PENGARUH KEBIJAKAN HUTANG DAN ARUS KAS BEBAS TERHADAP LABA DENGAN KEBIJAKAN DEVIDEN SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN MANUFAKTUR SEKTOR FOOD AND BEVERAGES YANG TERDAFTAR PADA BEI TAHUN 2012-2016

Abstract

This research aims to determine the effect of debt to asset ratio and free cash flow on profit
with dividend payout ratio as Intervening Variables The dependent variable of this research is
dividend payout ratio. The independent variables of this research are debt to asset ratio and free
cash flow while the intervening variable of this research is dividend payout ratio.
This research uses quantitative data and the data used is taken from the financial report of
the food and beverages manufacturing Sectors that are listed on the Indonesia Stock Exchange
for the period 2012-2016 consisting of 3 registered companies. Data analysis techniques used
are Descriptive Test, Classical Assumption Test, 2-Stage Linear Regression Analysis, Model
Match Test and Path Interpretation and Direct and Indirect Influence Tests.
The results of this research indicate that the variables of debt to asset ratio and free cash
flow have a negative and insignificant effect on dividend payout ratio, debt to asset ratio has a
positive and significant effect on profit, free cash flow has a negative and insignificant effect on
profit, dividend payout ratio has a negative and insignificant on profit, dividend payout ratio
cannot mediate the influence of debt to asset ratio on profit,and dividend payout ratio mediate
the influence of free cash flow on profit.
Based on this research, it is expected that the company can minimize free cash flow and
increase debt to asset ratio, so that it will increase net income.
Keywords: Debt to asset ratio, free cash flow, dividend payout ratio and profit