ANALISIS PROFITABILITAS, FINANCIAL LEVERAGE, ASSET EFFICIENCY, DAN KEBIJAKAN DIVIDEN TERHADAP SUSTAINABLE GROWTH RATE

Abstract

ABSTRACT This study aims to examine how Profitability, Financial Leverage, Asset Efficiency, and Dividend Policy affect Sustainable Growth Rate (SGR). Profitability variables measured using Return On Assets (ROA), Financial Leverage measured using Debt to Equity Ratio (DER), Asset Efficiency measured by Total Asset Turnover (TATO), dividend policy measured by dividend payout ratio (DPR), and sustainable growth rate (SGR) measured using Higgin’s model. The sample used in this study was 151 data consisting of 57 manufacturing companies that have been listed on the Indonesia Stock Exchange (IDX) with complete data on the required research variables in the period 2020- 2022. The sample was obtained using purposive sampling method with secondary data obtained from Bloomberg terminal, each company's website, and www.idx.co.id. This study uses panel data multiple linear regression analysis using Eviews12 software. The findings of this study indicate that profitability, financial leverage, and dividend policy have a significant negative effect on the value of Sustainable Growth Rate (SGR). While asset efficiency has a significant positive effect on the value of Sustainable Growth Rate (SGR).