This study aims to analyze the effect of free cash flow (FCF), profitability (PROF), liquidity (LIQ), and leverage (LEV) on dividend policy. The object of this study is a Manufacturing Company listed on the Indonesia Stock Exchange from 2016 to 2020. In this study using purposive samples with a sample of 140. The analysis method used is the Multiple Linear Regression Analysis method The data analysis technique in this study used EVIEWS 12 software. The F-test result confirms that the regression model is statistically significant, indicating that FCF, ROE, CR, and DER collectively exert a significant influence on dividend policy (DPR). The research results show that the FCF variable has a significant positive effect on the DPR policy, the PROF variable has a significant positive effect on the DPR policy, and the LEV variable has a significant negative effect on the DPR policy. However, the LIQ variable does not have a significant effect on the DPR policy.
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