scholarly journals Pengaruh Laba Bersih, Arus Kas Bebas, Dan Arus Kas Operasi Terhadap Dividen Tunai Pada 12 Perusahan Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia (Periode 2012-2018)

2020 ◽  
Vol 1 (2) ◽  
pp. 101-112
Author(s):  
Ardinal Djalil
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Coefficient Of Determination ◽  
Net Income ◽  
Cash Dividend ◽  
Difficult Decision ◽  
Dividend Payments ◽  
Net Profit ◽  
Operating Cash Flow

Abstract : Cash Dividends are the most common type distributed by companies to shareholders. Because cash dividends help reduce the risk of uncertainty in shareholder investment activities. And for companies dividend payments can be used to strengthen the company's position in finding additional funds in the capital market. In determining the amount of dividends to be distributed by management is often faced with a difficult decision. This difficulty is caused by management having to consider paying dividends that are smaller, larger, permanent or stable, because any decision on dividend payments will result in investors acting on the company's shares. This study aims to analyze the effect of net income, free cash flow and operating cash flow on cash dividends. Data was obtained from companies listed on the Indonesian stock exchange in the period 2010-2016. This research uses descriptive verification research method. The independent variables in this study are Net Income (X1), Free Cash Flow (X2), and Operating Cash Flow (X3) and the dependent variable in this study is Cash Dividend (Y). The results of the study and discussion show that in partial testing (t-test), obtained from the tcount for Net Profit of 2.727 and tcount for Free Cash Flow of 2.086 is greater than the table of 1.989. For Operating Cash Flow variable has no influence on Cash Dividends. The assessment can be seen from the tcount for Operating Cash Flow of -1.201 smaller than t table 1.989. Whereas in simultaneous testing (F test), Net Profit (X1), Free Cash Flow (X2) and Operating Cash Flow (X3) simultaneously affect Cash Dividends. The coefficient of determination obtained by 16%, while the remaining 84% is influenced by other factors ignored by the writer in this study.

scholarly journals ANALISIS PENGARUH CURRENT RATIO, NET PROFIT MARGIN, DEBT TO EQUITY RATIO, EPS, ARUS KAS BEBAS, DAN DIVIDEN TAHUN SEBELUMNYA TERHADAP DIVIDEN KAS

2019 ◽  
Vol 4 (2) ◽  
pp. 101
Author(s):  
Ega Zuwita ◽  
Deliza Henny
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
Total Sample ◽  
Free Cash Flow ◽  
Profit Margin ◽  
Cash Dividend ◽  
Current Ratio ◽  
Net Profit ◽  
Equity Ratio ◽  
Positive Effect

<p><em>Cash dividend is one form of return expected by shareholders. But on the other side, cash dividend is an expense for the company. This conflict of interest is a factor affecting the company in determine the amount of cash dividends. So, the researcher conducting research which aims to test and analyze the influence of Current Ratio, Net Profit Margin, Debt to Equity Ratio, EPS, Free Cash Flow, and Previous Year Dividend to Cash Dividend paid by company. The sample used in this reasearch is manufacturing company listed on the Indonesia Stock Exchange (BEI) in 2014 to 2016. After sampling the results showed there are 17 companies that can be sampled with a period of three years. So the total sample in this research are 51 samples. The result of this research shows that (1) Current Ratio has positive effect to Cash Dividend, (2) Net Profit Margin has no effect to Cash Dividend, (3) Debt to Equity Ratio has no effect to Cash Dividend, (4) EPS has positive effect to Cash Dividend , (5) Free Cash Flow has no effect to Cash Dividend, (6) Previous Year Dividend has no effect to Cash Dividend.</em></p>

scholarly journals PENGARUH NET PROFIT MARGIN, ARUS KAS OPERASI DAN REPUTASI AUDITOR TERHADAP RETURN SAHAM PADA PERUSAHAAN MANUFAKTUR PERIODE 2014-2017

AJAR ◽  
2019 ◽  
Vol 2 (02) ◽  
pp. 1-18
Author(s):  
Stefanie Stefanie ◽  
Loh Wenny Setiawati
Keyword(s):  
Cash Flow ◽  
Stock Return ◽  
Stock Exchange ◽  
Secondary Data ◽  
Profit Margin ◽  
Net Income ◽  
Manufacturing Companies ◽  
Net Profit ◽  
Operating Cash Flow ◽  
Auditor Reputation

Investments are made by investors to get a return. Return is a profit of an investment. Stock Return has a significant effect in determining the value of company’s stock. Investors will be interested to invest in companies with a high return. This research aimed to analysis the effect of net profit margin, operating cash flow and auditor reputation for the period 2014 – 2016 to stock return for the period 2015 – 2017 on manufacturing companies that listed on Indonesia Stock Exchange. Net profit margin is calculated by using net income after tax divided by total net sales for the period from audited financial statements. This research used secondary data which is from financial reports with purposive sampling. Research sample counted 55 manufacturing companies listed in Indonesia Stock Exchange period 2014 – 2017. The results of this research showed that net profit margin and auditor reputation do not have a significant effect on stock return while operating cash flow has a significant effect on stock return.

PENGARUH PROFITABILITAS, ARUS KAS OPERASI, DAN ARUS KAS BEBAS TERHADAP DIVIDEN KAS PADA PERUSAHAAN MANUFAKTUR TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2005 - 2009

2014 ◽  
Vol 2 (1) ◽  
Author(s):  
Emmi Suryani Nasution
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
Manufacturing Sector ◽  
Listed Companies ◽  
Negative Influence ◽  
Free Cash Flow ◽  
Manufacturing Companies ◽  
Cash Dividend ◽  
Cross Sectional ◽  
Operating Cash Flow

The purpose of this study is to examine the effect of profitability, operating cash flow, and free cash flow on cash dividend of manufacturing companies listed at the Indonesia Stock Exchange in the period 2005-2009.            The population in this study are 15 listed companies from the  manufacturing sector in Indonesia Stock Exchange which have the profitability, positive operating cash flow, positive free cash flow, and pay cash dividends. The time horizon used is a combination of cross-sectional with longitudinal (time series). The study population consists of 15 issuers with 75 observations. This study uses census methods. To examine the influence of profitability, operating cash flow, and free cash flow to cash dividends use multiple linear regression models.            The results show that (1) profitability, operating cash flow, and free cash flow simultaneously influence on the cash dividends on listed companies from the manufacturing sector at the Indonesia Stock Exchange during the 2005-2009 period. (2) Affect the profitability of cash dividends on companies from the manufacturing sector listed at the Indonesia Stock Exchange during the 2005-2009 period. (3) Operating cash flow has influence to cash dividends at companies manufacturing sector listed at the Indonesia Stock Exchange during the 2005-2009 period. (4) Free cash flow have negative influence to the cash dividend at companies manufacturing sector listed at the Indonesia Stock Exchange during the 2005-2009 period. Keywords: Profitability, Operating Cash Flow, Free Cash Flow, Cash Dividends. 

scholarly journals ANALISIS PENGARUH NET INCOME, OPERATING CASH FLOW, DAN DEBT TO EQUITY RATIO TERHADAP DIVIDEND PER SHARE PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

2017 ◽  
Vol 22 (1) ◽  
Author(s):  
Michelle Michelle ◽  
Vidyarto Nugroho
Keyword(s):  
Cash Flow ◽  
Sampling Method ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Coefficient Of Determination ◽  
Net Income ◽  
Manufacturing Companies ◽  
Equity Ratio ◽  
Operating Cash Flow

The purpose of this study is to examine the effect of net income (EAT), operating cash flow (OCF), and debt to equity ratio (DER) towards dividend per share (DPS) on manufacturing companies listed on the Indonesia Stock Exchange in 2012-2015. The sampling method used was purposive sampling. The number of samples that met the criteria was 172 companies. Data were analyzed using multiple linear regression analysis. The results showed that, simultaneously, all variables had significant effect on DPS. Partially, the variable that had significant effect was EAT, while OCF and DER had no significant effect. Furthermore, the coefficient of determination (R2) showed that the effect of variables EAT, OCF, and DER simultaneously to DPS was 30,3%.

scholarly journals KEBIJAKAN PEMBAGIAN DIVIDEN KAS DI PERUSAHAAN SUB SEKTOR PERDAGANGAN ECERAN

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.

scholarly journals Ukuran Perusahaan Memoderasi Pengaruh Free Cash Flow dan Leverage Terhadap Kebijakan Dividen

2019 ◽  
pp. 484
Author(s):  
I Kadek Edi Rian Trisna ◽  
Gayatri Gayatri
Keyword(s):  
Cash Flow ◽  
Firm Size ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Cash Dividend ◽  
Optimal Dividend ◽  
Current Growth ◽  
Optimal Dividend Policy ◽  
A Company

Determining the optimal cash dividend policy a company should consider several factors. An optimal dividend policy is required because it can create a balance between dividends and current growth in the next period. The purpose of this study is to obtain empirical evidence on the effect of free cash flow and leverage on dividend policy and firm size capability in moderating the effect of free cash flow and leverage against dividend policy. Companies going public listed on the Indonesia Stock Exchange (BEI) year 2013-2017 is the location of research with purposive sampling as a method of determining the sample. Companies that meet the criteria are 10 companies with a total of 39 observations. Moderated Regression Analysis (MRA) was used to test in this research. The result showed that free cash flow had positive and leverage effect negatively on dividend policy. The study also found that firm size is able to strengthen the effect of free cash flow on dividend policy and weaken the influence of leverage on dividend policy. Keywords: dividend policy, free cash flow, leverage, company size..  

scholarly journals Informasi Laba, Komponen Arus Kas, Keputusan Pendanaan dan Return Saham: Empirical Evidence at Indonesia Stock Exchange (Studi pada Sektor Perdagangan, Jasa dan Investasi)

2019 ◽  
Vol 22 (2) ◽  
Author(s):  
Kasmiati Kasmiati ◽  
Perdana Wahyu Santosa
Keyword(s):  
Regression Analysis ◽  
Cash Flow ◽  
Financial Management ◽  
Service Sector ◽  
Stock Exchange ◽  
Formal Sector ◽  
Financing Decisions ◽  
Net Profit ◽  
Operating Cash Flow ◽  
The Impact

Trading, Service and Investment sector shows important role on national economy and grow significantly during the last years which is create many job opportunities on formal sector and non-formal sector. This article purposes to analyze how the impact of net profit, operating cash flow, financing cash flow and investing cash flow  and, financing decisions to stock’s return to push a better future prospect with financial management. Regression analysis used Eviews 9 with data panel regression analysis with purposive sampling method on service sector at Indonesia Stock Exchange (IDX). Samples are 60 emiten during 2011-2016 period in quarterly data. The findngs of this research are partially,  net profit information, operating cash flow, financing csah flow and financing decision (proxy leverage) are positively significantle. However, investing cash flow shows negative affect to stock’s return significantly. As simultan together all variable shows significantly effect on return. The implication of this conclusion is managment should more attention on financial factors especiallly net profit, cash flow dan leverage to incresae stock return and value of the firms.

scholarly journals Analysis of Factors Affecting Dividend Policy

2018 ◽  
Vol 4 (1) ◽  
Author(s):  
Wenny Anggeresia Ginting
Keyword(s):  
Cash Flow ◽  
Significant Influence ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Secondary Data ◽  
General Meeting ◽  
Net Income ◽  
Factors Affecting ◽  
Analysis Technique ◽  
Net Profit

<p><em>Dividend policy is the company's decision to pay part or all of the profits earned to shareholders specified in the GMS (General Meeting of Shareholders). The independent variables in this study are net profit (profitability) measured through ROE, cash flow and debt (leverage) as measured through DER. While the dependent variable in this research is dividend policy measured by DPR. The purpose of this research is to test and analyze whether ROE, cash flow and DER have significant influence to DPR on Service and Investment Company listed in Indonesia Stock Exchange period 2012-2014. This study uses secondary data with documentation study method in the form of annual financial statements of the company from 2012-2014. The approach used in this research is quantitative with purposive sampling sampling method. Of the 60 companies, only 17 companies were selected to meet the criteria for sampling. Data analysis technique used is multiple linear regression. The value of R Square (R²) is 0.328 which indicates that the variation of dividend policy variables can be explained by variation of net income, cash flow, and debt variable by 32.8%. The results showed that simultaneously net income, cash flow and debt have a positive and significant impact on dividend policy. Partially net profit (profitability) has no significant effect on dividend policy, cash flow has positive and significant influence to dividend policy, and debt (leverage) have a significant effect on dividend policy.</em><strong><em></em></strong></p><p><strong><em>Keywords</em></strong><em> : </em><em>Profitability; Cash flow; Leverage; Dividend Policy</em></p>

Pengaruh Free Cash Flow, Operating Cash Flow, dan Dividend Payout Ratio Terhadap Nilai Perusahaan

2018 ◽  
Vol 10 (1) ◽  
pp. 52-65
Author(s):  
Suwaldiman Suwaldiman
Keyword(s):  
Cash Flow ◽  
Firm Value ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Free Cash Flow ◽  
Manufacturing Companies ◽  
Dividend Payout ◽  
Operating Cash Flow ◽  
The Impact

            This research examines the impact of free cash flow, operating cash flow, and dividend payout ratio on the firm value which is represented by stock return.             This research employees a multiple linear regression analysis to test the hypothesis. Samples used in this research are 159 manufacturing companies registered in Indonesia Stock Exchange for the period of 2013, 2014, and 2015.             This research reveals that free cash flow and operating cash flow have no significant impact on the firm value. Those variables seem having no important contents in the point of view of investors. Therefore they do not response to the information. However, this research proves that dividend payout ratio have significant impact on the firm value. It can be concluded that dividend payout ratio is more important than those of free cash flow and operating cash flow. Investors will positively response to the dividend information and it will significantly increase the firm value.

Agency Cost and Dividend Pay-out: A Study of Selected Listed Manufacturing Firms in Nigeria

2018 ◽  
Vol 1 (1) ◽  
pp. 42 ◽  
Author(s):  
Helen Obiageli Anazonwu ◽  
Francis Chinedu Egbunike ◽  
Felix Nwaolisa Echekoba
Keyword(s):  
Cash Flow ◽  
Agency Costs ◽  
Stock Exchange ◽  
Agency Cost ◽  
Manufacturing Firms ◽  
Free Cash Flow ◽  
Dividend Payments ◽  
Negative Effect ◽  
Cost Studies ◽  
Positive Effect

Agency cost is an internal cost which arises between management (agent) and shareholder (principal), because of the diverging interest of the two parties. Dividend payments are often employed to mitigate this cost. Studies have examined the effect of dividend pay-outs on agency costs documenting mixed findings. However, the literature on the reverse effect of agency costs on dividend pay-outs is still nascent. The main objective of the study is to examine the effect of agency cost on dividend pay-out of listed manufacturing firms in Nigeria. The study used a panel research design. The population of the study comprised listed manufacturing firms, but delimited to firms in conglomerate and consumer goods sectors of the Nigerian Stock Exchange. Data for the study were collected from yearly financial statements of the selected firms. The hypotheses were tested using pooled OLS Regression. The dependent variable of the study was dividend pay-out, while assets to sales ratio, leverage, and free cash flow were proxies of agency cost. Firm size and profitability measures (ROA and ROE) were used as control variables in the study. The study found a significant and positive effect of assets to sales ratio and free cash flow, and a significant and negative effect of leverage on dividend pay-out. The study recommended amongst others that, managers should consider the implication of agency costs in the design of in the design and implementation of a dividend policy.

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