Pengaruh Investment Opportunity Set, Free Cash Flow, Struktur Modal, Profitabilitas dan Likuiditas terhadap Kebijakan Dividen (Studi Empiris pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Tahun 2016-2020

Abstract

This study aims to determine the influence of investment opportunity set, free cash flow, capital structure, profitability and liquidity on dividend policy on manufacturing companies listed on the Indonesia Stock Exchange in 2016-2020. This type of research is causal associative research. The population in this study were manufacturing companies listed on the Indonesia Stock Exchange in 2016-2020, and the sample were manufacturing companies that provide complete financial report data in rupiah currency during the research period (2016-2020), companies that distribute consecutive Cash Dividends during the research period (2016-2020) and companies that disclose information regarding ownership structure consecutively during the research period (2016-2020) totaling 28 companies. Sample selection used the purposive sampling method. The type of data used is secondary data obtained through the financial reports of each sample company. The data obtained and collected were then processed using the SPSS version 25 application. The research results showed that investment opportunity set had a significant positive effect on dividend policy, free cash flow had an insignificant negative effect on dividend policy, capital structure (DER) had no significant effect on dividend policy, profitability have a significant positive effect on dividend policy and the current ratio has a significant positive effect on dividend policy, and simultaneously all independent variables have a significant effect on the dependent variable (dividend policy).