Abstract
This study aims to determine the effect of managerial ownership and institutional ownership on dividend policy with free cash flow as a moderating variable. This research was conducted at manufacturing companies listed on the Indonesia Stock Exchange (BEI) in 2015-2019. The sample was selected by means of a purposive sampling method with 42 companies as samples and 210 observations. The analysis technique used in this research is Moderated Regression Analysis (MRA). The results of this study indicate that the higher the managerial ownership, the higher the dividend policy, especially in companies that have high free cash flow, and the higher the institutional ownership, the higher the dividend policy, especially in companies with high free cash flow.
 Keywords: Managerial Ownership; Institutional Ownership; Free Cash Flow; Dividend Policy.
Highlights
PENDAHULUAN Perusahan dapat meningkatkan nilai perusahaan dengan peningkatan kinerja yang baik dimana dalam hal ini dilakukan melalui keputusan keuangan perusahaan
This study aims to determine the effect of managerial ownership and institutional ownership on dividend policy with free cash flow as a moderating variable
The results of this study indicate that the higher the managerial ownership, the higher the dividend policy, especially in companies that have high free cash flow, and the higher the institutional ownership, the higher the dividend policy, especially in companies with high free cash flow
Summary
VIF “Kepemilikan manajerial (X1)” “Kepemilikan institusional (X2)” “Free cash flow (X3)”. Hasil uji multikolinearitas menunjukkan bahwa variabel yang digunakan dalam penelitian memiliki nilai tolerance lebih besar dari 0,10 dan nilai VIF lebih kecil dari 10 sehingga dapat dinyatakan bahwa ketiga variabel bebas pada model regresi yang ada tidak terjadi gejala multikolinearitas.”. Pengujian pada penelitian ini menggunakan Uji Glejser. Hasil uji heterokedastisitas untuk seluruh sampel disajikan dalam Tabel 4, sebagai berikut. Hasil “uji heterokedastisitas menunjukkan nilai Sig. dari masing-masing variabel lebih besar dari 0,05 sehingga dapat disimpulkan bahwa variabel bebas pada model regresi yang ada, tidak terjadi gejala heteroskedastisitas.”. Uji “autokorelasi digunakan untuk mengetahui ada atau tidaknya korelasi antara kesalahan pengganggu pada periode t dengan kesalahan pengganggu pada periode t-1 dalam model regresi yang diuji. Uji autokorelasi yang dilakukan dalam penelitian ini menggunakan uji Durbin-Watson.
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