PENGARUH KEPEMILIKAN MANAJERIAL, FREE CASH FLOW, COLLATERALIZABLE ASSET, PROFITABILITAS, LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN

Abstract

This research aimed to examine and analyze the effect of managerial ownership, free cash flow, collateralizable asset, profitability, and liquidity on the dividend policy of manufacturing companies listed on the Indonesia Stock Exchange (IDX) during 2020-2022. Managerial ownership was referred to as KM, free cash flow was referred to as FCF, collateralizable asset was referred to as COLLAS, profitability was referred to as ROA, and liquidity was referred to as CR. The research was quantitative. Moreover, the data collection technique used purposive sampling. In line with that, there were 47 manufacturing companies listed on the Indonesia Stock Exchange during 2020-2022; as the sample. In total, there were 141 data observations. Furthermore, the data were secondary which in form of annual report and financial statements during 2020-2022. Additionally, the data analysis technique used multiple linear regression. The result concluded managerial ownership had a positive effect on the dividend policy. Likewise, free cash flow had a positive effect on the dividend policy. However, collateralizable asset did not affect on the dividend policy. In contrast, profitability had a positive effect on the dividend policy. Similarly, liquidity had a positive effect on the dividend policy.