FREE CASH FLOW, LEVERAGE, BESARAN DAN SIKLUS HIDUP PERUSAHAAN: BUKTI KEBIJAKAN DEVIDEN DI INDONESIA

Abstract

This paper examined the dividend policy based on hypothesis. However, dividend payout itself also remains a debated topic. The purpose of this study was to examine the effect of Free Cash Flows, Leverage, Life Cycle, and the Size to Dividend Policy. The data is taken from the Indonesia Stock Exchange, using the sample of manufacturing firms sub-sector of consumption during 2011- 2013. Multiple regressions were employed to analyze the data. Based on test results, this study indicates that all the independent variables affect the dividend policy, where FCF, DER and ROA had a positive effect on dividend policy, while the Size and RE / TE had no effect on the dividend policy. This study contributed to the research in dividend topic, and helps the firm to maintain its ability to distribute dividend to their shareholder and cast doubt whether manufactured firm in Indonesia rely on debt or free cash flow to pay dividend ABSTRAKSI