<![CDATA[This study aims to analyze the influence of State Capital Participation (PMN) and inflation on dividend policy in mining companies during the 2020–2024 period. The analytical method used is a panel regression with a fixed effects approach on four state-owned enterprises (SOEs), resulting in a total of 20 observations. The estimation results show that the model is able to significantly explain variations in dividend changes, with an R-squared value of 0.9279, while the F-statistic is 36.037 with a significance level of 0.0000, indicating that the independent variables simultaneously influence dividends. Partially, PMN has a negative and significant effect on dividends, with a coefficient of –0.4381 and a probability value of 0.0000, indicating that an increase in PMN has the potential to reduce dividend payments. Meanwhile, the inflation variable shows a positive but insignificant effect on dividends, with a coefficient of 1.0471 and a probability value of 0.0908. These findings indicate that internal company factors related to PMN funding policies play a dominant role in determining dividend amounts, compared to external macroeconomic factors such as inflation. The resulting regression model is: DIVIDEND = 7.8311 – 0.4381PMN + 1.0472Inflation. The results of this study also imply that increasing PMN allocations must be balanced with operational and profitability strategies to avoid suppressing the company's ability to distribute dividends]]>
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