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Ferdinand A Gul - One of the best experts on this subject based on the ideXlab platform.
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Investment Opportunity set corporate governance practices and firm performance
Journal of Corporate Finance, 2004Co-Authors: Marion R Hutchinson, Ferdinand A GulAbstract:Prior research on the relationship between corporate controls and firm performance is premised on the notion that, in theory, there is direct association between corporate governance and firm performance. However, extensive research has produced mixed and often weak results. In this paper, we posit, as a primary relationship, a negative association between growth and firm performance and then examine whether corporate governance variables moderate this negative relationship. Our results support this notion and show that the role of corporate governance variables in firm performance should be evaluated in the context of the firm’s external environment measured in this study in terms of growth opportunities.
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chaebol Investment Opportunity set and corporate debt and dividend policies of korean companies
Review of Quantitative Finance and Accounting, 1999Co-Authors: Ferdinand A Gul, Burch T KealeyAbstract:This paper examines explanations for the association between Korean Chaebol, which are giant conglomerates supported by various government initiatives, and corporate debt and dividend policies. Unlike in the US, the Korean corporate sector is dominated by the Chaebol which are characterized by concentrated family ownership, political affiliation and bank ownership. These institutional arrangements are likely to encourage more debt financing. In addition, the study also investigates whether firms with more growth options measured in terms of the Investment Opportunity set (IOS) have lower leverage and dividends. Results using observations from 411 Korean firms showed that for a fixed level of growth opportunities, Chaebol carry higher levels of debt. Results also show that growth options were negatively associated with leverage and dividends. No association, however, was found between Chaebol and dividends.
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an analysis of joint effects of Investment Opportunity set free cash flows and size on corporate debt policy
Review of Quantitative Finance and Accounting, 1999Co-Authors: Bikki Jaggi, Ferdinand A GulAbstract:This study, based on a sample of 1869 observations from 1989 to 1993 for non-regulated U.S. firms, examines the association between Investment Opportunity set (IOS), free cash flows (FCF) and debt, and also tests whether firm size acts as a moderating variable on this association. The results show that there is a significantly positive association between FCF and debt for low IOS firms, which provide support to Jensen's (1986) “control hypothesis”. The results also show that the positive association between debt and high FCF for low IOS firms is more pronounced for large firms, suggesting that the firm size serves as a moderating variable on the association.
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government share ownership Investment Opportunity set and corporate policy choices in china
Pacific-basin Finance Journal, 1999Co-Authors: Ferdinand A GulAbstract:Abstract This study, using pooled cross-sectional observations of companies listed on the Shanghai Stock Exchange from 1990 to 1995, examines the relationship between government ownership of shares, growth opportunities measured in terms of the Investment Opportunity set (IOS) and corporate policy decisions. IOS is measured in terms of three ratios; market value of the firm to book value of assets, market value of equity to book value of equity and the earnings price ratio. Corporate policy choices are defined in terms of leverage and dividend policies. Government ownership is found to be positively associated with debt financing and dividend policy. Consistent with prior studies, IOS is found to be negatively associated with debt financing and dividend payments.
Bikki Jaggi - One of the best experts on this subject based on the ideXlab platform.
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an analysis of joint effects of Investment Opportunity set free cash flows and size on corporate debt policy
Review of Quantitative Finance and Accounting, 1999Co-Authors: Bikki Jaggi, Ferdinand A GulAbstract:This study, based on a sample of 1869 observations from 1989 to 1993 for non-regulated U.S. firms, examines the association between Investment Opportunity set (IOS), free cash flows (FCF) and debt, and also tests whether firm size acts as a moderating variable on this association. The results show that there is a significantly positive association between FCF and debt for low IOS firms, which provide support to Jensen's (1986) “control hypothesis”. The results also show that the positive association between debt and high FCF for low IOS firms is more pronounced for large firms, suggesting that the firm size serves as a moderating variable on the association.
Jayantara Dirgayusa - One of the best experts on this subject based on the ideXlab platform.
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pengaruh managerial ownership financial leverage profitability firm size Investment Opportunity terhadapfirm value yang dimediasi oleh dividen policy studi empiris pada perusahaan manufaktur di bursa efek indonesia tahun2006 2013
2015Co-Authors: Jayantara DirgayusaAbstract:Penelitian ini bertujuan untuk menganalisis faktor-faktor yang mempengaruhi firm value pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2006-2013. Dengan menggunakan variable managerial ownership, financial leverage, profitability, firm size, Investment Opportunity serta dividen policy sebagai mediasi. Populasi dari penelitian ini adalah seluruh perusahaan manufaktur yang membagi dividen serta terdaftar di Bursa Efek Indonesia. Setelah dilakukan seleksi terdapat 11 perusahaan yang memenuhi kriteria sampel yang telah ditetapkan dalam penelitian ini. Didalam penelitian ini mengunakan path analysis. Hasil dari penelitian ini adalah: (1) secara bersama-sama terdapat pengaruh langsung, antara Managerial ownership, Financial leverage, Profitability, Firm size dan Investment Opportunity terhadap Firm Value (2) secara parsial hanya Managerial ownership, Financial leverage, Profitability dan Investment Opportunity yang mempunyai pengaruh signifkan terhadap firm value (3) Kebijakan dividen tidak berpengaruh secara langsung terhadap firm value serta belum bisa menjadi variable mediasi. Kata Kunci: Managerial Ownership, Financial Leverage, Profitability, Firm Size, Investment Opportunity, Firm Value, Dividen Policy
B1021161080, Shera Aldilla Iswara - One of the best experts on this subject based on the ideXlab platform.
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Pengaruh Firm Size, Kebijakan Hutang, Struktur Aktiva, dan Investment Opportunity Set Terhadap Nilai Perusahaan yang Terdaftar Dalam Indeks Kompas 100 di Bursa Efek Indonesia
Jurnal Manajemen Update, 2020Co-Authors: B1021161080, Shera Aldilla IswaraAbstract:Penelitian ini bertujuan untuk mengetahui pengaruh Firm Size, Kebijakan Hutang, Struktur Aset, serta Investment Opportunity Set terhadap Nilai Perusahaan yang terdaftar dalam indeks kompas 100 di Bursa Efek Indonesia. Jumlah sampel yang digunakan dalam penelitian ini terdiri dari 53 perusahaan selama periode 2014-2018 dengan menggunakan metode purposive sampling. Data penelitian ini dianalisis dengan menggunakan analisis data panel. Hasil penelitian Random Effect Model menunjukkan bahwa variabel Firm Size memiliki arah negatif dan berpengaruh signifikan terhadap nilai perusahaan. Kemampuan variabel tersebut dapat dilihat dari nilai coefficient LnSize yaitu sebesar -0,362713 dan probability sebesar 0,0152 dengan signifikansi sebesar 0,05. Variabel kebijakan hutang memiliki arah positif dan berpengaruh signifikan terhadap nilai perusahaan dapat dilihat dari nilai coefficient DER yaitu sebesar 0,435001 dan probability 0,0000 dengan signifikansi sebesar 0,05. Variabel struktur aktiva memiliki arah positif dan berpengaruh signifikan terhadap nilai perusahaan dapat dilihat dari nilai coefficient FAR yaitu sebesar 2,636824 dan probability 0,0392 dengan signifikansi 0,05. Variabel Investment Opportunity set memiliki arah positif dan tidak berpengaruh signifikan terhadap nilai perusahaan dapat dilihat dari nilai coefficient PER yaitu sebesar 0,000583 dan probability 0,6959 dengan signifikansi sebesar 0,05. Kata kunci : firm size, kebijakan hutang, struktur aktiva, Investment Opportunity set dan nilai perusahaan. Arifianto, M., & Chabachib, M. (2016). Analisis Faktor-Faktor yang Mempengaruhi Nilai Perusahaan (Studi Kasus Pada Perusahaan yang Terdaftar Pada Indeks LQ-45 Periode 2011-2014). Diponegoro Journal of Management 5 (1), 1-12.Arikunto, S. (2002). Prosedur Penelitian: Suatu Pendekatan Praktek. Edisi Revisi. Jakarta: PT. Rineka Cipta.Brigham, Eugene. F., dan Joel F. Houston. (2001). Manajemen Keuangan. Buku II, Edisi Kedelapan. Jakarta: Erlangga.Brigham, Eugene. F., & Joel F. Houston. (2012). Dasar-Dasar Manajemen Keuangan Edisi V. Jakarta: Salemba Empat.Dewi, D. A. I. Y. M., & Sudiartha, G. M. (2017). Pengaruh Profitabilitas, Ukuran Perusahaan, dan Pertumbuhan Aset Terhadap Struktur Modal dan Nilai Perusahaan. E-Jurnal Manajemen Unud 6 (4), 2222-2252.Devianasari, N. L., & Suryantini, N. P. (2015). Pengaruh Price Earning Ratio, Debt To Equity Ratio, dan Dividen Payout Ratio Terhadap Nilai Perusahaan Pada Perusaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. E-Jurnal Manajemen Unud 4 (11), 3646-3674.Djarwanto. (2004). Pokok-Pokok Analisis Laporan Keuangan. Edisi Kedua. Yogyakarta: BPFE.Faisal, A. (2019). Penggunaan Data Panel Untuk Penelitian Manajemen Keuangan. Jurnal Mediastima 25 (2), 22-38.Frederik, P. G., Nangoy, S. C., & Untu, V. N. (2015). Analisis Profitabilitas, Kebijakan Hutang, dan Price Earning Ratio Terhadap Nilai Perusahaan Pada Perusahaan Reatil Trade yang Terdaftar di Bursa Efek Indonesia. Jurnal EMBA 3 (1), 1242-1253.Gaver, J. J., & Gaver K. M. (1993). Additional Evidence on the Association Between the Investment Opportunity Set dan Corporate Financing, Dividend, and Compensation Policies. Journal Accounting & Economics 16, 12-160.Ghozali, I. (2011). Aplikasi Analisis Multivariate Dengan Program SPSS. Semarang: Badan Penerbit Universitas Diponegoro.Giriati. (2016). Free Cash Flow, Dividend Policy, Investment Opportunity Set, Opportunistic Behavior and Firm's Value (A Study about Agency Theory). Procedia - Social and Behavior Sciences, 219, 248-254.Gujarati, D. (2003). Ekonometrika Dasar. Jakarta: Erlangga.Hanafi, M. M. (2012). Dasar-Dasar Manajemen Keuangan. Jakarta: Penerbit Balai Pustaka.Harahap, S. S. (2007). Teori Akuntansi. Jakarta: Grafindo Persada.Hayono, Al. J. (2011). Dasar-Dasar Akuntansi Jilid 2 Edisi 7. Yogyakarta: STIE YKPN.Hasnawati, S., & Sawir, A. (2015). Keputusan Keuangan, Ukuran Perusahaan, Struktur Kepemilikan, dan Nilai Perusahaan Publik di Indonesia. JMK 17 (1), 65-75.Hidayah, N. (2015). Pengaruh Investment Opportunity Set (IOS) dan Kepemilikan Manajerial Terhadap Nilai Perusahaan Pada Perusahaan Poperty dan Real Estat di Bursa Efek Indonesia. Jurnal Akuntansi XIX (03), 420-432.Husnan, S. (2008). Manajemen Keuangan-Teori dan Penerapan (keputusan jangka panjan). Yogyakarta: BPFE.Indriyani, E. (2017). Pengaruh Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Ilmu Akuntansi 10 (2), 333-348.Irvaniawati., & Utiyati, S. (2014). Analisis Pengaruh Kebijakan Hutang, Kebijakan Investasi, dan Kebijakan Deviden terhadap Nilai Perusahaan. Journal Ilmu & Riset Manajemen 3 (6), 1-9.Kallapur, S., & Trombley, M. K. (2001). The Investment Opportunity Set: Determinants, Consequences, and Measuremenl, Managerial Finance 27, 3-15. Kartajaya, H. (2009). Kompas 100 Corporate Marketing Case. Jakarta: PT. Gramedia Pustaka Utama.Kasmir. (2014). Analisis Laporan Keuangan. Jakarta: Rajawali Pers.Mandalika, A. (2016). Pengaruh Struktur Aktiva, Struktur Modal, dan Pertumbuhan Penjualan Terhadap Nilai Perusahaan Pada Perusahaan Publik yang Terdaftar di Bursa Efek Indonesia (studi pada sektor otomitif). Jurnal Berkala Ilmiah Efisiensi.Martikarini, N. (2011). Pengaruh Profitabilitas, Kebijakan Hutang, dan Dividen Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur yang Terdaftar di BEI. Jurnal Fakultas Ekonomi Jurusan Akuntansi, Universitas Gunadarma.Martono, & Harjito, A. (2010). Manajemen Keuangan. Yogyakarta: Ekonisia. Mawikere, C. Y., & Ratte, P. V. (2015). Pengaruh Stabilitas Penjualan dan Struktur Aktiva Terhadap Struktur Modal Automotive and Alled Product yang Terdaftar Di BEI Periode 2010-2013. Journal EMBA, 149-158.Myres, S. C. (1977). "Determinant of Corporate Borrowing". Journal of Financial Economics 5, 147-175.Nazir, M. (2013). Metode Penelitian. Jakarta: Ghalia Indonesia.Nyamasege, Okibo, Nyang'au, Sang'ania, Omosa, & Momanyi. (2014). Effect of Asset Structure on Value of a Firm: a Case of Companies Listed In Nairobi Securities Exchange. Research Journal Of Finance And Accounting.Nopiyanti, I. D., & Darmayanti, N. P. (2016). Pengaruh PER, Ukuran Perusahaan, dan Profitabilitas Pada Nilai Perusahaan dengan Struktur Modal Sebagai Variabel Moderasi. E-Jurnal Manajemen Unud 5 (12), 7868-7898.Pakpahan, R. F. (2010). Pengaruh Faktor-Faktor Fundamental Perusahaan dan Kebijakan Dividen Terhadap Nilai Perusahaan. Jurnal Ekonomi, Keuangan, Perbankan, dan Akuntansi 2 (2).Pertiwi, P. J., Tommy, P., & Tumiwa, J. R. (2016). Pengaruh Kebijakan Hutang, Keputuan Investasi, dan Profitabilitas Terhadap Nilai Perusahaan Food and Beverages yang Terdaftar di Bursa Efek Indonesia. Jurnal EMBA 4 (1), 1369-1380.Prasetyorini, B. F. (2013). Pengaruh Ukuran Perusaahaan, Leverage, Price Earning Ratio, dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Ilmu Manajemen 1 (1), 183-196.Pratama, I. G. B. A., & Wiksuana, I. G. B. (2016). Pengaruh Ukuran Perusahaan dan Leverage Terhadap Nilai Perusahaan dengan Profitabilitas Sebagai Variabel Mediasi. E-Jurnal Manajemen Universitas Udayana 5 (2), 1338-1367.Pratiwi, N. I. (2017). Pengaruh Ukuran Perusahaan, Kebijakan Hutang, dan Kebijakan Dividen Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur yang Listing di Bursa Efek Indonesia. JOM FISIP 4 (2), 1-11. Pribadi, Murni, & Tegar. (2018). Pengaruh Struktur Aset, Ukuran Perusahaan, Likuiditas, dan Profitabilitas Terhadap Nilai Perusahaan Dagang Besar yang Terdaftar di Bursa Efek Indonesia. Progress Confrence.Putri, M. T. (2017). Pengaruh Profitabilitas dan Keputusan Investasi Terhadap Nilai Perusahaan Pulp & Paper yang Terdaftar di Bursa Efek Indonesia. Jom FISIP 4 (2), 1-12.Rai, N. K. P., & Sudiartha, I. G. M. (2016). Pengaruh Struktur Modal, Kebijakan Dividen, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur. E-Jurnal Manajemen Unud 5 (3). Ramadhan, G. F., Husnatarina, F., & Angela, L. M. (2018). Pengaruh Kebijakan Hutang dan Kebijakan Dividen Terhadap Nilai Perusahaan Kelompok LQ 45 yang Terdaftar di Bursa Efek Indonesia Tahun 2012-2016. Jurnal R A K (Riset Akuntansi Keuangan) 3 (1), 65-73.Salvatore, D. (2005). Ekonomi Manajerial dalam Perekonomian Global. Jakarta: Salemba Empat.Sari, N. (2017). Pengaruh Struktur Modal dan Kebijakan Hutang Terhadap Nilai Perusahaan Pada Manufaktur Sektor Tekstil dan Garmen Periode 2010-2014 di Bursa Efek Indonesia. JOM FISIP 4 (2), 1-16.Sawir, A. (2003). Analisis Kinerja Keuangan dan Perencanaan Keuangan Perusahaan. Jakarta: PT. Gramedia Pustaka Utama.Setiawati, L. W., & Lim, M. (April). Analisis Pengaruh Profitabilitas, Ukuran Perusahaan, Leverage, dan Pengukapan Sosial Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2011-2015. Jurnal Akuntansi 12 (1), 29-57.Soliha, Euis, & Taswan. (2002). Pengaruh Kebijakan Hutang Terhadap Nilai Perusahaan Serta Beberapa Faktor yang Mempengaruhinya. Jurnal Bisnis dan Ekonomi, 9 (2), 149-163.Sugiyono. (2012). Statistik Untuk Penelitian.. Bandung: Alfabeta.Sugiyono. (2013). Metode penelitian Pendidikan (Pendekatan Kuantitatif, Kualitatif, dan R&D). Bandung: Alfabeta.Sujoko & Soebiantoro, U. (2007). Pengaruh Struktur Kepemilikan Saham, Leverage, Faktor Intern, dan Faktor Ekstern Terhadap Nilai Perusahaan. Jurnal Manajemen dan Kewirausahaan 9 (1), 41-48.Sukirni, D. (2012). Kepemilikan Manajerial, Kepemilikan Institusional, Kebijakan Dividen, dan Kebijakan Hutang Analisis Terhadap Nilai Perusahaan. Accounting Analysis Journal 1 (2).Sutrisno. (2007). Manajemen Keuangan: Teori, Konsep, dan Aplikasi. Yogyakarta: Ekonisis.Suwardjono. (2014). Teori Akuntansi Perekayasaan Pelaporan Keuangan, edisi ketiga. Yogyakarta: BPFE Yogyakarta.Weston , J., & Copeland, T. E. (1992). Dasar-Dasar Manajemen Keuangan Jilid 2. Jakarta: Erlangga.Widarjono, A. (2013). Ekonometrika Pengantar dan Aplikasinya. Jakarta: Ekonosia.Winarno, W. W. (2011). Analisis Ekonometrika dan Statistika dengan Eviews. Yogyakarta: Unit Penerbit dan Percetakan STIM YPKN.www.idx.co.idwww.investing.comYanuarti, E. S. (2018). Pengaruh Price Earning Ratio (Per), Debt To Equity Ratio (Der), dan Devidend Payout Ratio (Dpr) Terhadap Nilai Perusahaan Pada Perusahaan Sektor Keuangan yang Terdaftar di Bursa Efek Indonesia, Universitas Tanjungpura, Indonesia.Yushinta, M. (2019). Analisis Pengaruh Profitabilitas, Struktur Modal, dan Ukuran Perusahaan Terhadap Nilai Perusahaan pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia, Universitas Tanjungpura, Indonesia
Fitratama, Venu B1024161005 - One of the best experts on this subject based on the ideXlab platform.
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DETERMINANT OF FREE CASH FLOW, LIFE CYCLE, FIRM SIZE, LEVERAGE, ASSETS GROWTH AND Investment Opportunity SET ON DIVIDEND OF MANUFACTURING COMPANIES THAT LISTED IN INDONESIA STOCK EXCHANGE
Jurnal Manajemen Update, 2020Co-Authors: Fitratama, Venu B1024161005Abstract:ABSTRACTCompany decision to give profits to their investors is involved by many things including dividend policy of company itself. Therefore, this study discusses the effects of free cash flow, life cycle, firm size, leverage, assets growth and Investment Opportunity set on dividend of manufacturing companies that listed in indonesia stock exchange. Dependent variable used is dividend payout ratio. Independent variables used are free cash flow, life cycle, firm size, leverage, assets growth, and Investment Opportunity set.The population in this study is manufacturing company listed on Indonesia Stock Exchange (BEI) in the period of 2015 - 2018. The sample collected using purposive sampling methods. Total of 28 companies were determined as samples. Method of analysis in this study is using panel data regression with basis on fixed effect model.The result of this study indicates that independent variables of free cash flow, 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.ReferencesAhmad, R. (2009). Pengaruh Invesment Opportunity Set (IOS) Terhadap Kebijakan Dividen dengan Pemoderasi Pilihan Prosedur Akuntansi Pada Perusahaan yang Go Public di bursa Efek Jakarta. Jurnal Bisnis dan Manajemen. Vol. 5, No. 1.Anthony, J. H., & Ramesh, K. (1992). Association Between Accounting Performance Measures and Stock Prices: A Test of The Life Cycle Hypothesis. Journal of Accounting and Economics, 203-227.Brigham, E. F., & Houston, J. F. (2007). Fundamentals of Financial Management 11th Edition. South-Wester.DeAngelo, H., & DeAngelo, L. (2006). The Irrelevance of the MM Dividend Irrelevance Theorem. Journal of Financial Economics, 293-316.DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend Policy and the Earned/ Contributed Capital Mix: A Test of the Lifecycle Theory. Journal of Financial Economics, 227-254.Denis, D. J., & Osobov, I. (2008). Why Do Firms Pay Dividends? International Evidence on the Determinants of Dividend Policy. Journal of Financial Economics, 62-82.Fajriah, N. (2011). Analisis Pengaruh ROE, DER, Manajemen Ownership, Free Cash Flow, dan Size Terhadap Dividend Payout Ratio Pada Perusahaan-perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2006-2009. Skripsi Fakultas Ekonomi Universitas Diponegoro.Giriati. (2015). Free Cash Flow, Dividend Policy, Investment Opportunity Set, Opportunistic Behaviour and Firm's Value (A Study About Agency Theory). 3rd Global Conference on Business and Social Science.Gustiana, N. (2009). Pengaruh Insider Ownership, Dispersion of Ownership, Free Cash Flow, Collaterizable Assets dan Tingkat Pertumbuhan Terhadap Dividend Payout Ratio Pada Perusahaan- Perusahaan Manufaktur di Bursa Efek Indonesia Tahun 2004- 2008.Holder, M., Langrehr, F., & Hexter, J. (1998). Dividend Policy Determinants: An Investigation of the Influences of Stakeholder Theory. Financial management 27, 73-80.Keown, A. J. (2003). Financial Management : Principles and Applications 10th ed. New Jersey: Prentice Hall.Kieso, D. E., & Weygandt, J. J. (2001). Financial Management: Principles and Applications 10th Edition. New York: John Willey & Sons, Inc.Lestari, J. S. (2012). Determinants of Dividend Decision: Evidence From the Indonesia Stock Exchange. Integr. Bus. Econ. Res., 1(1) 346.Levy, H., & Sarnat, M. (1990). Capital Investment and Financial Decision 4th ed. New York: Prentice Hall.Mahadwartha, P. A. (2007). The Association of Managerial Ownership with Dividend Policy and Leverage Policy: Indonesian Firm. SSRN Working Papers Series.Miller, D., & Friesen, P. H. (1984). A Longitudinal Study of the Corporate Life Cycle. Management Science, 30: 1161-1183.Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth and the Valuation of Shares. The Journal of Business, Vol. 34 No. 4, pp. 411-433.Mollah, A. S., Keasey, K., & Short, H. (2002). The Influence of Agency Costs on Dividend Policy in An Emerging Market: Evidence from the Dhaka Stock Exchange. Working Paper, Leeds University Business School.Murhadi, W. (2008). Studi Kebijakan DIviden: Anteseden dan Dampaknya terhadap Harga Saham. Manajemen dan Kewirausahaan, 10.Myers, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decision When Firms Have Information That Investor Do Not Have. Journal of Financial Economics 13, 187-221.Puspita, F. (2009). Anallisis Faktor- Faktor yang Mempengaruhi Kebijakan Dividend Payout Ratio (Studi Kasus pada Perusahaan Yang Terdaftar di Bursa Efek Indonesia Periode 2005-2007).Riyanto, B. (n.d.). Dasar-dasar Pembelanjaan Perusahaan. Yogyakarta: BPFE, 2001.Rosdini, D. (2009). Pengaruh Free Cash Flow terhadap Dividend Payout Ratio. Working paper in Accounting and Finance.Suharli, M., & Rachpriliani, A. (2006). Studi Empiris Faktor yang Berpengaruh terhadap Ketepatan Waktu Pelaporan Keuangan. Jurnal Bisnis dan Akuntansi, Vol.8 No.1 (April): 34-55.Thanatawee, Y. (2011). Life-Cycle theory and Free Cash Flow Hypothesis: Evidence from Dividend Policy in Thailand. International Journal of Financial Research 2.Yan, Z. (2010). A New Methodology of Measuring Corporate Life-Cycle Stage. SSRN Electronic Journal
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DETERMINANT OF FREE CASH FLOW, LIFE CYCLE, FIRM SIZE, LEVERAGE, ASSETS GROWTH AND Investment Opportunity SET ON DIVIDEND OF MANUFACTURING COMPANIES THAT LISTED IN INDONESIA STOCK EXCHANGE
Jurnal Manajemen Update, 2020Co-Authors: Fitratama, Venu B1024161005Abstract:Company decision to give profits to their investors is involved by many things including dividend policy of company itself. Therefore, this study discusses the effects of free cash flow, life cycle, firm size, leverage, assets growth and Investment Opportunity set on dividend of manufacturing companies that listed in indonesia stock exchange. Dependent variable used is dividend payout ratio. Independent variables used are free cash flow, life cycle, firm size, leverage, assets growth, and Investment Opportunity set.The population in this study is manufacturing company listed on Indonesia Stock Exchange (BEI) in the period of 2015 - 2018. The sample collected using purposive sampling methods. Total of 28 companies were determined as samples. Method of analysis in this study is using panel data regression with basis on fixed effect model.The result of this study indicates that independent variables of free cash flow, 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.Ahmad, R. (2009). Pengaruh Invesment Opportunity Set (IOS) Terhadap Kebijakan Dividen dengan Pemoderasi Pilihan Prosedur Akuntansi Pada Perusahaan yang Go Public di bursa Efek Jakarta. Jurnal Bisnis dan Manajemen. Vol. 5, No. 1.Anthony, J. H., & Ramesh, K. (1992). Association Between Accounting Performance Measures and Stock Prices: A Test of The Life Cycle Hypothesis. Journal of Accounting and Economics, 203-227.Brigham, E. F., & Houston, J. F. (2007). Fundamentals of Financial Management 11th Edition. South-Wester.DeAngelo, H., & DeAngelo, L. (2006). The Irrelevance of the MM Dividend Irrelevance Theorem. Journal of Financial Economics, 293-316.DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend Policy and the Earned/ Contributed Capital Mix: A Test of the Lifecycle Theory. Journal of Financial Economics, 227-254.Denis, D. J., & Osobov, I. (2008). Why Do Firms Pay Dividends? International Evidence on the Determinants of Dividend Policy. Journal of Financial Economics, 62-82.Fajriah, N. (2011). Analisis Pengaruh ROE, DER, Manajemen Ownership, Free Cash Flow, dan Size Terhadap Dividend Payout Ratio Pada Perusahaan-perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2006-2009. Skripsi Fakultas Ekonomi Universitas Diponegoro.Giriati. (2015). Free Cash Flow, Dividend Policy, Investment Opportunity Set, Opportunistic Behaviour and Firm's Value (A Study About Agency Theory). 3rd Global Conference on Business and Social Science.Gustiana, N. (2009). Pengaruh Insider Ownership, Dispersion of Ownership, Free Cash Flow, Collaterizable Assets dan Tingkat Pertumbuhan Terhadap Dividend Payout Ratio Pada Perusahaan- Perusahaan Manufaktur di Bursa Efek Indonesia Tahun 2004- 2008.Holder, M., Langrehr, F., & Hexter, J. (1998). Dividend Policy Determinants: An Investigation of the Influences of Stakeholder Theory. Financial management 27, 73-80.Keown, A. J. (2003). Financial Management : Principles and Applications 10th ed. New Jersey: Prentice Hall.Kieso, D. E., & Weygandt, J. J. (2001). Financial Management: Principles and Applications 10th Edition. New York: John Willey & Sons, Inc.Lestari, J. S. (2012). Determinants of Dividend Decision: Evidence From the Indonesia Stock Exchange. Integr. Bus. Econ. Res., 1(1) 346.Levy, H., & Sarnat, M. (1990). Capital Investment and Financial Decision 4th ed. New York: Prentice Hall.Mahadwartha, P. A. (2007). 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