Pengaruh Earnings Persistence dan Managerial Entrenchment terhadap Kebijakan Dividen dengan Free Cash Flow Sebagai Sebuah Variabel Moderasi

Authors

  • Carolina Maria Melati Universitas Pelita Harapan

Keywords:

free cash flow, earnings persistence, managerial entrenchment, CEO tenure, kepemilikan manajerial, kebijakan dividen

Abstract

Penelitian ini bertujuan untuk menguji pengaruh eanings persistence dan managerial entrenchment terhadap kebijakan dividen yang dimoderasi oleh free cash flow. Data yang digunakan berasal dari S&P Capital IQ dengan sampel perusahaan energi tambang di ASEAN sebanyak 89 perusahaan dari tahun 2019-2023 dengan total observasi sebanyak 391 firm year. Hasil penelitian menunjukkan bahwa 1) earnings persistence tidak mempengaruhi kebijakan dividen; 2) managerial entrenchment dengan proksi CEO tenure tidak mempengaruhi kebijakan dividen; 3) managerial entrenchment dengan proksi kepemilikan manajerial tidak mempengaruhi kebijakan dividen; 4) free cash flow tidak dapat memoderasi hubungan antara earnings persistence dengan kebijakan dividen; 5) free cash flow tidak dapat memoderasi hubungan antara managerial entrenchment yang menggunakan proksi CEO tenure dengan kebijakan dividen; 6) free cash flow tidak dapat memoderasi hubungan antara managerial entrenchment yang menggunakan proksi kepemilikan manajerial dengan kebijakan dividen. Penelitian ini dapat digunakan sebagai referensi untuk penelitian selanjutnya.

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Published

2026-03-19

Issue

Vol. 6 No. 2 (2025): OKTOBER

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