PENGARUH FREE CASH FLOW, SUSTAINABILITY INVESTMENT, DAN DIGITAL TRANSFORMATION TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN SEKTOR ENERGI DI BEI PERIODE 2022-2024

Shanty Armanda; Insyirah Putikadea

doi:10.61896/jeki.v4i2.180

Authors

Shanty Armanda Universitas Negeri Surabaya
Insyirah Putikadea Universitas Negeri Surabaya

DOI:

https://doi.org/10.61896/jeki.v4i2.180

Keywords:

Transformasi_Digital, Arus_Kas_Bebas, Kebijakan_Dividen, Investasi_Berkelanjutan

Abstract

ABSTRAK

Penelitian ini dilatarbelakangi oleh pentingnya keseimbangan kebijakan dividen pada perusahaan sektor energi di tengah tuntutan pengelolaan free cash flow, investasi keberlanjutan, dan transformasi digital. Ketidakseimbangan dalam alokasi sumber daya berpotensi memengaruhi kepercayaan investor serta keberlanjutan perusahaan dalam jangka panjang. Penelitian ini bertujuan untuk menganalisis pengaruh free cash flow, sustainability investment, dan digital transformation terhadap kebijakan dividen. Penelitian menggunakan pendekatan kuantitatif dengan landasan Agency Theory, Signaling Theory, Stakeholder Theory, dan Resource-Based View (RBV). Sampel terdiri dari 31 perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia periode 2022–2024 dengan teknik purposive sampling. Data yang digunakan berupa data sekunder dari laporan tahunan dan laporan keberlanjutan, dianalisis menggunakan regresi linier berganda. Hasil penelitian menunjukkan bahwa hanya digital transformation yang berpengaruh positif dan signifikan terhadap kebijakan dividen, sedangkan free cash flow dan sustainability investment tidak berpengaruh signifikan. Temuan ini mengindikasikan bahwa transformasi digital dipersepsikan sebagai sinyal positif oleh pasar, sementara alokasi pada arus kas bebas dan investasi keberlanjutan lebih difokuskan pada kebutuhan internal. Implikasinya, perusahaan perlu menetapkan kebijakan dividen yang adaptif agar mampu menjaga kepercayaan investor tanpa mengabaikan keberlanjutan dan transformasi strategis.

ABSTRACT

This research is motivated by the importance of balanced dividend policy in energy sector companies amidst the demands of managing free cash flow, investment, and digital transformation. Overall, resource allocation has the potential to influence investor confidence and the company's long-term aspirations. This study aims to analyze the influence of free cash flow, investment sustainability, and digital transformation on dividend policy. The study used a quantitative approach based on Agency Theory, Signaling Theory, Stakeholder Theory, and the Resource-Based View (RBV). The sample consisted of 31 energy sector companies listed on the Indonesia Stock Exchange for the 2022–2024 period, using a purposive sampling technique. Secondary data from annual reports and anxiety were analyzed using multiple linear regression. The results show that only digital transformation has a positive and significant effect on dividend policy, while free cash flow and investment sustainability have no significant effects. This finding indicates that digital transformation is perceived as a positive signal by the market, while allocation to free cash flow and investment is more focused on internal needs. Consequently, companies need to establish adaptive dividend policies to maintain investor confidence without neglecting strategic aspirations and transformation.

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