PENGARUH LIKUIDITAS, KEBIJAKAN DIVIDEN, PERTUMBUHAN PENJUALAN DAN FREE CASH FLOW TERHADAP STRUKTUR MODAL

Abstract

This research aimed to examine the effect of liquidity, dividend policy, sales growth and free cash flow on capital
structure. While, liquidity was measured by Current Ration (CR), dividend policy was measured by Dividend
Payout Ratio (DPR), sales growth was measured by sales growth (GROWTH), free cash flow was measured by
Free Cash Flow (FCF) and capital structure was measured by Debt to Equity Ratio (DER). The research was
quantitative. Moreover, the population was Property and Real Estate companies which were listed on ID 2015-
2018. Furthermore, the data collection technique used purposive sampling. In line, with, there were 24
companies as sample. Thus, the total data was 76. Additionally, the data analysis technique used multiple linear
regression. The research result concluded (1) Liquidity had negative effect on capital structure. (2) Dividend
policy did not affect capital structure. (3) Sales growth had negative effect on capital structure. (4) Free cash
flow had negative effect on capital structure.
Keywords : liquidity, dividend policy, sales growth, free cash flow, capital structure