PENGARUH FREE CASH FLOW DAN INVESTMENTOPPORTUNITY SET TERHADAP DIVIDEND POLICYDENGAN DEBT POLICY SEBAGAI VARIABELINTERVENING

This study aims to examine the effect of free cash flow and investment opportunityset on dividend policy with debt policy as an intervening variable. This type of research isquantitative causality using the population in this study is a consumer goods industrymanufacturing companies listed on the Indonesia Stock Exchange in 2014-2018. Theselection of data samples using purposive sampling technique. The analytical method usedis path analysis. The results of this study indicate that free cash flow has a positive andsignificant effect on debt policy, investment opportunity set has no effect on debt policy,free cash flow has a positive and significant effect on dividend policy, investmentopportunity set has no effect on dividend policy, free cash flow and investment Theopportunity set simultaneously influences the dividend policy, the debt policy does notmediate the effect of free cash flow on the dividend policy and the debt policy does notmediate the effect of the investment opportunity set on the dividend policy.