Analisis Pengaruh Kepemilikan Manajerial,Kepemilikan Institusional, Free Cash Flow dan Profitabilitas terhadap Kebijakan Dividen dengan Ukuran Perusahaan sebagai Variabel Moderating (Studi Empiris pada Perusahaan Industri yang Terdaftar di Bursa Efek Indonesia Tahun 2020-2022)

Abstract

This study aims to assess the effect of managerial ownership, institutional ownership, free cash flow, and profitability on dividend policy with firm size as a moderating variable. The population of the study includes industrial companies listed on the Indonesia Stock Exchange during the period 2020-2022. The research method used in this thesis involves classical assumption tests, regression tests, hypothesis tests, and moderated regression analysis using SPSS 23 software. The independent variables considered in this study include managerial ownership, institutional ownership, free cash flow, and profitability, the dependent variable is dividend policy, while the moderating variable is firm size. The number of companies in the population of this study is 171 industrial companies, and by using purposive sampling, 43 companies were obtained as samples during the period 2020 to 2022. The data used in this study is secondary. The study results show that managerial ownership, institutional ownership, free cash flow, and profitability have a significant effect on dividend policy. Partially, managerial ownership, institutional ownership, free cash flow, and profitability have a positive and significant effect on dividend policy in industrial companies listed on the Indonesia Stock Exchange during the period 2020-2022.