PENGARUH KEBIJAKAN HUTANG, KEPEMILIKAN MANAJERIAL DAN FREE CASH FLOW TERHADAP KEBIJAKAN DIVIDEN

Abstract

The objectives of company building are to increase prosperity of the stakeholders and get some profits for company. Therefore, this research aimed to examine and analyze the effect of debt policy, managerial ownership, and free cash flow on the dividend policy. This research was quantitative. While, the population it was 40 Property and Real Estate companies which were listed on the Indonesia Stock Exchange 2011-2018. Moreover, the data were secondary which in the form of documentation of companies annual report. Furthermore, the data collection technique used at purposive sampling. In line with, there were 11 companies as sample. In addition, the data analysis technique used multiple linear regression with SPSS (Statistic Program for Social Science) 21. The research result concluded debt policy did not affect the dividend policy. Likewise, managerial ownership did not affect the dividend policy. On the other hand, free cash flow had positive effect on the dividend policy.
Keywords: DER, KM, FCF, DPR.