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All Journal Gorontalo Accounting Journal
Fatmayanti, Kintana
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Economics, Econometrics & Finance

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Dividend Policy: An Analysis of Leverage, Free Cash Flow, and the Corporate Life Cycle Fatmayanti, Kintana; Arianti, Baiq Fitri
Gorontalo Accounting Journal Volume 9 Issue 2 October 2026
Publisher : Universitas Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32662/gaj.v9i2.4402

Abstract

This study was conducted with the aim of analyzing the effect of leverage analysis, free cash flow, and corporate life cycle on dividend policy. The population of the study includes 125 companies in the consumer non-cyclicals sector listed on the Indonesia Stock Exchange during the 2019–2023 period. Using purposive sampling, 16 companies were selected as the sample with a 5-year observation period, resulting in a total of 80 observations. The data used are secondary data obtained from the companies’ annual financial reports. The data analysis technique employed in this research is panel data regression, including model selection, classical assumption testing, coefficient of determination test, F-test, and t-test, processed using E-Views 12. The results show that degree of operating leverage, free cash flow, and corporate life cycle simultaneously affect dividend policy. Partially, degree of operating leverage and free cash flow have no significant effect on dividend policy, while corporate life cycle has a negative and significant effect on dividend policy.
Co-Authors Arianti, Baiq Fitri