursida, H., & Sasongko, H. (2025). Determinan Nilai Perusahaan. PT. Pena Persada Kerta Utama.
Soesanto, E., Tamima, M., & Dasuqi, A. R. (2025). Fluktuasi Harga Minyak Global dan Dampaknya Terhadap Ekspor Migas Indonesia. Jurnal Ekonomi, Akuntansi Dan Perpajakan, 2(1), 63–69.
https://doi.org/https://doi.org/10.61132/jeap.v2i1.765
Sugiyono. (2023). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. ALFABETA.
Uqba, L. A., & Hindasah, L. (2025). Pengaruh Profitabilitas, Likuiditas Leverage, Assets Growth, Ukuran Perusahaan dan Kepemilikan Institusional Terhadap Kebijakan Dividen Pada Perusahaan Non-Keuangan yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2023. JURNAL MANEKSI, 14(01), 257–269.
Utami, F. L. (2022). Profitability, Liquidity, Firm Size, Dividend Payout Ratio and Moderating Effect of Leverage. International Journal of Multidisciplinary Research and Analysis, 05(07), 1855–1865. https://doi.org/10.47191/ijmra/v5-i7-33
Yulianti, M. L., Purnomo, B. S., Purnamasari, I., & Sari, M. (2026). Dividend Policy And Profitability : An Empirical Analysis Of Companies Listed On The IDX. Jurnal Riset Bisnis Dan Manajemen, 19(1), 179–196.
Yuliyanti, E., & Turmudhi, A. (2024). Kajian Literatur : Mengungkap Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen Perusahaan. MENAWAN: Jurnal Riset Dan Publikasi Ilmu Ekonomi, 2(5), 12–25.
https://doi.org/https://doi.org/10.61132/menawan.v2i5.776
Yusuf, P. S., Laksono, R., & Mulyawan, F. (2024). The Influence of Profitability, Liquidity, and Growth of Company on Dividend Policy (Study of Manufacturing Industrial Listed Company on the Indonesian Stock Exchange Period 2018 - 2022). EKUILNOMI : Jurnal Ekonomi Pembangunan, 6(2), 293–300.
https://doi.org/10.36985/6wzct550
Zakiah, M. W., & Hasanatina, F. H. (2023). Pengaruh Profitabilitas, Leverage, Likuiditas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Diponegoro Journal Of Management, 12(3), 1–13.
Published
2026-07-02
How to Cite
Riyandi, R., Sulistiyo, H., & Pardistya, I. (2026). The influence of profitability and growth on dividend policy with firm size as a control variable in the oil and gas subsector listed on the Indonesian Stock Exchange for the 2020-2024 period. Journal of Management : Small and Medium Enterprises (SMEs), 19(2), 811-823. https://doi.org/10.35508/jom.v19i2.28050
Section
Articles
