Published: 2025-10-01

Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, Free Cash Flow dan Ukuran Perusahaan Terhadap Kebijakan Dividen Pada Perusahaan yang Terdaftar di LQ45

DOI: 10.35870/jemsi.v11i5.4488

Naufal Rafa Ardhani, Amanah Hijriah, Khristina Yunita
  • Naufal Rafa Ardhani: Universitas Tanjungpura
  • Amanah Hijriah: Universitas Tanjungpura
  • Khristina Yunita: Universitas Tanjungpura
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Abstract

This study examines the impact of institutional ownership, managerial ownership, free cash flow, and business size on dividend policy in firms listed on the LQ45 index of the Indonesia Stock Exchange from 2020 to 2024. Dividend policy is a critical issue in financial management that directly impacts shareholder welfare, as dividends represent a tangible return on investment. This study employs a quantitative methodology utilizing multiple linear regression and purposive sampling strategies. Information derived from the organization's yearly financial reports. The findings indicated that both institutional and management ownership significantly influence dividend policy, with more ownership promoting larger dividend distribution. Conversely, free cash flow and business size exert no substantial influence. This conclusion substantiates that ownership structure significantly mitigates agency conflicts and aligns the interests of management and shareholders, particularly in large and liquid enterprises like those included in the LQ45 index.

Keywords

Institutional Ownership; Managerial Ownership; Free Cash Flow; Firm Size; Dividend Policy

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Ardhani, N. R., Hijriah, A., & Yunita, K. (2025). Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, Free Cash Flow dan Ukuran Perusahaan Terhadap Kebijakan Dividen Pada Perusahaan yang Terdaftar di LQ45. JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 11(5), 3012-3022. https://doi.org/10.35870/jemsi.v11i5.4488
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This article has been peer-reviewed and published in the JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi). The content is available under the terms of the Creative Commons Attribution 4.0 International License.

  • Issue: Vol. 11 No. 5 (2025)

  • Section: Articles

  • Published: 2025-10-01

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Author Biographies
Naufal Rafa Ardhani, Universitas Tanjungpura
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Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Tanjungpura, Jl. Prof. Dr. H. Hadari Nawawi, Kota Pontianak, Kalimantan Barat, Indonesia.

Amanah Hijriah, Universitas Tanjungpura
Google Scholar ResearchGate ORCID

Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Tanjungpura, Jl. Prof. Dr. H. Hadari Nawawi, Kota Pontianak, Kalimantan Barat, Indonesia.

Khristina Yunita, Universitas Tanjungpura
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Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Tanjungpura, Jl. Prof. Dr. H. Hadari Nawawi, Kota Pontianak, Kalimantan Barat, Indonesia.

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