The Role of The Covid-19 Pandemic in Moderating The Effect of Liquidity and Profitability on Dividend Policy in Manufacturing Companies Listed on The IDX
Main Article Content
Abstract
The objective of this study is to determine how The Role of The Covid-19 Pandemic In Moderating The Effect of Liquidity and Profitability on Dividend Policy In Manufacturing Companies Listed on The IDX. The population of this study consists of all manufacturing companies listed for the years 2018 through 2021 on the Indonesia Stock Exchange. A non-probability sampling technique mixed with a purposeful sampling methodology. The data analysis method utilized in this study is panel data regression analysis, which is performed using the Eviews 10 application. The study's findings demonstrate that profitability influences manufacturing businesses listed on the IDX in the positive for the years 2018 to 2021 in terms of dividend policy. From 2018 to 2021, liquidity will not have an impact on the dividend policy of industrial businesses listed on the IDX.
Article Details

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
References
Akenga, G. (2017). Effect of liquidity on financial performance of firms listed at the Nairobi Securities Exchange, Kenya. International Journal of Science and Research, 6(7), 279–285.
Al-Kayed, L. (2017). Dividend payout policy of Islamic vs conventional banks: case of Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, 10(1), 117–128.
Ali, H. (2022). Corporate dividend policy in the time of COVID-19: Evidence from the G-12 countries. Finance Research Letters, 46, 1–8.
Brigham, E. F., & Houston, J. F. (2019). Dasar-Dasar Manajemen Keuangan (Edisi 14 p). Jakarta: Salemba Empat.
Cejnek, G., Randl, O., & Zechner, J. (2021). The Covid-19 pandemic and corporate dividend policy. Journal of Financial and Quantitative Analysis, 56(2), 389–410.
Chukwu, G. J., Damiebi, I. J., & Okoye, E. I. (2019). Firm-specific attributes and the value relevance of accounting information in Nigeria. International Journal of Business and Management, 14(10), 12–20.
Cristea, C., & Cristea, M. (2017). Determinants of corporate dividend policy: evidence from Romanian listed companies. Annual Session of Scientific Papers IMT ORADEA, 126, 1–4.
Dewasiri, N. J., Yatiwelle Koralalage, W. B., Abdul Azeez, A., Jayarathne, P. G. S. A., Kuruppuarachchi, D., & Weerasinghe, V. A. (2019). Determinants of dividend policy: evidence from an emerging and developing market. Managerial Finance, 45(3), 413–429.
Ejike, S. I., & Agha, N. C. (2018). Impact of operating liquidity on profitability of pharmaceutical firms in Nigeria. International Journal of Academic Research in Accounting, Finance and Management Sciences, 8(3), 73–82.
Ghozali, I. (2013). Aplikasi Analisis Multivariate dengan Program IBM SPPS 21 Up Date PLS Regresi. Semarang: Badan Penerbit Universitas Diponogoro.
Huang, T., Wu, F., Yu, J., & Zhang, B. (2020). Investor protection and the value impact of stock iquidity. Journal of International Business Studies, 51(1), 72–94.
Hussain, A., & Akbar, M. (2022). Dividend policy and earnings management: Do agency problem and financing constraints matter? Borsa Istanbul Review, 22(5), 839–853.
Klemeš, J. J., Van Fan, Y., Tan, R. R., & Jiang, P. (2020). Minimising the present and future plastic waste, energy and environmental footprints related to Covid-19. Renew Sustain Energy Rev, 127, 1–7.
Krieger, K., Mauck, N., & Pruitt, S. W. (2021). The impact of the COVID-19 pandemic on dividends. Finance Research Letters, 42, 1–7.
Li, K., Musah, M., Kong, Y., Adjei Mensah, I., Antwi, S. K., Bawuah, J., & Andrew Osei, A. (2020). Liquidity and firms’ financial performance nexus: panel evidence from non-financial firms listed on the Ghana Stock Exchange. Sage Open, 10(3), 1–20.
Lin, O. C., Thaker, H. M. T., Khaliq, A., & Thaker, M. A. M. T. (2018). The Determinants of Dividend Payout: Evidence from the Malaysian Property Market. Journal of Islamic Economics and Business Studies, 1(1), 27–46.
Mazur, M., Dang, M., & Vega, M. (2021). Covid-19 and the march 2020 stock market crash. Evidence from S&P1500. Finance Research Letters, 38, 1–8.
Miklaszewska, E., Kil, K., & Idzik, M. (2021). How the COVID-19 pandemic affects bank risks and returns: evidence from EU members in central, eastern, and northern Europe. Risks, 9(10), 180.
Moloi, T., & Marwala, T. (2020). Artificial Intelligence in Economics and Finance Theories. In Series Advanced Information and Knowledge Processing. Springer.
Nguyen, T. G. (2020). Stock liquidity and dividend policy: Evidence from an imputation tax environment. International Review of Financial Analysis, 72, 1–12.
Nilashi, M., Asadi, S., Abumalloh, R. A., Samad, S., & Ibrahim, O. (2020). Intelligent recommender systems in the COVID-19 outbreak: the case of wearable healthcare devices. Journal Soft Comput Decision Support Syst, 7(4), 8–12.
Onyango, M., Nyamute, W., & Wanjare, J. (2023). Effect of Liquidity on the relationship between Dividend Policy and Value of firms Listed at the Nairobi Securities Exchange. African Development Finance Journal, 5(1), 53–70.
Pattiruhu, J. R., & Paais, M. (2020). Effect of Liquidity, Profitability, Leverage, and Firm Size on Dividend Policy. Journal of Asian Finance, Economics and Business, 7(10), 35–42.
Rupani, P. F., Nilashi, M., Abumalloh, R. A., Asadi, S., Samad, S., & Wang, S. (2020). Coronavirus pandemic (COVID-19) and its natural environmental impacts. International Journal of Environmental Science and Technology, 17, 4655–4666.
Shah, A. (2023). Firm Performance And Dividend Policy In India–Moderating Effect Of Crisis (Pandemic) Period. International Journal of Management, Public Policy and Research, 2(1), 117–124.
Shaik, M. B., Kethan, M., Jaggaiah, T., & Khizerulla, M. (2022). Financial Literacy and Investment Behaviour of IT Professional in India. East Asian Journal of Multidisciplinary Research, 1(5), 777–788.
Suardi, S., Xu, C., & Zhou, Z. I. (2022). COVID-19 pandemic and liquidity commonality. Journal of International Financial Markets, Institutions and Money, 78, 1–18.
Takmaz, S. (2017). Dividend Policy Drivers in Turkish Listed Firms. International Journal of Academic Value Studies, 3(16), 40–52.
Tinungki, G. M., Robiyanto, R., & Hartono, P. G. (2022). The effect of COVID-19 pandemic on corporate dividend policy in Indonesia: The static and dynamic panel data approaches. Economies, 10(1), 1–18.
Ye, Z., Zhang, Z., & Tang, S. (2015). Stock dividends policy and liquidity of ex ante announcement: The liquidity hypothesis retest. China Finance Review International, 5(3), 258–276.