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FAKTOR YANG MEMPENGARUHI KEBIJAKAN DIVIDEN PERUSAHAAN YANG TERGABUNG DALAM JII DI BEI
This research is aimed to find out the influence of free cash flow, liquidity (current ratio), leverage (debt to equity ratio) and profitability (return on asset) to the dividend policy in Jakarta Islamic Index. The research data has been obtained from the financial statement of 13 companies which are incorporated in the Jakarta Islamic Index and have met the sample from 2012 to 2015. The analysis has been carried out by using multiple linear regression analysis, F test, and t test. Based on the result of the F test, it has been found that multiple linear regression models that measure the effect simultaneously free cash flow (Fr), liquidity (Lik), leverage (Lev), and profitability (Prof) to the dividend policy (DY). The coefficient of multiple determination (R2) is 40.2%. These results indicate that the influence percentage of free cash flow (Fr), liquidity (Lik), leverage (Lev), and profitability (Prof) to the dividend policy (DY) is 40.2%. Meanwhile the remaining 59.8% is influenced by other factors which are not included in the research. Based on the results of the research, it has been found that free cash flow does not give any significant influence to the dividend policy, liquidity give significant influence to the dividend policy, leverage give significant influence to the dividend policy, and profitability give significant influence to the dividend policy.
Keywords: Free cash flow, liquidity, leverage, profitability, dividend policy.
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