scholarly journals Determinasi Free Cash Flow Terhadap Return on Equity Dan Kebijakan Pembayaran Dividen

2018 ◽  
Vol 2 (2) ◽  
pp. 129
Author(s):  
Mardiyani Mardiyani
Keyword(s):  
Path Analysis ◽  
Cash Flow ◽  
Payout Policy ◽  
Positive Influence ◽  
Free Cash Flow ◽  
Net Income ◽  
Manufacturing Companies ◽  
Dividend Payment ◽  
Return On Equity ◽  
Payment Policy

Abstract. This study aims to find out the effect of Free Cash Flow on Return On Equity and dividend payment policy on consumption sector manufacturing companies for the period 2012-2016. The research method uses causal associative with a sample of 14 companies for 5 years. As for data processing techniques using the LISREL 8.8 Path Analysis format. The results showed that there was a positive influence between Free Cash Flow, ROE and dividend payment policy. This means that if the value of the Free Cash Flow and ROE of the company increases, the shareholder dividend will be higher. The effort that must be made by the company to increase shareholder dividends is to limit debt so that the net income obtained is allocated more for reinvestment (Free Cash Flow) so that the ROE and welfare of shareholders increases. Keywords: Dividend Payout Policy, Return On Equity (ROE), Free Cash Flow (FCF) Abstrak. Penelitian ini bertujuan untuk mencari pengaruh Free Cash Flow terhadap Return On Equity dan kebijakan pembayaran dividen pada perusahaan manufaktur sektor Konsumsi periode 2012-2016. Metode penelitian menggunakan asosiatif kausal dengan sampel sebanyak 14 perusahaan selama 5 tahun. Adapun teknik pengolahan data menggunakan Path Analysis format LISREL 8.8. Dari hasil penelitian didapatkan bahwa terdapat pengaruh positif antara Free Cash Flow, ROE dan kebijakan pembayaran dividen, yang artinya jika nilai Free Cash Flow dan ROE perusahaan meningkat maka dividen pemegang saham akan semakin tinggi. Upaya yang harus dilakukan perusahaan untuk meningkatkan dividen pemegang saham adalah dengan membatasi hutang agar net income yang diperoleh lebih banyak dialokasikan untuk reinvestasi (Free Cash Flow) sehingga ROE dan kesejahteraan pemegang saham meningkat. Kata Kunci : Kebijakan pembayaran dividen, Return On Equity (ROE), Free Cash Flow (FCF).

scholarly journals PENGARUH ARUS KAS BEBAS, PERTUMBUHAN PERUSAHAAN DAN PROFITABILITAS TERHADAP FINANCIAL LEVERAGE (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia)

2020 ◽  
Vol 6 (1) ◽  
pp. 1-14
Author(s):  
Heny Rofizar ◽  
Muhammad Arfan ◽  
Faisal Faisal
Keyword(s):  
Path Analysis ◽  
Cash Flow ◽  
Firm Growth ◽  
Stock Exchange ◽  
Negative Influence ◽  
Positive Influence ◽  
Free Cash Flow ◽  
Manufacturing Companies ◽  
Financial Leverage ◽  
Research Show

AbstractThe objective of this research is to examine the influence of free cash flow, firm growth, and profitability on financial leverage of manufacturing companies listed in Indonesian Stock Exchange for the period 2011 to 2015. Out of 121 manufacturing companies, 34 companies were selected as sample using purposive samping technique and then it estimated using path analysis. The results of this research show that: (1) free cash flow have positive influence towards financial leverage; (2) firm growth have positive influence towards financial leverage; and (3) profitability have negative influence towards financial leverage. These findings implied that in managing the financial leverage, the manufacturing companies should deliberate the importance of free cash flow, firms growth, and profitability. Keyword:   Financial Leverage, Free Cash Flow, Firms Growth, and Profitability   AbstrakTujuan dari penelitian ini adalah untuk menguji pengaruh arus kas bebas, pertumbuhan perusahaan, dan profitabilitas terhadap financial leverage pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2011-2015. Dari 121 perusahaan manufaktur, 34 perusahaan dipilih menjadi sampel penelitian dengan menggunakan metode purposive sampling dan kemudian diestimasi dengan menggunakan analisis jalur. Hasil pengujian menunjukkan bahwa: (1) arus kas bebas berpengaruh positif terhadap financial leverage; (2) pertumbuhan perusahaan berpengaruh positif terhadap financial leverage; dan (3) profitabilitas berpengaruh negatif terhadap financial leverage. Temuan penelitian ini bermakna bahwa dalam mengelola financial leverage, perusahaan manufaktur harus mempertimbangkan pentingnya arus kas bebas, pertumbuhan perusahaan, dan profitabilitas dari perusahaan tersebut. 

FAKTOR FUNDAMENTAL YANG MEMPENGARUHI PERUBAHAN HARGA SAHAM (Studi Empiris pada Perusahaan Finansial yang Terdaftar Di BEI Tahun 2009dan 2010)

2015 ◽  
Vol 11 (1) ◽  
pp. 13
Author(s):  
Bunga Maharani ◽  
Dwi Ratna Wulandari
Keyword(s):  
Cash Flow ◽  
Firm Size ◽  
Dividend Policy ◽  
Free Cash Flow ◽  
Profit Margin ◽  
Manufacturing Companies ◽  
Current Ratio ◽  
Dividend Payout ◽  
Return On Equity ◽  
Net Profit

The objective of the study is to investigate the effect of free cash flow, return on equity, current ratio, firm size and net profit margin on dividend policy that measured by dividend payout ratio. The population of this study are all manufacturing companies listed on the Indonesian Stock Exchange (IDX).The period of this study are 2008-2011. Based on purposive sampling method, 19 companies were used on the study. The sample were gathered from annual reports and ICMD. This study used multiple linear regression as analysis method with 5% significant level. The results of the study indicate that free cash flow and return on equity have positive effect on dividend policy, while current ratio, firm size and net profit margin have no significant effect on dividend policy. Keywords: Dividend Policy, dividend payout ratio (DPR), free cash flow (FCF), return on equity (ROE), current ratio (CR), firm size (FZ) and net profit margin (NPM).

scholarly journals The Influence of Firms with Excess Free Cash Flow and Low Growth Perspective Towards Earning Management

2016 ◽  
Vol 3 (3) ◽  
pp. 380-397
Author(s):  
Marika Suma Raya Sembiring ◽  
Kathleen Kusuma Nugroho
Keyword(s):  
Earnings Management ◽  
Cash Flow ◽  
Significant Relationship ◽  
Audit Quality ◽  
Agency Problem ◽  
Free Cash Flow ◽  
Manufacturing Companies ◽  
Control Variables ◽  
Dividend Payment ◽  
The Relationship

This research aims to investigate whether firms with excess of free cash flow and low growth perspective are tend to engage in earnings management with several control variables included. We predict the relationship between each variable using multiple regressions model.  The data sample used is manufacturing companies listed in IDX from the year of 2012 to 201. The result of this research presents that there is no significant relationship between excess of free cash flow and earnings management. The reasons behind this result might be a difference in type of agency problem, in dividend policy, and in organization behavior widespread across the countries. However, we found a significant relationship between control variables to the dependent variable by means of discretionary accruals, which are firm size, IFRS implementation and audit quality towards earnings management. Keywords: Agency Problem, Earnings management, Excess Free Cash Flow, Dividend Payment.

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 PENGARUH ARUS KAS BEBAS, HUTANG DAN LABA TERHADAP DIVIDEN PADA PERUSAHAAN MANUFAKTUR YANG TERCATAT DI BURSA EFEK INDONESIA TAHUN 2012-2014

2018 ◽  
Vol 6 (1) ◽  
Author(s):  
Lidya Ayu Purnamasari
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
T Test ◽  
Net Income ◽  
Significant Positive Effect ◽  
Manufacturing Companies ◽  
F Test ◽  
Negative Effect ◽  
Positive Effect

The purpose of this research is to know and analyze the effect of variable free cash flow (FCF), debt (DAR) and earnings (EPS) of dividends (DPR), and determine which variables are most effect on the dividend. This type of research is explanatory research with quantitative approach and using multiple regression analysis with a sample of manufacturing companies listed in Indonesia Stock Exchange that cash dividends for three years, have complete data, and does not have a negative net income during the years 2012-2014. Based on the results of the research indicated that the variable free cash flow (FCF), debt (DAR) and earnings (EPS) significantly affects the dividend (DPR), which is reinforced by F test and t test. The results of the f test (simultaneous) indicate that third variable indepen (free cash flow, debt and profit) together affect dividends significantly. The results of the t test (partial) indicates that the variable free cash flow positive effect is not significantly to dividends. Variable debt negative effect is not significanly to dividend and variable profit significant positive effect on the dividend. The variables that most influence on dividends are variable profit.

scholarly journals Permintaan Investor dan Karakteristik Keuangan terhadap Keputusan Pembayaran Dividen

2020 ◽  
Vol 12 (2) ◽  
pp. 327-336
Author(s):  
Imelia Carolina Tedja ◽  
Tarsisius Renald Suganda ◽  
Fitri Oktariani
Keyword(s):  
Cash Flow ◽  
Financial Analysis ◽  
Stock Exchange ◽  
Negative Influence ◽  
Free Cash Flow ◽  
Manufacturing Companies ◽  
Dividend Payment ◽  
Dividend Payments ◽  
Financial Characteristics ◽  
Positive Effect

Dividend payment decision is an essential policy of companies to provide investors’ expectation of investment returns. This research is aimed to prove the catering theory of dividend and financial characteristics affecting corporate decisions in dividend payments. The study was conducted on a manufacturing company published on the Indonesia Stock Exchange (IDX). Analyzing the prediction of catering theory and financial analysis of companies in making dividend payments is conducted using the logistic regression method. This research is a quantitative research and moreover manufacturing companies as research sample were used from 2014 to 2018. Financial statements were obtained from the Indonesia Stock Exchange (IDX). The result of this study indicated that investors’ demand has positive effect on dividend payment decisions. Hence, companies consider catering in dividend payment decisions. While corporate financial characteristics such as free cash flow have positive effect on dividend payment decisions, profitability has no influence on dividend payment decisions and moreover, leverage has a negative influence on dividend payment decisions. Keywords: Catering Theory, Investor Demand, Free Cash Flow, Profitability, Leverage

Dividend Payout Ratio: Persoalan Free Cashflow, Debt To Equity Ratio, Kepemilikan Institutional, Investment Opportunity, Dan Kesejahteraan Karyawan

Liquidity ◽  
2017 ◽  
Vol 6 (1) ◽  
pp. 1-11
Author(s):  
Nurlis Azhar ◽  
Helmi Chaidir
Keyword(s):  
Cash Flow ◽  
Significant Influence ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Free Cash Flow ◽  
Manufacturing Companies ◽  
Flow Ratio ◽  
Prediction Ability ◽  
Employee Welfare ◽  
Equity Ratio

This study was conducted to examine the effect of Free Cash Flow Ratio, Debt Equity Ratio (DER), Institutional Ownership, Employee Welfare and Price Earning Ratio (PER) to Divident Payout Ratio (Parliament) partially on manufacturing companies listed on Indonesia Stock Exchange period 2011-2015. In addition, to test the feasibility of regression model, the influence of Free Cash Flow Ratio, Debt Equity Ratio (DER), Institutional Ownership, Employee Welfare and Price Earning Ratio (PER) to Divident Payout Ratio (DPR) simultaneously at manufacturing company listed on Bursa Indonesia Securities period 2011-2015. The population in this study are 146 manufacturing companies that have been and still listed in Indonesia Stock Exchange period 2011-2013. The sampling technique used was purposive sampling and obtained sample of 42 companies. Data analysis technique used is by using multiple linear regression test. The results showed that Free Cash Flow Ratio, no significant effect on Divident Payout Ratio (DPR). Debt Equity Ratio (DER) has a negative and significant influence on Divident Payout Ratio (DPR), Institutional Ownership has a significant positive effect on Divident Payout Ratio (DPR), Employee Welfare and Price Earning Ratio (PER) has a positive and significant influence on the Divident Payout Ratio ). Simultaneously Free Cash Flow Ratio, Debt Equity Ratio (DER), Institutional Ownership, Employee Welfare and Price Earning Ratio (PER) give effect to Divident Payout Ratio. The prediction ability of the five variables to the Divident Payout Ratio (DPR) is 21.3% as indicated by the adjusted R square of 0.271 while the remaining 79.7% is influenced by other factors not included in the research model.

Pengaruh ROE, EPS, OCF, Size, DER, CR dan Growth Terhadap Kebijakan Dividen pada Perusahaan Manufaktur di Bursa Efek Indonesia (BEI)

2019 ◽  
Vol 14 (2) ◽  
pp. 80
Author(s):  
Crystha Armereo ◽  
Pipit Fitri Rahayu
Keyword(s):  
Cash Flow ◽  
Dividend Policy ◽  
Regression Result ◽  
Manufacturing Companies ◽  
Current Ratio ◽  
Dividend Payout ◽  
Return On Equity ◽  
Earnings Per Share ◽  
Equity Ratio ◽  
Operating Cash Flow

Abstract The objective of this research is to identify the influence of return on equity, earnings per share, operating cash flow, size, debt to equity ratio, current ratio, and growth to dividend payout. Data collected from manufacturing companies that listed on Indonesian Stock Exchange for three years period 2014 to 2016. Sample selected by using purposive sampling method. There are 38 companies meet the criteria and used as sample. The statistical method used in this research is multiple regression. Result of this research showed that return on equity, earnings per share, and growth have influence dividend payout but operating cash flow, size, debt to equity ratio, and current ratio have no influence towards dividend policy. Keywords: Dividend Policy, Return on Equity, Earnings per Share, Current Ratio,   Operating Cash Flow Size

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