Perbandingan Keputusan Pendanaan dan Kebijakan Dividen Terhadap Keberlanjutan Usaha

Abstract

Based on the concepts in the growth firm theory and stewardship theory, this study will show the link between strategic decisions made by managers and company sustainability.  The purpose of this study is to obtain a comparison of financial decisions (DER) and dividend policy (DPR) on business sustainability in wholeseller and retail trade companies. The research was carried out with quantitative methods on companies listed on the BEI in the wholesaler and retail trade sub-sector in the 2016-2020 period. Discriminant analysis provides empirical evidence that financial decisions and dividend policies significantly are significantly different in each group of companies based on company sustainability. Companies that have sustainable capabilities have a balanced ratio of the use of internal and external funds and the highest percentage of dividend distribution compared to other groups of companies.