PENGARUH KEPEMILIKAN INSTITUSIONAL, PROFITABILITAS DAN FREE CASH FLOW TERHADAP KEBIJAKAN DIVIDEN DENGAN DEBT TO EQUITY RATIO SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA TAHUN 2017-2020

Abstract

The purpose of this study was to determine the impact of institutional ownership structure, profitability and free cash flow on dividend policy with debt to equity ratio as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange from 2017 to 2020. The sampling method in this study is purposive sampling, and the sample obtained is 37. Samples that meet the standard are 179 companies as observation data. The analysis technique used in this research is multiple linear regression. The results of this study indicate that institutional ownership structure, profitability, has a partial effect on dividend policy. Debt to equity ratio has a significant effect, namely strengthening institutional ownership and profitability on dividend policy. The results of the coefficient of determination test showed that the independent variable, moderation and interaction of the two variables were only able to explain the dependent variable by 20.4%, while the remaining 79.6% was explained by other variables not explained in this study.