This research aims to investigate the influence of good corporate governance, capital structure, and investment opportunity on dividend policy. Dividend policy as the dependent variable and the independent variables are foreign ownership, female board of directors, independent board of commissioners, capital structure, and investment opportunities. The sample used was 38 companies in the basic materials sector listed on the Indonesia Stock Exchange from 2020 to 2023 using purposive sampling. The analysis technique uses panel data regression with STATA 17. The results indicate that the independent board of commissioners has a positive effect on dividend policy. Meanwhile, capital structure has a negative effect on dividend policy. In contrast, foreign ownership, female board directors, and investment opportunity have no effect on dividend policy. Because foreign ownership tends to choose a capital reinvestment strategy compared to distributing dividends, the proportion of female board directors is insufficient in influencing company decisions, and investment opportunity is very volatile because it is influenced by market sentiment and expectations, not by actual financial performance, so it does not affect the company's dividend distribution. Therefore, companies in the basic materials sector need to pay attention to the presence of independent board of commissioners and the balance of the company's capital structure.
Maulina et al. (Wed,) studied this question.