Pengaruh atribut tata kelola dan karakteristik perusahaan terhadap kebijakan dividen pada perusahaan di BEI

The dividend was a kind of return from portfolio investment. Firms in making dividend payment decisions are influenced by several motives. The main topic of the research was to determine the impact of corporate governance and firm characteristics on the decision of dividend policy. In here, corporate governance was focused on board characteristics consisting of board size, independent director, board meeting frequency, woman director, and audit committee size. While the firm characteristics were measured by size, profitability (ROA), and leverage. The research used companies data collected from Indonesia Stock Exchange. Companies data must available from the period 2015-2019 and resulted in 2.175 sample data. The research used the panel regression method. The result of the research proved that board size and profitability (ROA) significantly positively influenced the dividend policy. Board meeting frequency showed a positive effect on dividend per share, but no effect on dividend per asset. Otherwise, women directors and leverage reflected a significant negative effect with dividend per assets, but an insignificant effect on dividend per share. On the other hand, firm size, independent director, and audit committee size did not have any significant impact on dividend policy decisions.Dividen merupakan bentuk pengembalian dari hasil investasi saham perusahaan. Faktor penentu pembayaran dividen berasal dari berbagai bidang. Pembahasan utama dalam penelitian ini menganalisis pengaruh tata kelola dan karakteristik perusahaan terhadap kebijakan dividen. Pengukuran karakteristik dewan yakni ukuran dewan direksi, direksi independen, frekuensi rapat direksi, direksi wanita, dan ukuran komite audit. Model penelitian juga mengukur karakteristik perusahaan dengan menggunakan ukuran perusahaan, profitabilitas (ROA), dan leverage. Penelitian menggunakan data sekunder. Objek penelitian diambil data perusahaan terdaftar di Bursa Efek Indonesia periode 2015-2019 dan diperoleh sampel berjumlah 2.175 data. Pengujian dengan metode  Regresi anel. Pengujian dapat disimpulkan ukuran direksi dan profitabilitas (ROA) membuktikan pengaruh signifikan positif terhadap kebijakan dividen. Pengaruh frekuensi rapat direksi signifikan positif terhadap pengukuran dividen per jumlah saham, namun tidak berpengaruh terhadap dividen per total aset. Di sisi lain, direksi wanita dan leverage mencerminkan pengaruh signifikan negatif kepada dividen per total aset, tetapi tidak memiliki pengaruh terhadap dividen per jumlah saham. Variabel ukuran perusahaan, direksi independen, dan komite audit tidak berdampak signifikan dalam penentuan kebijakan dividen