PENGARUH FREE CASH FLOW, PROFITABILITAS, DAN STRUKTUR KEPEMILIKAN TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DIBURSA EFEK INDONESIA PERIODE 2018-2022

Abstract

This research seeks to examine the impact of free cash flow, profitability, and ownership structure on dividend policy. The study's population consists of 31 manufacturing companies within the food and beverage sector that are publicly listed on the Indonesia Stock Exchange, from which a sample of 12 companies was selected using the purposive sampling method. The data for this research were collected from the official website of the Indonesia Stock Exchange (www.idx.co.id) and the respective companies' websites. The gathered data were then analyzed utilizing SPSS version 27. The findings indicate that, when considered individually, Free Cash Flow exerts a positive yet statistically insignificant influence on the Dividend Payout Ratio. Similarly, Return on Assets shows a positive but insignificant impact on the Dividend Payout Ratio when analyzed in isolation. However, Institutional Ownership was found to have a negative and statistically significant effect on the Dividend Payout Ratio. Collectively, Free Cash Flow, Return on Assets, and Institutional Ownership have a significant combined effect on the Dividend Payout Ratio. The adjusted R-squared value of 0.212, or 21.2%, suggests that the research variables can account for 21.2% of the variation in the Dividend Payout Ratio, while the remaining 78.8% is attributable to other factors not examined within the scope of this study.