Abstract
This study aims to explain the effect of free cash flow, ownership structure which is divided into managerial ownership and institutional ownership, and growth opportunity on dividend policy in property and real estate companies in Indonesia. This research is located in property and real estate companies listed on the Indonesia Stock Exchange. Sampling in this study using census techniques using the entire population of property and real estate companies that distribute dividends, so as to get a sample of 18. The analysis technique used in this study uses multiple linear regression analysis. From the analysis conducted, the results of the study indicate that free cash flow has a significant positive effect on dividend policy. Managerial ownership, which is proxied by the percentage of manager's share ownership, has a significant positive effect on dividend policy. Institutional ownership which is proxied by the percentage of institutional share ownership has a significant positive effect on dividend policy and growth opportunity which is proxied by asset growth has a significant positive effect on dividend policy.
 Keywords: free cash flow, ownership structure, growth opportunity, dividend policy
Highlights
This study aims to explain the effect of free cash flow, ownership structure which is divided into managerial ownership and institutional ownership, and growth opportunity on dividend policy in property and real estate companies in Indonesia
Pengaruh Kepemilikan Manajerial, Leverage, Investment Opportunity Set Dan Profitabilitas Pada Kebijakan Dividen Perusahaan Manufaktur
Summary
Keterangan : Cash flow from operation = nilai bersih kenaikan (penurunan) arus kas dari aktivitas operasi perusahaan Net capital expenditure = nilai perolehan aktiva tetap akhir – nilai perolehan aktiva tetap awal Changes in working capital = modal kerja akhir tahun – modal kerja awal tahun
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