Analisis Pola Pembayaran Dividen Perusahaan Sektor Basic Materials di Bursa Efek Indonesia Berdasarkan Dividend Payout Ratio Periode 2021-2025

Abstract

This study aims to describe the dividend payment patterns of Basic Materials companies listed on the Indonesia Stock Exchange based on the Dividend Payout Ratio (DPR) during 2021 to 2025. The study uses a descriptive quantitative approach with secondary data from 85 companies selected through purposive sampling. The analysis covers descriptive statistics of DPR, changes in DPR across periods, and the grouping of companies into three payment patterns based on consistency. The results show that the average DPR of the whole sample was low, at 0.1507 in 2021 and 0.1266 in 2022, before rising to 0.2724 in 2025, because many companies did not pay dividends. Of the 85 companies, 25 (29.41%) paid dividends consistently, 25 (29.41%) paid inconsistently, and 35 (41.18%) never paid. The share of paying companies ranged from 40.00% to 42.35% in 2021 to 2024 and increased to 52.94% in 2025, while the standard deviation of DPR widened from 0.23638 to 0.43049. Six companies recorded a DPR above 100% in 2025. The study is limited by its descriptive design, the absence of earnings and cash flow data, and a five-year observation period. Future research may test dividend smoothing with the Lintner model and examine the determinants of dividend decisions using panel data regression. Practically, investors should assess payment consistency at the company level rather than relying on sector averages, and companies with inconsistent patterns need to clarify the direction of their dividend policy.