Pengaruh Profitabilitas, Arus Kas Operasi Dan Leverage Terhadap Kebijakan Dividen Pada Perusahaan Perbankan LQ45 Periode 2020-2024

Dividend policy is a strategic financial decision that reflects the balance between shareholders’ interests and the company’s internal funding needs. In the banking sector, dividend policy is not only influenced by profitability but also by financial stability and capital adequacy requirements. This study aims to examine the effect of profitability, operating cash flow, and leverage on dividend policy in banking companies listed in the LQ45 index on the Indonesia Stock Exchange during the 2020–2024 period. Profitability is measured using Return on Assets (ROA), operating cash flow is measured by operating cash flow (AKO), leverage is measured using the Debt to Equity Ratio (DER), and dividend policy is proxied by the Dividend Payout Ratio (DPR). This research employs an associative quantitative approach using secondary data from annual financial reports. The sample consists of five banking companies selected through purposive sampling, resulting in 25 observations. The analysis method used is multiple linear regression with classical assumption tests, t-test, F-test, and coefficient of determination. The results indicate that partially ROA, AKO, and DER have a negative and insignificant effect on DPR. Simultaneously, these variables also do not have a significant effect on dividend policy, with an adjusted R square value of –0.048. This finding implies that dividend policy in LQ45 banking companies is not determined solely by short-term financial performance but is influenced by other factors outside the research model.