PENGARUH LABA BERSIH, ARUS KAS OPERASI, FREE CASH FLOW TERHADAP KEBIJAKAN DIVIDEN

Abstract

This research aimed to examine the effect of net profit, operation and free cash flow on dividend policy. While, the sample collection technique used purposive sampling. Moreover, there were 142 samples of Goods and Services manufacturing companies which were listed on Indonesia Stock Exchange 2012-2017. Furthermore, the data analysis technique used multiple linear regression. The research result concluded, as follows: (a) EPS did not affect on dividend payout ratio. It meant, the net profit did not used as the main information in predicting cash dividend which was given by the investors. This happened since there was no cash available which equalized on net profit value. Moreover, there was accrual account within the income statement which made the expected value was realized in long-term period; (b) AKO had positive effect on dividend policy ratio, which meant the higher operation cash flow was, the more available cash returned for cash dividend had; (c) FCF had positive effect on divident payout ratio. In other words, the higher free cash flow was, the more cash remains in dividend returned had.
Keyword: Net Profit, Operation Cash Flow, Free Cash Flow, Dividend Policy