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All Journal JOURNAL OF SCIENCE AND SOCIAL RESEARCH YUME : Journal of Management Journal of Education, Humaniora and Social Sciences (JEHSS) Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Golden Ratio of Marketing and Applied Psychology of Business Golden Ratio of Mapping Idea and Literature Format Jurnal Ekonomi dan Pembangunan All Fields of Science Journal Liaison Academia and Sosiety Journal Liaison Academia and Society Majalah Ilmiah METHODA UPMI Proceeding Series Journal Journal of Technology and Computer (JOTECHCOM) Jurnal Pengabdian Kepada Masyarakat dan Desa (PASSA) Ekonomika : Jurnal Ekonomi dan Pembangunan
Hiya, Nirmadarningsih
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Contribution of Investment Efficiency in the Relationship of Free Cash Flow and Firm Value at Indonesia Stock Exchange Hiya, Nirmadarningsih; Syafi’i, Muhammad
Budapest International Research and Critics Institute-Journal (BIRCI-Journal) Vol 4, No 4 (2021): Budapest International Research and Critics Institute November
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v4i4.3170

Abstract

The objective of this research is to examine the mediation effect of investment efficiency (ROA) and the moderation effect of Syariah in the relationship of free cash flow on firm value (Tobin q). Research population involved all manufacturing companies at Indonesia Stock Exchange on period 2012-2018. Purposive sampling was used as sampling technique and the obtained sample was 36 companies with total observation of 252. Hypothesis test was conducted with PLS-SEM analysis technique supported by software WarpPLS 5.0. Type of data was data panel with observation period from 2012 to 2018. Several empirical results were obtained. First, free cash flow has positive and significant effect on firm value. Second, free cash flow has positive and significant effect on investment efficiency. Third, investment efficiency has positive and significant effect on firm value. Fourth, Syariah does not have moderation effect in the relationship of free cash flow on firm value. Last, investment efficiency mediates partially the effect of free cash flow on firm value. From these results, several conclusions were made. Firm value can be indirectly affected through intervening variable. Mediation role played by investment efficiency informs that investment efficiency proxied by ROA can alleviate the contradictive results of empirical studies (research gap) concerning the effect of free cash flow on firm value.
Co-Authors Alinur, Alinur Andriani, Maya Asry, Wina Azzanuddin, Azzanuddin Bambang Sugiharto Bangun, Nirwana Br. Debataraja, Lisherly Reginancy Dina Arfianti Siregar ekonomi, jurnal Elazhari, Elazhari Eliyin, Eliyin Fajrillah, Fajrillah Gaol, Nickytha Linch De Hans Lumban Hani, Sheila Harkim, H. Hasyim Syarif, Shamir Hidayat, M. Hariadi Hulu, Natalius Hutagaol, Jarungjung Jaya Zega, Agus Jenda Ingan Mahuli Karim, Ahmad Khairuddin Tampubolon Lafau, Ertina Lombu, Destriani Mahuli, Jenda Ingan Mahyudin Situmeang MARDIANA Misdawati, Misdawati Muhammad Syafii Novita, Vivianti Nurlinda Nurlinda, Nurlinda Pantas Sianturi, Pantas Parinduri, Ramadha Yanti Putra, Purwa Hasan Rahmaniah, Rahmaniah Razali, Muhammad Reza Hanafi Lubis Roswita Oesman Samah, Eri Sibuea, Nunti Simamora, Harkim Simanungkalit, Rejekia Vaizal Situmorang, Mananda Syafi’i, Muhammad Syarif, Shamir Hasyim Yusri Yusri Zega, Arius zulfa, Ira