Peran Free Cash Flow Dalam Memoderasi Struktur Modal, Profitabilitas dan Kepemilikan Institusional Terhadap Kebijakan Dividen

Naurah, Zulfa (2022) Peran Free Cash Flow Dalam Memoderasi Struktur Modal, Profitabilitas dan Kepemilikan Institusional Terhadap Kebijakan Dividen. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Penelitian ini bertujuan untuk mengetahui peran free cash flow dalam memoderasi struktur modal, profitabilitas dan kepemilikan institusional terhadap kebijakan dividen pada perusahaan transportasi dan logistik yang terdaftar di S&P Capital IQ pada tahun 2017-2021. Penelitian ini menggunakan metode analisis regresi data panel. Sampel yang digunakan berjumlah 66 perusahaan dengan 330 data observasi. Hasil penelitian menunjukkan bahwa 1) secara simultan, struktur modal, profitabilitas dan kepemilikan institusional tidak memiliki pengaruh positif terhadap kebijakan dividen; 2) secara parsial, struktur modal memiliki pengaruh negatif tidak signifikan terhadap kebijakan dividen; 3) secara parsial, profitabilitas memiliki pengaruh negatif tidak signifikan terhadap kebijakan dividen; 4) secara parsial, kepemilikan institusional memiliki pengaruh positif tidak signifikan terhadap kebijakan dividen; 5) secara parsial, free cash flow memperkuat pengaruh negatif antara struktur modal dengan kebijakan dividen; 6) secara parsial, free cash flow memperkuat pengaruh negatif antara profitabilitas dengan kebijakan dividen; 7) secara parsial, free cash flow memperkuat pengaruh negatif antara kepemilikan institusional dengan kebijakan dividen. Penelitian ini dapat digunakan sebagai referensi untuk penelitian selanjutnya. / This study aims to acknowledge the role of free cash flow in moderating capital structure, profitability and institutional ownership on dividend policy through transportation and logistics firms listed on S&P Capital IQ for year 2017-2021. This study uses data panel regression method. This study uses 66 firms with total of 330 data observations for its sample. The results show that 1) simultaneously, capital structure, profitability and institutional ownership has no positive impact on dividend policy; 2) partially, capital structure has negative and insignificant impact on dividend policy; 3) partially, profitability has negative and insignificant impact on dividend policy; 4) partially, institutional ownership has positive and significant impact on dividend policy; 5) partially, free cash flow strengthens negative impact between capital structure and dividend policy; 6) partially, free cash flow strengthens negative impact between profitability and dividend policy; 7) partially, free cash flow strengthens negative impact between institutional ownership and dividend policy. This study can be used as a reference for the next research

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