Global economic uncertainty triggered by the Russia–Ukraine there is more uncertainty in the global economy, which has made energy prices more unstable. This has put pressure on the financial results of oil, gas, and coal companies in Indonesia. In this situation, how a company decides to pay dividends is important because it shows how stable the company is and helps reduce problems between different groups within the company. This study looks at how things like earnings management, investment opportunities, and the company's ability to pay debts affect dividend decisions. It also checks if the size of the company has any effect on these relationships. The study uses data from energy companies listed on the Indonesia Stock Exchange between 2022 and 2024. The study used a method called Partial Least Squares to analyze the data. The results show that earnings management has a strong negative effect on dividend policies, meaning that companies that manage their earnings more tend to pay fewer dividends. On the other hand, a company's ability to stay solvent has a positive and strong effect on its dividend policy. However, investment opportunities and the size of the company do not have a significant effect on how dividends are decided.
Hemawan et al. (2025) studied this question.