PENGARUH FREE CASH FLOW, INVESTMENT OPPORTUNITY SET, DAN RETURN ON ASSET TERHADAP DIVIDEND PAYOUT RATIO PADA PERUSAHAAN SEKTOR MINING YANG TERDAFTAR DI BEI PERIODE 2011-2015
Abstract: This study aims to
examine the influences of Free Cash Flow, Investment Opportunity Set, and
Return on Asset on Dividend Payout Ratio in the company. This research uses
quantitative approach and secondary data sourced from the financial statements
of companies published by the Indonesia Stock Exchange 2011-2015. The object of
thisresearch is the Mining Sector Companies which listed on the Indonesia Stock
Exchange. The sample of this study is10 companies chosen by purposive sampling
method. The method of analysis is multiple linear regression using IBM SPSS
23th version. The results showed that Return on Asset has a positively effect
to Dividend Payout Ratio. While Free Cash Flow and Investment Opportunity Set
have no effect to the Dividend Payout Ratio. Big or smallFree Cash Flow scale,
the company will be more interested to make the investment to maintain the company'soperations
so it will not influences to the Dividend Payout Ratio. Meanwhile, the low
Investment Opportunity Sethas no influence to the Dividend Payout Ratio because
there are other factors that more influence to DividendPayout Ratio, one of the
stronger factor is the absolute authority of majority shareholders at the
General Meeting of Shareholder. Then, the positively affect between Return On
Asset and Dividend Payout Ratio indicates that the higher Return On Asset in
the company, will be the higher profit on assets achieved so that the Dividend
Payout Ratio will also raise. On the other hand, if the profitability of a
company's assets is low, the Dividend Payout Ratiowill be low too. The main
recommendations given by this research from the positive influence of Return on
Asset on Dividend Payout Ratio. The Companies can focus on achieving optimal
returns on assets. Investors can also see Return on Asset at the company in
making the investment decisions.
Keywords: Free Cash Flow,
Investment Opportunity Set, Return On Asset, Dividend Payout Ratio
Penulis: Alto Amano Andromiko
Kafata
Kode Jurnal: jpmanajemendd180459
