scholarly journals Analisis Pengaruh Moderating Investment Opportunity Set dengan Kebijakan Dividend serta Moderating Investment Opportunity Set dengan Arus Kas Bebas terhadap Tingkat Leverage Perusahaan Makanan dan Minuman yang Terdaftar di BEI Periode 2003-2007

The Winners ◽  
2011 ◽  
Vol 12 (2) ◽  
pp. 121
Author(s):  
Masruroh Masruroh ◽  
Tinjung Desy Nursanti ◽  
Lisa Lisa
Keyword(s):  
Cash Flow ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Investment Opportunity ◽  
Flow Effect ◽  
Investment Opportunity Set ◽  
Food And Beverage ◽  
Enterprise Level

This research aims to examine whether there is any influence of investment opportunity set (IOS) on the affiliation between dividend policy and free cash flow to leverage enterprise-level. By using 42 samples of food and beverage companies listed on Indonesia Stock Exchange from 2003 to 2007, it is concluded that the dividend policy does not affect the company's leverage. However, the dividend policy together with investment opportunity set affect the level of corporate leverage. Free cash flow affects the level of corporate leverage. In the meantime, free cash flow to the investment opportunity set (IOS) also influences the level of corporate leverage, the dividend policy and free cash flow effect on the level of corporate leverage. Meanwhile, the dividend policy, free cash flow, investment opportunity set simultaneously affect the level of corporate leverage.

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 Pengaruh Investment Opportunity Set dan Free Cash Flow Pada Kebijakan Dividen dan Nilai Perusahaan

2017 ◽  
pp. 63
Author(s):  
I Gusti Ngurah Putu Adi Suartawan ◽  
Gerianta Wirawan Yasa
Keyword(s):  
Cash Flow ◽  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Manufacturing Companies ◽  
Investment Opportunity ◽  
Positive Effects ◽  
Investment Opportunity Set ◽  
Linear Regression Technique

This research is conducted to find out the effect of investment opportunity set and free cash flow towards dividend policy and its impacts on firm value of manufacturing companies registered in Indonesia Stock Exchange during the period of 2011-2013. The samples of this study are 25 manufacturing companies and they were selected by using purposive sampling method. The data is collected through non participants’ observation. Path analysis which is an extension of the multiple linear regression technique is used to analyze data. Based on the data analysis, it was found that, investment opportunity set has positive effects on dividend policy. It refuses the negative hypothesis, free cash flow has positive effects on dividend policy, investment opportunity set has positive effects on firm value, free cash flow has positive effects on firm value, dividend policy has positive effects on firm value, investment opportunity set has effects on firm value  through dividend  policy  and free  cash flow has no  effects on firm value  through  dividend   policy.  

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 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 INFLUENCE INVESTMENT OPPORTUNITY SET, OPERATING PROFIT MARGIN, CASH FLOW FROM OPERATING ACTIVITIES AND CASH FLOW TO EQUITY ON POLICY DIVIDEND ON A METAL COMPANY THAT LISTED ON INDONESIA STOCK EXCHANGE

2021 ◽  
Vol 1 (2) ◽  
pp. 293-310
Author(s):  
Sri Fitri Wahyuni ◽  
Fika Rimalansyah Peride
Keyword(s):  
Regression Analysis ◽  
Cash Flow ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Profit Margin ◽  
Investment Opportunity ◽  
Operating Profit ◽  
Analysis Technique ◽  
Investment Opportunity Set ◽  
Operating Activities

The research objectives in this study are to find out and analyze the effect Investment Opportunity Set, To find out and analyze the effect Operating Profit Margin, To find out and analyze the effect of Cash flow from operating activities, to find out and analyze the effect Cash flow to Equity to the dividend payout ratio, to determine and analyze the effect of the Investment Opportunity Set, Operating Profit Margin, Cash Flow from Operating Activities and Cash Flow to Equity simultaneously on the Dividend Payout Ratio in metal companies listed on the Indonesia Stock Exchange for the 2016-2020 period. This study uses a quantitative approach, the regression analysis technique used in this study is a multiple linear regression analysis technique. The results of this study indicate that there is an influence between the Investment Opportunity Set on Dividend Policy. There is an effect of Operating Profit Margin on Dividend Policy. There is no influence of Cash Flow From Operating Activities on the Dividend Policy in. There is an effect of Cash Flow to Equity on Dividend Policy and the Fcount Value is 12, 130 with a significant level of 0.000, while Ftable is known to be 2.68. Based on these results, it can be seen that Fcount > Ftable (12,130 > 2,68) so that H0 is rejected and Ha is accepted so it can be concluded that the variables of Investment Opportunity Set, Operating Profit Margin, Cash Flow From Operating Activities, Cash Flow to Equity together have significant influence on the Dividend Policy of Metal Companies Listed on the Indonesia Stock Exchange for the 2016-2020 period.

scholarly journals The Influence of Company Size, Company Growth, Price to Book Value, Investment Opportunity Set, and Operating Cash Flow Againts Price Earnings Ratio in Food and Beverage Sub Sector Manufacturing Companies Listed In BEI from 2015 To 2017

2021 ◽  
Vol 4 (2) ◽  
pp. 1882-1893
Author(s):  
Andini Nurwulandari
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
Company Size ◽  
Manufacturing Companies ◽  
Investment Opportunity ◽  
Book Value ◽  
Investment Opportunity Set ◽  
Food And Beverage ◽  
Operating Cash Flow ◽  
Company Growth

This study aims to see how the Price Earning Ratio is affected by company size, growth, price to book value, investment opportunity set, and operating cash flow. The authors used panel data regression to analyze data from 2015 to 2017, 13 food and beverage firms were listed on the Indonesia Stock Exchange. According to the data that have been collected, company size, company growth, and price to book value all have a positive and significant effect on the Price Earning Ratio. Meanwhile, the Investment Opportunity Set and Operating Cash Flow have no impact on the Price Earning Ratio.

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.

scholarly journals ANALISA FREE CASH FLOW DAN KEPEMILIKAN MANAJERIAL TERHADAP KEBIJAKAN UTANG (STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG GO PUBLIC DI INDONESIA)

El Dinar ◽  
2015 ◽  
Vol 2 (1) ◽  
Author(s):  
M. Cholid Mawardi
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
Agency Cost ◽  
Free Cash Flow ◽  
Managerial Ownership ◽  
Small Company ◽  
Investment Opportunity ◽  
Investment Opportunity Set ◽  
Independent Variable ◽  
Debt Policy

<p><em>The objectives of this study are : 1) to know the influence of free cash flow to debt policy in the company that have low investment opportunity set, 2) to know the influence of free cash flow to the debt in the big company which have low investment opportunity set, 3) to know the influence of managerial ownership to the debt policy in the small company. This study employs debt as dependent variable and free cash flow and managerial ownership as independent variable. The sample of this study is 36 Indonesia companies listed in the </em><em>Indonesia</em><em> Stock Exchange from 20</em><em>10</em><em> to 20</em><em>13</em><em>. The results indicate that the companies with low investment opportunity set and high free cash flow tend to use debt to finance companies operation. And managerial ownership has positive correlation to the debt in the small company. It proves that managerial ownership has ability to minimalize agency cost.</em><em></em></p>

scholarly journals DETERMINAN INVESTMENT OPPORTUNITY SET DAN FREE CASH FLOW SEBAGAI PEMODERASI

Kinerja ◽  
2020 ◽  
Vol 2 (02) ◽  
pp. 135-148
Author(s):  
Elan Kurniawan
Keyword(s):  
Hypothesis Testing ◽  
Cash Flow ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Retail Trade ◽  
Regression Equations ◽  
Sales Growth ◽  
Investment Opportunity ◽  
Investment Opportunity Set ◽  
Asset Growth

The purpose of this study is to examine sales growth, earning growth, asset growth influence the Investment opportunity set with free cash flow as a moderating retail trade company listed on the Indonesia Stock Exchange. This type of research is quantitative research, with the population used are all retail trading companies listed on the Indonesia Stock Exchange during the year ie between 2014 and 2017 as many as 11 companies. The sampling technique using purposive sampling method with data analysis techniques, namely multiple linear regression equations with hypothesis testing using SPSS. Based on the results of hypothesis testing, it shows that the sales growth variable has a significant positive effect on the Investment opportunity set but the profit growth and asset growth variable has no significant effect on the Investment opportunity set while the free cash flow moderates significantly positive on the sales growth of the Investment opportunity set.

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