PENGARUH FOREIGN OWNERSHIP, BOARD INDEPENDENCE, DAN FREE CASH FLOW TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN SEKTOR PROPERTIES & REAL ESTATE DI BURSA EFEK INDONESIA PERIODE 2020-2023

THE EFFECT  OF FOREIGN OWNERSHIP, BOARD INDEPENDENCE, AND FREE CASH FLOW ON DIVIDEND POLICY IN PROPERTIES & REAL ESTATE COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE DURING THE PERIOD 2020-2023

Penelitian ini dilakukan untuk menganalisis pengaruh foreign ownership, board independence, dan free cash flow terhadap kebijakan dividen. Jenis data yang digunakan merupakan data kuantitatif yang bersumber dari data sekunder. Populasi penelitian mencakup perusahaan sektor properties & real estate di BEI selama periode 2020-2023. Teknik pengambilan sampel yang digunakan adalah purposive sampling sehingga diperoleh 67 perusahaan sebagai sampel penelitian. Analisis data yang dilakukan dengan menggunakan metode regresi data panel yang diolah menggunakan perangkat lunak STATA 17. Hasil penelitian mengindikasikan bahwa free cash flow berpengaruh positif terhadap kebijakan dividen. Sedangkan board independence berpengaruh negatif terhadap kebijakan dividen. Sebaliknya, foreign ownership tidak berpengaruh terhadap kebijakan dividen. Perusahaan sektor properties & real estate perlu memperhatikan pengelolaan free cash flow secara optimal karena berpengaruh terhadap kebijakan dividen. Pengelolaan arus kas yang baik dapat mendukung kebutuhan operasional, investasi, dan pembayaran dividen kepada pemegang saham.

Kata kunci: foreign ownership, board independence, free cash flow, kebijakan dividen

This study aims to analyze the effect of foreign ownership, board independence, and free cash flow on dividend policy. The study employed quantitative data obtained from secondary sources. The population consisted of properties and real estate sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2020-2023. The sampling technique used was purposive sampling, resulting in 67 companies as the research sample. Data were analyzed using panel data regression and processed with STATA 17 software. The results indicate that the free cash flow has a positive effect on dividend policy, while board independence has a negative effect on dividend policy. In contrast, foreign ownership has no effect on dividend policy. Companies with higher free cash flow have greater cash availability, enabling them to distribute dividends more effectively. Property & real estate sector companies need to pay close attention to the optimal management of free cash flow, as it has been proven to influence dividend policy. Effective free cash flow management can support operational needs, investment activities, and dividend payments to shareholders.

Key words: foreign ownership, board independence, free cash flow, dividend policy