The Effect of Working Capital Turnover, Cash Flows Turnover, Debt to Asset Ratio, on Return on Asset Impact on Dividends Per Share

Abstract

This study aims to determine the effect of Working Capital Turnover (WCT), Cash Flows
Turnover (CFT), Debt to Asset Ratio (DAR) on Return On Asset (ROA) on their impact on
Dividend Per Share (DPS). Data. The research population is Property, Real Estate and
Building Construction which are listed on the Indonesia Stock Exchange for the period 2017-
2019. Sampling using purposive sampling technique as many as 19 companies with a total of
81 annual observations with the criteria of companies that distribute dividends, this type of
explanatory research uses path analysis processed with the IBM SPSS 25 program. The
research finding shows that the variables WCT, CFT, DAR affect the ROA variable either
partially or simultaneously. The variables WCT, CFT, DAR, ROA affect the DPS variable
either partially or simultaneously. The value of DPS is obtained directly from the
contribution of WCT, CFT and indirectly through ROA, while DAR does not contribute to
DPS nor through ROA