Fluktuasi Kebijakan Dividen Berdasarkan Kepemilikan Manajerial, Debt To Equity Ratio (DER), Return On Assets (ROA)
Dividend policy is a decision whether the profits obtained by the company will be distributed to shareholders as dividends or will be held in the form of retained earnings to finance investment in the future. The purpose of this study was to determine the effect of managerial ownership, DER, and ROA on dividend policy in manufacturing companies on the Indonesia Stock Exchange for the period 2015-2017, both partially and simultaneously. The research method used is the method of multiple linear regression analysis. The results show partially that managerial ownership and return on assets (ROA) variables do not significantly influence dividend policy while the debt to equity ratio (DER) has a significant negative effect on dividend policy. Simultaneously managerial ownership, debt to equity ratio (DER), and return on assets (ROA) significantly influence dividend policy with a determination coefficient of R square of 0.148, so that it can be interpreted that 14.8% dividend policy is influenced by the three independent variables consists of managerial ownership, debt to equity ratio (DER), and return on assets (ROA).