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p-Index From 2020 - 2025
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All Journal International Journal of Economics, Accounting, and Management
Ni Putu Suriani
Unknown Affiliation
Economics, Econometrics & Finance

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The Effect of Profitability, Leverage, and Free Cash Flow on Dividend Policy with Good Corporate Governance as a Moderating Variable Ni Putu Suriani; Ni Gusti Putu Wirawati
International Journal of Economics Accounting and Management Vol. 2 No. 2 (2025): IJEAM - July 2025
Publisher : PT. INOVASI TEKNOLOGI KOMPUTER

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60076/ijeam.v2i2.1440

Abstract

This study aims to analyze the effect of profitability, leverage, and free cash flow on dividend policy, with good corporate governance as a moderating variable. The research was conducted on energy sector companies listed on the Indonesia Stock Exchange, using a sample of 20 companies over a three-year observation period from 2021 to 2023,nresulting in a total of 60 data points selected through purposive sampling. This study employed a quantitative approach using secondary data obtained from the companies’ financial statements during the observation period. Hypothesis testing was carried out using Moderated Regression Analysis (MRA). The results indicate that profitability and leverage have no significant effect on dividend policy, whereas free cash flow has a significant negative effect. Managerial ownership was found to weaken the negative effect of free cash flow on dividend policy, but it did not moderate the influence of profitability and leverage. Institutional ownership did not moderate the effects of profitability, leverage, or free cash flow on dividend policy
Co-Authors Ni Gusti Putu Wirawati