FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN DIVIDEN PERUSAHAAN MANUFAKTUR DI BEI

Abstract

This research is aimed to test: (1) the influence of free cash flow to the dividend policy; (2) the influence of
profitability to the dividend policy; (3) the influence of investment opportunity set to the dividend policy; (4) the
influence of debt policy to the dividend policy; (5) the influence of managerial ownership to the dividend policy.
In this research, free cash flow has been measured by using Ross et al formula, profitability has been measured by
using return on asset, investment opportunity set has been measured by using Ratio Capital Expenditure to
Book Value of Asset, the debt policy has been measured by using debt to asset ratio, the managerial ownership
has been measured by using capital stock of directors and commissioners which are divided by the numbers of
outstanding stocks. The population is all manufacturing companies which are listed in Indonesia Stock exchange
in 2010-2015 periods. In this research, the sample collection has been determinedand carried out by using
purposive sampling, and 156 companies have been selected as samples. This research has been conducted by
using multiple linear regressions analysis technique. The results of this research are: (1) free cash flow does not
have any influence to the dividend policy; (2) profitability has influence to the dividend policy; (3) investment
opportunity set has influence to the dividend policy; (4) debt policy does not have any influence to the dividend
policy; (5) managerial ownership has an influence to the dividend policy
Keywords: Free cash flow, profitability, investment opportunity set, debt policy, managerial ownership,
and dividend policy.