Financial and Non-Financial Analysis of Dividend Policy


  • Siti Nur Azizah Universitas Muhammadiyah Purwokerto
  • Farhan Muhammad Afif Universitas Muhammadiyah Purwokerto


This study aims to examine the effect of profitability, liquidity, solvency, and intellectual capital on dividend policy. The population in this study are health and pharmaceutical companies in the healthcare sector which are listed on the Indonesia Stock Exchange in 2017-2021. The sampling method used purposive sampling in order to obtain 66 samples from 23 companies that met the criteria. Methods of data analysis using multiple regression analysis. The regression model has met the classical assumption test (normality, multicollinearity, heteroscedasticity, autocorrelation), F and R2 tests and hypothesis testing using the T test. Based on the results of this study, it shows that profitability and intellectual capital have a positive effect on dividend policy, while liquidity and solvency have no effect on dividend policy


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How to Cite

Azizah, S. N., & Muhammad Afif, F. (2024). Financial and Non-Financial Analysis of Dividend Policy. International Journal Accounting Tax and Business, 3(2). Retrieved from



Research article