Kemandirian Aparatur Sipil Negara (ASN) Melalui Literasi Keuangan Available online at: http://journal.uinsgd.ac.id/index.php/ijik International Journal of Islamic Khazanah, Vol. 10 No. 1: 34-42 * Copyright (c) 2020 Andini Nurwulandari This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. Received: December 1, 2019; Revised: January 15, 2020; Accepted: January 25, 2020 The Impact of Investment Opportunity Asset, Return on Assets, and Sales Growth on Dividend Policy: Empirical Analysis of Manufacturing Companies Listed in the Indonesian Sharia Stock Index (ISSI) from 2015-2017 Andini Nurwulandari Universitas Nasional Jakarta, Indonesia E-mail: andinmanajemen@gmail.com Abstract The consumer goods industry sector has good prospects and has growth opportunities, but not all companies that enter the consumer goods industry share dividends every year. This research is designed to determine the impact of Company Value, Investment Opportunity Collection, Return on Assets, and Sales Growth regarding the dividend strategies of production firms that are publicly traded ISSI from 2015 to 2017. Purposive sampling was used to collect samples and panel data analysis was used to analyze cross-sections of 15 companies and time series data from 2015 to 2017. This study employs a quantitative research design, employing a panel data regressi on m od e l and Eview 9 as the data processing tool, and validation of the linear regression panel data using t h e trial Classical Assumption (Multicollinearity, Heteroscedasticity, and Autocorrelation) and Test of Model Feasibility (Adjusted R-Square, and F Test). The Investment Opportunity Set had a n e g a t iv e but negligible impact on the results. In comparison, the variable Return on Assets has a significant beneficial effect. Sales growth has a detrimental but marginal impact on dividend policy. These findings demonstrate that if the company places a greater emphasis on revenue growth, funds would increase even more, compelling management to pay low or no dividends. Keywords: Investment Opportunity Set, Return On Asset, Sales Growth, Dividend. INTRODUCTION According to Regulation No. 8 of 1995 on the Stock Market, the Indonesian financial market, plays a critical role in the country's growth (Moore, Bell & Rasheed, 2012). One of the roles of the capital market is as a source of external financing for compani es. The company obtains funds from an Initial Public Offering (IOP) or a public offering for the first time before the shares are listed on the stock exchange or seasoned new issues, or the sale of shares to the public after the company has gone public (Cecchini, Jackson & Liu, 2012). The dividend policy discloses details about a company's results (Noer & Nurwulandari, 2017). As a result, each business must establish a unique dividend policy, as the dividend policy company can lack sufficient funds to finan ce future development (Abdulsaleh & Worthington, 2013). In the other hand, the company's shares becom e unattractive. As a result, the business must consider the amount of profit that would be retained to grow the business (Christensen, Bartman & Bever, 2016). If a company whose share ownership is owned by the wider community and the general public, then dividend policy significantly influences investors and companies that will pay dividends. In investing capital, investors want the level of investor retriev al (return) in the form of profit distributed in the form of prizes given by the company as they have invested in the company and income to increase capital (Gazizulina, 2017). Dividends are considered burdensome for some companies because the company must always provide a relatively endless amount of cash to pay dividends in the future (Karpavičius, 2014). Companies that do not have https://creativecommons.org/licenses/by-sa/4.0/ mailto:andinmanajemen@gmail.com International Journal of Islamic Khazanah, Vol. 10 No. 1: 34-42 The Impact of Investment Opportunity Asset, Return on Assets, and Sales Growth on Dividend Policy: Empirical Analysis of Manufacturing Companies Listed in the Indonesian Sharia Stock Index (ISSI) from 2015-2017 Andini Nurwulandari 2302-9781 (online) │ 35 funds must continue to issue tips for their investment needs, so they need additional capital, namely by publishing new shares or making loans to other parties (Huang, 2018). The investment incentive set offers a more complete picture of how the primary target of the firm's valuation is affected by potential expenditures (Arjaliès & Mundy, 2013). The Investment Opportunity Set (IOS) is a collection of current assets and potential investment options with a positive net present value (Eka, 2018). Investment strategy refers to the process by which funds from outside the organization are allocated to different types of investmen t (Anderson, Duru & Reeb, 2012). Financial management decides to use funds obtained by t he company either from the bank or from the capital market, or from other parties to be invested in fixed assets or current assets (Bell & Rasheed, 2012). Investment i s an act of removing funds at present that is expected to obtain cash inflows at future t imes during the project's life (Boom s m a , Meade & Fleten, 2012). Another measure used to measure company performance besides the investment opportunity set is the profitability ratio (Ardestani, Rasid & Mehri, 2013). The profitability ratio i s used to evaluate management effectiveness by comparing the returns on investments to the company's ability to produce income that will be used to distribute dividends. The most oft en used profitability ratios are ROA and ROE. Profits that are distributable to sharehold ers are t h os e remaining after the company has met all of its permanent commitments, including interest and tax expenses (Vranceanu, 2014). Since dividends are deducted from a company's net profit, t h e s e earnings the greater the willingness of the company t o pay dividend (Iskandar, 2017). The company's performance can be seen from the display of increased financial statemen t s to change the condition and financial position (Ameer & Othman, 2012). The corporation's stock price reflects the value of a company, and if the company achieves good performance, it will be more attractive to investors (Gilson & Gordon, 2013). The achievements of the company can be seen in the published financial reports (Chaney & Nazareno, 2014). Financial reports are intended to assist consumers in determining the relationship variables contained in financial statements (Asare & Wright, 2012). The main objective of investors to invest in companies that go public is to get a return on investment (Nanda & Rhodes, 2013). Recovery can be in the form of income from the difference in the selling price of the sha r e s against capital gains or dividends (Yagan, 2015). Dividends paid to shareholders are deter mined by each company's policies; a dividend policy is a policy that involves two interes ted parties, all of whom oppose one another, namely the interests of shareholders with dividends and the inter e s t s of companies with retained earnings (Al-Nawaiseh, 2013). RESEARCH METHOD This research uses quantitative methods. The data collected is secon dary data with documentation techniques from financial reports, financial analysis, and calculation analysis sourced from the official website of ISSI. The population in this study are manufacturing companies listed on the Indonesian Sharia Stock Index (IS SI) which consists of 98 companies or those listed on the Sharia Securities List (DES) as determined by the Financial Services Authority (OJK). The method of analysis uses a panel data regression model with Eview 9 as a data processing tool. The Test of the Classical Assumption (Multicollinearity, Heteroscedasticity, and International Journal of Islamic Khazanah, Vol. 10 No. 1: 34-42 The Impact of Investment Opportunity Asset, Return on Assets, and Sales Growth on Dividend Policy: Empirical Analysis of Manufacturing Companies Listed in the Indonesian Sharia Stock Index (ISSI) from 2015-2017 Andini Nurwulandari ISSN 2302-9781 (online) 36 │ Autocorrelation) and the Test of Model Feasibility are used to evaluate the panel data regression model (Adjusted R-Square, and F Test). RESULTS AND DISCUSSION This study aims to determine the effect of independent variables on the dependent variable, with the independent variables studied include: Investment Opportunity Set, ROA and Sales Growth on dividend policy. In this study, the results of statistical processing regarding Company Value as measured by: Investment Opportunity Set, ROA and Sales Growth are described with t h e formulations that have been described in the previous chapter. Data processing is carried out on data that is still in the form of documentation in the form of financi al statements using a computer with Microsoft Excel to obtain data on research variables, which is then analyzed using the Eviews 9 program. The research was conducted on companies engaged in manufacturing with research variable data that has been processed from annual reports and company financial reports with the Microsoft Excel program, which includes ROA, IOS, and Sales Growth are as follows: Table 1 ROA, IOS, and Company Sales Growth No. Stock Code Year IOS Return on Asset Sales Growth 1 ADHI 2015 1.09 4.3 0.22 ADHI 2016 1..43 3.2 -0.08 ADHI 2017 1.16 2.87 0.14 2 APLN 2015 0.96 4.83 0.05 APLN 2016 0.83 4.25 0.07 APLN 2017 0.81 4.65 0.13 3 ASRI 2015 1.32 6.09 0.14 ASRI 2016 1.37 6.49 0.4 ASRI 2017 1.02 3.18 -0.33 4 BCIP 2015 1.97 7.48 0.71 BCIP 2016 2.45 5.09 0.3 BCIP 2017 2.34 0.72 -0.3 5 BEST 2015 1.56 23.23 0.38 BEST 2016 2.16 10.8 -0.37 BEST 2017 0.97 4.58 -0.22 6 BKSL 2015 0.83 5.92 0.55 BKSL 2016 0.8 0.55 -0.26 BKSL 2017 0.72 0.46 -0.22 7 BSDE 2015 1.51 11.93 0.55 BSDE 2016 1.62 13.68 -0.03 BSDE 2017 1.45 5.84 0.12 8 CTRA 2015 1.09 4.96 0.53 CTRA 2016 1.33 5.79 0.25 CTRA 2017 1.44 4.79 0.19 9 DILD 2015 0.88 4.4 0.18 DILD 2016 1.26 4.87 0.22 DILD 2017 1.06 3.8 0.3 International Journal of Islamic Khazanah, Vol. 10 No. 1: 34-42 The Impact of Investment Opportunity Asset, Return on Assets, and Sales Growth on Dividend Policy: Empirical Analysis of Manufacturing Companies Listed in the Indonesian Sharia Stock Index (ISSI) from 2015-2017 Andini Nurwulandari 2302-9781 (online) │ 37 10 KIJA 2015 0.96 1.32 0.85 KIJA 2016 1.15 4.81 0.03 KIJA 2017 1.06 3.58 0.13 11 LPCK 2015 1.42 15.42 0.32 LPCK 2016 2.07 19.69 0.35 LPCK 2017 1.27 16.73 0.14 12 LPKR 2015 1.23 3.82 0.09 LPKR 2016 1.17 6.85 0.75 LPKR 2017 1.13 1.4 -0.26 13 MDLN 2015 1.03 25.51 0.75 MDLN 2016 1.12 6.91 0.55 MDLN 2017 0.99 6.9 0.05 14 PWON 2015 1.97 12.28 0.38 PWON 2016 1.99 1.6 0.28 PWON 2017 1.78 6.82 0.18 15 SMRA 2015 0.93 8.08 0.19 SMRA 2016 0.85 9.08 0.4 SMRA 2017 0.78 4.57 0.06 Source: Processed Data The data above includes the research variable Return on Asset. Investment Opportunity Set, and the Company's Sales Growth for three periods, namely 2015 -2017. The data is tested throu g h the Eviews 9 program with the panel data method. By using panel data, the total number of observation units studied is 225 observation units. With cross -section data of 45 companies and time-series data for the 2015-2017 period. Table 2 Descriptive Statistical Analysis PBV ROA Growth Mean 1.966000 7.205333 0.191443 Median 1.650000 5.090000 0.190000 Maximum 4.880000 25.42000 0.960000 Minimum 0.350000 0.460000 -0.370000 Std. Dev. 1.133563 5.656772 0.288809 Skewness 0.897786 1.494663 0.420891 Kurtosis 2.912588 4.814763 3.108226 Sum 88.02000 324.2400 8.610000 Sum Sq. Dev. 56.43868 1407.959 3.667520 Observations 45 45 45 Source: Secondary Data Processing with Eviews 9 Investment Opportunity Asset In Table 3, it can be seen the results of the descriptive analysis of the dependent variabl e i n the Profitability study in the IOS column. The mean value of the Investment Opportunity Set independent variable is 1,275, with a m edian value of 1,160 and the highest value of 2,45 0 w h i ch comes from Bumi Citra Permai Tbk. ROA The mean for the ROA value in table 3 show s a value of 7,205, which means that the company that is the object of research has an average ROA of 7.2 times compa red to the assets International Journal of Islamic Khazanah, Vol. 10 No. 1: 34-42 The Impact of Investment Opportunity Asset, Return on Assets, and Sales Growth on Dividend Policy: Empirical Analysis of Manufacturing Companies Listed in the Indonesian Sharia Stock Index (ISSI) from 2015-2017 Andini Nurwulandari ISSN 2302-9781 (online) 38 │ they own, with a median value of 5.090, and the highest value of 25,420 produced by the Modernland Realty Ltd company. Tb k in 2017. Sales Growth The mean for sales growth in table 3 shows a value of 0.191, which means that the company has an average sales growth of 19 percent per year, with a median value of 0.190 and the largest value of 0.960 or 96% owned by the Jababeka Tbk Industrial Estate company in 2017. Classic Assumption Test Classical assumption testing is carried out to meet the regression estimation that is BLUE (Best Linear Unavailable Estimate). The classic assumption test in this study is the heterocesdasticity test, multicollinearity test, and autocorrelation test. The following shows the results of the classic assumption test in this study. Heterokesdacity Test The heteroscedasticity assessment is used to decide whether or not variations of the classical heterocedasticity assumption are present, i.e. the inequality of t he residual variants for all regression model observations. In this study, the heteroscedasticity test consisting of the test of Park and the test of White. Table 3 White Test White Heteroskedasticity Test F-statistic 1.175717 F(14.30) 0.4477 Obs*R-squared 16.03818 Chi-Square(14) 0.4236 Scaled explained SS 102.7852 Chi-Square(14) 0.0000 Variable Coefficient Std. Error t-Statistic Prob. C 14.77965 18.63296 0.791435 0.5508 IOA^2 18.54965 6.992823 2.513187 0.0286 IOS*ROA -0.674729 0.850804 -0.790484 0.4365 IOS*GROWTH 2.018420 12.63830 0.159725 0.8760 IOA -43.66823 29.08026 -1.654316 0.1407 ROA^2 -0.045727 0.092894 -0.531447 0.6810 ROA*GROWTH -0.547726 1.486985 -0.466382 0.8184 ROA 2.074342 2.299541 0.899080 0.3864 GROWTH^2 -0.288503 14.64206 -0.018789 0.9855 GROWTH 10.78449 24.94675 0.550812 0.6563 Source: Secondary Data Processing with Eviews 9 In table 3, you can see the results of the heteroscedasticity test using the White Test. The Obs * R-squared value in the products above is 16.03918, and the probability value is 0.3216 (more excellent than the value of α = 5%), so it is concluded that the data is not heteroscedastic. In the following table, data presented on the effects of the heteroskedasticity test using the Park test , which are as follows: International Journal of Islamic Khazanah, Vol. 10 No. 1: 34-42 The Impact of Investment Opportunity Asset, Return on Assets, and Sales Growth on Dividend Policy: Empirical Analysis of Manufacturing Companies Listed in the Indonesian Sharia Stock Index (ISSI) from 2015-2017 Andini Nurwulandari 2302-9781 (online) │ 39 Table 4 Park Test Variable Coefficient Std. Error t-Statistic Prob. C 0.7843438 0.916048 0.984679 0.3366 IOS -0.905687 0.538969 -1.483776 0.1531 ROA 0.050322 0.049187 0.837719 0.4098 DER 0.387532 0.248643 1.530516 0.1373 GROWTH -0.317798 0.861328 -0.384564 0.7120 Source: Secondary Data Processing with Eviews 9 Res2 = 0.794 – 0.807 IOS + 0.050 ROA + 0.387 DER – 0.328 GROWTH t (0.98) (-1.48) (0.84) (1.42) (-0.47) Prob. (0.3366) (0.1432) (0.4087) (0.1373) (0.7200) The parameter coefficient for each independe nt variable is insignificant. Test for Multicollinearity The aim of the multi-linearity test is to test if a correlation (strong relation) has been fou n d between independent variables and independent variables within the regression model. The following table presents the conclusions of the report's multicollinearity evaluation: Table 5 Multicollinearity Test IOA ROA Sales Growth IOS 2.000000 0.328765 0.023793 ROA 0.418764 2.000000 0.466247 DER -0.076205 -0.432868 -0.120767 Sales Growth 0.023793 0.466247 1.000000 Source: Eviews Secondary Data Processing Multicollinearity occurs when the correlation between variables is more significant than 0.80. Based on the data that has been obtained by analyzing the data with the E-views program. Then there is no linear relationship between the research variables. Model Feasibility Test F-test The F test is known as the simultaneous test or the Anova/model test, which is a test to determine how the variable depends together on the independent variables. Or to test whether our regression model is good/significant or not good/ non-significant. The value of the F test can be seen in the results of the regression equation that have been analyzed and determined through the previous model selection test, which in this study, is the R andom Effect Model. Table 6 below shows the effects of the F-test: Table 6 F-test F-statistic 15.18992 Prob(F-statistic) 0.000000 Source: Eviews secondary data processing The worth of the prob. F has 0.0000 < alpha value of 0.05. F is important . The analysed independent variables then affect the dependent variable of the analysis. International Journal of Islamic Khazanah, Vol. 10 No. 1: 34-42 The Impact of Investment Opportunity Asset, Return on Assets, and Sales Growth on Dividend Policy: Empirical Analysis of Manufacturing Companies Listed in the Indonesian Sharia Stock Index (ISSI) from 2015-2017 Andini Nurwulandari ISSN 2302-9781 (online) 40 │ R-Square Evaluation with Adjustments To find out how much the ability of the independent variables in the study to be able to explain variations in the dependent varia ble. The value of the Adjusted R-Square test can b e s e e n in the results of the regression equation that have been analyzed and determined through the previous model selection test, which in this study, is the Random Effect Model. Table 7 below shows the adjusted R-Square results: Table 7 Adjusted R-squared Adjusted R-squared 0.564152 Source: Eviews Secondary Data Processing The Adjusted R-squared value shows a value of 0.574152 or 57.41%. This indicates that th e independent variable understudy has a prop ortion of influence on the dependent variable of 57.41%, while other variables explain the remaining 42.59%. Table 8. Summary of results of Regression Analysis Unnormalized coefficients Correl ati on s standardi ze d t Sig. B Std. Error Beta (Constant) 14.20 6 11.468 1.253 0.265 IOS -0.003 0.004 -0.070 -0.454 0.759 ROA 0.368 0.076 0.658 4.875 0.000 SG -0.213 0.159 -0.176 -1.432 0.172 R2 Fhitung Sig Fhitung = 0.356 = 9.750 = 0.000 Source: Secondary data processed. β0 = 13.105. means the investmen t opportunity set (X1). Return on Assets (X2) and sales growth (X3) are equal to zero. then the dividend payout ratio will increase by 14,10 5 %. β1 = - 0.001. means that every 1 percent increase in the investment opportunity set (X1). then the dividend payout ratio will decrease by 0.001%, assuming the other variables are constant. β2 = 0.369. This means that every 1 percent increase in total Return on Assets (X 2 ). then the dividend payout ratio will increase by 0.359%, assumi ng the other variables are constant. β3 = - 0.213. it means that every 1 percent increase in sales growth (X3). Then the dividend payout ratio will decrease by 0.213 percent, assuming the other variables are constant. As showed by the Independent Variable Coefficient, the effects of the multiple lineary regression equation indicate the direction of each variable regression coefficient suggests a unidirectional effect on the payout ratio of dividends (Tekin, B. & Hatipoğl, 2017). At the same time, the negative factor decreases the distribution ratio of the dividend. If the company is in good health, the management will prioritize new acquisitions ove r paying large dividends. Funds that should be used for cash dividend payments to shareholders would be used to acquire successful assets. Indeed, to address the issue of underinvestment. In either case. Slow-growing companies typically pay higher dividends to offset overinvestment issues. Market to Book Value of Equity (MBVE) is a proxy for the Investment Opportunity Set (IOS) based on the price at which the company's grow th is attributed to its capacity to acquire and retain resources (Rambe, 2018). International Journal of Islamic Khazanah, Vol. 10 No. 1: 34-42 The Impact of Investment Opportunity Asset, Return on Assets, and Sales Growth on Dividend Policy: Empirical Analysis of Manufacturing Companies Listed in the Indonesian Sharia Stock Index (ISSI) from 2015-2017 Andini Nurwulandari 2302-9781 (online) │ 41 These findings indicate that investment opportunities, as measured by the company's ability to acquire and manage assets, have a small but important effect on the dividend poli cy of the company. ROA has a substantial impact strategy of the consumer goods business sector on the Indonesia Stock Exchange. This is consistent with the principle that returns on assets have a beneficial impact on dividend policy. Return on Assets is a metric that is used to determine a company's success in using its assets. A high asset turnover rate reflects the financial success of the company. The greater the company's asset turnover, th e greater its capacity to pay dividends. The statement states that the company may not pay high dividends because the company needs internal funds for company expansion and additional capital to finance company activities. The company tends to hold its profits instead of distributing tips to shareholders. CONCLUSION Based on the previous chapter's discussion. The Investment incentive package, it is concluded The dividend policy has a negative but marginal effect on the consumer goods industry sector as measured by the ISSI from 2015 to 2017. 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