CASH FLOWS, MANAGERIAL OWNERSHIPS AND LEVERAGE EFFECTS ON DIVIDEND POLICY IN INDONESIA

Penulis

DOI:

https://doi.org/10.31000/competitive.v10i1.15329

Kata Kunci:

operational cash flow, free cash flow, managerial ownership, leverage, dividend policy

Abstrak

Dividend policy represents a critical corporate financial decision in emerging markets, where firms often face liquidity constraints, concentrated ownership structures, and heightened economic uncertainty. Variations in dividend distribution among Indonesian manufacturing firms during the post-pandemic recovery period suggest that internal financial conditions and capital structure play an important role in shaping dividend policy decisions. This study aims to examine the effects of operational cash flow, free cash flow, managerial ownership, and leverage on dividend policy in manufacturing companies listed on the Indonesia Stock Exchange during the 2022–2024 period. This research employs a quantitative approach using panel data from 77 manufacturing firms selected through purposive sampling, resulting in 145 firm-year observations after data screening and transformation. Multiple linear regression analysis was conducted using IBM SPSS Statistics 30, supported by classical assumption and hypothesis testing. The empirical results indicate that free cash flow has a positive and statistically significant effect on dividend policy, with a regression coefficient of 0.766 and a t-value of 3.717 (p < 0.001). Leverage shows a negative and significant effect, with a coefficient of −0.182 and a t-value of −2.239 (p = 0.027). In contrast, operational cash flow and managerial ownership do not exhibit significant effects, as their significance values exceed 0.05. Simultaneously, all independent variables significantly influence dividend policy, as indicated by an F-value of 5.286 (p < 0.001), although the model explains a relatively limited proportion of variance with an R-squared value of 0.131. These findings suggest that dividend policy in Indonesian manufacturing firms is primarily determined by the availability of free cash flow and leverage levels, emphasizing the importance of effective cash management and prudent capital structure decisions in sustaining dividend payments.

Biografi Penulis

  • Nurul Khalida Ritonga, Universitas Negeri Medan
    Accounting Study Program

Referensi

H. Abdullah, “Profitability and leverage as determinants of dividend policy: Evidence of Turkish financial firms,†Munich Personal RePEc Archive, no. 108978, 2021.

Y. Anggraeni and S. Sidik, “Pengaruh laba bersih, arus kas operasi dan kepemilikan manajerial terhadap kebijakan dividen pada perusahaan makanan dan minuman yang terdaftar di BEI,†Jurnal Riset Akuntansi Aksioma, vol. 22, no. 1, pp. 1–13, 2023.

R. N. Aryani and S. Sidik, “Pengaruh profitabilitas, arus kas bebas, ukuran perusahaan, kepemilikan manajerial, dan kepemilikan institusional terhadap kebijakan dividen,†Innovative: Journal of Social Science Research, vol. 5, no. 3, pp. 4697–4714, 2025.

L. D. Sembiring, L. D. Astuti, Supitriyani, K. Azwar, and E. Susanti, Analisis Laporan Keuangan. Bandung, Indonesia: Media Sains Indonesia, 2021.

Bank Indonesia, “BI-rate naik 25 BPS menjadi 6,25%: Memperkuat stabilitas dan menjaga pertumbuhan,†2024. [Online]. Available: https://www.bi.go.id

G. I. Cahyono and N. Asandimitra, “Pengaruh profitabilitas, leverage, dan kepemilikan manajerial terhadap kebijakan dividen dengan likuiditas sebagai variabel moderasi,†Jurnal Ilmu Manajemen, vol. 9, no. 3, pp. 1214–1226, 2021.

Erliana, “Pengaruh arus kas operasi, arus kas bebas, leverage terhadap kebijakan dividen,†Jurnal Manajemen dan Bisnis, vol. 1, no. 3, pp. 144–155, 2022.

R. A. Fitrasari Mochtar, Siska, and S. Putratama Rizal, “Pengaruh laba bersih, arus kas operasi dan arus kas bebas terhadap pembayaran dividen kas,†Journal of Islamic Finance and Accounting Research, vol. 1, no. 1, pp. 66–87, 2022.

Fortune Indonesia, “PMI manufaktur RI capai level tertinggi dalam 11 bulan,†2025. [Online]. Available: https://www.fortuneidn.com

I. Ghozali, Aplikasi Analisis Multivariate dengan Program IBM SPSS, 9th ed. Semarang, Indonesia: Badan Penerbit Universitas Diponegoro, 2018.

GoodStats, “Industri manufaktur sumbang 18,98% terhadap PDB Indonesia,†2025. [Online]. Available: https://goodstats.id

K. D. Hapsari and Fidiana, “Pengaruh free cash flow, kepemilikan manajerial, dan leverage terhadap kebijakan dividen,†Jurnal Ilmu dan Riset Akuntansi, vol. 10, no. 3, pp. 1–16, 2021.

I. O. Harahap and M. Rizal, “Moderasi kepemilikan manajerial pada hubungan IOS dan manajemen laba,†Universitas Negeri Medan, 2023.

K. Iman and D. Julindrastuti, “Pengaruh likuiditas, IOS dan arus kas operasi terhadap kebijakan dividen,†Jurnal Manajemen dan Sumberdaya, vol. 1, no. 3, pp. 182–188, 2022.

Istiono and R. Santoso, “Kebijakan dividen dan nilai perusahaan,†Media Mahardika, vol. 19, no. 2, pp. 372–379, 2021.

M. C. Jensen and W. H. Meckling, “Theory of the firm: Managerial behavior, agency costs, and ownership structure,†Journal of Financial Economics, vol. 3, no. 4, pp. 305–360, 1976.

D. E. Kieso, J. J. Weygandt, and T. D. Warfield, Intermediate Accounting IFRS, 2nd ed. Hoboken, NJ, USA: Wiley, 2019.

Kementerian Keuangan RI, “Ketidakpastian ekonomi global meningkat,†2025. [Online]. Available: https://mediakeuangan.kemenkeu.go.id

Lia and T. Hidayat, “Pengaruh likuiditas, ukuran perusahaan dan leverage terhadap kebijakan dividen,†Jurnal Sistem Informasi, Akuntansi dan Manajemen, vol. 4, no. 1, 2024.

Metro TV News, “Rupiah bakal terjun bebas besok,†2024. [Online]. Available: https://www.metrotvnews.com

O. S. Rachmah and A. Riduwan, “Pengaruh laba bersih, arus kas operasi dan free cash flow terhadap kebijakan dividen,†Jurnal Ilmu dan Riset Akuntansi, vol. 8, no. 1, pp. 1–17, 2021.

I. A. M. Ratih and I. A. Surasmi, “Pengaruh free cash flow dan kepemilikan manajerial terhadap kebijakan dividen,†Wicaksana, vol. 9, no. 1, pp. 46–61, 2025.

A. Saidah, R. F. Rambe, and M. Arief, “Pengaruh debt to asset ratio dan kepemilikan manajerial terhadap kebijakan dividen,†Jurnal Akuntansi, Manajemen dan Ilmu Ekonomi, vol. 5, pp. 453–464, 2024.

L. J. Sihombing and E. L. D. Purba, “Pengaruh struktur modal dan leverage terhadap kinerja keuangan,†Jurnal Akuntansi, Keuangan & Perpajakan Indonesia, vol. 9, no. 2, 2020.

S. N. Sitanggang, A. Ikhsan, and N. Nasirwan, “Analysis of managerial ownership and earnings management,†BIRCI-Journal, vol. 3, no. 3, pp. 2521–2533, 2020.

Sugiyono, Metodologi Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung, Indonesia: Alfabeta, 2013.

R. Suhaimi and S. Haryono, “Pengaruh arus kas bebas dan arus kas operasi terhadap kebijakan dividen,†Jurnal Ilmiah Akuntansi dan Humanika, vol. 11, no. 2, pp. 240–248, 2021.

K. N. Utomo, “Pengaruh likuiditas dan growth perusahaan terhadap kebijakan dividen,†2020.

R. Vijayakumaran, “Impact of managerial ownership on investment and liquidity constraints,†Research in International Business and Finance, vol. 55, 2021.

K. S. Widiantari and I. G. N. Merta Wiguna, “Pengaruh profitabilitas dan kepemilikan manajerial terhadap kebijakan dividen,†Journal of Management, Business and Accounting, vol. 22, no. 1, pp. 38–52, 2023.

A. Zainal et al., “Do institutional and managerial ownership affect earnings persistence?†IJBE, vol. 8, no. 2, p. 203, 2024.

Unduhan

Diterbitkan

2026-02-02

Terbitan

Vol 10 No 1 (2026): Competitive Jurnal Akuntansi dan Keuangan

Bagian

Articles

Lisensi

 

The authors who publish in this journal agree to the following terms:

 

The authors retain copyright and grant the journal the right of first publication, with the work simultaneously licensed under a Lisensi Atribusi Creative Commons (CC BY) that allows others to share the work with acknowledgment of the work’s authorship and its initial publication in this journal.

 

Authors may enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal’s published version of the work (for example, posting it to an institutional repository or publishing it in a book), with acknowledgment of its initial publication in this journal.

 

Authors are permitted and encouraged to post their work online (for example, in institutional repositories or on their personal websites) prior to and during the submission process, as this can lead to productive exchanges as well as earlier and greater citation of the published work (see The Pengaruh Akses Terbuka ).

 

The Competitive Journal of Accounting and Finance applies the CC-BY-SA license or its equivalent as the optimal license for the publication, distribution, use, and reuse of scholarly works.

 

In developing strategies and setting priorities, the Competitive Journal of Accounting and Finance of Muhammadiyah University of Tangerang recognizes that free access is better than paid access, gratis access is better than restricted access, and libre under CC-BY-SA or its equivalent is better than libre under more restrictive open licenses. We must achieve what we can when we can. We must not delay achieving freedom in order to reach libre, and we must not stop at freedom when we can achieve libre.