PENGARUH FREE CASH FLOW, FIRM SIZE DAN INVESTMENT OPPORTUNITY SET TERHADAP KEBIJAKAN DIVIDEN (Survei pada Perusahaan Sub Sektor Farmasi yang terdaftar di Bursa Efek Indonesia Periode 2017-2021)

Abstract

ABSTRACTThe objectives of this study are to test, reveal and determine the relationship between Free Cash Flow, Firm Size, Investment Opportunity Set and dividend policy in pharmaceutical subsector companies listed on the Indonesia Stock Exchange during the 2017-2021 period. Analysis was carried out through panel data regression. Based on the findings of this research, it appears that there is a tendency for company size to experience stagnation, free cash flow to decrease, investment opportunity set to decrease, and dividend policy to show instability. The variables Free Cash Flow, Firm Size, and Investment Opportunity Set together have a significant influence on dividend policy in companies operating in the Pharmaceutical Sub-Sector throughout the period 2017 to 2021. There is a lack of evidence to support the assumption that Free Cash Flow and Company Size significant influence on dividend policy.Keywords: free cash flow; firm size; investment opportunity set; dividend policy.ABSTRAKTujuan penelitian ini adalah untuk menguji, mengevaluasi dan mengetahui hubungan Free Cash Flow, Firm Size, Investment Opportunity Set, dan kebijakan dividen pada perusahaan subsektor farmasi yang terdaftar di Bursa Efek Indonesia selama periode 2017-2021. Analisis dilakukan melalui regresi data panel. Berdasarkan temuan penelitian ini terlihat terdapat kecenderungan Ukuran Perusahaan mengalami stagnasi, Free Cash Flow menurun, Investment Opportunity Set menurun, dan kebijakan dividen menunjukkan ketidakstabilan. Variabel Free Cash Flow, Firm Size, dan Investment Opportunity Set secara bersama-sama mempunyai pengaruh yang signifikan terhadap kebijakan dividen pada perusahaan yang bergerak di Sub Sektor Farmasi sepanjang periode 2017 hingga 2021. Kurangnya bukti yang mendukung anggapan tersebut bahwa Free Cash Flow dan Ukuran Perusahaan berpengaruh signifikan terhadap kebijakan dividen. Kata Kunci: free cash flow; firm size; investment opportunity set; kebijakan dividen.