Kebijakan Dividen dan Faktor-Faktor yang Mempengaruhinya

This study aims to analyze the factors that affect dividend policy. The variables used are investment opportunity, sales growth, liquidity, and free cash flow. The sampling method used in this research is purposive sampling method and the population in this research is manufacturing companies listed in Indonesia Stock Exchange in 2014-2016, in order to obtain samples are 34 companies in 2014, 48 companies in 2015, 51 companies in 2016 and the amount of data that is used as much as 123. The results of this study is an investment opportunity affect the dividend policy, sales growth does not affect the dividend policy, liquidity does not affect the dividend policy, and free cash flow does not affect the dividend policy. Keywords : investment opportunity, sales growth, liquidity, free cash flow, dividend policy