HERSUGONDO, Hersugondo (2025) Artikel Dr. HERSUGONDO, SE, MM: Resolution of Dividend Policy Problems That Are Moderated By Company Size and Its Impact on Food and Beverage Company Value. GENERAL MANAGEMENT.

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Abstract

This research aims to examine the relationship between free cash flow, return on equity, and receivable turnover, as
well as dividend policy in Southeast Asian stock exchanges, with company size as a moderating component. The
data was gathered from the annual report as secondary source material. Hypothesis testing is performed using
SPSS 25, an analytical program. This research employed a purposive sampling strategy to collect data from 18
businesses. The analysis technique used is linear regression analysis, moderating regression analysis, partial test,
and simultaneous test. The study found some support for the hypothesis that free cash flow is a significant positive
factor in dividend policy, while return on equity and receivable turnover were both found to be insignificant. The
research demonstrates that dividend policy is significantly affected by free cash flow, return on equity, and
receivable turnover all at once. In moderation, firm size can moderate the relationship between return on equity and
dividend policy. However, it cannot moderate free cash flow and receivable turnover on dividend policy. The value of
a company is unaffected by its dividend policy. Further researchers should hire a more diverse firm that takes a
different analytical technique to pursue this line of inquiry.

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