![]() ![]() Return On Asset (ROA) variable has a negative and significant effect on the buyback policy. Free cash flow variable has a positive and significant effect on the buyback policy. The results showed that partially the variables of institutional ownership, managerial ownership, and leverage had no and significant effect on the buyback policy. Data analysis in this study used multiple linear regression analysis with SPSS 16 software. 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. ![]() The data used in this study is secondary data in the form of financial statements and company annual reports. This research is a quantitative research. 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. The problem in this study is the uncertainty of buying back shares when the company's capital structure increases or decreases. ![]()
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