PENGARUH FREE CASH FLOW DAN STRUKTUR KEMPEMILIKAN TERHADAP DIVIDEND PAYOUT RATIO
(1) Program Studi Akuntansi, Fakultas Ekonomi dan Ilmu Sosial, Universitas Bakrie, Jakarta Jl. H.R. Rasuna Said Kav. C-22. Kuningan. Jakarta Selatan. 12920
(2) Program Studi Akuntansi, Fakultas Ekonomi dan Ilmu Sosial, Universitas Bakrie, Jakarta Jl. H.R. Rasuna Said Kav. C-22. Kuningan. Jakarta Selatan. 12920
Abstract
This study aims at testing the effect of free cash flow and ownership structure on the dividend payout ratio of non-financial companies, listed on the Indonesia Stock Exchange. Multiple regression was employed to analyze data. The study collected empirical data from the Indonesia Stock Exchange consisting of 70 companies. The data were collected from financial report from three consecutive years (2007-2009). The finding indicates that the variables which have a significant effect on the dividend payout ratio are free cash flow, institutional ownership, and firm size. The high free cash flow, the low percentage of institutional ownership, and the large size companies will produce high dividends. The variable of family ownership, foreign ownership, debt policy, and investment opportunities do not significantly effect corporate dividend payout ratio.
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