Faktor-Faktor Prediktor Investment Opportunity Set Dan Firm Value Pada Perusahaan Propertydan Real Estate Yang Terdaftar Di Bei

Great integration and similar point of view between stakeholders are essential to build an optimal firm value. As alongwith firm value, most of investor also view rate of return in their investment. Therefore, investment opportunity set could also become a mediator to optimize firm value. Recently ,in a crisis and financial distress condition, these two main variables lead to dilemma for some company such. This study aims to find out about the factors which predict the firm value and investment opportunity set. The sample of this research consist on 39 companies in property and real estate industry sector which listing in Indonesia Stock Exchange (IDX) between 2012 until 2016 period. This research used panel regression analysis with fixed effect method to test their hypothesis. The conclusion of this study indicate that simultaneously, leverage, financial risk, free cash flow, institutional ownership, and working capital affect the firm value significantly. While, partially, only leverage, free cash flow, and working capital which affect the firm value significantly. On the other hand, investment opportunity set has only perfectly mediating between financial risk and institutional ownership to firm value and partially mediating leverage to firm value.

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Free cash flow effect towards firm value

International Research Journal of Management IT and Social Sciences ◽

10.21744/irjmis.v6n3.643 ◽

2019 ◽

Vol 6 (3) ◽

pp. 108-116 ◽

Cited By ~ 2

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

Jurnal Ilmiah Akuntansi dan Bisnis ◽

10.24843/jiab.2016.v11.i02.p01 ◽

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.

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

Jurnal Akuntansi Bisnis ◽

10.30813/jab.v14i1.2458 ◽

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

ABSTRACT : 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. 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.Keywords: Earnings Management, Free Cash Flow, Investment Opportunity Set, Financial Distress. ABSTRAK: Laporan laba menjadi perhatian para stakeholders sehingga mendorong manajer perusahaan melakukan perencanaan strategi untuk menghasilkan laporan yang diharapkan stakeholder. 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 free cash flow, financial distress, dan investment opportunity set 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 non-probability sampling dengan menggunakan metode purposive sampling dan pengujian yang dilakukan dengan bantuan software 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 free cash flow, financial distress, dan investment opportunity set. Dari hasil uji t memperlihatkan hasil bahwa free cash flow dan investment opportunity set mempunyai nilai signifikan positif terhadap manajemen laba, tapi untuk financial distress tidak mempunyai nilai signifikan terhadap manajemen laba. Kesimpulan dari penelitian ini adalah free cash flow dan investment opportunity set berpengaruh positif terhadap manajemen laba, sedangkan financial distress tidak berpengaruh terhadap manajemen laba.Kata Kunci: Manajemen Laba, Free Cash Flow, Investment Opportunity Set, Financial Distress

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

WIDYA MANAJEMEN ◽

10.32795/widyamanajemen.v1i2.355 ◽

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.

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

JURNAL AKUNTANSI DAN KEUANGAN DAERAH ◽

10.52062/jakd.v14i2.1455 ◽

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.

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

Jurnal Social Economic of Agriculture ◽

10.26418/j.sea.v9i2.41821 ◽

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

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Pengaruh Free cash flow, Kepemilikan Institusional, Profitabilitas dan Leverage Tehadap Kebijakan Dividen Tunai Pada Perusahaan Property dan Real estate yang Terdaftar di Bursa Efek Indonesia

Akuisisi: Jurnal Akuntansi ◽

10.24127/akuisisi.v15i2.429 ◽

2020 ◽

Vol 15 (2) ◽

pp. 26-34

Author(s):

Syelly Wulandari ◽

Nita Priska Ambarita ◽

Mia Dwi Puji Wahyuni Darsono

Keyword(s):

Real Estate ◽

Cash Flow ◽

Dividend Policy ◽

Stock Exchange ◽

Predictive Ability ◽

Institutional Ownership ◽

Free Cash Flow ◽

Return On Assets ◽

Equity Ratio ◽

Positive Effect

This research aims to examine and analyze the effect of free cash flow, institutional ownership, profitability and Leverage on dividend policy by using an approach multiple regression model. The proxies used to measure the financial elements are free cash flow, institutional ownership, Return on Assets and debt to equity ratio. The population in this research is property and real estate companies listed in Indonesia Stock Exchange for six years (2014-2019). Election sample procedure uses purposive sampling and the result are existed 5 companies that fulfill criteria so that amount of data studied by 30 data. The results of this research show that free cash flow, institutional ownership and profitability have a significant effect on dividend policy proxied by Dividend payout ratio. Leverage which is measured by debt to equity ratio hasn’t a significant effect on dividend policy. Free cash flow has a positive effect on dividend policy. Institutional ownership has a positive effect on dividend policy. Profitability which is measured by Return on Assets has a negative effect on dividend policy. The predictive ability of these variabel on dividend policy is 49,6% as shown by the amount of R square, while 50,4% is affected by the other factor which is not included in the research model.

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

ECOBISMA (JURNAL EKONOMI, BISNIS DAN MANAJEMEN) ◽

10.36987/ecobi.v1i2.1398 ◽

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

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PENGARUH STRUKTUR KEPEMILIKAN MANAJERIAL, STRUKTUR KEPEMILIKAN INSTITUSIONAL, SET KESEMPATAN INVESTASI, UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN

Jurnal Ekonomi dan Bisnis Airlangga ◽

10.20473/jeba.v27i12017.5514 ◽

2017 ◽

Vol 27 (1) ◽

Author(s):

Purwo Adi Nugroho

Keyword(s):

Firm Size ◽

Ownership Structure ◽

Firm Value ◽

Stock Exchange ◽

Institutional Ownership ◽

Managerial Ownership ◽

Investment Opportunity ◽

Investment Opportunity Set ◽

Real Estate Company ◽

Observation Period

The main purpose of this study was to determine the effect of managerial ownership structure, institutional ownership structure, investment opportunity set and firm size on firm value. The population of this study is a real estate company that listed on the Indonesia Stock Exchange with the observation period 2008 to 2012. Data obtained by the method of purposive sampling and the 42 companies sampled each year. The method of analysis used is multiple linear regression by using SPSS 20.0. The results of this study indicate that: (1) managerial ownership structure has no effect on firm value, (2) institutional ownership structure has significant effect on firm value, (3) investment opportunity set has significant effect on firm value, and (4) firm size has significant effect on firm value. Key words: managerial ownership structure, institutional ownership structure, investment opportunity set, firm size and firm value

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The Influence of Corporate Governance and Investment Opportunity Set on Firm Value: CSR as Moderating Variable

UPI YPTK Journal of Business and Economics ◽

10.35134/jbe.v6i3.30 ◽

2021 ◽

Vol 6 (3) ◽

pp. 1-8

Author(s):

Weni Apriliana Weni ◽

Yosi Yulia ◽

Sigit Sanjaya

Keyword(s):

Significant Relationship ◽

Firm Value ◽

Audit Committee ◽

Total Population ◽

Stock Exchange ◽

Institutional Ownership ◽

Manufacturing Companies ◽

Investment Opportunity ◽

Analysis Technique ◽

Investment Opportunity Set

AbstractThe object of this study is a manufacturing company listed on the Indonesia Stock Exchange for the period 2016-2020 with a total population of 196 companies. The sample of this research is 44 companies that meet the criteria based on purposive sampling. The analysis technique uses multiple linear regression.The results of this study there is a significant relationship between the independent board of commissioners on firm value. Institutional ownership has no effect on firm value. There is a significant relationship between the audit committee and the investment opportunity set on firm value. The results of other studies indicate that there is an influence of the CSR moderating variable between the independent board of commissioners' relationship to firm value. It is different with institutional ownership that has no effect on the value of the company which is moderated by CSR. There is a significant effect between the audit committee and the investment opportunity set on firm value moderated by CSR in manufacturing companies listed on the Indonesia Stock Exchange for the 2016-2020 period.Keywords: CSR, independent board of commissioners, investment opportunity set, institutional ownership. audit committee, firm value.

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