PENGARUH KEBIJAKAN DIVIDEN, LIKUIDITAS DAN LEVERAGE TERHADAP SUSTAINABLE GROWTH RATE DENGAN PROFITABILITAS SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN INFRASTRUKTUR, UTILITAS DAN TRANSPORTASI YANG TERDAFTAR DI BEI TAHUN 2017-2021

The background of this research is the discussion about sustainability which encourages
companies to innovate, from just pursuing economic growth to becoming sustainable
growth. Factors that affect the Sustainable Growth Rate must be properly controlled so
that future financial planning is better and has a stable financial condition. The purpose
of this study was to examine the effect of dividend, liquidity and leverage policies on
sustainable growth rates with profitability as a moderating variable in infrastructure,
utility and transportation companies on the IDX for the 2017-2021 period. This research
is a quantitative research and the type of data used is secondary data, namely the
company's financial reports published during the study period. The population used is
the infrastructure, utilities and transportation companies on the IDX totaling 12
companies. The sample was selected by purposive sampling, namely determining the
required criteria. The method used is descriptive analysis, classical assumption test,
panel data regression analysis, and hypothesis testing. The results of this study are that
dividend and leverage policies have a negative effect on the sustainable growth rate,
while liquidity has no effect on the sustainable growth rate. Profitability is able to
moderate the effect of dividend policy on sustainable growth rates, liquidity on
sustainable growth rates and leverage on sustainable growth rates.

Keywords: Dividend Policy, Liquidity, Leverage, sustainable growth rate and
profitability