INSIDER OWNERSHIP, DIVIDEN, DAN KEBIJAKAN HUTANG: PERAN MODERASI FREE CASH FLOW

2013 ◽  
Vol 9 (1) ◽  
pp. 69
Author(s):  
Prita Sukma Ariyanti
Keyword(s):  
Cash Flow ◽  
Least Square Method ◽  
Negative Influence ◽  
Positive Influence ◽  
Free Cash Flow ◽  
Least Square ◽  
Dividend Payout ◽  
Insider Ownership ◽  
Insurance Firms ◽  
Debt Policy

The purpose of this study is to examine the moderating role of free cash flow to relationship between insider ownership and dividend toward debt policy. This studi uses non-banking and insurance firms, which listed in the indonesian stock market over 2004 - 2008. Empirical data are analyzed by using pooled least square method. The results show that insider ownership has positive influence on debt policy meanwhile dividend payout ratio has negative influence on debt policy. Free cash flow has the moderating effect on the relationship between insider ownership and dividend toward debt policy. Keywords: Insider Ownership, Dividend Payout Ratio, Debt Policy, Free Cash Flow.

Effect of Leverage on Firm Market Value and How Contextual Variables Influence this Relationship

2014 ◽  
Vol 17 (01) ◽  
pp. 1450004 ◽  
Author(s):  
Ming-Chang Cheng ◽  
Zuwei-Ching Tzeng
Keyword(s):  
Cash Flow ◽  
Firm Value ◽  
Stock Exchange ◽  
Negative Influence ◽  
Positive Influence ◽  
Free Cash Flow ◽  
Least Square ◽  
Contextual Variables ◽  
Tax Rate ◽  
Market Values

Using the financial data from 645 companies that were listed in the Taiwan Stock Exchange (TSE) between 2000 and 2009, this paper applied a least square dummy variable (LSDV) model to estimate the effect of leverage on firm market values and examine how contextual variables influence this relationship. The empirical results are as follows. First, the values of leveraged firms are greater than the values of unleveraged firms if we do not consider the probability of bankruptcy. If we simultaneously consider the benefits and costs of debt, we find that leverage is positively related to the firm value until a firm has issued sufficient debt to attain its optimal capital structure. Second, the positive influence of leverage on the firm value tends to be stronger for firms of higher financial quality (firms with greater Z-scores), firms with greater growth opportunities and firms with higher corporate tax rates. Third, the negative influence of leverage on firm value tends to be strengthened if increases occur in a firm's free cash flow, a firm's non-debt tax rate, or the inflation rate it experiences. Finally, leverage may also have a positive effect on firm value provided that a firm with a higher free cash flow, a higher corporate rate or a higher inflation, is able to properly capitalize on the resultant opportunities. These findings provide insight into firms' debt financing decisions, helping firms to maximize their values.

scholarly journals Interactions between free cash flow, debt policy and structure of governance: Three stage least square simultaneous model approach: evidence from the Tunisian stock exchange

2012 ◽  
Vol 9 (2) ◽  
pp. 21-40 ◽  
Author(s):  
Ben Moussa Fatma ◽  
Jameleddine Chichti
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
Cash Flows ◽  
Free Cash Flow ◽  
Least Square ◽  
Agency Conflicts ◽  
Governance Mechanism ◽  
Free Cash Flows ◽  
Debt Policy ◽  
Simultaneous Model

This research tests the efficiency of the ownership structure and the debt policy as mechanism of resolution of agency conflicts between shareholders and managers due to the problem of overinvestment, in the limitation of the problem of the free cash flow, by estimating three stage least square simultaneous model and on the basis of a sample of 35 non-financial Tunisian listed companies selected for the period 1999–2008. Our results are in favour of the theory of free cash flows of Jensen (1986) that stipulates that the debt policy represents the principal governance mechanism that can limit the risk of free cash flow. However, the ownership concentration and managerial ownership increase the risk of the free cash flow.

scholarly journals Determinan Kebijakan Hutang (Bukti Empiris Pada Perusahaan yang Terdaftar Di Bursa Efek Indonesia)

2017 ◽  
Vol 4 (1) ◽  
pp. 91-112
Author(s):  
Linda Linda ◽  
Maya Febrianty Lautania ◽  
Muhammad Arfandynata
Keyword(s):  
Stock Exchange ◽  
Strong Relationship ◽  
Negative Influence ◽  
Positive Influence ◽  
Free Cash Flow ◽  
Investment Opportunity ◽  
Good Investment ◽  
Investment Opportunity Set ◽  
Equity Ratio ◽  
Debt Policy

The purpose of this study is to examine the influence of asset structure, free cash flow (FCF), and investment opportunity set on debt policy in the LQ-45 company listed in the Indonesia Stock Exchange between 2011 and 2015.The data used in this study obtained from published companyfinancial statements. The sample was selected based on purposive sampling method e.g. 110 observations. The hypotheses were tested by using multiple linear regression analysis.The results of this study demonstrated that the asset structure, FCF, and investment opportunity set both partially and simultaneously determine the Debt to Equity Ratio. Partially, this study found that the asset structure and FCF has a negative influence on debt to equity ratio, while the investment opportunity set has a positive influence on debt to equity ratio. based on these results, the good investment opportunity set have a strong relationship on the level of debt risk.

scholarly journals Analisis pengaruh leverage terhadap nilai perusahaan dengan kepemilikan manajerial dan arus kas bebas sebagai variabel pemoderasi

2017 ◽  
Vol 22 (1) ◽  
Author(s):  
Linawaty Linawaty ◽  
Agustin Ekadjaja
Keyword(s):  
Cash Flow ◽  
Firm Value ◽  
Stock Exchange ◽  
Secondary Data ◽  
Least Square Method ◽  
Free Cash Flow ◽  
Least Square ◽  
Ordinary Least Square ◽  
Management Ownership ◽  
The Impact

The purpose of this study is to examine whether or not the effect of leverage on firm value with management ownership and free cash flow as moderating variabel practice of manufacture firms listed in Indonesian Stock Exchange for period 2012-2014. Thirty five sample are selected by purposive sampling and used ordinary least square method to analysis. This study used secondary data such as firm financial statement that published during the observation year. Dependent variabel in this study is firm value practice of real estate firms listed in Indonesian Stock Exchange, while the independent variabels are leverage, management ownership, and free cash flow. The result shows that the impact of leverage is significant on firm value; Free Cash Flow is significant moderating leverage on firm, Management Ownership is not significant moderating leverage on firm value

scholarly journals Regional dynamism between social and commercial ventures

2017 ◽  
Vol 44 (9) ◽  
pp. 1122-1138 ◽  
Author(s):  
Habib Kachlami
Keyword(s):  
Large Scale ◽  
Least Square Method ◽  
Negative Influence ◽  
Positive Influence ◽  
Least Square ◽  
Entry Rate ◽  
Content Type ◽  
The Social ◽  
Social Venture ◽  
Social Ventures

Purpose The purpose of this paper is to study the interaction between social and commercial ventures in a region. It achieves this objective through investigating the influence of social ventures’ entry, exit and density on the entry rate of commercial ventures. Design/methodology/approach Organizational ecology is applied for theoretical analysis and the feasible generalized least square method for empirical analysis. Findings The study, in overall, finds a diffuse competition between the populations of social and commercial ventures. The results have revealed a negative influence of social ventures’ entry and density on the entry rate of commercial ventures and a positive influence of the social ventures’ exit on commercial ventures’ entry rate in a region. Originality/value The study is one of the few in its filed that empirically studies the interaction between social and commercial ventures and the first study, which investigates it in the context of Sweden. The previous two studies, however, have only examined either the influence of social ventures entry or social venture density on the entry rate of commercial ventures. This study, however, examines the influence of both of those factors plus the influence of social venture exit on commercial venture entry. The study is also unique regarding the large-scale database it uses including all the 290 municipalities all over Sweden 1990-2014.

scholarly journals Long-Term Simultanity Model Of Indonesian Financial Company Value And Debt Policy

2021 ◽  
Vol 2 (5) ◽  
pp. 1608-1615
Author(s):  
Rahmat Hidayat ◽  
Rusiadi ◽  
Anwar Sanusi ◽  
Rahmat Sembiring
Keyword(s):  
Least Square Method ◽  
Free Cash Flow ◽  
Least Square ◽  
Ordinary Least Square ◽  
Company Value ◽  
Dependent Variables ◽  
Financial Company ◽  
A Company ◽  
Debt Policy

  Competition in financial companies makes each company increasingly improve its performance so that its goals can still be achieved. The main goal of a company is to get profits, to achieve these goals, management is required to make good planning. Likewise, management in a financial company has a goal, where the Debt Policy and Company Value will affect the company's management in achieving profits. This study aims to analyze as much as possible the effectiveness of profitability, dividend payout ratio, asset structure, Free Cash Flow, company size and sales growth and have an influence on the Debt Policy and Company Value. In this study, researchers used the OLS (Ordinary Least Square) method, the Panel Regression method and the Simultaneous / 2SLS method (Two Stage Least Square). Which aims to analyze the influence of independent variables on the dependent variables both separately and jointly and also see the influence of variables in the short and medium term.

scholarly journals ANALYSIS OF FACTORS AFFECTING POVERTY IN NORTH SUMATERA PROVINCE (CASE STUDY IN 33 DISTRICT / CITY)

2019 ◽  
Vol 8 (2) ◽  
pp. 69
Author(s):  
Yudistira Avandi ◽  
Setyo Tri Wahyudi
Keyword(s):  
Economic Growth ◽  
Poverty Reduction ◽  
Least Square Method ◽  
Fixed Effect Model ◽  
Negative Influence ◽  
Positive Influence ◽  
Least Square ◽  
Coefficient Of Determination ◽  
Factors Affecting ◽  
Level Of Education

The equitable poverty reduction in North Sumatera became one of the unresolved issues until now. The decreasing of poverty percentage in the last five years in North Sumatera can not represent the level of public welfare. In fact , in 2013, there were 22 out of 33 districts in North Sumatera which have the poverty percentage more than ten percent and known as hardcore poverty. The highest poverty percentage was found in North Nias and Gunung Sitoli by 30.94 %, while the lowest was found in Deli Serdang by 4.71 %. This research stated the problem “How is the influence of the economic growth, level of education, and the minimum regional wages toward the level of poverty in North Sumatera Province? The objective is to analyze the influence of economic growth, the level of education and the minimum wages toward the poor population in North Sumatera Province. This research used 165 samples that spread in 33 districts in North Sumatera from 2009 until 2013 with panel data and using Fixed Effect Model Method.  The result of the Ordinary Least Square Method (LOS) through the multiple linear regretion estimated model showed that the economic growth and the minimum regional wages had negative influence, while the level of education had positive influence toward poverty in North Sumatera. The coefficient of determination (R2) is 0.948157 which means the variable of economic growth, minimum regional wages and level of education can define the poverty in North Sumatera by 94.82 %, and 5.18 % defined by other economic variables outside the model.

scholarly journals Struktur Kepemilikan, Profitabilitas, dan Nilai Perusahaan: Mediasi Kebijakan Deviden

2020 ◽  
Vol 4 (1) ◽  
pp. 1
Author(s):  
Christina Heti Tri Rahmawati
Keyword(s):  
Firm Value ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Negative Influence ◽  
Positive Influence ◽  
Manufacturing Companies ◽  
Dividend Payout ◽  
Insider Ownership ◽  
Significant Positive Influence

Abstract. This research aims to investigate the influence of insider and institutional ownership, profitability towards firm value through dividend payout ratio as the intervening variable. The research method was quantitative research. The samples employed were the manufacturing companies registered in Indonesia Stock Exchange 2016-2018. The statistic method was analyzed by path analysis. The results of this research showed that insider ownership brought significant negative influence towards the firm value; the profitability brought significant positive influence towards the firm value and the dividend payout ratio brought significant positive influence towards the firm value. The intervening testing results proved the dividend payout did not intervene in the influence of the insider and institutional ownership towards the firm value, and the dividend intervened in the influence of profitability towards the firm value. The research implication for investors includes the drastic increase in profit and benefits. Meanwhile, for companies, they could enhance the insider share ownership and performance to earn optimum profitability and dividend that could boost the firm’s value and grab more investors. Keywords: Insider Ownership; Institutional Ownership; Profitability; Firm Value; Dividend Payout Ratio. Abstrak. Penelitian ini bertujuan menguji pengaruh kepemilikan manajerial, kepemilikan institusional dan profitabilitas terhadap nilai perusahaan melalui kebijakan deviden sebagai variabel mediasi. Metode penelitian yang digunakan adalah penelitian kuantitatif. Sampel yang digunakan adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2016-2018. Metode statistik untuk menguji hipotesis menggunakan analisis jalur. Hasil penelitian menunjukkan kepemilikan manajerial berpengaruh negatif signifikan terhadap nilai perusahaan; profitabilitas dan kebijakan deviden berpengaruh positif signifikan terhadap nilai perusahaan serta kebijakan deviden berpengaruh positif signifikan terhadap nilai perusahaan. Sedangkan hasil uji mediasinya membuktikan kebijakan deviden tidak memediasi pengaruh kepemilikan manajerial dan kepemilikan institusional terhadap nilai perusahaan;serta kebijakan deviden memediasi pengaruh profitabilitas terhadap nilai perusahaan. Implikasi penelitian ini bagi investor dapat memilih perusahaan dengan tingkat laba yang tinggi sehingga menerima keuntungan tinggi. Sedangkan bagi perusahaan dapat meningkatkan kepemilikan saham manajerial dankinerja perusahaan agar menghasilkan profitabilitas yang optimal serta dividen yang tinggi, sehingga meningkatkan nilai perusahaan dan menarik investor. Kata kunci: Kepemilikan Manajerial; Kepemilikan Institusional;Profitabilitas; Nilai Perusahaan; Kebijakan Deviden.

scholarly journals PENGARUH ARUS KAS BEBAS, PERTUMBUHAN PERUSAHAAN DAN PROFITABILITAS TERHADAP FINANCIAL LEVERAGE (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia)

2020 ◽  
Vol 6 (1) ◽  
pp. 1-14
Author(s):  
Heny Rofizar ◽  
Muhammad Arfan ◽  
Faisal Faisal
Keyword(s):  
Path Analysis ◽  
Cash Flow ◽  
Firm Growth ◽  
Stock Exchange ◽  
Negative Influence ◽  
Positive Influence ◽  
Free Cash Flow ◽  
Manufacturing Companies ◽  
Financial Leverage ◽  
Research Show

AbstractThe objective of this research is to examine the influence of free cash flow, firm growth, and profitability on financial leverage of manufacturing companies listed in Indonesian Stock Exchange for the period 2011 to 2015. Out of 121 manufacturing companies, 34 companies were selected as sample using purposive samping technique and then it estimated using path analysis. The results of this research show that: (1) free cash flow have positive influence towards financial leverage; (2) firm growth have positive influence towards financial leverage; and (3) profitability have negative influence towards financial leverage. These findings implied that in managing the financial leverage, the manufacturing companies should deliberate the importance of free cash flow, firms growth, and profitability. Keyword:   Financial Leverage, Free Cash Flow, Firms Growth, and Profitability   AbstrakTujuan dari penelitian ini adalah untuk menguji pengaruh arus kas bebas, pertumbuhan perusahaan, dan profitabilitas terhadap financial leverage pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2011-2015. Dari 121 perusahaan manufaktur, 34 perusahaan dipilih menjadi sampel penelitian dengan menggunakan metode purposive sampling dan kemudian diestimasi dengan menggunakan analisis jalur. Hasil pengujian menunjukkan bahwa: (1) arus kas bebas berpengaruh positif terhadap financial leverage; (2) pertumbuhan perusahaan berpengaruh positif terhadap financial leverage; dan (3) profitabilitas berpengaruh negatif terhadap financial leverage. Temuan penelitian ini bermakna bahwa dalam mengelola financial leverage, perusahaan manufaktur harus mempertimbangkan pentingnya arus kas bebas, pertumbuhan perusahaan, dan profitabilitas dari perusahaan tersebut. 

scholarly journals MODERASI ALIRAN KAS BEBAS TERHADAP HUBUNGAN DEVIDEND PAY OUT RATIO DAN LEVERAGE DENGAN EARNINGS RESPONSE COEFFICIENTS

2016 ◽  
Vol 1 (1) ◽  
pp. 39
Author(s):  
Khanifah Khanifah
Keyword(s):  
Cash Flow ◽  
Positive Influence ◽  
Free Cash Flow ◽  
Financial Accounting ◽  
Financial Statement ◽  
Earnings Response Coefficients ◽  
Earnings Response ◽  
Variable Influence ◽  
Company Growth ◽  
Debt Policy

Company growth toward bring us which competitive progressively. Financial statement is matter important to know monetary growth an company aside not deviden and debt policy with free cash<br />flow in company. Strength level of accountancy profit relation in a few financial accounting literature measured by using Earnings Response Coefficients (ERC) as a reaction of by certain side of<br />profit which have been company announced. The problems of the study about the influence of devidend payout ratio to Earnings Response Coefficients (ERC) with free cash flow moderating<br />variable, influence of company which have not devidend payout ratio to Earnings Response Coefficients (ERC) with free cash flow moderating variable, influence of leverage to Earnings Response<br />Coefficients (ERC) with free cash flow moderating variable. The goal of this study to know what is there are influence of devidend payout ratio to Earnings Response Coefficients (ERC) with<br />free cash flow moderating variable, to know influence of company which have not devidend payout ratio there are Earnings Response Coefficients with free cash flow moderating variable, to know influence of leverage to Earnings Response Coefficients (ERC) with free cash flow moderating variable. The result of obtained analysis by t of tables of 1,990 while t count 0,331, meaning t count &lt; t of tables of with level of signifikan equal to 0,744 so Ho accepted and is Ha refused. So can be<br />concluded that there no which positive influence between variable of DPR (X1) with free cash flow moderating to earnings response coefficients. At obtained second hypothesis t of tables of 1,990<br />while t count - 0,011, meaning t count &lt; t of tables of with level of signifikan equal to 0,991 so Ho accepted and Ha refused. So can be concluded that there no which positive influence between<br />variable of leverage (X2) with free cash flow moderating to earnings response coefficients. At test of F got by f value count equal to 0,054 with probability 0,947 Because probability bigger than 0,05, so this indicate regression models that DPR and of Leverage with free cash flow as variable moderating not influence to Earning Response Coefficiets by together.

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