Abstract
This research delves into the effects of profitability, liquidity, leverage, free cash flow, and managerial ownership as factors affecting dividend policy in the consumer goods companies listed on the Indonesia Stock Exchange in the period of 2016-2020. Firm size, serving as a moderating variable, is also addressed. The population consists of the consumer goods companies listed on Indonesia Stock Exchange from 2016 to 2020, resulting in 50 observation data. This research uses secondary data and performs panel data regression analysis with multiple linear regression tests and interaction moderation tests using EViews software to test the hypothesis. The findings indicate that profitability has a positive and significant effect on dividend policy. Managerial ownership has a negative and significant effect on dividend policy. Liquidity, Leverage, and Free Cash Flow, on the other hand, do not affect dividend policy. It is also found that firm size cannot moderate profitability, liquidity, leverage, free cash flow, and managerial ownership on Dividend Policy. Keywords: profitability, liquidity, leverage, free cash flow, managerial ownership, dividend policy, firm size.
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