Effect of profitability, investment opportunity set, free cash flow and collateralizable assets to dividend

2020 ◽  
pp. 371-375
Author(s):  
A. Juliarti ◽  
S. Sumani
Keyword(s):  
Cash Flow ◽  
Free Cash Flow ◽  
Investment Opportunity ◽  
Investment Opportunity Set

scholarly journals PENGARUH FREE CASH FLOW, FINANCIAL DISTRESS, DAN INVESTMENT OPPORTUNITY SET TERHADAP MANAJEMEN LABA

2021 ◽  
Vol 14 (1) ◽  
Author(s):  
Sally Irawan ◽  
Prima Apriwenni
Keyword(s):  
Earnings Management ◽  
Cash Flow ◽  
Financial Distress ◽  
Stock Exchange ◽  
Total Sample ◽  
Free Cash Flow ◽  
Investment Opportunity ◽  
Purposive Sampling ◽  
Investment Opportunity Set ◽  
Positive Effect

<p><strong><em>ABSTRACT :  </em></strong><em>Stakeholders pay attention to the earnings report, thus encouraging company managers to plan strategies to produce reports expected by stakeholders. Earnings management is one way that can be done. Managers can intervene the earnings management by increasing or decreasing profit in order to achieve a certain level of profit which benefits himself or the company. This study aims to determine the influence of free cash flow, financial distress, and investment opportunity set on earnings management. </em><em>The research sample consisted of 11 infrastructure, utility, and transportation companies listed on the Indonesia Stock Exchange in 2014-2018 with the total sample of 55 data. This study used a purposive sampling method and was tested with SPSS 22.0 Software. The results show that the data have met the pooling test, classical assumptions and established criteria. The results of the F test show that the earnings management variable is affected simultaneously by free cash flow, financial distress, and investment opportunity set variables. The t test results show that the free cash flow and investment opportunity set have a significant positive effect on earnings management, whereas financial distress does not. In sum, there is enough evidence that free cash flow and investment opportunity set positively affect earnings management, but financial distress does not have enough evidence to influence earnings management.</em></p><p><strong><em>Keywords: </em></strong><em> Earnings Management, Free Cash Flow, Investment Opportunity Set, Financial Distress.</em></p><p><em> </em></p><p><strong>ABSTRAK:</strong> Laporan laba menjadi perhatian para <em>stakeholders</em> sehingga mendorong manajer perusahaan melakukan perencanaan strategi untuk menghasilkan laporan yang diharapkan <em>stakeholder</em>. Manajemen laba adalah salah satu cara yang dapat dilakukan. Intervensi manajer untuk melakukan manajemen laba dengan cara menaikkan atau menurunkan laba guna mencapai tingkat laba tertentu untuk menguntungkan dirinya sendiri atau perusahaan. Penelitian ini bertujuan untuk mengetahui pengaruh <em>free cash flow, financial distress, </em>dan <em>investment opportunity set </em>terhadap manajemen laba. Sampel penelitian ini adalah perusahaan infrastruktur, utilitas, dan transportasi yang terdaftar di Bursa Efek Indonesia periode 2014-2018. Total sampel yang digunakan adalah 11 perusahaan dengan data observasi yang diperoleh sebanyak 55. Teknik pengambilan sampel yang digunakan adalah <em>non-probability sampling</em> dengan menggunakan metode <em>purposive sampling</em> dan pengujian yang dilakukan dengan bantuan <em>software</em> SPSS 22.0. Hasil penelitian dari data yang digunakan,  untuk uji pooling dan asumsi klasik telah lulus uji dan sudah memenuhi kriteria yang ditetapkan. Hasil uji F menunjukkan bahwa variable manajemen laba dipengaruhi secara simultan oleh variable <em>free cash flow, financial distress, </em>dan <em>investment opportunity set. </em>Dari hasil uji t memperlihatkan hasil bahwa <em>free cash flow </em>dan<em> investment opportunity set </em>mempunyai nilai signifikan positif terhadap manajemen laba, tapi untuk <em>financial distress </em>tidak mempunyai nilai signifikan terhadap manajemen laba. Kesimpulan dari penelitian ini adalah<em> free cash flow </em>dan <em>investment opportunity set </em>berpengaruh positif terhadap manajemen laba, sedangkan <em>financial distress </em>tidak berpengaruh terhadap manajemen laba.</p><p><strong>Kata Kunci:</strong> Manajemen Laba,<em> Free Cash Flow,  Investment Opportunity Set, Financial Distress</em></p><p> </p>

scholarly journals PENGARUH FREE CASH FLOW, INVESTMENT OPPORTUNITY SET, MANAGERIAL OWNERSHIP TERHADAP DIVIDEN POLICY MELALUI DEBT POLICY SEBAGAI PEMEDIASI

2019 ◽  
Vol 1 (2) ◽  
pp. 40-59
Author(s):  
Luh Nik Oktarini ◽  
Putu Atim Purwaningrat
Keyword(s):  
Data Analysis ◽  
Cash Flow ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Managerial Ownership ◽  
Investment Opportunity ◽  
Investment Opportunity Set ◽  
Debt Policy ◽  
Program Version

The purpose of this study was to determine the effect of free cash flow to debt policy to determine the influence of investment opportunity set against debt policy to determine the effect of managerial ownership on debt policy  to determine the effect of free cash flow to the dividend policy to determine the effect of managerial ownership to dividend policy. This research was conducted on manufaktur companies listed in Indonesia Stock Exchange 2011-2015 period. Methods of data collection is done by using the method of documentation. Data analysis with path analysis with AMOS program version 20. The results showed  the effect of variable free cash flow to debt policy is significant, effect of variable investment opportunity set against debt policy is significant, the effect of managerial ownership variable against debt policy is not significantly, the effect of variable free cash flow toward dividend policy is not significant,  the effect of managerial ownership variable to dividend policy is a significant and indirect influence of the variable investment opportunity set against the dividend policy through debt policy is significant.

scholarly journals THE EFFECTS OF LIFE CYCLE AND FREE CASH FLOW ON DIVIDEND OF AGRICULTURAL COMPANIES THAT LISTED IN INDONESIA STOCK EXCHANGE

2020 ◽  
Vol 9 (2) ◽  
pp. 121
Author(s):  
Helma Malini ◽  
Venu Fitratama
Keyword(s):  
Life Cycle ◽  
Cash Flow ◽  
Firm Size ◽  
Negative Impact ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Investment Opportunity ◽  
Dividend Payout ◽  
Independent Variables ◽  
Investment Opportunity Set

Company decision to give profits to their investors is based on several reasons including internal policy from the company. Therefore, this study discusses the effects of life cycle and free cash flow on dividend of agricultural companies that listed in Indonesia stock exchange. Independent variables; used are free cash flow, life cycle, firm size, leverage, assets growth, and investment opportunity set. The population in this study is Agricultural company listed on Indonesia Stock Exchange (BEI) in the period of 2015 - 2018. The sample collected using purposive sampling methods. Total of 21 companies were determined as samples. The method of analysis in this study is panel data regression with basis on fixed effect model. The result of this study indicate that the independent variables of free cashflow, life cycle, firm size, leverage, and investment opportunity set have positive impact toward dividend payout ratio while assets growth has negative impact on dividend payout ratio. The result of determination coefficient shows that the independent variables give affect 63.69% against dependent variable.Keywords: Free cash flow, Life cycle, Firm size, Leverage, Assets growth, Investment opportunity set, Dividend payout ratio, Dividend policy

scholarly journals PENGARUH PROFITABILITAS, FREE CASH FLOW DAN INVESTMENT OPPORTUNITY SET TERHADAP CASH DIVIDEND DENGAN LIKUIDITAS SEBAGAI VARIABEL MODERATING PADA PERUSAHAAN MANUFAKTUR PERIODE 2008 – 2011

2018 ◽  
Vol 2 (1) ◽  
Author(s):  
Elly Susanti
Keyword(s):  
Cash Flow ◽  
Free Cash Flow ◽  
Investment Opportunity ◽  
Cash Dividend ◽  
Purposive Sampling ◽  
Investment Opportunity Set

Tujuan dari Penelitian ini adalah untuk membuktikan dan menganalisis pengaruh Profitabilitas(diproksikan pada ROI), Free Cash Flow dan Investment Opportunity set (diproksikan pada MVEBVE) baik secara parsial maupun simultan terhadap Cash Dividendpada perusahaan manufaktur yang terdaftar pada Bursa Efek Indonesia, dan juga untuk membuktikan dan menganalisis apakah Likuiditas mampu memoderasi hubungan antara variabel Profitabilitas, Free Cash Flow dan Investment Opportunity set terhadap Cash Dividend. Populasi dari penelitian ini sebanyak 147 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2008 – 2011. Sampel diseleksi dengan menggunakan metode purposive sampling sebanyak 32 perusahaan. Untuk hipotesis pertama menggunakan analisis regresi berganda sedangkan untuk hipotesis kedua menggunakan analisis residual. Penelitian ini menunjukkan hasil dari hipotesis pertama Profitabilitas, Free Cash Flow, dan Investment Opportunity Set secara simultan berpengaruh terhadap CashDividend. Secara parsial hanya Profitabilitas yang berpengaruh signifikan terhadap Cash Dividend. Selanjutnya Likuiditas digunakan sebagai variabel moderating hasilnya adalah Likuiditas mampu memperkuat hubungan Profitabilitas terhadap pengaruh Cash Dividend dan memperlemah hubungan Free Cash Flow dan Investment Opportunity set terhadap pengaruh Cash Dividend.

scholarly journals PENGARUH PROFITABILITAS, UKURAN PERUSAHAAN, FREE CASH FLOW, SALES GROWTH, INVESTMENT OPPORTUNITY SET TERHADAP NILAI PERUSAHAAN DENGAN VARIABEL INTERVENING KEBIJAKAN HUTANG

2014 ◽  
Vol 1 (2) ◽  
pp. 99-107
Author(s):  
Bhakti Helvi Rambe
Keyword(s):  
Cash Flow ◽  
Firm Size ◽  
Firm Value ◽  
Negative Influence ◽  
Free Cash Flow ◽  
Company Size ◽  
Sales Growth ◽  
Investment Opportunity ◽  
Investment Opportunity Set ◽  
Equity Ratio

Profitability Analysis, Company Size, Free Cash Flow, Growth Sales, Investment Opportunity Set On Company Value With Intervening Variables Of Debt Policy This research uses causal method. The population is 143 companies, and 45 of them are used as samples, taken using purposive sampling techniques, so that there will be 179 units of observation. Data were analyzed using multiple linear regression analysis and path analysis. The results showed that, simultaneously, profitability, company size, free cash flow (FCF), sales growth, and investment opportunity set (IOS) had a significant effect on firm value. Partially, the variable Profitability and Firm Size has a positive and significant effect on firm value, Free Cash Flow (FCF), Sales Growth, and Investment Opportunities (IOS) have a positive but not significant effect on firm value. Debt to Equity Ratio (DER) has a negative influence on firm value. Simultaneously, Profitability, Firm Size, Free Cash Flow (FCF), Sales Growth, and Investment Opportunity Set (IOS) Investment Opportunity Set (IOS) Partially, the Profitability variable and Firm Size Size have a positive and significant influence on Free Cash Flow ( FCF), Sales Growth has a positive but not significant effect on Debt to Equity Ratio (DER). Meanwhile, Investment Opportunity Set (IOS) has a negative influence on Debt to Equity Ratio (DER), while Debt to Equity Ratio (DER) cannot mediate Profitability correlations, Company Size, Free Cash Flow (FCF), Sales Growth, and Sets Investment Opportunities (IOS) with Company Value.. Keywords:      Profitability, Firm Size, Free Cash Flow, Sales Growth, Investment Opportunity Set, Firm Value, Debt to Equity Ratio

scholarly journals FAKTOR-FAKTOR YANG MEMPENGARUHI INVESTMENT OPPORTUNITY SET TERHADAP KEBIJAKAN HUTANG DAN FREE CASH FLOW

2018 ◽  
Vol 1 (2) ◽  
pp. 1-14
Author(s):  
Tumpal Manik
Keyword(s):  
Cash Flow ◽  
Capital Expenditure ◽  
Market Value ◽  
Free Cash Flow ◽  
Share Price ◽  
Price Ratio ◽  
Investment Opportunity ◽  
Book Value ◽  
Investment Opportunity Set ◽  
Equity Ratio

Penelitian ini bertujuan untuk menganalisis faktor-faktor yang mempengaruhi investment opportunity set terhadap kebijakan hutang dan free cash flow pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2016 – 2017. Pengambilan sampel dilakukan dengan metode purposive sampling. Jumlah populasi 168 yang memenuhi kriteria sebanyak 40 perusahaan, maka data penelitian 40 x 2 tahun yaitu 80 data. Pengolahan data penelitian untuk menguji hipotesis penelitian secara simultan dan parsial. Hasil penelitian bahawa faktor-faktor yang mempengaruhi investment opportunity set terhadap kebijakan hutang berpengaruh singnifikan, antara lain proksi ios berdasarkan Market to Book Value of Assets Ratio sebesar 16,1%, Market to Book Value Equity Ratio sebesar 18,2%, Earning per Share Price Ratio (sebesar 19,1%, Capital Expenditure to Book Value Asset Ratio sebesar 17,6%, Capital Expenditure to Market Value of Assets Ratio sebesar 15%. Sedangkan investment opportunity set terhadap free cash flow berpengaruh signifikan

scholarly journals ANALISIS FREE CASH FLOW, PROFITABILITAS, DEVIDEN DAN UKURAN PERUSAHAAN TERHADAP LEVERAGE PERUSAHAAN DENGAN INVESMENT OPPORTUNITY SET SEBAGAI VARIABEL MODERATING PADA SEKTOR TRADE, SERVICE & INVESMENT YANG TERDAFTAR PADA BEI

JURNAL PUNDI ◽  
2020 ◽  
Vol 3 (3) ◽  
pp. 171
Author(s):  
Marlina Marlina ◽  
Muhammad Rivandi
Keyword(s):  
Cash Flow ◽  
Free Cash Flow ◽  
Retail Sector ◽  
Test Results ◽  
Investment Opportunity ◽  
The Public ◽  
Sector Condition ◽  
Analysis Technique ◽  
Investment Opportunity Set ◽  
The Relationship

ABSTRACK The decline in the purchasing power of the public, as seen from the decline in the growth of Trade, Services and Investment sector in the retail sector subsector Retail sub-sector condition has been 2.5 years underperformance This study aims to test whether the influence of Investment Opportunity Set (IOS) free cash flow and profitability to leverage. Population in this research is Trade Company, Services & Investment, retail subsector, which is listed on BEI. period 2014-2016, ie as many as 23 Companies. Using the technique of porposive sampling, the sample in this study were 15 companies. Data analysis technique that is regersion analysis by using moderating variable. From the test results, showed that the Free cash flow has a significant effect on leverage, which is indicated from the significance value> 0.05 is 0.018. Profitability has a significant effect on firm leverage which is shown from significance value> 0.05 ie 0.000. IOS does not affect the relationship between free cash flow and leverage, as indicated by the significance value of IOS interaction with free cash flow <0.05 is 0.053. And IOS Set affects the relationship between Profitability with leverage shown from the significance value of IOS interaction with Profitability> 0.05 is 0.044 Keywords: free cash flow, profitability, leverage, IOS

scholarly journals Faktor-Faktor yang Mempengaruhi Dividend Payout Ratio (DPR) pada Perusahaan Perbankan di Bursa Efek Indonesia

2018 ◽  
Vol 1 (1) ◽  
pp. 105-113
Author(s):  
Nanang Agus Suyono
Keyword(s):  
Cash Flow ◽  
Capital Market ◽  
Free Cash Flow ◽  
Investment Opportunity ◽  
Dividend Payout ◽  
Purposive Sampling ◽  
Investment Opportunity Set

Penelitian ini bertujuan untuk mengetahui : (1) Pengaruh profitabilitas terhadap Ukuran perusahaan  berpengaruh positif terhadap dividend payout ratio.(2) Pengaruh free cash flow terhadap dividend payout ratio. (3) Pengaruh investment opportunity set terhadap dividend payout ratio.(4) Pengaruh kepemilikan manajerial terhadap dividend payout ratio.(5) Pengaruh likuiditas terhadap dividend payout ratio. (6) Pengaruh ukuran perusahaan terhadap dividend payout ratio. Penelitian ini dilakukan pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia selama periode 2012 sampai 2017. Berdasarkan Indonesian Capital Market Directory (ICMD) tahun 2017, terdapat 43 perusahaan perbankan yang terdaftar di Bursa Efek Indonesia. Metode pengambilan sampel dalam penelitian ini menggunakan purposive sampling. Alat analisis yang digunakan adalah regresi linier berganda untuk menganalisis data kuantitatif. Hasil penelitian menunjukkan bahwa : (1) Profitabilitas  berpengaruh negatif terhadap dividend payout ratio. (2) Free cash flow tidak berpengaruh terhadap dividend payout ratio.(3) Investment opportunity set tidak berpengaruh terhadap dividend payout ratio. (4) Kepemilikan manajerial berpengaruh positif terhadap dividend payout ratio (5) Likuiditas  berpengaruh positif terhadap dividend payout ratio. (6) Ukuran perusahaan  berpengaruh positif terhadap dividend payout ratio.   Kata Kunci     : Dividend Payout Ratio, Profitabilitas, Free Cash Flow, Kepemilikan Manajerial, Likuiditas dan Ukuran Perusahaan.

scholarly journals Free cash flow effect towards firm value

2019 ◽  
Vol 6 (3) ◽  
pp. 108-116 ◽  
Author(s):  
Ida Ayu Made Chandra Dewi ◽  
Maria Mediatrix Ratna Sari ◽  
I.G.A.N Budiasih ◽  
Herkulanus Bambang Suprasto
Keyword(s):  
Cash Flow ◽  
Firm Value ◽  
Stock Price ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Free Cash Flow ◽  
Stock Index ◽  
Investment Opportunity ◽  
Dividend Payout ◽  
Investment Opportunity Set

A company is established to raise the value of the firm by maximizing profit and shareholder’s wealth. In the capital market, firm value is reflected in the stock price. To raise a firm value, needed to investigate the determinant of firm value. So, this research is aimed to determine the effect of free cash flow on firm value with dividend payout and investment opportunity set as mediator. Population in this research was companies listed on the Main Board Stock Index in Indonesian Stock Exchange for 2013-2017. The sample is 189 observation and it was taken by using purposive sampling technique. Data analysis technique used in this research is path analysis and Sobel test. This research founded that free cash flow has a positive significant effect on firm value and dividend payout, free cash flow has a negative effect on investment opportunity set, dividend payout has a positive significant effect on firm value, and investment opportunity set has a positive significant effect on firm value. Furthermore, dividend payout act as a mediator on the effect of free cash flow on firm value, but investment opportunity unable to mediate the effect of free cash flow on firm value.

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