Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Free Cash Flow dan Profitabilitas Terhadap Kebijakan Dividen pada Perusahaan Manufaktur Go Public yang Terdaftar Di BEI (Periode 2010 – 2013)
Abstract: This study aims to
identify the effect of managerial ownership , institutional ownership , free
cash flow , and profitability on the dividend policy in the manufacturing
companies go public listed on the Indonesia Stock Exchange 2010-2013 . The
hypothesis was first put forward in a negative effect of managerial ownership
on the dividend policy , the second hypothesis is the positive effect of
institutional ownership on the dividend policy , the third hypothesis is the
positive effect of free cash flow on the dividend policy , the fourth
hypothesis is the positive effect of profitability on the dividend policy .
Measurement of the dividend policy is based on the dividend payout ratio is
seen in the company's annual financial statements . The sample in this study is
that the manufacturing companies go public listed on the Indonesia Stock
Exchange 2010-2013 . Sampling using
purposive sampling in order to obtain a total sample of 14 manufacturing
companies go public that meet the criteria of the study sample set. Managerial
ownership is measured by dividing the number of shares owned by management with
a total number of outstanding shares , institutional ownership is measured by
dividing the number of shares owned by institutions with a total number of
outstanding shares , free cash flow is measured by dividing free cash flow with
total assets , profitability is measured
by Return on Assets ( ROA ) . The
technique of data analysis done with the classical assumption , hypothesis
testing using multiple linear regression analysis using SPSS 18.0 for windows .
The results showed that in partial institutional ownership , free cash flow ,
profitability has positive influence on the dividend policy in the
manufacturing companies go public listed on the Indonesia Stock Exchange ,
while the variable managerial ownership negatively affects the dividend policy
in the manufacturing companies go public listed on the Indonesia Stock
Exchange.
Keywords: Managerial
Ownership; Institutional Ownership; Free Cash Flow; Profitability; Dividend
Policy (Dividend Payout Ratio)
Penulis: Rosmiati Tarmizi, Tia
Agnes
Kode Jurnal: jpakuntansidd160639
