Pengaruh profitabilitas, growth potential, dan free cash flow terhadap cash dividen dengan likuiditas sebagai variabel moderasi

INDONESIA:

Tujuan utama investor menanamkan modal kedalam perusahaan yaitu untuk mendapatkan pengembalian dari investasinya baik itu berupa dividen dan capital gain. Beberapa faktor yang mempengaruhi pembagian dividen antara lain, profitabilitas, growth potential, free cash flow,dan likuiditas. Tujuan penelitian ini adalah untuk mengetahui pengaruh profitabilitas, growth potential, dan free cash flow terhadap cash dividen, dan mengetahui pengaruh likuiditas sebagai variabel yang memoderasi hubungan profitabilitas, growth potential, dan free cash flow terhadap cash dividen.

Penelitian ini menggunakan pendekatan kuantitatif. Populasi penelitian adalah 30 perusahaan yang terdaftar dalam Jakarta Islamic Index dengan menggunakan teknik purposive sampling diperoleh sampel sebanyak 11 perusahaan. Teknik analisis data yang digunakan adalah regresi linier berganda dan Moderated Regression Analysis (MRA).

Hasil penelitian menunjukkan bahwa profitabilitas, growth potential, dan free cash flow secara simultan berpengaruh terhadap cash dividen. Secara parsial profitabilitas berpengaruh positif signifikan terhadap cash dividen, sedangkan growth potential, dan free cash flow berpengaruh negatif signifikan terhadap cash dividen. Likuiditas memperkuat hubungan free cash flow terhadap cash dividen. Likuiditas sebagai variabel moderasi hubungan antara profitabilitas maupun growth potential terhadap cash dividen secara statistik model yang digunakan tidak layak.

ENGLISH:

The main purpose of investors to invest into the company is to get great restitution on their investments such as dividends and capital gains. Some factors are affecting the distribution of dividends, is profitability, growth potential, free cash flow, liquidity. The purpose of this study are to determine the effect of profitability, growth potential, and free cash flow to cash dividends, and determine the effect of liquidity as variable is moderating the relationship of profitability, growth potential, and free cash flow to cash dividends.

This research is using an quantitative approachment. The research population is 30 companies listed in the Jakarta Islamic Index using purposive sampling technique obtained a sample of 11 companies. The analysis technique that use is multiple linear regression and Moderated Regression Analysis (MRA).

The results showed that the profitability, growth potential, and free cash flow simultaneously had effect to the cash dividend. Partially the profitability give the positive effect significantly to cash dividends, while the growth potential, and free cash flow give significant negative effect to cash dividends. Liquidity support the relationship betwen free cash flow to cash dividends. Liquidity as a moderating variable relationship between profitability and growth potential to the cash dividend statistically the model that use was not propered.