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

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

scholarly journals 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)

2019 ◽  
Vol 6 (1) ◽  
pp. 79-93
Author(s):  
Rara Ayu Ratnasari
Keyword(s):  
Linear Regression ◽  
Multiple Linear Regression ◽  
Cash Flow ◽  
Firm Size ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Investment Opportunity ◽  
Dividend Payout ◽  
Investment Opportunity Set ◽  
Equity Ratio

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.  

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

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

<p class="Default" align="center"><strong><em>Abstract</em></strong><em></em></p><p class="Default"><em>The 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.</em></p>

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

scholarly journals Determinan Kebijakan Hutang (Bukti Empiris Pada Perusahaan yang Terdaftar Di Bursa Efek Indonesia)

2017 ◽  
Vol 4 (1) ◽  
pp. 91-112
Author(s):  
Linda Linda ◽  
Maya Febrianty Lautania ◽  
Muhammad Arfandynata
Keyword(s):  
Stock Exchange ◽  
Strong Relationship ◽  
Negative Influence ◽  
Positive Influence ◽  
Free Cash Flow ◽  
Investment Opportunity ◽  
Good Investment ◽  
Investment Opportunity Set ◽  
Equity Ratio ◽  
Debt Policy

The purpose of this study is to examine the influence of asset structure, free cash flow (FCF), and investment opportunity set on debt policy in the LQ-45 company listed in the Indonesia Stock Exchange between 2011 and 2015.The data used in this study obtained from published companyfinancial statements. The sample was selected based on purposive sampling method e.g. 110 observations. The hypotheses were tested by using multiple linear regression analysis.The results of this study demonstrated that the asset structure, FCF, and investment opportunity set both partially and simultaneously determine the Debt to Equity Ratio. Partially, this study found that the asset structure and FCF has a negative influence on debt to equity ratio, while the investment opportunity set has a positive influence on debt to equity ratio. based on these results, the good investment opportunity set have a strong relationship on the level of debt risk.

scholarly journals FAKTOR-FAKTOR YANG MEMPENGARUHI INVESTMENT OPPORTUNITY SET TERHADAP KEBIJAKAN HUTANG DAN FREE CASH FLOW

2018 ◽  
Vol 1 (2) ◽  
pp. 1-14
Author(s):  
Tumpal Manik
Keyword(s):  
Cash Flow ◽  
Capital Expenditure ◽  
Market Value ◽  
Free Cash Flow ◽  
Share Price ◽  
Price Ratio ◽  
Investment Opportunity ◽  
Book Value ◽  
Investment Opportunity Set ◽  
Equity Ratio

Penelitian ini bertujuan untuk menganalisis faktor-faktor yang mempengaruhi investment opportunity set terhadap kebijakan hutang dan free cash flow pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2016 – 2017. Pengambilan sampel dilakukan dengan metode purposive sampling. Jumlah populasi 168 yang memenuhi kriteria sebanyak 40 perusahaan, maka data penelitian 40 x 2 tahun yaitu 80 data. Pengolahan data penelitian untuk menguji hipotesis penelitian secara simultan dan parsial. Hasil penelitian bahawa faktor-faktor yang mempengaruhi investment opportunity set terhadap kebijakan hutang berpengaruh singnifikan, antara lain proksi ios berdasarkan Market to Book Value of Assets Ratio sebesar 16,1%, Market to Book Value Equity Ratio sebesar 18,2%, Earning per Share Price Ratio (sebesar 19,1%, Capital Expenditure to Book Value Asset Ratio sebesar 17,6%, Capital Expenditure to Market Value of Assets Ratio sebesar 15%. Sedangkan investment opportunity set terhadap free cash flow berpengaruh signifikan

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 UKURAN PERUSAHAAN, LEVERAGE,SALES GROWTH DAN INVESTMENT OPPORTUNITY SET TERHADAP NILAI PERUSAHAAN

2020 ◽  
Vol 13 (1) ◽  
pp. 96
Author(s):  
Agustina Khoeriyah
Keyword(s):  
Firm Size ◽  
Firm Value ◽  
Stock Exchange ◽  
Sales Growth ◽  
Significant Positive Effect ◽  
Investment Opportunity ◽  
Mining Companies ◽  
Investment Opportunity Set ◽  
Negative Effect ◽  
Positive Effect

This study aims to determine the effect of firm size, leverage , sales growth, and investment opportunity set to the value of company. The sample in this study were 53 data from 18 mining companies listed on the Indonesia Stock Exchange in the 2015-2018 period that met the criteria. This type of research is quantitative and the sample used is purposive sampling. The analysis of the data used is the statistical analysis in the form of multiple linear regression. The results of this study indicate that firm size does not effect the firm value, leverage has a significant negative effect on firm value, sales growth and investment opportunity set has a significant positive effect on firm value.

scholarly journals DETERMINAN INVESTMENT OPPORTUNITY SET DAN FREE CASH FLOW SEBAGAI PEMODERASI

Kinerja ◽  
2020 ◽  
Vol 2 (02) ◽  
pp. 135-148
Author(s):  
Elan Kurniawan
Keyword(s):  
Hypothesis Testing ◽  
Cash Flow ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Retail Trade ◽  
Regression Equations ◽  
Sales Growth ◽  
Investment Opportunity ◽  
Investment Opportunity Set ◽  
Asset Growth

The purpose of this study is to examine sales growth, earning growth, asset growth influence the Investment opportunity set with free cash flow as a moderating retail trade company listed on the Indonesia Stock Exchange. This type of research is quantitative research, with the population used are all retail trading companies listed on the Indonesia Stock Exchange during the year ie between 2014 and 2017 as many as 11 companies. The sampling technique using purposive sampling method with data analysis techniques, namely multiple linear regression equations with hypothesis testing using SPSS. Based on the results of hypothesis testing, it shows that the sales growth variable has a significant positive effect on the Investment opportunity set but the profit growth and asset growth variable has no significant effect on the Investment opportunity set while the free cash flow moderates significantly positive on the sales growth of the Investment opportunity set.

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

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.  

scholarly journals Determination of Company's Value: A Study with Investment Opportunity as a Moderator Variable

2022 ◽  
Vol 05 (01) ◽  
Author(s):  
Irma Sari Permata ◽  
Keyword(s):  
Interest Rates ◽  
Cash Flow ◽  
Indirect Effect ◽  
Firm Value ◽  
Positive Relationship ◽  
Free Cash Flow ◽  
Manufacturing Companies ◽  
Investment Opportunity ◽  
Moderator Variable ◽  
Investment Opportunity Set

This research focuses on the state of a company's valuation, which is always changing. The utilized variables to estimate firm value include free cash flow and interest rates, both of which have a positive relationship with company's value. The second purpose is to investigate the current situation of investment opportunities in industrial companies that are similarly highly volatile. The availability of free cash flow indicates the interest rate has a positive relationship with the investment opportunity set. An explanatory research design is used in this study, which aims to examine the correlation between variables. The manufacturing companies that were listed on the Indonesia Stock Exchange between 2013 and 2018 are the focus of this study. Thus, data were collected from 612 units using a purposive sampling technique. The findings reveal that whereas free cash flow has a strong positive indirect effect on company value via mediating the investment opportunity set, interest rates have a negative and minor indirect effect on firm value via mediating the investment opportunity set.

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