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

Abstract

This research aimed to examine the effect of free cash dow, managerial ownership, and leverage on the dividend policy. Furthermore, dividend policy was proxy with Dividend Payout Ratio (DPR), which aimed to invest for the investors. The population of this research used property and real estate listed in Indonesia Stock Exchange (IDX). Furthermore, this research sample used property and real estate companies listed in Indonesia Stock Exchange (IDX) during the 2014-2019 periods. Moreover, the total sample was 48 research samples from 8 companies taken by a purposive sampling method. Additionally, the analysis data of this research used multiple regressions analysis. This research showed that Free Cash Fiow (FCF) and managerial ownership had positive effects on the dividend policy. Meanwhile. Leverage (DER) had a negative effect on the dividend policy. The result of the determination coefficient showed 26.5%. It meant there were 73.5% able to be explained by the odier independent variable which affected the dividend policy.
Keywords: free cash flow, managerial ownership, leverage and dividend policy