PENGARUH STRUKTUR MODAL, STRUKTUR KEPEMILIKAN, DAN ROFITABILITAS TERHADAP KEBIJAKAN PEMBAYARAN DIVIDEN DENGAN FREE CASH FLOW SEBAGAI VARIABEL INTERVENING

This research was conducted to examine the effect of variable capital structure, ownership structure, profitability and free cash flow to dividend payout policy on manufacturing companies listed in Indonesia Stock Exchange during period 2010-2014. The population in this research is all manufaccturing sector companies listed on the Indonesia Stock Exchange during period 2010-2014. Sampling was done by using purposive sampling method so that the total sample in this study of 18 manufactur companies listed in Indonesia Stock Exchange during period 2010-2014. Classical assumption test including normality test, multicollinearity test, autocorrelation test, and heteroskedastisitas test. Analysis of the data used by using path analysis and Sobel test with SPSS. The study found that the variables capital structure (DTA), and ownership structure (IO) significant negative effect on dividend payment policy (DPR), and a significant negative effect on free cash flow (FCF). Profitability (ROA) was not significant positive effect on free cash flow but significant positive effect on dividend payment policy (DPR). Free cash flow (FCF) significant positive effect on dividend payment policy (DPR), but the FCF as an intervening variable, not proved capable of mediating variables influence DTA, ROA, and IO to the dividend payment policy (DPR)