FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN DIVIDEN DENGAN INVESTMENT OPPORTUNITY SET SEBAGAI MODERATING VARIABLE

Abstract

ABSTRAK

Penelitian ini dilakukan untuk mengetahui faktor-faktor yang mempengaruhi kebijakan dividen suatu perusahaan yang diukur menggunakan Free Cash Flow, Debt to Equity ratio, dan Firmsize. Serta pengaruh Investment Opportunity Set sebagai moderator pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2017-2021. Teknik pengambilan sampel menggunakan teknik purposive sampling. Sampel dari penelitian ini berjumlah 83 perusahaan. Alat uji analisis yang dipilih untuk peneliti ini adalah Eviews 9 dengan metode analisis regresi data panel dan regresi Moderasi (MRA). Hasil dari penelitian ini menunjukan bahwa secara simultan FCF, DER, dan Firmsize berpengaruh secara signifikan terhadap DPR. Secara parsial FCF, DER, dan Firmsize berpengaruh signifikan terhadap DPR. Pada metode Moderated Regression Analysis, hasil menunjukan bahwa IOS yang diproksikan oleh CAPBVA memoderasi hubungan antara FCF dengan DPR secara signifikan. IOS tidak memoderasi pengaruh DER atau firmsize terhadap DPR secara signifikan.

Kata kunci: Free Cash Flow, Debt to Equity ratio, Firm Size, Investment Opportunity Set, Dividend payout ratio.

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