Pengaruh Free Cash Flow, Ownership Structure, Growth Opportunity Terhadap Kebijakan Dividen

Abstract

This study aims to explain the effect of free cash flow, ownership structure which is divided into managerial ownership and institutional ownership, and growth opportunity on dividend policy in property and real estate companies in Indonesia. This research is located in property and real estate companies listed on the Indonesia Stock Exchange. Sampling in this study using census techniques using the entire population of property and real estate companies that distribute dividends, so as to get a sample of 18. The analysis technique used in this study uses multiple linear regression analysis. From the analysis conducted, the results of the study indicate that free cash flow has a significant positive effect on dividend policy. Managerial ownership, which is proxied by the percentage of manager's share ownership, has a significant positive effect on dividend policy. Institutional ownership which is proxied by the percentage of institutional share ownership has a significant positive effect on dividend policy and growth opportunity which is proxied by asset growth has a significant positive effect on dividend policy.
 Keywords: free cash flow, ownership structure, growth opportunity, dividend policy

Pengaruh Likuiditas, Struktur Modal, Struktur Kepemilikan, Dan Ukuran Perusahaan Terhadap Kebijakan Dividen Perusahaan Indeks Lq45 Periode 2017-2022

“…Tingginya nilai kepemilikan institusional membuat kontrol eksternal semakin kuat sehingga dapat memunculkan konflik kepentingan antara investor institusi dengan manajemen perusahaan. Hasil tersebut tidak sejalan dengan penelitian Widiantari & Candradewi (2021) yang menemukan bahwa kepemilikan institusional berpengaruh positif signifikan terhadap dividend payout ratio.…”

“…Tingginya nilai kepemilikan manajerial yang dimiliki perusahaan akan dapat meningkatkan pembayaran dividen karena pihak manajemen akan secara langsung menerima dampak atas keputusan yang telah dibuat. Hasil tersebut tidak sejalan dengan penelitian Widiantari & Candradewi (2021) yang menemukan bahwa kepemilikan manajerial berpengaruh positif signifikan terhadap dividend payout ratio. Pengaruh Size Terhadap Dividend Payout Ratio Berdasarkan tabel 3, nilai t hitung variabel firm size sebesar -2,241 dan tingkat signifikansi sebesar 0,030 < 0,05 sehingga dapat disimpulkan bahwa firm size berpengaruh negatif signifikan terhadap dividend payout ratio.…”

Insider Ownership, Free Cash Flow, And Collateralizable Assets On Dividend Policy

“…It is considered one of the most effective ways to gather funds from the public and direct them towards productive sectors. Investors aspire to participate in the capital market by purchasing shares offered or traded on the Indonesia Stock Exchange (Widiantari & Candradewi, 2021).…”

“…Apart from that, management involvement in share ownership will motivate to improve management performance in running the company. In a high level of managerial ownership, management tends to maintain profits compared to paying dividends, because internal funding sources are more efficient than external funding sources for company growth (Widiantari & Candradewi, 2021). Insider Ownership has a positive and significant effect on dividend policy, where the amount of managerial ownership will increase dividend policy in the company (Meiliyawati & Rusliati, 2020;Prihatini et al, 2018), However, this differs from the results of research conducted by (Wulansari et al, 2020) which shows that Insider Ownership or managerial ownership has no positive and significant effect on dividend policy.…”