FREE CASH FLOW IN MODERATED CAPITAL STRUCTURE, PROFITABILITY, INSTITUTIONAL OWNERSHIP ON DIVIDEND POLICY

Eduard Ary Binsar Naibaho, Zulfa Naurah
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Abstract

Dividend policy is influenced by factors that are valid in studies. A factor that has run dividends uncontrollably is free cash flow. By using capital structure, profitability and institutional ownership as independent variables, we examined the effect of capital structure, profitability and institutional ownership on dividend policy with free cash flow as the moderating variable. The test was fulfilled with descriptive, verificative methods and a data panel regression model. Simultaneously, capital structure, profitability and institutional ownership had no positive impact on dividend policy even though free cash flows were collected, it drove capital structure, profitability and institutional ownership unnoticeable to dividend policy. This study is crucial to expanding the perspective on free cash flow and for future research.
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自由现金流调节资本结构、盈利能力、机构所有权对股利政策的影响
股利政策受到研究中有效因素的影响。使股息无法控制的一个因素是自由现金流。以资本结构、盈利能力和机构所有权为自变量,以自由现金流为调节变量,考察了资本结构、盈利能力和机构所有权对股利政策的影响。通过描述性、验证性方法和数据面板回归模型完成了测试。同时,资本结构、盈利能力和机构所有权对股利政策没有正向影响,即使收集了自由现金流,资本结构、盈利能力和机构所有权对股利政策的影响也不明显。本研究对于拓展自由现金流的研究视角和未来的研究具有重要意义。
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审稿时长
24 weeks
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