scholarly journals PERAN PROFITABILITAS DALAM MEMODERASI PENGARUH FREE CASH FLOW TERHADAP KEBIJAKAN DIVIDEN DI INDONESIA

2019 ◽  
Author(s):  
Angga Dwi Putra ◽  
Irdha Yusra
Keyword(s):  
Cash Flow ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Least Square ◽  
Sample Collection ◽  
Moderating Variables ◽  
Ordinary Least Square ◽  
Negative Effect ◽  
Operational Activity

Basically, every company requires capital in order to finance their operational activity and to expand their business so capital becomes one of the important elements in a company. When the capital which is owned by the company is large the operational activity that can be conducted is large as well. This research is meant to test the influence of free cash flow on dividend policy with profitability as a moderating variable. The population is all companies which are listed in Indonesia Stock Exchange in 2013-2017 periods. The sample collection technique has been carried out by using purposive sampling method and based on the predetermined criteria, 26 companies have been selected as samples. The data of the financial statement of the companies has been obtained from the official website of IDX. The analytical method used is regression analysis with moderating variables using the SPSS application. Preliminary tests were carried out namely testing the classical assumptions to assess whether in an ordinary least square linear regression model there is a problem of classical assumptions, and testing to see the effect of moderation in influencing the relationship between independent variables and the dependent variable. The results of this observation state that free cash flow has a negative effect on dividend policy, free cash flow has a positive effect on dividend policy with profitability as a moderating variable

scholarly journals Analisis pengaruh leverage terhadap nilai perusahaan dengan kepemilikan manajerial dan arus kas bebas sebagai variabel pemoderasi

2017 ◽  
Vol 22 (1) ◽  
Author(s):  
Linawaty Linawaty ◽  
Agustin Ekadjaja
Keyword(s):  
Cash Flow ◽  
Firm Value ◽  
Stock Exchange ◽  
Secondary Data ◽  
Least Square Method ◽  
Free Cash Flow ◽  
Least Square ◽  
Ordinary Least Square ◽  
Management Ownership ◽  
The Impact

The purpose of this study is to examine whether or not the effect of leverage on firm value with management ownership and free cash flow as moderating variabel practice of manufacture firms listed in Indonesian Stock Exchange for period 2012-2014. Thirty five sample are selected by purposive sampling and used ordinary least square method to analysis. This study used secondary data such as firm financial statement that published during the observation year. Dependent variabel in this study is firm value practice of real estate firms listed in Indonesian Stock Exchange, while the independent variabels are leverage, management ownership, and free cash flow. The result shows that the impact of leverage is significant on firm value; Free Cash Flow is significant moderating leverage on firm, Management Ownership is not significant moderating leverage on firm value

scholarly journals DETERMINAN KEBIJAKAN DIVIDEN PADA SEKTOR NONKEUANGAN

2019 ◽  
Vol 7 (2) ◽  
pp. 1-10
Author(s):  
Ahmad Aziz Putra Pratama
Keyword(s):  
Cash Flow ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Linear Regression Models ◽  
Growth Opportunities ◽  
Significant Negative Effect ◽  
Price Earnings Ratio ◽  
Negative Effect ◽  
Equity Price

This study aims to determine the effect of company size, leverage, growth opportunities, return on on equity, price earnings ratio, quick ratio and free cash flow on dividend policy in non-financial companies listed on the Indonesia Stock Exchange during the 2013-2018 period. This study uses 122 with a total of 732 observations using purposive sampling method with multiple linear regression models. This study was processed using SPSS 25. The independent variables in this study are size, leverage, growth opportunities, ROE, PER, quick ratio, and free cash flow. The dependent variable in this study is dividend policy. Based on the analysis results, it can be concluded that size and PER have a significant positive effect on dividend policy, quick ratio and free cash flow have a positive and insignificant effect on dividend policy, while leverage and ROE have no significant negative effect on dividend policy, and growth has a significant negative effect on dividend policy.

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

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.

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

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.

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 Ownership Structure and Cash Flows As Determinants of Corporate Dividend Policy in Pakistan

2010 ◽  
Vol 3 (3) ◽  
pp. 210 ◽  
Author(s):  
Talat Afza ◽  
Hammad Hassan Mirza
Keyword(s):  
Cash Flow ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Cash Flows ◽  
Least Square ◽  
Flow Sensitivity ◽  
Cash Flow Sensitivity ◽  
Operating Cash Flow ◽  
The Impact ◽  
Individual Ownership

Dividend Policy is among the widely addressed topics in modern financial literature. The inconclusiveness of the theories on importance of dividend in determining firm’s value has made it one of the most debatable topics for the researchers (see for example, Ramcharan, 2001; Frankfurter et. al 2002; Al-Malkawi, 2007). The present study investigates the impact of firm specific characteristics on corporate dividend behavior in emerging economy of Pakistan. Three years data (2005-2007) of 100 companies listed at Karachi Stock Exchange (KSE) has been analyzed using Ordinary Least Square (OLS) regression. The results show that managerial and individual ownership, cash flow sensitivity, size and leverage are negatively whereas, operating cash-flow and profitability are positively related to cash dividend. Managerial ownership, individual ownership, operating cash flow and size are the most significant determinants of dividend behavior whereas, leverage and cash flow sensitivity do not contribute significantly in determining the level of corporate dividend payment in the firms studied in our sample. Estimated results are robust to alternative proxy of dividend behavior i.e. dividend intensity.

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

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.

scholarly journals Interactions between free cash flow, debt policy and structure of governance: Three stage least square simultaneous model approach: evidence from the Tunisian stock exchange

2012 ◽  
Vol 9 (2) ◽  
pp. 21-40 ◽  
Author(s):  
Ben Moussa Fatma ◽  
Jameleddine Chichti
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
Cash Flows ◽  
Free Cash Flow ◽  
Least Square ◽  
Agency Conflicts ◽  
Governance Mechanism ◽  
Free Cash Flows ◽  
Debt Policy ◽  
Simultaneous Model

This research tests the efficiency of the ownership structure and the debt policy as mechanism of resolution of agency conflicts between shareholders and managers due to the problem of overinvestment, in the limitation of the problem of the free cash flow, by estimating three stage least square simultaneous model and on the basis of a sample of 35 non-financial Tunisian listed companies selected for the period 1999–2008. Our results are in favour of the theory of free cash flows of Jensen (1986) that stipulates that the debt policy represents the principal governance mechanism that can limit the risk of free cash flow. However, the ownership concentration and managerial ownership increase the risk of the free cash flow.

scholarly journals FACTORS THAT DETERMINE DIVIDEND POLICY ON BANKING IN THE INDONESIA STOCK EXCHANGE

2019 ◽  
Vol 18 (2) ◽  
pp. 145
Author(s):  
Mega Febriani ◽  
Farah Margaretha
Keyword(s):  
Cash Flow ◽  
Ownership Structure ◽  
Stock Exchange ◽  
Secondary Data ◽  
Free Cash Flow ◽  
Least Square ◽  
Board Structure ◽  
Growth Opportunity ◽  
Managerial Implications ◽  
Financial Characteristics

<p><em>The problem of this research was to test and analyze empirically the influence to financial characteristics, ownership structure and board structure that have significant effects on dividend decisions. The objective of this research was banking firm that listed in Indonesian Stock Exchange for period 2010-2017. The  methodology of this research was applies purposive sampling. The data obtained in this the secondary data was taken from Indonesian Stock Exchange. This research was panel least square model and processed using software eviews 9. Total number of samples is 27 companies. The purpose of this test is to prove the effect of the independent variables on the dependent variable.The result of this research shows that the financial characteristics, significant effected dividend decisions, meanwhile profitability, likuidity, free  cash  flow. Growth opportunity, age, size, leverage and asset tangibility does not effects the dividend decisions. Ownership structure significant effected dividend decisions, meanwhile institusional ownership and goverment ownership. And board structure significant effected dividend decisions, meanwhile independen director. The Managerial Implications from this research are how the company manages the capital sources from free cash flow and likuidity, how to make the company can be efficient in running the company and make earning.</em></p>

scholarly journals A THEORETICAL MODEL FOR THE CROSS SECTION OF THE LIQUIDITY, FIRM SIZE, EARNINGS VOLATILITY, AND LEVERAGE IN INDONESIA

2019 ◽  
Vol 7 (3) ◽  
pp. 324-337
Author(s):  
Irdha Yusra
Keyword(s):  
Firm Size ◽  
Stock Exchange ◽  
Random Effect ◽  
Fixed Effect ◽  
Least Square ◽  
Financial Statement ◽  
Sample Collection ◽  
Earnings Volatility ◽  
Operational Activity ◽  
Effect Method

Basically, every company requires capital in order to finance its operational activity and to expand their business so capital becomes one of the important elements in a company. When the capital which is owned by the company is large the operational activity that can be conducted is large as well. This research is meant to test the influence of liquidity, firm size, earnings volatility, to the leverage. The population is all companies which are listed in Indonesia Stock Exchange in 2013-2017 periods. The sample collection technique has been carried out by using purposive sampling method and based on the predetermined criteria, 86 companies have been selected as samples. The data of the financial statement of the companies has been obtained from the official website of IDX. The analytical method used is regression analysis of panel data with the help of application E-Views 8. The initial test is to test the Chow-Test to decide whether the Pooled Least Square or Fixed Effect method is used, and the test Hausman-Test to decide whether the Fixed Effect or Random Effect method can be used. The result of the research shows that the variable liquidity has a negative and significant effect on leverage, firm size has a negatif and not significant on levearge, while earning volatility does not have any significant influence on leverage.

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