PENGARUH UTANG, KEPEMILIKAN INSTITUSIONAL, PROFITABILITAS DAN FREE CASH FLOW TERHADAP KEBIJAKAN DIVIDEN (Studi Empiris Pada Perusahaan Yang Terdaftar Di Jakarta Islamic Index)

Dividend policy is a decision to determine how many portions of the profit will be distributed by the company to shareholders or to be retained as profit. The dividend policy in this study is explained by the Dividend Payout Ratio (DPR). This study aims to determine the effect of debt, institutional ownership, profitability, and free cash flow on a dividend policy for companies listed on the 2018 Jakarta Islamic Index. The analytical method used is an associative method with Multiple Linear Regression analysis techniques. The analysis shows that individually, the debt variable and free cash flow have a negative influence on Dividend Policy. Other variables, namely institutional ownership and profitability, have a positive influence on Dividend Policy on companies listed on the 2018 Jakarta Islamic Index