PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, KESEMPATAN INVESTASI TERHADAP KEBIJAKAN DIVIDEN DENGAN LIKUIDITAS SEBAGAI VARIABEL PEMODERASI PADA PERUSAHAAN MANUFAKTUR 2012-2016
A high dividend policy indicates good performance and the high level of prosperity of a company's shareholders. The purpose of this study was to determine the effect of managerial ownership, institutional ownership and investment opportunities on dividend policy with liquidity as a moderating variable in manufacturing companies listed on Bursa Efek Indonesia in 2012-2016. The sampling method of this study was purposive sampling and 9 samples were obtained that met the criteria of 159 companies that became observational data. The analysis technique used in this study is Moderated Regression Analysis. The results of this study indicate that managerial ownership, institutional ownership, investment opportunities and liquidity which are proxied by the current ratio (CR) partially affect the dividend policy which is proxied by a dividend payout ratio (DPR). liquidity does not significantly strengthen the effect of managerial ownership on dividend policy, it does not significantly weaken the influence of institutional ownership on dividend policy and does not significantly weaken investment opportunities on dividend policy. The results of the coefficient of determination test indicate that the independent variable, moderating variable and the interaction of the two variables are only able to explain the dependent variable by 57.3%, while the remaining 42.7% is explained by other variables not explained in this study.