PENGARUH ALIRAN KAS BEBAS TERHADAP NILAI PEMEGANG SAHAM DENGAN SET KESEMPATAN INVESTASI DAN DIVIDEN SEBAGAI VARIABEL MODERATOR
ABSTRACT: This study examines
the relationship between free cash flow and shareholder value moderated by
contextual variables investment opportunity set and dividend. Corporate size is
used as a control variable. Financial data of manufacturing firms listed in the
Indonesian Stock Exchange for the period from 2002 to 2007 are used. Five IOS
individual proxies used to measure a composite IOS proxy are market to book
value of as-sets ratio, market to book value of equity ratio, price earnings
ratio, capital expenditure to book value of asset ratio, and capital expenditure
to market value of asset ratio. Moderated regression analysis is used in testing
hypothesis. The results show that free cash flow significant positively
correlated with shareholder value. Investment opportunity set moderate the relationship.
Dividend, however, is not proved to be a moderator variable in the correlation
between free cash flow and shareholder value.
Keywords: free cash flow,
shareholder value, invest-ment opportunity set, dividend
Penulis: Rima Aguatania Kusuma
Wardani
Kode Jurnal: jpmanajemendd090078
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