Going Concern Audit Opinion As A Mediator Between Financial Condition and Dividend Distribution: Evidence From Indonesian Property and Real Estate Companies
Abstract
This study examines the direct effects of financial condition, previous audit opinion, and corporate growth on dividend distribution, as well as the mediating role of going concern audit opinion among property and real estate companies listed on the Indonesia Stock Exchange during 2022–2024. A quantitative explanatory approach was employed using purposive sampling, resulting in 21 companies (63 firm-year observations). Panel data regression, binary logistic regression, and the Sobel test were applied to analyze the proposed relationships. The findings indicate that corporate growth has a significant negative effect on dividend distribution and a significant positive effect on the probability of receiving a non-going concern audit opinion. In addition, the Current Ratio has a negative effect on dividend distribution at the 10% significance level, whereas the Debt to Asset Ratio, Return on Investment, previous audit opinion, and going concern audit opinion are not statistically significant. Furthermore, the Sobel test confirms that the going concern audit opinion does not mediate the relationships between the independent variables and dividend distribution. These findings suggest that dividend policy is primarily driven by corporate growth and firms' financing decisions rather than audit-related factors.
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Copyright (c) 2026 Fiany Pradita Shanda, Srihadi Winarningsih, Ahmad Zakie Mubarrok
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EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
