Abstract
This study aims to analyze the impact of profitability, liquidity, company growth on dividend policy with the proportion of independent commissioners as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange (IDX) before and during the Covid-19 pandemic. The populations of this study are manufacturing companies listed on the Indonesia Stock Exchange for the period 2018 to 2021, namely 64 companies. Data collection was carried out by purposive sampling. The study used the type of secondary data in the form of financial reports and annual reports for the 2018-2021 period. The data was obtained from the Indonesian Stock Exchange website. The data analysis method used panel data regression with Eviews 10 program. Based on the test results, it was concluded that prior to Covid-19 profitability and liquidity had a negative impact toward dividend policy. Then the company growth had no impact toward dividend policy. The proportion of independent commissioners could moderate the impact of profitability and liquidity toward dividend policy. The proportion of the independent commissioners could not moderate the impact of company growth toward dividend policy in manufacturing companies listed on the IDX in the period before the Covid-19 Pandemic. The test results during the Covid-19 pandemic found that profitability and liquidity had no impact toward dividend policy. The company’s growth had negative impact toward dividend policy. Furthermore, the proportion of the independent commissioners could not moderate the impact of profitability and liquidity toward dividend policy. The proportion of the independent commissioners could moderate the impact of company growth toward dividend policy in manufacturing companies listed on the IDX during the Covid-19 pandemic.
