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

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

El Dinar ◽

10.18860/ed.v2i1.2963 ◽

2015 ◽

Vol 2 (1) ◽

Cited By ~ 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

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 Indonesia Stock Exchange from 2010 to 2013. 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.

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OWNERSHIP STRUCTURE, FREE CASH FLOW, ASSET STRUCTURE AND DIVIDEND POLICY ON DEBT POLICY

ACCOUNTABILITY ◽

10.32400/ja.27989.9.1.2020.28-35 ◽

2020 ◽

Vol 9 (1) ◽

pp. 28

Author(s):

Nirina Tahir ◽

Asrudin Hormati ◽

Zainuddin Zainuddin

Keyword(s):

Cash Flow ◽

Dividend Policy ◽

Stock Exchange ◽

Sampling Technique ◽

Institutional Ownership ◽

Free Cash Flow ◽

Annual Reports ◽

Managerial Ownership ◽

Negative Effect ◽

Debt Policy

This study is designed based on problems related to debt policy. The debt policy in every company has a direct effect on the financial position. The use of debt that which too high provides great risk, but if the companies are able to manage debt properly; then the use of debt shall increase profits for shareholders. The purpose of this study was to determine and analyze the effects of managerial ownership, institutional ownership, free cash flow, assets structure, and dividend policy on companies indexed LQ-45 wich listed on the Indonesia Stock Exchange. The sampling technique of this study is purposive sampling which produced 85 observations. This study uses secondary data in the form of annual reports. The tool of analysis of this study is multiple regression with support of statistical package for social scientists (SPSS) software. The results show that: (1) managerial ownership has no effect on debt policy; (2) institutional ownership has a negative effect on debt policy; (3) free cash flow has a negative effect on debt policy; (4) assets structure has a negative effect on debt policy and (5) dividend policy has no effect on debt policy.

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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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Free Cash Flow, Debt Policy and Profitability: Analysis the Investment Opportunity Set

European Journal of Business Management and Research ◽

10.24018/ejbmr.2021.6.4.968 ◽

2021 ◽

Vol 6 (4) ◽

pp. 157-162

Author(s):

Putri Dwi Wahyuni

Keyword(s):

Cash Flow ◽

Quantitative Research ◽

Stock Exchange ◽

Secondary Data ◽

Free Cash Flow ◽

Investment Opportunity ◽

Profitability Analysis ◽

Investment Opportunity Set ◽

The Government ◽

Debt Policy

The main purpose of investors investing in the capital market is to earn profits in the future. Investment is an alternative investment. If investors have excess funds, they will not let their funds idle. Funds can be invested in various forms, such as buying certain assets that tend to increase in price such as equipment, land, or gold or in the form of time deposits in banks, buying stocks and bonds in the financial market. The research objective to be achieved is to provide understanding and knowledge to the public, especially investors and creditors regarding free cash flow, debt policy, profitability and investment opportunity sets that can be used as a reference for further researchers as well as a reference for stakeholders (investors, creditors, and the government) in making decisions. relevant and reliable. The method used is quantitative research with secondary data taken from financial statements at idx with data collection techniques using purposive sampling method. Analysis of the data used is multiple linear regression with panel data. The population in this study is the property and real estate sub-sector listed on the Indonesia Stock Exchange, which was carried out for 3 years of observation, namely 2017-2019 totaling 120 data with 40 companies per year. The results showed that only the debt policy variable proxied by the debt equity ratio had a significant effect on the investment opportunity set, while the free cash flow and profitability variables proxied by the return on assets had an insignificant effect on the investment opportunity set.

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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 ◽

10.21512/tw.v12i2.672 ◽

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.

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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 PROFITABILITAS, INVESTMENT OPPORTUNITY SET, DAN KEPEMILIKAN MANAJERIAL TERHADAP KEBIJAKAN DIVIDEN (STUDI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2013-2016)

Jurnal Ecogen ◽

10.24036/jmpe.v1i2.4750 ◽

2018 ◽

Vol 1 (2) ◽

pp. 298

Author(s):

Puteri Prihatini ◽

Dessi Susanti

Keyword(s):

Dividend Policy ◽

Stock Exchange ◽

Secondary Data ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Investment Opportunity ◽

Financial Report ◽

Investment Opportunity Set ◽

Negative Effect ◽

Α Level

The purpose of this study is to analyze the influence of profitability, investment opportunity set, and managerial ownership on dividend policy. The population of this study consists of whole manufacturing companies that listed on Indonesian Stock Exchange (IDX) from 2013 to 2016 by using secondary data. The data have been collected from financial report of companies from Indonesian Stock Exchange (IDX) website and Indonesian Capital Market Directory (ICMD). In this study, the samples are obtained 21 companies out of 145 companies. Analytical method that is used is multiple regression analysis. The hypothesis is measured by using statistical t-test with α level of 5%. The results indicate that profitability gives negative effect but does not significant on dividend policy of manufacturing companies that listed on Indonesian Stock Exchange (IDX). Meanwhile, investment opportunity set and managerial ownership give positive effect and also significant on dividend policy of manufacturing companies that listed on Indonesian Stock Exchange (IDX).Keyword: profitability, investment opportunity set, managerial ownership, and dividend policy

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FAKTOR-FAKTOR YANG BERPENGARUH TERHADAP KEBIJAKAN HUTANG PERUSAHAAN (Studi Empiris pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Tahun 2012-2014)

JURNAL AKUNTANSI DAN AUDITING ◽

10.14710/jaa.14.1.40-54 ◽

2018 ◽

Vol 14 (1) ◽

pp. 40

Author(s):

Luluk Muhimatul Ifada ◽

Yunandriatna Yunandriatna

Keyword(s):

Multiple Regression ◽

Cash Flow ◽

Dividend Policy ◽

Free Cash Flow ◽

Managerial Ownership ◽

Company Size ◽

Listed Firms ◽

Negative Effect ◽

Debt Policy

Debt policy is one of the most important decisions for the company. It is thus important to figure out the determinants of debt policy. The main purpose of this study is to examine the effect of the size, free cash flow, managerial ownership, dividend policy on debt policy of Indonesian manufacturing public listed firms. Data collected from 195 companies from 2012 to 2014 were analyzed using multiple regression. Current study found that free cash flow and managerial ownership have negative effect on the debt policy. Furthermore, the study also found that dividend policy and company size positively affects the debt policy.

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Pengaruh Profitabilitas pada Kebijakan Dividen dengan Investment Opportunity Set sebagai Variabel Pemediasi

E-Jurnal Akuntansi ◽

10.24843/eja.2020.v30.i01.p16 ◽

2020 ◽

Vol 30 (1) ◽

pp. 212

Author(s):

Ida Ayu Nabila Meidyna ◽

Made Mertha

Keyword(s):

Data Analysis ◽

Path Analysis ◽

Empirical Evidence ◽

Sampling Method ◽

Dividend Policy ◽

Stock Exchange ◽

Investment Opportunity ◽

Purposive Sampling ◽

Analysis Technique ◽

Investment Opportunity Set

The amount of dividends distributed to shareholders depends on the company's dividend policy. This study aims to obtain empirical evidence about the effect of profitability on dividend policy with an investment opportunity set as a mediating variable. This research was conducted at companies classified as LQ45 index on the Indonesia Stock Exchange. The sampling method used was purposive sampling to obtain 87 observations. Data analysis technique used is path analysis. Based on research results, it is known that profitability has a positive and significant effect on investment opportunity set. Profitability has a positive and significant effect on dividend policy. Investment opportunity set has a negative and significant effect on dividend policy. Investment opportunity set is able to mediate the effect of profitability on dividend policy.

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PENGARUH KEBIJAKAN HUTANG, KEBIJAKAN DIVIDEN, PROFITABILITAS, PERTUMBUHAN PENJUALAN DAN KESEMPATAN INVESTASI TERHADAP NILAI PERUSAHAAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI

Jurnal Magister Akuntansi Trisakti ◽

10.25105/jmat.v6i2.5558 ◽

2019 ◽

Vol 6 (2) ◽

pp. 201

Author(s):

Vivi Apriliyanti ◽

Hermi Hermi ◽

Vinola Herawaty

Keyword(s):

Firm Size ◽

Firm Value ◽

Dividend Policy ◽

Stock Exchange ◽

Sales Growth ◽

Manufacturing Companies ◽

Investment Opportunity ◽

Investment Opportunity Set ◽

Debt Policy ◽

Positive Effect

AbstractThe purpose of this study was to examine the influence of debt policy, dividend policy,profitability, sales growth and investment opportunity set on firm value with firm size as moderating variable in the manufacturing companies on the Indonesia Stock Exchange (IDX). The population used in this study is a company that is listed on the Indonesia Stock Exchange. The sample used in this study 128 companies with an observation period of 3 (three) years from 2016 to 2018. The method of determining the sample used in this study was the purposive sampling method. The data processing method used in this study is the causality test with multiple regression analysis using SPSS version 23. The independent variables in this study are Debt Policy, Dividend Policy, Profitability, Sales Growth and Investment Opportunity. The moderating variable in this study is Company Size. The dependent variable in this study is firm value. The results of this study indicate that Debt Policy has a positive effect on Firm’s Value, Dividend Policy does not effect on Firm Value, Profitability does not have a positive effect on Firm’s Value, Sales Growth does not effect on Firm’s Value, Investment Opportunity Set does not effect on Firm’s Value, Firm Size does not have a positive effect on Firm’s Value, Firm Size does not strengthen the realtionship between Debt Policy with Firm’s Value, Firm Size does not strengthen the realtionship between Dividend Policy with Firm’s Value, Firm Size does not strengthen the realtionship between Profitability with Firm’s Value, Firm Size does not strengthen the realtionship between Sales Growth with Firm’s Value, Firm Size does not strengthen the realtionship between Investment Opportunity Set with Firm’s Value.

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