PENGARUH PROFITABILITAS, KEBIJAKAN DIVIDEN, DAN KEBIJAKAN UTANG TERHADAP KINERJA PASAR DENGAN MODERASI ALIRAN KAS BEBAS
ABSTRACT: Each company which
listing in BEI (Indonesia Stock Exchange) expected to have good market
performance, which indication with stock return increasing from year to year.
But that way, not all company can realize the expectation. Theoretically, market
performance can be improved to through profitability, dividend policy, debt
policy, and free cash flow as moderately. Target of this research, that is: (1)
Testing influence of profitability, dividend policy, and debt policy to market performance.
(2) Testing ability of free cash flow strengthen influence of profitability,
dividend policy, and debt policy to market performance. This research use
hypothesis and its type is causal research. Research data taken from secunder
data that is ICMD (2007-2010) and financial statement of emiten. Using sample
counted 18 company which selected with purposive sampling technique. Technique
analyse data multiple regression with moderator effect. Result of this research
indicate that: (1) Profitability and debt policy have a significant positive
effect to market performance, while dividend policy has not a significant
effect to market performance. (2) Free cash flow can strengthen influence of
profitability and debt policy to market performance significantly. On the
contrary, free cash flow unable to strengthen influence of dividend policy to
market performance significantly.
Keywords: Profitability,
Dividend policy, Debt policy, Free cash flow, Market performance, stock return
Penulis: ARIESTA APRILYCIA
WIYONO
Kode Jurnal: jpakuntansidd120093
