PENGARUH ARUS KAS BEBAS, KEBIJAKAN PENDANAAN, PROFITABILITAS, COLLATERAL ASSETS TERHADAP KEBIJAKAN DIVIDEN

Abstract

Dividend policy issues concern about the use of profits which has become the rights of shareholders profit sharing
in the amount of dividend which will be paid depends on the policy of each company. Companies need to consider
various factors in the making of decisions regarding the distribution of dividends so that profits which are
distributed is in proportion they owned. This research is meant to examine the influence of free cash flow,
financing policies, profitability, and collateral assets to the dividend policy. The samples are the consumer goods
industry sector companies which are listed in Indonesia Stock Exchange (BEI) in 2011-2014 periods. The sample
selection techniques has been done by using purposive sampling method and based on the specified criteria, 16
companies have been acquired as research samples. The data has been obtained from the Indonesia Stock
Exchange and the examined financial statements which have been audited in 2011-2014. The data analysis
method has been done by using multiple linear regressions analysis. The result of statistics t test shows that the
free cash flow and financing policy has positive influence whereas collateral assets has negative influence on
dividend policy. Profitability does not have any influence on the dividend policy.
Keywords: Free Cash Flow, Financing Policies, Profitability, Collateral Assets, Dividend Policy