Pengaruh Profitabilitas, Likuiditas, Leverage, Investment Opportunity Set dan Free Cash Flow terhadap Kebijakan Dividen dengan Ukuran Perusahaan sebagai Variabel Moderasi pada Perusahaan Sektor Manufaktur yang Terdaftar di Bursa Efek Indonesia 2018-2022

Abstract

This research aims to determine the effect of profitability, liquidity, leverage, investment opportunity set and free cash flow on dividend policy with company size as a moderating variable in manufacturing sector companies listed on the Indonesia Stock Exchange 2018-2022. The population used in this research is manufacturing companies listed on the Indonesia Stock Exchange in the period of 2018-2022. The sampling technique used was the purposive sampling method. The final samples are 37 companies which have been observed for 5 years. Therefore, there are 185 total observation samples which have been observed. The data analysis technique uses panel data regression with a Moderated Regression Analysis (MRA) approach using the E- Views statistical application ver. 9. The results of this research indicate that return on assets, current ratio, investment opportunity set, and free cash flow have a partial positive and significant effect on dividend policy. Meanwhile, the debt to equity ratio has no partial effect on dividend policy. Company size is able to partially moderate the influence of the current ratio and investment opportunity set on dividend policy. However, company size is not able to partially moderate the effect of return on assets, debt to equity ratio, and fee cash flow on dividend policy.