Abstract:
Sustainable growth plays a vital role in ensuring the company’s going
concern. If a company can achieve growth that aligns with its sustainable growth
rate, it will be more likely to maintain its business continuity. This research aims to
analyze the influence of dividend policy and leverage on the sustainable growth rate
of companies, with financial non-distress as a moderating variable. This research
was conducted in the food and beverage sub-sector of the industrial sector listed on
the Indonesia Stock Exchange from 2019 to 2023. The research population consists
of 48 companies, with a sample size of 27 companies. The method of non-distress
financial analysis using the Altman Z-score. The data analysis techniques include
descriptive data analysis, classical assumption testing, hypothesis testing and
moderation regression analysis using the Eviews program. The research findings
can conclude that dividend policy has a negative and significant effect on the
sustainable growth rate. Leverage has a positive and significant impact on the
sustainable growth rate. Financial non-distress is not able to moderate the
relationship between dividend policy on the sustainable growth rate. Financial non-
distress is able to moderate the relationship between leverage on the sustainable
growth rate.
