Analisis Pengaruh Life Cycle, Investment Opportunity Set, Profitability, Leverage, dan Free Cash Flow Equity Terhadap Dividend Policy pada Perusahaan Property, Real Estate, dan Building Construction di Bursa Efek Indonesia

Abstract

The inconsistency of dividend payments in the property, real estate, and building construction sectors listed on the Indonesia Stock Exchange highlights the need for a deeper understanding of the influencing factors. This study aims to analyze the effect of life cycle, investment opportunity set, profitability, leverage, and free cash flow equity on dividend policy in property, real estate, and building construction companies listed on the Indonesia Stock Exchange. The study uses seven companies as samples selected through a data filtering process. Multiple linear regression analysis using panel data with a Random Effect Model is employed to examine the factors influencing the dividend policy of the sampled companies. At a 0.05 significance level, the results show that the life cycle has a positive and significant effect on dividend policy. Likewise, leverage has a negative and significant effect on dividend policy. Profitability exhibits a positive and significant effect at the 0.1 significance level. On the other hand, the investment opportunity set and free cash flow equity show a positive but insignificant effect on dividend policy.