ANALISIS PENGARUH INVESTMENT OPPORTUNITY SET, FREE CASH FLOW, RETURN ON ASSET, FIRM SIZE, DEBT TO EQUITY RATIO TERHADAP DIVIDEND PAYOUT RATIO (Studi pada Perusahaan Sektor Keuangan yang terdaftar di Bursa Efek Indonesia (BEI) periode 2012-2016)

This research was conducted to examine the effect of Investment Opportunity Set, Free Cash Flow, Return On Asset, Firm Size, Debt To Equity Ratio to Dividend Payout Ratio in Financial Sector Companies listed in Indonesia Stock Exchange (IDX) Period 2012-2016. Sampling technique was taken by purposive sampling method. The data were obtained based on the publication of Indonesian Capital Market Directory (ICMD 2017). Obtained a number of samples of 34 companies from 91 companies of the financial sector listed on the Indonesia Stock Exchange 2012-2016. The analysistechnique used is multiple linear regression with the least squares equation and the classical assumption test. Hypothesis test was using f-statistic to test the influence between variables simultaneously and t-statistic to test the partial regression coefficient with 5% confidence level. The results showed that the research data is normally distributed and there is no deviation of classical assumption, it means that the available data have been qualified to use multiple linear regression equation model. Simultaneous analysis result shows that IOS, FCF, ROA, SIZE and DER have an effect on DPR. Partial analysis result show that ROA have a significant positive effect, DER have negative significant effect because the value of significance both < 0,05 whereas IOS, FCF and SIZE have no effect against DPR.

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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, PERTUMBUHAN PERUSAHAAN, RETURN ON ASSETS, CASH RATIO, DEBT TO EQUITY RATIO DAN FIRM SIZE TERHADAP KEBIJAKAN DIVIDEN (Studi Empiris pada Perusahaan Sektor Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia Periode 2015

Jurnal ULTIMA Accounting ◽

10.31937/akuntansi.v12i1.1570 ◽

2020 ◽

Vol 12 (1) ◽

pp. 44-67

Author(s):

Elisa Tjhoa

Keyword(s):

Cash Flow ◽

Firm Size ◽

Stock Exchange ◽

Secondary Data ◽

Free Cash Flow ◽

Return On Assets ◽

Dividend Payout ◽

Regression Methods ◽

Negative Effect ◽

Equity Ratio

Abstract- The company’s decision on the distribution of dividend, as one of the returns expected by investors aside of capital gain, is an important decision due to its impacts on company’s value and shareholders’ wealth. The purpose of this research is to obtain empirical evidence regarding the determinants on Dividend Payout Ratio, namely Free Cash Flow, Company’s Growth, Return on Assets, Cash Ratio, Debt to Equity Ratio, and Firm Size (Empirical Study on Consumption Goods Industry Companies Listed on Indonesia Stock Exchange between 2015-2017). The samples in this study were selected through purposive sampling method and secondary data were analyzed through multiple linear regression methods. In total, 13 companies were used as samples. The result of this study showed Free Cash Flow, Cash Ratio and Firm Size partially have significant and positive effect towards Dividend Payout Ratio, and Company’s Growth has significant and negative effect towards Dividend Payout Ratio. While Return on Assets and Debt to Equity Ratio has no significant effects toward Dividend Payout Ratio. Free Cash Flow, Company’s Growth, Return on Assets, Cash Ratio, Debt to Equity Ratio and Firm Size simultaneously have significant effect toward Dividend Payout Ratio (DPR). Keywords: Cash Ratio, Debt to Equity Ratio, Dividend Payout Ratio, Firm Size, Free Cash Flow, Growth, Return on Assets

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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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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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FAKTOR INKONSISTENSI PERUSAHAAN DALAM PEMBAYARAN DIVIDEN

Jurnal Benefita ◽

10.22216/jbe.v2i3.2108 ◽

2017 ◽

Vol 2 (3) ◽

pp. 267

Author(s):

Alfatur Devaki

Keyword(s):

Linear Regression ◽

Multiple Linear Regression ◽

Stock Exchange ◽

Current Ratio ◽

Dividend Payout ◽

Return On Equity ◽

Equity Ratio

During the period 2012-2015 found 46 companies listed in LQ 45 did not consistently pay dividends to shareholders. This is a problem because consitent or stable dividend payouts are very important for investors as an evaluation of owner’s equity. This study aims to determine factors which affect the companies inconsistency in dividend payouts by testing profitability factor which is measured by return on equity, leverage factor which is measured by debt to equity ratio, and liquidity factor which is measured by current ratio on companies listed in LQ 45 in Indonesia Stock Exchange 2012-2015. The population of this research was all of companies listed in LQ 45 in Indonesia Stock Exchange, and the sampel consisted of thirty companies. The analysis was conducted by using multiple linear regression. The results indicated that simultaneously the return on equity, debt to equity ratio, and current ratio affected on dividend payout ratio. While partially the return on equity affected positively on dividend payout ratio, the debt to equity ratio affected negatively on dividend payout ratio, and current ratio did not affect on dividend payout ratio.Selama periode 2012-2015 ditemukan 46 perusahaan yang terdaftar dalam Indeks LQ 45 tidak konsisten membayarkan dividen kepada pemegang saham. Hal ini menjadi masalah karena pembayaran dividen yang dilakukan secara konsisten atau stabil sangat penting bagi investor sebagai evaluasi terhadap ekuitas pemilik. Penelitian ini bertujuan untuk menentukan faktor-faktor yang mempengaruhi inkonsistensi perusahaan dalam pembayaran dividen yaitu dengan menguji faktor profitabilitas yang diukur dengan returnon equity, faktor leverage yang diukur dengan debt to equity ratio, dan faktor likuiditas yang diukur dengan current ratio pada perusahaan LQ 45 di Bursa Efek Indonesia periode tahun 2012-2015. Populasi dari penelitian ini adalah seluruh perusahaan LQ 45 di Bursa Efek Indonesia, dan sampel terdiri dari 30 perusahaan. Pengujian dilakukan dengan menggunakan metode analisis regresi linier berganda. Hasil peneltian menunjukkan bahwa return on equity, debt to equity ratio, dan current ratio berpengaruh secara simultan terhadap dividend payout ratio. Sedangkan secara parsial,return on equitydan debt to equity ratio berpengaruh terhadap dividend payout ratio, namun current ratio tidak berpengaruh terhadap dividend payout ratio

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KEBIJAKAN PEMBAGIAN DIVIDEN KAS DI PERUSAHAAN SUB SEKTOR PERDAGANGAN ECERAN

JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) ◽

10.34204/jiafe.v7i2.3800 ◽

2021 ◽

Vol 7 (2) ◽

pp. 175-186

Author(s):

Rochman Marota ◽

Vinna Oktaviani ◽

Amelia Rahmi

Keyword(s):

Cash Flow ◽

Firm Size ◽

Sampling Method ◽

Stock Exchange ◽

Net Income ◽

Investment Opportunity ◽

Purposive Sampling ◽

Investment Opportunity Set ◽

Operating Cash Flow ◽

Retail Trading

ABSTRAKTujuan dari penelitian ini adalah untuk menganalisis pengaruh laba bersih, arus kas operasi, investment opportunity set, dan firm size terhadap dividen kas. Penelitian ini dilakukan pada perusahaan sub perdagangan eceran yang terdaftar di Bursa Efek Indonesia periode 2015–2019. Sampel terdiri dari lima perusahaan yang dipilih dengan menggunakan metode purposive sampling. Penelitian ini menggunakan uji regresi linear berganda untuk menguji hipotesis. Hasil pengujian menunjukkan bahwa laba bersih berpengaruh positif terhadap dividen kas, sedangkan arus kas operasi, investment opportunity set, dan firm size tidak berpengaruh. Hal ini dapat menjadi perhatian bagi perusahaan untuk terus meningkatkan kinerja perusahaan dalam menghasilkan laba bersih. Dengan laba yang tinggi, para investor akan lebih tertarik untuk menginvestasikan dananya. ABSTRACTThe purpose of this study is to analyze the effect of net income, operating cash flow, investment opportunity set, and firm size on cash dividends. This research was conducted on sub-retail trading companies listed on the Indonesia Stock Exchange for the 2015–2019 period. The sample consists of five companies, selected using the purposive sampling method. It uses multiple linear regression to test the hypotheses. Results show that net income affects positively cash dividends. While cash flow, investment opportunity set, and firm size does not affect cash dividends. This can be a concern for the company to continue to improve the company's performance in generating net income. With high profits, investors will be more interested in investing their funds.

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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 Return On Equity (ROE), Debt To Equity Ratio (DER), Investment Opportunity Set (IOS), dan Inflasi terhadap Dividend Payout Ratio (DPR) (Studi : Pada Perusahaan Property and Real Estate yang Listed di BEI Tahun 2006-2009)

BISMA (Bisnis dan Manajemen) ◽

10.26740/bisma.v4n2.p154-166 ◽

2018 ◽

Vol 4 (2) ◽

pp. 154

Author(s):

ACHMAD KAUTSAR

Keyword(s):

Real Estate ◽

Industrial Development ◽

Stock Exchange ◽

Investment Opportunity ◽

Dividend Payout ◽

Return On Equity ◽

Investment Opportunity Set ◽

Equity Ratio ◽

Sample Amount ◽

Real Estate Company

Industrial development real estate and properties in Indonesia drove the rapid post-financial crisis in 1998, indicated by increasing capacity of national property and reduced level of NPL property loans. On the other, the distribution of dividend to shareholders decreased, even many who do not share. The research was also supported by the existence of the research gap from previous studies. This study aims to examine the influence of Return On Equity (ROE), Debt to Equity Ratio (DER), Investment Opportunity Set (IOS), and Inflation toward Dividend Payout Ratio (DPR) on property and real estate companies which listed on Indonesian Stock Exchange 2006-2009. Data sample amount of 6 companies from 41 companies those listed on Indonesian Stock Exchange. The analysis indicates that ROE variable partially significant toward DPR in property and real estate company which is listed in BEI over period 2006- 2009. While the DER, IOS and Inflation variable partially not significant toward DPR

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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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KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

Jurnal Riset Akuntansi dan Keuangan ◽

10.21460/jrak.2021.171.364 ◽

2021 ◽

Vol 17 (1) ◽

pp. 61

Author(s):

Retno Ika Sundari

Keyword(s):

Linear Regression ◽

Multiple Linear Regression ◽

Firm Size ◽

Stock Exchange ◽

Hypothesis Test ◽

Measuring Instruments ◽

Dividend Payout ◽

Sample Data ◽

Size Growth ◽

Significant Size

ABSTRAK Penelitian ini bertujuan untuk menentukan dan menganalisa pengaruh profitabilitas, leverage, ukuran perusahaan, pertumbuhan dan likuiditas terhadap kebijakan dividen pada perusahaan manufaktur yang terdaftar di bursa Efek Indonesia dalam tahun amatan 2013-2017. Populasi penelitian adalah semua perusahaan manufaktur yang terdaftar di BEI, dengan sampel yang diperoleh 37 perusahaan yang sesuai dengan kriteria yang ditetapkan. Data tersebut dianalisa dengan menggunakan pengujian asumsi klasik dan analisa berganda dengan menggunakan SPSS 25. Simpulan dari peneliian ini menyatakan bahwa profitabilitas berpengaruh signifikan terhadap kebijakan dividen, Pertumbuhan berpengaruh negatif signifikan terhadap kebijakan dividen. Sementara itu, leverage tidak berpengaruh negatif signifikan, ukuran perusahaan dan likuiditas tidak berpengaruh positif signifikan terhadap kebijakan dividen.Kata kunci: kebijakan dividen, profitabilitas, pertumbuhan, teori sinyal ABSTRACT This study aims to determine and analyze the effect of Profitability, Leverage, firm size, growth and liquidity on Dividend Payout Ratio, in manufacturer companies listed on the Indonesia Stock Exchange (IDX) for the period 2013-2017. The population in this study were all manufacturer companies listed on the Indonesia Stock Exchange (IDX), while the samples that met the criteria for sampling for this study amounted to 37 companies. Analysis of sample data for this study is the Analysis of Multiple Linear Regression, Classical Assumption Test, Hypothesis Test, and Determinant Coefficient using SPSS 25 measuring instruments. The results showed that profitability show a positif significant on the Dividend Payout Ratio, Growth show negative significant on the Payout Ratio Dividend. However, leverage did not show negative significant, size and liquidity did not show positive significant on Dividend Payout Ratio.Keywords: dividend policy, growth, profitability, signaling theory

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