PENGARUH PROFITABILITAS, LIKUIDITAS, LEVERAGE, DAN FREE CASH FLOW TERHADAP KEBIJAKAN DIVIDEN: PERTIMBANGAN TINGKAT PERTUMBUHAN PERUSAHAAN

This study aims to obtain empirical evidence on the effect of
profitability, liquidity, leverage, and free cash flow on dividend policy with a
grouping of companies do not grow and grow. Dividend payout policy measured
by Dividend Payout Ratio (DPR), profitability measured by return on assets,
liquidity measured by the CR, leverage measured by the DER, and free cash flow
measured by the ratio of free cash flow (FCF). The sampling method used is
purposive sampling of manufacturing companies listed on the Stock Exchange
during the period 2006 to 2010. The data used in this study is secondary data
obtained from the financial data in www.idx.com website. Amount of the final
sample in this study were as many as 55 companies.
This study uses multiple linear regression analysis to test the hypothesis
by using SPSS version 16.0. The results of hypothesis testing indicate that the
company's growth, profitability, liquidity and leverage positive influence on
dividend policy, but is not consistent with the hypothesis of the study. While free
cash flow negative effect, but no significant effect on dividend policy. At the
company does not grow, profitability, liquidity and leverage negatively affect
dividend policy. These results are also not consistent with the hypothesis of the
study. While free cash flow positive effect, but no significant effect on dividend
policy.