Factors Affecting Free-Cash-Flow (FCF) with Dividend Policy as a Mediating Variable

摘要

The purpose of research was to obtain empirical evidence about the impact of board structure, board independence, and leverage on Free-Cash-Flow (FCF) with dividend policy as a mediating variable among manufacturing companies during the period of 2016-2018. This study used 29 manufacturing companies selected using purposive sampling method. The statistical method used to test the research hypotheses was the path analysis model. The results of this research were that board structure had positive and significant effect on FCF, board independence and leverage did not have significant effect on FCF, dividend policy had negative and significant effect on FCF, and dividend policy was able to mediate the effect of board structure on FCF. Meanwhile, dividend policy was unable to mediate the effect of board independence and leverage on FCF. For further research, it is recommended to extend the period of the study as well as adding other independent variables.