Pengaruh Free Cash Flow, Investment Opportunity Set dan Kebijakan Hutang Terhadap Kebijakan Dividen (Pada Perusahaan Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2019)
Abstract
Kebijakan dividen merupakan suatu keputusan mengenai pembagian laba perusahaan yang dikeluarkan melalui rapat umum pemegang saham (RUPS). Penelitian ini bertujuan untuk memberikan bukti empiris pengaruh free cash flow, investment opportunity set dan kebijakan hutang terhadap kebijakan deviden. Variabel independent yang digunakan adalah free cash flow, investment opportunity set dan kebijakan hutang. Variabel dependen yang digunakan adalah kebijakan dividen. Jenis penelitan ini adalah kuantitatif dengan menggunakan populasi perusahaan sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2015-2019. Pemilihan sampel data menggunakan teknik purposive sampling dan menghasilkan 10 sampel perusahaan dengan 50 data. Metode analisa menggunakan analisis regresi linier berganda. Hasil penelitian ini menunjukkan bahwa free cash flow dan investment opportunity set tidak berpengaruh terhadap kebijakan dividen, sedangkan kebijakan hutang memiliki pengaruh negative terhadap kebijakan dividen. Hal ini menandakan bahwa kebijakan hutang yang tinggi mampu menjadi penyebabkan pembayaran dividen yang menurun. Sementara itu, penelitian ini juga menunjukan bahwa free cash flow, investment opportunity set dan kebijakan hutang berpengaruh secara simultan terhadap kebijakan dividen.
Kata kunci: Free Cash Flow, Investment Opportunity Set, Kebijakan Hutang.
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