Determinan Kebijakan Dividen Pada Bank Umum Konvensional yang Terdaftar Di BEI Tahun 2021-2025

Adelya Dwi Rahmahita, Dra. Sufitri, M.M.

2026 | Tugas Akhir | D4 PERBANKAN

Penelitian ini mengkaji determinan kebijakan dividen bank umum konvensional yang menjadi anggota Bursa Efek Indonesia periode 2021-2025, fase pemulihan pascapandemi di mana sektor perbankan Indonesia menctat distribusi dividen tinggi pada tahun 2025 sebesar Rp80,34 triliun. Berdasarkan dividend irrelevance theory sebagai teori dasar, bersama signaling theory, life cycle theory, dan agency theory, studi ini menguji Capital Adequacy Ratio (CAR), Loan to Deposit Ratio (LDR), Return on Assets (ROA), dan Bank Size sebagai determinan Dividend Payout Ratio (DPR). Metodologis penelitian ini mengadopsi lag satu periode variabel independen (2020-2024) yang diselaraskan dengan basis pengambilan keputusan dividen aktual sebelum Rapat Umum Pemengang Saham.

Regresi data panel dengan Random Effect Model, menghasilkan tiga temuan utama. ROA merupakan determinan paling dominan dalam kebijakan dividen bank, LDR berpengaruh positIf signifikan terhadap DPR, menunjukan LDR dalam tingkat optimal dapat meningkatkan pendapatan bank yang memperbesar laba yang dapat didistribusikan sebagai dividen. Sementara CAR dan Bank Size tidak memberikan pengaruh signifikan pada DPR. Model merepresentasikan 32,11% keberagaman DPR bank, memberikan bukti empiris bahwa fundamental financial bank umum konvensional Indonesia membentuk fondasi keputusan kebijakan dividen.

This study examines the determinants of dividend policy among conventional commercial banks listed on the Indonesia Stock Exchange for the 2021–2025 period—a phase of post-pandemic recovery during which the Indonesian banking sector is projected to record high dividend distributions in 2025, totaling Rp80.34 trillion. Based on the dividend irrelevance theory as the foundational framework, along with signaling theory, life cycle theory, and agency theory, this study examines the Capital Adequacy Ratio (CAR), Loan-to-Deposit Ratio (LDR), Return on Assets (ROA), and bank size as determinants of the Dividend Payout Ratio (DPR). The research methodology adopts a one-period lag for the independent variables (2020–2024), aligned with the basis for actual dividend decisions made prior to the Annual General Meeting of Shareholders.

Panel data regression using the Random Effects Model yielded three main findings. ROA is the most dominant determinant of bank dividend policy; LDR has a significant positive effect on DPR, indicating that an optimal LDR level can increase bank revenue, thereby increasing profits available for distribution as dividends. Meanwhile, CAR and bank size do not have a significant effect on the DPR. The model explains 32.11% of the variance in banks’ DPR, providing empirical evidence that the financial fundamentals of conventional commercial banks in Indonesia form the foundation for dividend policy decisions.

Kata Kunci : Kebijakan dividen, Dividend Payout Ratio (DPR), Capital Adequacy Ratio (CAR), Loan to Deposit Ratio (LDR), Return on Assets (ROA), Bank Size, random effect model, perbankan Indonesia