Free Cash Flow, Investment Opportunity Set, dan Skala Perusahaan sebagai Penentu Kebijakan Dividen di Sektor Energi Indonesia

This study investigates the influence of three internal corporate factors on dividend policy among energy companies listed on the Indonesia Stock Exchange during the 2020–2025 period. The examined variables include free cash flow, investment opportunity set (IOS), and firm size, while profitability is incorporated as a control variable to account for differences in financial performance. The research employs a quantitative explanatory approach using secondary data obtained from published annual reports. Through purposive sampling, 96 firm-year observations were selected and analyzed using multiple linear regression with SPSS version 26. The findings indicate that free cash flow and investment opportunity set significantly influence dividend policy, with both variables showing a negative relationship with dividend payouts. Companies possessing greater cash reserves or broader investment opportunities tend to retain earnings to finance future business expansion rather than distribute higher dividends. Conversely, firm size does not exhibit a statistically significant effect on dividend policy. This result is likely attributable to Article 71(3) of Indonesia’s Company Law, which requires companies with positive retained earnings to distribute dividends regardless of organizational size. These findings provide empirical evidence regarding the financial determinants of dividend policy within Indonesia’s energy sector and offer useful insights for investors, managers, and policymakers in evaluating corporate dividend decisions.