The Influence of Net Profit and Operating Cash Flow on Dividend in Transportation and Logistics Sector Companies Listed on the Indonesia Stock Exchange for the Period 2021-2023
Main Article Content
Iyus Sopian*
Yusni Nuryani
The industrial sector in Indonesia continues to expand rapidly, with transportation and logistics contributing 13.96% to national economic growth by the end of 2023. However, the COVID-19 pandemic created significant fluctuations in company profits and cash flows, influencing their ability to distribute dividends. Net income and operating cash flow thus become crucial indicators in financial statements, reflecting not only company performance but also investor considerations in dividend decisions. The objective of this research is to investigate the impact of net income and operating cash flow on dividend payouts within transportation and logistics firms that are publicly traded on the Indonesia Stock Exchange (IDX) from 2021 to 2023. This study utilized a quantitative methodology and focused on a total of 37 companies within this industry. Through purposive sampling methods, a sample of 7 companies was chosen for the study. The study relied on secondary data, gathered through literature review and documentation. Data analysis techniques included descriptive statistics, classical assumption tests, multiple linear regression, coefficient of determination, t-test, and F-test, utilizing SPSS Statistics version 26. The findings reveal three key results. First, net income has a significant partial effect on dividend distribution. Second, operating cash flow, when tested partially, shows no significant influence on dividends. Third, when considered simultaneously, both net income and operating cash flow significantly affect dividend payments. In conclusion, this study emphasizes that dividend policy in transportation and logistics companies is primarily determined by net income on an individual basis.
Arota, P. S., Morasa, J., & Wokas, H. N. (2019). Analisis Rasio Arus Kas untuk Menilai Kinerja Keuangan pada PT Hanjaya Mandala Sampoerna Tbk 2014–2018. Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 7(3). https://doi.org/10.35794/emba.v7i3.24913
Astawinetu, E. D., & Handini, S. (2020). Manajemen Keuangan: Teori dan Praktek. Scopindo Media Pustaka.
Badriatin, T., Rosyadi, A., Rahmawati, M., & Rinandiyana, L. R. (2021). Mengenal Pasar Modal. Pena Persada.
Budiman, R. (2018). Rahasia Analisis Fundamental Saham. Elex Media Komputindo.
Dougherty, J. E., & Pfaltzgraff, R. L. (1990). Contending Theories of International Relations: A Comprehensive Survey. Harper & Row.
Fatimah, F., Sifriyani, Sunaryo, D., & Lestari, E. P. (2022). Analysis Of The Effect Of Net Profit, Operational Cash Flow, Free Cash Flow, Previous Year Cash Dividends On Cash Dividends In The Indonesia Stock. International Journal of Science, Technology & Management, 3(1), 56–72. https://doi.org/10.46729/ijstm.v3i1.450
Febrian, J., Prasetya, B. H., & Octavianty, E. (2022). Pengaruh Laba Bersih dan Arus Kas Operasi Terhadap Dividen kas (Studi Pada Perusahaan Perdagangan Eceran yang Terdaftar di Bursa Efek Indonesia Periode 2016-2021). Repository Universitas Pakuan.
Fiqih, M., & Siswanti, T. (2021). Pengaruh Laba Bersih dan Arus Kas Operasi terhadap Dividen Kas pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2015–2017. JIMA: Jurnal Ilmiah Mahasiswa Akuntansi, 1(1). https://doi.org/10.35968/698g0h89
Firmansyah, A., Yuniar, M. R., & Arfiansyah, Z. (2022). Kualitas Laporan Keuangan di Indonesia: Transparansi Informasi Keuangan dan Karakteristik Pemerintah Daerah. Jurnal Anggaran Dan Keuangan Negara Indonesia (AKURASI), 4(2), 181–197. https://doi.org/10.33827/akurasi2022.vol4.iss2.art180
Fradila, I. (2023). Pengaruh Laba Bersih dan Arus Kas Operasi Terhadap Dividen Kas Pada PT Hanjaya Mandala Sampoerna, Tbk di Bursa Efek Indonesia. Repositori Universitas Lancang Kuning.
Galsanjigmed, E., & Sekiguchi, T. (2023). Challenges Women Experience in Leadership Careers: An Integrative Review. Merits, 3(2), 366–389. https://doi.org/10.3390/merits3020021
Jennings, J. E., & Brush, C. G. (2013). Research on Women Entrepreneurs: Challenges to (and from) the Broader Entrepreneurship Literature? The Academy of Management Annals, 7(1), 663–715. https://doi.org/10.1080/19416520.2013.782190
Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2020). Financial Accounting: Tools for Business Decision Making. Wiley.
Kurnia, E. (2025). Biaya Transportasi hingga Ekonomi Global Gerus Pertumbuhan Bisnis Logistik. Kompas.
Lohonauman, H., & Budiarso, N. S. (2021). The Effect of Free Cash Flow and Profitability on Dividend Payout Ratio (Case of LQ-45 Indexed Firms in Indonesia Stock Exchange for the Period 2011–2018). Accountability, 10(1), 1. https://doi.org/10.32400/ja.32071.10.1.2021.1-6
Lubis, N. H., Parinduri, M. A., & Akbar, M. R. (2022). Evaluation of the Management Control System for the Profit Responsibility Center at PT. Cahaya Bintang Medan Furniture Tbk. Jurnal Ekonomi, Manajemen, Bisnis Dan Akuntansi Review, 2(2). https://doi.org/10.53697/emba.v2i2.1066
Malihah, L., Zabidi, H., Atkia, N., Apifah, N. N., & Haryanti, P. (2024). Kepemimpinan Perempuan dan Kesetaraan Gender: Sebuah Tinjauan. Jurnal Ilmiah Universitas Batanghari Jambi, 24(2), 1094. https://doi.org/10.33087/jiubj.v24i2.4904
Matondang, L. Y. (2021). Pengaruh Laba Bersih dan Arus Kas Operasi terhadap Dividen pada PT Surya Citra Media Tbk. Repositori IAIN Padangsidimpuan.
Mulyanti, D., & Audina, S. (2022). Analisis Laba Bersih dan Total Arus Kas Terhadap Return Saham. Jurnal Financia: Akuntansi Dan Keuangan, 3(2), 45–55. https://doi.org/10.51977/financia.v3i2.759
Nathalia, C. (2023). Buku Sakti Administrasi Bisnis: Kupas Tuntas Bagaimana Memulai Bisnis, Membangun Manajemen, Mengelola Kuangan, Dan Menjadi Pemimpin Bisnis. Anak Hebat Indonesia.
Nuryani, Y., & Sunarsi, D. (2020). The Effect of Current Ratio and Debt to Equity Ratio on Deviding Growth. JASa (Jurnal Akuntansi, Audit Dan Sistem Informasi Akuntansi), 4(2). https://doi.org/10.36555/jasa.v4i2.1378
Putra, A., & Silvera, D. L. (2020). Pengaruh Laba Bersih dan Arus Kas Operasi terhadap Dividen Kas pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia (BEI) Pada Periode 2015–2017. Pareso Jurnal, 2(3), 33–52.
Rachmat, Z., Santoso, A., Sari, M. N., Nugraha, J. P., Waluyo, B. P., Wicaksono, T., Rizky, P. N., Afandi, A., Yunaz, H., & Sarjana, S. (2023). Administrasi bisnis. Global Eksekutif Teknologi.
Saptati, R. (2024). Ekonomi Indonesia Resilien di Tengah Ketidakpastian Global. Media Keuangan.
Sari, T. R., Primasari, D., & Farida, Y. N. (2023). The effect of profitability, company size, leverage, liquidity, and free cash flow on dividend policy. Keynesia : International Journal of Economy and Business, 2(1), 22–34. https://doi.org/10.55904/keynesia.v2i1.668
Satri. (2024). Analisis Kinerja Keuangan pada PT Bank Central Asia Tbk yang Terdaftar di Bursa Efek Indonesia Tahun 2019–2022. Repository UNICIMI.
Setiyawati, D., Sasongko, H., & Fadillah, H. (2022). Pengaruh Arus Kas Operasi dan Laba Bersih pada Dividen Tunai : Studi pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2016 – 2020. Repositor Universitas Pakuan.
Siregar, E. S. M., & Wardi, Y. (2023). Pengaruh Gender dan Gaya Kepemimpinan terhadap Kinerja Organisasi. Journal Education and Development, 11(3), 223–229.
Sumartana, I. G. A., & Dewi, S. K. S. (2024). The Influence Of Free Cash Flow, Profitability and Growth Opportunity On Dividend Policy. International Journal of Management Research and Economics, 2(3), 486–508. https://doi.org/10.54066/ijmre-itb.v2i3.2152
Syamsiyah, N. N. (2023). Pengaruh Laba Bersih dan Arus Kas Operasi terhadap Dividen Kas (Studi Kasus pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman di Bursa Efek Indonesia Periode Tahun 2016–2021). Repositori UNISSULA.
Thousani, H. F., & Afgani, K. F. (2023). Jaringan Dalam Mendorong Perempuan untuk Memulai dan Mempertahankan Bisnis: Tinjauan Literatur Sistematis. Jurnal Riset Bisnis Dan Investasi, 9(2), 100–132.
Wenas, D. D., Manossoh, H., & Tirayoh, V. Z. (2017). Analisis Pengaruh Arus Kas Operasi dan Laba Bersih terhadap Dividen Kas pada Perusahaan Properti yang Terdaftar di Bursa Efek Indonesia (BEI). Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 5(1). https://doi.org/10.35794/emba.5.1.2017.15454
Widyawati, N., Winarni, W., Haryati, T., Sawir, M., Suwandi, S., Arisanti, D., Kasmaniar, K., Santoso, R., Machieu, S. R., Ilham, I., Oktasari, E., Rahma, R., & Wijaya, S. (2024). Ilmu Administrasi Bisnis : Suatu Pengantar. Eureka Media Aksara.
