PENGARUH STRUKTUR KEPEMILIKAN DAN KINERJA KEUANGAN TERHADAP KEBIJAKAN BUYBACK (STUDI EMPIRIS PADA 40 PERUSAHAAN LIKUIDITAS TINGGI YANG MELAKUKAN PEMBELIAN KEMBALI SAHAM TAHUN 2015-2020)
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ABSTRACT
The problem in this study is the uncertainty of buying back shares when the company's capital structure increases or decreases. This study aims to explain the effect of institutional ownership, managerial ownership, leverage, free cash flow, and Return On Assets (ROA) partially and simultaneously on the buyback policy, and how much the dependent variable can be explained by the independent variable.
This research is a quantitative research. The data used in this study is secondary data in the form of financial statements and company annual reports. The population in this study were all companies listed on the LQ45 index for the 2015-2020 period with a sample of 40 companies determined by purposive sampling technique. Data analysis in this study used multiple linear regression analysis with SPSS 16 software.
The results showed that partially the variables of institutional ownership, managerial ownership, and leverage had no and significant effect on the buyback policy. Free cash flow variable has a positive and significant effect on the buyback policy. Return On Asset (ROA) variable has a negative and significant effect on the buyback policy. The results simultaneously or together showed that the variables of institutional ownership, managerial ownership, and leverage, free cash flow and Return On Assets (ROA) have a significant and significant effect on the buyback policy. The results of the coefficient of determination test show that 70.6 percent (%) of the dependent variable can be explained by the independent variable.
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