Abstract :
Dividend policy is a company's policy related to the payment of dividends, including making significant decisions
about the dividends to be distributed and determining the amount of retained earnings or profits for the company's
interests. Some companies distribute dividends, while others do not. Companies that do not distribute dividends
may do so because the profits earned are reallocated as retained earnings or due to bankruptcy, resulting in the
company not distributing dividends to shareholders. This study aims to examine whether the size of the company,
managerial ownership, leverage, collateralizable assets, and free cash flow affect dividend policy. The population
in this study consists of 218 companies, with a total sample of 216 company data. The sample used in this research
includes companies in the customer non-cyclicals sector, specifically in the food & staples retailing and beverage
subsectors from 2019 to 2022. The method used in this study is purposive sampling using logistic regression
analysis. The results of this study indicate that the size of the company and managerial ownership do not affect
dividend policy, while leverage, collateralizable assets, and free cash flow do affect dividend policy.
Keywords: dividend policy, company size, managerial ownership, collateralizable assets, dan free cash flow.