PENGARUH FREE CASH FLOW, PROFITABILITAS, DAN PERTUMBUHAN PERUSAHAAN TERHADAP STRUKTUR MODAL DENGAN DIVIDEN PAYOUT RATIO SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN REAL ESTATE DAN PROPERTY YANG TERDAFTAR DI BEI TAHUN 2013 – 2017

Abstract

This study aims to empirically examine the effect of free cash flow variables, aprovitability, and company growth on capital structure with dividend payout ratio as an intervening varibel in real estate and property companies registered at IDX. The period used in study for 5 years , form 2013-2017.
The population in this study were 45 real estate dan property sector companies registered at IDX in the periode 2013-2017, Sampling technique purposive sampling and obtained a sample of 30 companies. The data analysis technique used is multiple regression and path analysis.
The result showed that free cash flow and profitability had a positive effect on dividend payout ratio, while company growth negatively affected dividend payout ratio, free cash flow and growth of influential companies had a significant positive effect on capital structure, while profitability had a significant negative effect on capital structure, and dividends payout ratio has a positive effect on capital strukture. Partially free cash flow and profitability have a significant effect on dividen payout ratio, while company growth has a significant effect on dividend payout ratio, free cash flow and profitability have a significant positive effect on capital structure, while firm growth has a significant effect on capital structure, and dividen payout ratio has a significant positive effect on structure capital.
Keywords : Free Cash Flow, Profitability, Company Growth, Dividen Payout Ratio, And Capital Structure.