Pengaruh Profitabilitas, Free Cash Flow, Growth Dan Likuiditas Terhadap Kebijakan Dividen Perusahaan Manufaktur

Dividend policy is a company decision when obtaining profits will be distributed to shareholders as dividends or will be held as retained earnings for the benefit of the company in the next period. The purpose of this study was to determine the effect of profitability, free cash flow, growth, and liquidity to dividend policy. The population of this study is manufactured company that listed in Indonesia Stock Exchange from 2015 to 2017. The sample selection setting by specific criteria and samples that meet the criteria are as many as 163 companies. The analysis used is multiple linier regression. The results of this study indicate that the variable free cash flow and liquidity (current ratio) do not significantly influence dividend policy while the profitability variable (return on equity) has a significant positive effect on dividend policy and the growth variable has a significant negative effect on dividend policy. Keywords : dividend policy, profitability, free cash flow, growth, liquidit