scholarly journals Factors of Dividend Payout Ratio and Influence on Company Value (Case Study on LQ 45 Companies in Indonesia Stock Exchange on the 2011-2015)

2018 ◽  
Vol 6 (6) ◽  
Author(s):  
Erni Alfisah, Kurniaty
Keyword(s):  
Cash Flow ◽  
Firm Value ◽  
Stock Exchange ◽  
Measurement Instrument ◽  
Multiple Regression Model ◽  
Free Cash Flow ◽  
Dividend Payout ◽  
Return On Equity ◽  
Independent Variables ◽  
Company Value

The purpose of this study was to examine the effect of return on equity on the dividend payout ratio, the effect of the company's growth on the dividend payout ratio, the effect of free cash flow on the dividend payout ratio, the effect of leverage on the dividend payout ratio, and the effect of the dividend payout ratio on firm value. The model used in data analysis is a simple multiple regression model because the measurement of the dependent and independent variables in this study is in the form of numbers with a ratio scale measurement instrument and independent variables used by more than one. The results of this study indicate that the return on equity has a significant effect on the dividend payout ratio, growth has no significant effect on the dividend payout ratio, free cash flow has a significant effect on dividend payout ratio, leverage has no significant effect on the dividend payout ratio, and dividend payout ratio has a significant effect on the value of the company.

scholarly journals DETERMINAN EARNING MANAGEMENT DAN PENGARUHNYA TERHADAP NILAI PERUSAHAAN (Studi Empiris Pada Perusahaan Manufaktur yang terdaftar di BEI Periode 2017-2018)

2020 ◽  
Vol 14 (2) ◽  
Author(s):  
Derwin Juan Sagrim ◽  
Syaikhul Falah ◽  
Bill J.C Pangayow
Keyword(s):  
Cash Flow ◽  
Firm Value ◽  
Stock Exchange ◽  
Multiple Regression Model ◽  
Free Cash Flow ◽  
Earning Management ◽  
Board Independence ◽  
Manufacturing Companies ◽  
Investment Opportunity Set ◽  
Investment Opportunities

This research has aim to examine the influence of investment opportunities set, board independence, and free cash flow toward firm value with earning management as the intervening variable in manufacturing companies listed on Indonesian Stock Exchange for period 2017 to 2018. This study used a sample of 43 companies with 6 years’ time period. The method of analysis is multiple regression model with further done with path analysis using SPSS 23. These results indicate that investment opportunities set and free cash flow have a significant direct effect on the value of the firm, while investment opportunity set and board independence have the indirect effect. Investment opportunities set, board independence, free cash flow and earning management simultaneously affect the firm value with adjusted R- squared 55.3%. Overall this study indicates that earning management has important role as the intervening variable betweeninvestment opportunities set, board independence & free cash flow relating to firm value.

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

Pengaruh Free Cash Flow, Operating Cash Flow, dan Dividend Payout Ratio Terhadap Nilai Perusahaan

2018 ◽  
Vol 10 (1) ◽  
pp. 52-65
Author(s):  
Suwaldiman Suwaldiman
Keyword(s):  
Cash Flow ◽  
Firm Value ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Free Cash Flow ◽  
Manufacturing Companies ◽  
Dividend Payout ◽  
Operating Cash Flow ◽  
The Impact

            This research examines the impact of free cash flow, operating cash flow, and dividend payout ratio on the firm value which is represented by stock return.             This research employees a multiple linear regression analysis to test the hypothesis. Samples used in this research are 159 manufacturing companies registered in Indonesia Stock Exchange for the period of 2013, 2014, and 2015.             This research reveals that free cash flow and operating cash flow have no significant impact on the firm value. Those variables seem having no important contents in the point of view of investors. Therefore they do not response to the information. However, this research proves that dividend payout ratio have significant impact on the firm value. It can be concluded that dividend payout ratio is more important than those of free cash flow and operating cash flow. Investors will positively response to the dividend information and it will significantly increase the firm value.

scholarly journals PENGARUH UKURAN PERUSAHAAN, PROFITABILITAS, KEBIJAKAN DEVIDEN, DAN KEPUTUSAN INVESTASI TERHADAP NILAI PERUSAHAAN (Studi Penggunaan Indeks LQ-45 Periode 2010 -2014)

2016 ◽  
Vol 1 (2) ◽  
pp. 156
Author(s):  
Henri Dwi Wahyudi ◽  
Chuzaimah Chuzaimah ◽  
Dani Sugiarti
Keyword(s):  
Firm Size ◽  
Firm Value ◽  
Sampling Method ◽  
Stock Exchange ◽  
Corporate Value ◽  
Dividend Payout ◽  
Return On Equity ◽  
Company Value ◽  
Regression Test ◽  
A Company

A company aimed and tried to maximize shareholder prosperity. Shareholder prosperity was reflected by company value. This study aimed to review the effect of firm size, Dividend Payout Ratio, Return on Equity, and Price Earning Ratio on firm value among ILQ45 companies registered in The Indonesia Stock Exchange. Populations of this study were firms registered in The Indonesia Stock Exchange of the year 2010 – 2014. The research used purposive sampling method based on determined criteria. There were 22 firms with totally 110 data. After the outliers process, there were 18 with totally 90 data samples. Based on these data, this study carried a classic assumption analysis using multiple regression data with SPSS16. The regression test resulted: (1) Firm size positively influenced and not significant to firm value; (2) Dividend Payout Ratio positively influenced and not significant to firm value; (3) Return on Equity positively influenced and not significant to firm value; (4) Price Earning Ratio positively influenced and not significant to corporate value.

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 PENGARUH AGENCY COST, RETURN ON EQUITY (ROE), DAN FREE CASH FLOW TERHADAP DIVIDEND PAYOUT RATIO PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI PERIODE 2010-2019

2021 ◽  
Vol 5 (2) ◽  
pp. 66-73
Author(s):  
Siti Sarah Hasibuan ◽  
Lukmanul Hakim2
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
General Meeting ◽  
Agency Cost ◽  
Free Cash Flow ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Dividend Payout ◽  
Return On Equity ◽  
Insignificant Effect

The dividend of a company is always a concern for shareholders to invest. Information regarding the state of the company can be seen in the financial statements. This study aims to examine the effect of Managerial Ownership, Return On Equity and Free Cash Flow on the Dividend Payout Ratio in manufacturing companies listed on the Indonesia Stock Exchange for the 2010-2019 period. According to Sartono, dividends are profits obtained by the company and distributed to shareholders. Decisions regarding the amount of dividends will be determined at the General Meeting of Shareholders (GMS). The results of this study indicate that Managerial Ownership has a positive and significant effect on the Dividend Payout Ratio. Return On Equity has a negative and insignificant effect on the Dividend Payout Ratio and Free Cash Flow has a positive and insignificant effect on the Dividend Payout Ratio.

scholarly journals The effect of debt policy, company value, company size, investment cash flow on stock returns on mining companies listed on Indonesia Stock Exchange

2019 ◽  
Vol 9 (1) ◽  
pp. 99
Author(s):  
Ardhia Prameswari Regita Cahyani ◽  
Carolyn Lukita Sembiring
Keyword(s):  
Financial Performance ◽  
Stock Returns ◽  
Cash Flow ◽  
Firm Value ◽  
Stock Exchange ◽  
Company Size ◽  
Mining Company ◽  
Mining Companies ◽  
Company Value ◽  
Debt Policy

Investment is a delay in consumption now to be allocated to productive assets which are expected to generate profits in the future, which is called stocks return.  Mining company in Indonesia is an attractive sector to invest in stocks because from a geographical perspective, Indonesia is an archipelago structure that contains mining products. There are risks that will be experienced by investors when investing, namely systematic risk and unsystematic risk. Unsystematic risk can be avoided because related to management decisions. Knowing and analyzing the effect of debt policy, firm value, company size, investment cash flow on stock returns on mining companies listed on the Indonesian Stock Exchange. The statistical method used in this study is multiple regression analysis. The sample in this study is a mining company that has go public and published audited financial statements 2013-2017 with 84 data processed consisting of 28 companies each year. The results of hypothesis testing can be concluded that debt policy and firm value have significant effect on stock returns while firm size and investment cash flow does not have significant effect on stock returns. Investor will be interested in investing in companies with good financial performance rather than bad financial performance.

scholarly journals PENGARUH DEBT RATIO, DIVIDEN PAY OUT RATIO, RETURN ON EQUITY, PERUMBUHAN LABA, UKURAN KORPORASI, DAN PERPUTARAN KAS OPERASI TERHADAP PER (Studi Di Korporasi Sektor Manufaktur yang Listing di Bursa Efek Indonesia Jangka Waktu 2009 – 2012)

KEBERLANJUTAN ◽  
2019 ◽  
Vol 4 (1) ◽  
pp. 970
Author(s):  
Herlambang Herlambang
Keyword(s):  
Stock Exchange ◽  
Significance Test ◽  
Debt Ratio ◽  
Manufacturing Companies ◽  
Individual Parameter ◽  
Dividend Payout ◽  
Return On Equity ◽  
Earnings Growth ◽  
Independent Variables ◽  
Price Earnings Ratio

The mean of this research is examine  influence  debt ratio, dividend payout ratio variable, return on equity variable, earnings growth, size, and operating cash flow on price earning ratio (PER) in finance and manufacturing companies in Indonesia Stock Exchange in the period of year 2009 to 2012. The population in this study is the company in the sector manufacturing listed on the Indonesia Stock Exchange period of year 2009 to 2012. Samples were taken by purposive sampling and obtained 45 companies in the manufacturing sector as sample. Linear Regression Analysis with Simultaneous Significance Test (F statistic Test) and Individual Parameter Significance Test (Test Statistic t) is an analytical technique used in this study. The results showed that the independent variables of the debt ratio variable, size together significantly influence the price earnings ratio (PER) in the financial sector companies in the BEI and the independent variables of the dividend payout ratio and earnings growth together significantly influence  price earnings ratio (PER) at manufacturing companies listed on BEI. These results support data obtained from the World Bank regarding Indonesia's economic growth in 2012 on the production side, manufacturing performance is quite strong. This increase was achieved by the relatively large performance  domestic sectors such as those in processed foodstuffs, processed various beverages and processed various tobacco products (increasing 10.4% year on year) as well as fertilizer yields, yields from chemicals and rubber products (increased by 15.4% from year to year).

Analysis the Effect of Financial Distress, Leverage and Free Cash Flow on Earnings Management

2021 ◽  
Vol 6 (3) ◽  
pp. 111-119
Author(s):  
Rifka Aulia Inayah ◽  
Amiruddin Amiruddin ◽  
Grace T. Pontoh
Keyword(s):  
Earnings Management ◽  
Cash Flow ◽  
Financial Distress ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Total Sample ◽  
Multiple Linear Regression Analysis ◽  
Jel Classification ◽  
Free Cash Flow ◽  
Company Value

Objective - This study aims to determine and analyze the effect of financial distress, leverage, free cash flow on earnings management. Methodology/Technique – The object of this research is all companies listed on the Indonesia Stock Exchange with an observation period of 2019. The sample determination uses the purposive sampling method and a total sample of 124 companies is obtained. The analysis technique used is multiple linear regression analysis. Findings - The results show that financial distress has no significant effect on earnings management. Leverage and free cash flow have a negative and significant effect on earnings management. Novelty - This research contributes to signalling theory, which is used by company managers who have better information about their company will be encouraged to convey this information to potential investors where this is intended so that companies can increase company value by sending signals through financial statements of companies listed on the IDX. Type of Paper: Empirical. JEL Classification: G32, M21, M41, M42. Keywords: Financial Distress; Leverage; Free Cash Flow and earnings Management

scholarly journals Determinants of Dividend Payout Ratio: Evidence from Indian Companies

2015 ◽  
Vol 5 (2) ◽  
pp. 217 ◽  
Author(s):  
Nishant B. Labhane ◽  
Ramesh Chandra Das
Keyword(s):  
Cash Flow ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Entire Period ◽  
Business Risk ◽  
Dividend Payout ◽  
Tax Rate ◽  
Dividend Distribution ◽  
High Investment

<p class="ber"><span lang="EN-GB">The present study analyzes the trend and determinants of dividend payout ratio of National Stock Exchange (NSE) listed companies in India. The study is based on 239 companies, which have continuous data during the period 1994-95 to 2012-13. From the trend analysis we find that the number of dividend paying companies has declined but the average dividend paid by them has increased manifold over the last two decades which suggests that the dividend paying companies have paid higher amounts of dividends in the later years. The dividend payout ratio varies across all the industries with the electricity industry having the lowest payout ratio and the miscellaneous manufacturing industry having the highest payout ratio. The empirical results suggest that firms with high free cash flow, firms which are larger, more profitable and mature, pay more dividends while riskier, more leveraged and firms with high investment opportunities tend to pay lower dividends. The dividend distribution tax rate imposed by government affects the dividend payout ratio positively. The market-to-book ratio, debt-to-equity ratio, free cash flow, business risk, age, size, profitability and dividend distribution tax variables are significant for the entire period of study. Whereas, the business risk, profitability and dividend distribution tax variables are significant for the entire period of study i.e. 1995-2013 as well as for the two sub-periods 1995-2003 and 2004-2013. Overall, the results are consistent with the pecking order, transaction cost, signaling and firm life cycle theory of dividend policy and we find a little evidence for agency costs theory.</span></p>

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