Pengaruh Free Cash Flow, Sales Growth, Return on Asset dan Investment Opportunity Set terhadap Kebijakan Dividen pada Perusahaan Sektor Basic Material yang Terdaftar di Bursa Efek Indonesia Periode 2018-2022

Abstract

This study aims to determine and analyze the effect of free cash flow, sales growth, return on asset, and investment opportunity set on dividend payout ratio in basic materials sector companies listed on the Indonesia Stock Exchange for the period 2018-2022. Data was obtained through www.idx.co.id and the data in this study used panel data which is a combination of time series and cross section. The population in this study amounted to 61 companies and a sample of 14 companies was obtained. Data analysis techniques using multiple linear regression analysis of panel data. The results of this study indicate that free cash flow has a significant negative effect, sales growth has an insignificant negative effect, return on asset has a significant negative effect, and investment opportunity set has a significant positive effect on dividend policy.