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EFFECTS OF FREE CASH FLOW, COLLAS, LEVERAGE ON DIVIDEND POLICY IN LQ 45 COMPANIES, INDONESIA Khofifa Parwangsa Akbar; Taufik Taufik; Nyimas Dewi Murnila Saputri
Procuratio : Jurnal Ilmiah Manajemen Vol 13 No 1 (2025): Procuratio : Jurnal Ilmiah Manajemen
Publisher : Institut Bisnis dan Teknologi Pelita Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35145/procuratio.v13i1.4820

Abstract

This research aims to describe the influence of Free Cash Flow, COLLAS (Collateralizable Assets), and Leverage on Dividend Policy in LQ 45 companies listed on the Indonesia Stock Exchange. This study employs a descriptive quantitative approach, utilizing SPSS for statistical analysis. Data collection was conducted through books, journals, company websites, and relevant documentation. The results indicate that free cash flow and collateralizable assets have a significant positive relationship with dividend policy, as companies with higher free cash flow tend to distribute larger dividends due to sufficient liquidity, while higher collateralizable assets reflect stronger financial stability, allowing for more consistent dividend distribution, whereas leverage exhibits an inconsistent impact on dividend policy since firms with high debt levels tend to reduce dividend payments to manage financial risk, while others maintain stable dividends due to strong earnings and funding strategies, thus, overall, this research confirms that free cash flow and collateralizable assets are key determinants of dividend policy, while leverage plays a conditional role depending on the firm's financial structure, contributing to academic understanding and providing practical insights for investors and policymakers in making better financial decisions. Penelitian ini bertujuan untuk mendeskripsikan pengaruh Free Cash Flow, COLLAS (Collateralizable Assets), dan Leverage terhadap Kebijakan Dividen pada perusahaan LQ 45 yang terdaftar di Bursa Efek Indonesia. Penelitian ini menggunakan pendekatan kuantitatif deskriptif, memanfaatkan SPSS untuk analisis statistik. Pengumpulan data diperoleh melalui buku, jurnal, website perusahaan, dan dokumentasi yang berkaitan dengan penelitian ini. Hasil penelitian menunjukkan bahwa free cash flow dan collateralizable assets memiliki hubungan positif dan signifikan terhadap kebijakan dividen, dengan perusahaan yang memiliki free cash flow tinggi cenderung membagikan dividen lebih besar karena likuiditas yang memadai, sementara collateralizable assets yang lebih besar mencerminkan stabilitas keuangan yang lebih baik sehingga memungkinkan distribusi dividen yang lebih konsisten, sedangkan leverage menunjukkan pengaruh yang tidak konsisten terhadap kebijakan dividen karena perusahaan dengan tingkat utang tinggi cenderung mengurangi pembayaran dividen demi pengelolaan risiko keuangan, sementara perusahaan lain mampu mempertahankan dividen yang stabil berkat laba dan strategi pendanaan yang kuat, sehingga secara keseluruhan penelitian ini menegaskan bahwa free cash flow dan collateralizable assets merupakan faktor utama dalam menentukan kebijakan dividen, sedangkan leverage memainkan peran bersyarat tergantung pada struktur keuangan perusahaan, memberikan kontribusi bagi pemahaman akademis dan wawasan praktis bagi investor serta pembuat kebijakan dalam pengambilan keputusan keuangan yang lebih baik.
Competence as a Full Mediator: Unravelling the Indirect Path from Training to Teacher Performance in Vocational High Schools Meitisari, Nia; Santati, F.X. Parama; Saputri, Nyimas Dewi Murnila
Widya Cipta: Jurnal Sekretari dan Manajemen Vol. 10 No. 1 (2026): March
Publisher : Universitas Bina Sarana Informatika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31294/widyacipta.v10i1.10521

Abstract

This study examines the relationship between training and competence, and its direct and indirect influence on performance. Competence serves as a mediating variable in the relationship between training and performance. The type of this research is a quantitative study, with a research instrument using a questionnaire. The population in this study amounted to 2,007 teachers from public and private vocational high schools in Palembang. This research sample used a probability sampling technique, namely proportionate stratified random sampling. The sample size used is based on the Slovin formula. From 181 questionnaires collected, the data obtained were then analyzed using SEM (Structural Equation Modeling) PLS. The results of this study indicate that the training has not significantly influenced teacher performance; meanwhile, training has a positive and significant influence on competence, and competence has a positive and significant influence on teacher performance. In addition, the results of this study also show that the competence variable fully mediates the improvement in teacher performance. The path coefficient of 0.186 with a t-statistic of 2.663 (≥ 2.58) indicates a highly significant indirect effect, showing a positive but relatively weak-to-moderate influence that remains meaningful.