Syafaati, Naini Siseptya (2026) Pengaruh Financial Distress terhadap Kebijakan Dividen dengan Cash Holding sebagai Variabel Mediasi pada Sektor Consumer Non-Cyclicals yang Terdaftar di Bursa Efek Indonesia. Undergraduate thesis, UPN Veteran Jawa Timur.
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Abstract
This study aims to empirically analyze the effect of financial distress on dividend policy, with cash holdings serving as a mediating variable, among non-cyclical consumer sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. The study employs a quantitative approach using path analysis based on linear regression. Secondary data obtained from the companies' annual financial reports were used. A purposive sampling method was utilized to select a sample of 30 companies that met the established criteria. The test results indicate that financial distress has a significant effect on both cash holdings and dividend policy. However, cash holdings do not have a significant effect on dividend policy; consequently, cash holdings do not mediate the impact of financial distress on dividend policy. The mediation analysis confirms that cash holdings fail to mediate the relationship between financial distress and dividend policy. This suggests that during periods of financial distress, management makes decisions to reduce dividend amounts directly, bypassing the cash holding mechanism, as cash holdings are instead allocated to meet operational precautionary motives. Keywords: Financial Distress, Dividend Policy, Cash Holdings, Consumer Non-Cyclicals, Path Analysis
| Item Type: | Thesis (Undergraduate) | ||||||||
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| Subjects: | H Social Sciences > HG Finance > HG4001-4285 Finance management. Business finance. Corporation finance | ||||||||
| Divisions: | Faculty of Economic and Business > Departement of Management | ||||||||
| Depositing User: | Naini Siseptya Syafaati | ||||||||
| Date Deposited: | 02 Sep 2026 07:08 | ||||||||
| Last Modified: | 02 Sep 2026 07:08 | ||||||||
| URI: | https://repository.upnjatim.ac.id/id/eprint/59759 |
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