Dampak Implementasi PSAK 73 terhadap Kebijakan Pembayaran Dividen Kas: Peran Moderasi Leverage
DOI:
https://doi.org/10.54259/akua.v5i2.7412Keywords:
PSAK 73, Dividend Payout Policy, Leverage, Lease LiabilityAbstract
This study analyzes the impact of PSAK 73 implementation on dividend payout with leverage as a moderating variable in Indonesia Stock Exchange (IDX) retail companies. PSAK 73, effective since January 2020, transformed lease accounting to an on-balance sheet treatment, potentially affecting dividend decisions. Secondary data from 21 retail companies (2020-2024) yielded 105 observations, analyzed using multiple linear regression and moderated regression analysis (MRA). PSAK 73 was proxied by lease liability, dividend payout by Dividend Payout Ratio (DPR), and leverage by Debt to Equity Ratio (DER). Results indicate that PSAK 73 implementation has a significant negative effect on dividend payout (p-value = 0.001), suggesting that increased lease liabilities prompt management to reduce dividends to maintain financial stability. Leverage significantly moderates this relationship (p-value = 0.029 < 0.05), with a positive coefficient that weakens the negative effect of PSAK 73 implementation on cash dividends. Empirically, these findings support Pecking Order and Agency Theories, where companies prioritize internal funding and use lease liabilities to mitigate agency problems. This study contributes to broadening the understanding of the impact of the PSAK 73 lease accounting standard change on cash dividend policies in retail subsector companies listed on the IDX from 2020-2024.
Downloads
References
D. IAI, “IFRS 16 LEASES,” Main Hall, Gedung Bursa Efek Indonesia, 7 Maret 2017.
L. A. Uqba dan L. Hindasah, “Pengaruh Profitabilitas, Likuiditas Leverage, Assets Growth, Ukuran Perusahaan dan Kepemilikan Institusional Terhadap Kebijakan Dividen Pada Perusahaan Non-Keuangan yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2023,” vol. 14, no. 01, 2025.
J. Tahtah, E. Roelofsen, dan PwC, “A study on the impact of lease capitalisation IFRS 16: The new leases standard,” PricewaterhouseCoopers, 2016.
PwC Indonesia, “State of Readiness,” PwC (PricewaterhouseCoopers) Indonesia, 2020.
A. Sharma dan M. Bansal, “Impact of IFRS 16 on dividend payout: evidence from India,” Asian Rev. Account., Mar 2025, doi: 10.1108/ara-09-2024-0289.
M. Ertugrul dan V. Demir, “The Impact of IFRS Adoption on Information Asymmetry: Evidence from Takeovers,” dalam Auditing Ecosystem and Strategic Accounting in the Digital Era, T. Aksoy dan U. Hacioglu, Ed., dalam Contributions to Finance and Accounting. , Cham: Springer International Publishing, 2021, hlm. 105–124. doi: 10.1007/978-3-030-72628-7_5.
S. Y. Park dan S. Y. Park, “Information Shock and Dividend Policy in Family-controlled Firms: Evidence from Korea,” Emerg. Mark. Finance Trade, vol. 58, no. 6, hlm. 1771–1793, Mei 2022, doi: 10.1080/1540496X.2021.1926234.
C. K. Lau, “The economic consequences of IFRS 16 adoption: the role of gearing restriction in debt covenants,” J. Appl. Account. Res., vol. 24, no. 3, hlm. 464–482, Mei 2023, doi: 10.1108/JAAR-08-2021-0208.
A. Qomariyah dan Y. D. Sukoco, “Pengaruh Likuiditas, Profitabilitas dan Leverage Terhadap Kebijakan Dividen Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2018-2020,” vol. 09, no. 03, 2021.
H. Bohusova, “Impact of New Lease Reporting on Retailing and Wholesale Companies,” Montenegrin J. Econ., vol. 18, no. 3, hlm. 89–98, Jul 2022, doi: 10.14254/1800-5845/2022.18-3.7.
N. Bäuerle dan A. Jaśkiewicz, “Optimal dividend payout model with risk sensitive preferences,” Insur. Math. Econ., vol. 73, hlm. 82–93, Mar 2017, doi: 10.1016/j.insmatheco.2017.01.006.
PwC, “A study on the impact of lease capitalisation,” PwC (PricewaterhouseCoopers), Feb 2016. [Daring]. Tersedia pada: https://www.pwc.com/sk/en/audit/assets/2017/a-study-on-the-impact-of-lease-capitalisation.pdf
Samsiah dan A. A. Mashuri, “PENERAPAN KAPITALISASI SEWA TERHADAP MANAJEMEN LABA,” Media Ris. Akunt. Audit. Inf., vol. 23, no. 2, hlm. 327–352, Okt 2023, doi: 10.25105/mraai.v23i2.16509.
S. Myers, “Capital Structure Puzzle,” National Bureau of Economic Research, Cambridge, MA, w1393, Jul 1984. doi: 10.3386/w1393.
M. C. Jensen dan W. H. Meckling, “Theory of the firm: Managerial behavior, agency costs and ownership structure,” J. Financ. Econ., vol. 3, no. 4, hlm. 305–360, 1976, doi: 10.1016/0304-405X(76)90026-X.
D. Heryana, S. Dewi, dan A. Firmansyah, “Dampak Penerapan PSAK 73 Terhadap Nilai Perusahaan Di Indonesia: Aset Hak Guna Dan Utang Sewa,” Jurnalku, vol. 3, no. 2, hlm. 128–136, Mei 2023, doi: 10.54957/jurnalku.v3i2.382.
J. Morales-Díaz dan C. Zamora-Ramírez, “The Impact of IFRS 16 on Key Financial Ratios: A New Methodological Approach,” Account. Eur., vol. 15, no. 1, hlm. 105–133, Jan 2018, doi: 10.1080/17449480.2018.1433307.
P. S. P. Ratnasari dan N. K. Purnawati, “PENGARUH PROFITABILITAS, LIKUIDITAS, TINGKAT PERTUMBUHAN PERUSAHAAN DAN LEVERAGE TERHADAP KEBIJAKAN DIVIDEN,” E-J. Manaj. Univ. Udayana, vol. 8, no. 10, hlm. 6179, Okt 2019, doi: 10.24843/EJMUNUD.2019.v08.i10.p16.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Yesi Angraini, Liza Alvia
This work is licensed under a Creative Commons Attribution 4.0 International License.
Hak cipta pada setiap artikel adalah milik penulis.
Penulis mengakui bahwa AKUA (Jurnal Akuntansi dan Keuangan) sebagai publisher yang mempublikasikan pertama kali dengan lisensi Creative Commons Attribution 4.0 International License.
Penulis dapat memasukan tulisan secara terpisah, mengatur distribusi non-ekskulif dari naskah yang telah terbit di jurnal ini kedalam versi yang lain, seperti: dikirim ke respository institusi penulis, publikasi kedalam buku, dan lain-lain. Dengan mengakui bahwa naskah telah terbit pertama kali pada AKUA (Jurnal Akuntansi dan Keuangan).
