scholarly journals OWNERSHIP STRUCTURE, DIVIDEND PAYMENT, AGENCY COST AND CORPORATE VALUE (SUATU PENGUJIAN MODEL STRUKTURAL)

2018 ◽  
Vol 14 (1) ◽  
Author(s):  
Isti Fadah
Keyword(s):  
Structural Equation Model ◽  
Cash Flow ◽  
Ownership Structure ◽  
Structural Equation ◽  
Agency Cost ◽  
Equation Model ◽  
Free Cash Flow ◽  
Corporate Value ◽  
Dividend Payment ◽  
Cash Flow Risk

The  agency problem come because of separation between ownership and management on large corporate, there is a conflict between shareholder as an owner and manager as an agent. Manager focus on high growth of corporate (low dividend) but the owner prefer high dividend. The aims of the research are (1)  to analysis the effect of free cash flow, risk and ownership structure to dividend payment ,(2) to analysis the effect of free cash flow, risk and ownership structure to  agency cost. (3) to analysis the effect of dividend payment to corporate value, and (4) to analysis the effect of and agency cost  to corporate value The technique sampling is purposive sampling. Secondary data is used in this research. It is from financial report like balance sheet, financial statement and cash flow report. It is gotten from Indonesian Stock Exchange. The research period is 2000 up to 2006. It uses pooled data ( joint of time series data and cross section data) so the analysis units are 271 (n=271).  To Analysis data  is used descriptive  analysis and also statistical analysis that’s name  structural equation model (SEM). It uses structural equation model (SEM) because the model has a ladder causality relationship and several variable like ownership structure, agency cost, risk , dividend payment and corporate value are latent variables.  The results show that (1)  risk has a positive significant effect to the agency cost, It means that agency cost can reduce the risk especially high risk investment that manger can do.  (2) Dividend payment  has a positive significant effect to the corporate value, It supports the-birds-in-the-hand theory and (3) risk has a positive significant effect to the corporate value. It means that investor always care about risk of corporate where they will invest.

scholarly journals OWNERSHIP STRUCTURE, DIVIDEND PAYMENT, AGENCY COST AND CORPORATE VALUE (SUATU PENGUJIAN MODEL STRUKTURAL)

2017 ◽  
Vol 14 (1) ◽  
pp. 39
Author(s):  
Isti Fadah
Keyword(s):  
Structural Equation Model ◽  
Cash Flow ◽  
Ownership Structure ◽  
Structural Equation ◽  
Agency Cost ◽  
Equation Model ◽  
Free Cash Flow ◽  
Corporate Value ◽  
Dividend Payment ◽  
Cash Flow Risk

The  agency problem come because of separation between ownership and management on large corporate, there is a conflict between shareholder as an owner and manager as an agent. Manager focus on high growth of corporate (low dividend) but the owner prefer high dividend. The aims of the research are (1)  to analysis the effect of free cash flow, risk and ownership structure to dividend payment ,(2) to analysis the effect of free cash flow, risk and ownership structure to  agency cost. (3) to analysis the effect of dividend payment to corporate value, and (4) to analysis the effect of and agency cost  to corporate value The technique sampling is purposive sampling. Secondary data is used in this research. It is from financial report like balance sheet, financial statement and cash flow report. It is gotten from Indonesian Stock Exchange. The research period is 2000 up to 2006. It uses pooled data ( joint of time series data and cross section data) so the analysis units are 271 (n=271).  To Analysis data  is used descriptive  analysis and also statistical analysis that’s name  structural equation model (SEM). It uses structural equation model (SEM) because the model has a ladder causality relationship and several variable like ownership structure, agency cost, risk , dividend payment and corporate value are latent variables.  The results show that (1)  risk has a positive significant effect to the agency cost, It means that agency cost can reduce the risk especially high risk investment that manger can do.  (2) Dividend payment  has a positive significant effect to the corporate value, It supports the-birds-in-the-hand theory and (3) risk has a positive significant effect to the corporate value. It means that investor always care about risk of corporate where they will invest.

scholarly journals Kebijakan Dividen dari Perspektive Agency Cost Model (Studi Kasus Perusahaan yang Terdaftar di Bursa Efek Indonesia periode 2011-2013)

2016 ◽  
Vol 5 (1) ◽  
pp. 73
Author(s):  
Akhmad Hitten
Keyword(s):  
Cash Flow ◽  
Ownership Structure ◽  
Cost Model ◽  
Investment Decisions ◽  
Listed Companies ◽  
Agency Cost ◽  
Free Cash Flow ◽  
Dividend Policies ◽  
Main Model ◽  
Observation Period

The paper examines the influence of agency theory on dividend policies with free cash flow,maturity, capital structure, and ownership dividend variables. The sample used in this research isIndonesian listed companies with observation period from 2010 to 2013, and the data collectiontechnique used is data pooling or merging data. The data is analyzed with multiple linearregression analysis in SPSS program. The result of this study indicates that free cash flow,maturity, and ownership structure do not influence devidend policies, however capital structureinfluences dividend policies in Indonesian listed companies. The research also implies thatagency cost theory, as the main model of relevance dividend preposition, cannot explaindividend policies in Indonesian Companies. The investors cannot rely solely on dividend policiesin term of investment decisions in the future. 

scholarly journals Free cash flow, ownership structure, and capital structure: Impact on agency cost

2020 ◽  
Vol 2 (2) ◽  
pp. 63-71
Author(s):  
Yoga Khomaini Aditya ◽  
Husnah Nur Laela Ermaya ◽  
Ratna Hindria Dyah Pita Sari
Keyword(s):  
Capital Structure ◽  
Cash Flow ◽  
Ownership Structure ◽  
Agency Cost ◽  
Free Cash Flow

scholarly journals MODERASI FREE CASH FLOW TERHADAP FAKTOR-FAKTOR YANG MEMENGARUHI EARNINGS RESPONSE COEFFICIENT

2020 ◽  
Vol 8 (2) ◽  
Author(s):  
Filbert Nathaniel ◽  
Rizka Indri Arfianti
Keyword(s):  
Cash Flow ◽  
Structural Equation ◽  
Market Reaction ◽  
Sampling Technique ◽  
Equation Model ◽  
Free Cash Flow ◽  
Earnings Persistence ◽  
Earnings Response Coefficient ◽  
Response Coefficient ◽  
Earnings Response

Financial statements are the information used by investors and stakeholders for consideration of decision making. One of the important information is earnings. Quality earnings information can be relied on by users to predict the company's performance in the future. Earnings response coefficient (ERC) is a variable that measures the level of market reaction to the publication of earnings. Increasingly high market reaction means the earnings are qualified. But many other pieces of information that affect ERC, the increase in earnings is not always followed by an increase in market reaction. In this research, the other pieces of information are leverage, earnings persistence, size, and growth with free cash flow (FCF) as a moderating size and growth. The Sample of this research is 31 LQ45 companies which are listed in the IDX period 2015-2017. Sampling techniques to be used are the Non-Probability Sampling technique with Judgement Sampling Method. The data analysis method which is used in this research is the Structural Equation Model in WarpPls 5.0. The results' inner model and overall fittest are fulfilled. The conclusion showed that the leverage, size, and growth hasn’t affected the ERC, and free cash flow is not able to strengthen influence growth on ERC. However, earnings persistence has affected positively on ERC and free cash flow can strengthen influence size on ERC.Keywords: Earnings Response Coefficient, Leverage, Earnings Persistence, Size, Growth, Free Cash Flow

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