Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, Free Cash Flow dan Ukuran Perusahaan Terhadap Kebijakan Dividen Pada Perusahaan yang Terdaftar di LQ45

Abstract

This study examines the impact of institutional ownership, managerial ownership, free cash flow, and business size on dividend policy in firms listed on the LQ45 index of the Indonesia Stock Exchange from 2020 to 2024. Dividend policy is a critical issue in financial management that directly impacts shareholder welfare, as dividends represent a tangible return on investment. This study employs a quantitative methodology utilizing multiple linear regression and purposive sampling strategies. Information derived from the organization's yearly financial reports. The findings indicated that both institutional and management ownership significantly influence dividend policy, with more ownership promoting larger dividend distribution. Conversely, free cash flow and business size exert no substantial influence. This conclusion substantiates that ownership structure significantly mitigates agency conflicts and aligns the interests of management and shareholders, particularly in large and liquid enterprises like those included in the LQ45 index.