PENGARUH FREE CASH FLOW, PROFITABILITAS, DAN LEVERAGE TERHADAP KEBIJAKAN DIVIDEN

NANDI AHMAD ZAENAL, . (2025) PENGARUH FREE CASH FLOW, PROFITABILITAS, DAN LEVERAGE TERHADAP KEBIJAKAN DIVIDEN. Sarjana thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Tujuan dari penelitian ini adalah untuk menganalisa pengaruh free cash flow, profitabilitas, dan leverage terhadap kebijakan dividen. Penelitian ini menggunakan data sekunder yang diperoleh dari dari laporan tahunan perusahaan pada perusahaan yang terdaftar di sektor barang konsumsi primer di Bursa Efek Indonesia (BEI) pada tahun 2020-2022 dengan teknik pengambilan sampel purposive sampling. Total sampel akhir yang didapatkan adalah sebanyak 39 perusahaan, sehingga total data observasi selama tahun 2020-2022 berjumlah 117 data. Adapun teknik analisis yang digunakan yaitu analisis regresi data panel dengan menggunakan software Econometric Views 13 (EViews). Hasil penelitian ini menemukan bahwa free cash flow dan profitabilitas berpengaruh negatif dan signifikan terhadap kebijakan dividen. Temuan ini mengindikasikan bahwa, dalam konteks pandemi COVID-19, perusahaan cenderung menahan distribusi dividen meskipun memiliki arus kas bebas dan profitabilitas yang tinggi, memprioritaskan penguatan likuiditas internal dan ketahanan operasional. Sedangkan leverage tidak menunjukkan pengaruh signifikan terhadap kebijakan dividen, menunjukkan bahwa tingkat utang bukan faktor penentu utama dalam keputusan dividen selama periode krisis. Hasil ini menyoroti pergeseran prioritas kebijakan keuangan perusahaan di masa krisis, di mana indikator keuangan klasik tidak selalu mendorong distribusi laba, melainkan dapat memicu strategi penahanan laba untuk ketahanan perusahaan. Kata kunci: kebijakan dividen, free cash flow, profitabilitas, leverage, dividend payout ratio, net profit margin, debt to equity ratio. ***** This study aims to analyze the impact of free cash flow, profitability, and leverage on dividend policy. The study employed purposive sampling to collect secondary data from the annual reports of companies in the consumer non-cyclical sector listed on the Indonesia Stock Exchange (IDX) from 2020 to 2022. A total of 39 companies were included in the final sample, resulting in 117 observations for the years 2020–2022. Panel data regression analysis was performed using Econometric Views 13 (EViews) software. The result found that free cash flow and profitability have a negative and significant effect on dividend policy. This finding indicates that, in the context of the COVID-19 pandemic, companies tend to withhold dividend distribution despite having high free cash flow and profitability, prioritizing the strengthening of internal liquidity and operational resilience. Conversely, leverage showed no significant effect on dividend policy, suggesting that the level of debt was not a primary determinant in dividend decisions during the crisis period. These results highlight a shift in corporate financial policy priorities during a crisis, where classical financial indicators do not always drive profit distribution but can instead trigger profit retention strategies for corporate resilience. Keywords: dividend policy, free cash flow, profitability, leverage, dividend payout ratio, net profit margin, debt to equity ratio.

Item Type: Thesis (Sarjana)
Additional Information: 1). Diah Armeliza, S.E., M.Ak. ; 2). Hafifah Nasution, S.E., M.S.Ak.
Subjects: Ilmu Sosial > Perdagangan, e-commerce > Akuntansi
Divisions: FE > S1 Akuntansi
Depositing User: Nandi Ahmad Zaenal .
Date Deposited: 02 Oct 2025 07:20
Last Modified: 02 Oct 2025 07:20
URI: http://repository.unj.ac.id/id/eprint/60021

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