THE EFFECT OF PROFITABILITY, LIQUIDITY, LEVERAGE, AND FREE CASH FLOW ON DIVIDEND POLICY WITH GOOD CORPORATE GOVERNANCE AS A MODERATION VARIABLE IN THE NON-CYCLICAL CONSUMER SECTOR LISTED ON THE INDONESIA STOCK EXCHANGE IN 2019-2023

Abstract

This research aims to determine and analyze the influence of profitability, liquidity, leverage and free cash flow on dividend policy with good corporate governance as a moderating variable in the non-cyclical consumer sector listed on the Indonesia Stock Exchange in 2019-2023. This type of research is quantitative. The data used is secondary data. The sample data obtained was 75 research data from 15 companies during the research period, namely 2019-2023. Data analysis techniques use descriptive statistical tests, classical assumption tests, multiple linear regression analysis tests, t statistical tests, coefficient of determination tests (R2), and Moderated Regression Analysis (MRA). Hypothesis testing was carried out using the SPSS 22 program. The research results show that profitability has a positive effect on dividend policy, liquidity has a negative effect on dividend policy, leverage has a negative effect on dividend policy, free cash flow has no effect on dividend policy, institutional ownership can moderate the effect of profitability on dividend policy, institutional ownership cannot moderate the influence of liquidity on dividend policy, institutional ownership cannot moderate the influence of leverage on dividend policy, institutional ownership can moderate the influence of free cash flow on dividend policy.