PENGARUH PROFITABILITAS, LEVERAGE, FREE CASH FLOW, DAN INVESTMENT OPORTUNITY SET TERHADAP KEBIJAKAN DIVIDEN

Abstract

This research is meant to examine the influence of probability, leverage, free cash flow, and opportunity
investment to the deviden policy. Probability is measured by using return on asset (ROA) formula. Leverage is
measured by using Debt to Equity Ratio (DER) formula, Free Cash Flow is measured by using FCF formula,
and Investment Opportunity Set (IOS) is measured by using Market to Book Value of Equity( MVEBVE)
formula.The scope of this research is all manufacturing companies which are listed in Indonesia Stock Exchange
(IDX) in 2011-2015. The samples are 31. Based on the result of the t-test data analysis, it shows that Investment
opportunity set and leverage does not give any influence to the dividend policy, whereas profitability and free
cash flow gives positive influence to the dividend policy. The significance test which is based on the F-test
significance value of 0.005 indicates that profitability, leverage, free cash flow and investment opportunity set
are compatible as the explanatory variable to the dividend policy. The result of determination coefficient test has
obtained the adjusted R2 value which has been generated by the independent variable these four variables as
many as 69.9% whereas the remaining 30.1% is influenced by other factors which are not included in this
research.
Keywords: Dividend policy, profitabilitas, leverage, free cash flow, and investment oportunity set.