The effect of profitability, solvency, and free cash flow on dividend policy
Keywords:
Profitability, Solvency, Free Cash Flow, Dividend Policy, Consumer Non-Cyclical SectorAbstract
This study aims to examine the effect of profitability, solvency, and free cash flow on the dividend policy of companies in the consumer non-cyclical sector. The research population comprises all consumer non-cyclical companies listed on the Indonesia Stock Exchange (IDX) from 2016 to 2023, totaling 125 companies. The sample was determined using purposive sampling and balanced panel data. Thirty companies were selected as the sample, observed over an eight-year period, resulting in a total of 240 firm-year observations. Additional analyses were conducted to compare conditions before and during the COVID-19 pandemic. The data were analyzed using panel data regression and sensitivity analysis through the Chow Test with the assistance of EViews 12 software. Panel data regression was employed to test the effects of profitability, solvency, and free cash flow on dividend policy as stated in Hypotheses 1, 2, and 3, while the Chow Test was used to assess differences in these effects between the pre-pandemic and pandemic periods. The findings reveal that profitability (ROA) and free cash flow have a positive and significant effect on dividend policy, while solvency (DER) has a negative and significant effect on dividend policy in consumer non-cyclical companies over the 2016–2023 period. Sensitivity tests further indicate that the effects of profitability and free cash flow on dividend policy remained significant during the COVID-19 pandemic, whereas solvency showed no significant influence.
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