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Pengaruh Investment Opportunity Set dan Ukuran Perusahaan Terhadap Hubungan Antara Free Cash Flow dengan Kebijakan Hutan Marfuah -
Jurnal Aplikasi Bisnis Volume 15 Nomor 9, April 2014
Publisher : Jurnal Aplikasi Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jabis.vol15.iss9.art4

Abstract

The main purpose of this study is to empirically examine the moderating effect of Investment Opportunity Set (ICS) and company size on the relationship between free cash flow to debt policy. The test results of the 159 samples were selected for sampling purposed the observation period 2006 to 2011 managed to support the first hypothesis which states that firms with lower ICS, free cash flow has a positive relationship with debt policy and the second hypothesis that the large companies, free cash flow has a positive relationship with debt policy. Tests on the three independent variables that allegedly could be used to reduce agency cost, the managerial ownership variables, the dividend payout ratio, and institutional ownership showed no significant results. While ROA as a control variable in this study showed a significant negative effect on the debt. This indicates that the greater the company's ability to generate profits, the company is likely to reduce its debt, as more internal funds available for investment company. The results of this study useful for investors to understand the behavior of corporate management in Indonesia in managing free cash flow is usually a conflict between shareholders and managers of the company. On companies with low levels of ICS, the management company will tend to increase the debt when the company generated free cash flow is high. Free cash flow problems are also more pronounced in the large company; the company's management will tend to increase the debt when the company generated free cash flow is high. Thus investors should consider the variable growth opportunities and the size of the company if the company will invest in companies with high free cash flow.
Pengaruh Kecanggihan Investor Dan Kualitas Auditor Terhadap Hubungan Antara Manajemen Laba Sebelum Initial Public Offering (IPO) Dengan Return Saham Marfuah -
Unisia No. 77: Volume XXXIV Nomor 77 Juli 2012
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/unisia.vol34.iss77.art4

Abstract

 The main purpose of this research is to examine the availability profit management in scheme of iPO. In addition to this, the influence of the profit management on share return and also the influence of the sophistication of investor and the quality of auditor in the moderation of the relation between profit management before iPO and share return.Based on the selecteed samples, 38 companies which has undertake IPO during 1995-2008 and the examination of "one-sample test" is found the indication of profit management one year prior to IPO. Where as in the period of IPO and one year post-IPO, is not found such management in the companies that undertakes an IPO. Based on Regresiion-Moderation Analysis is found that the sophistication of investor significantly renders negative influence towards the the relation between manajement of profit prior to IPO and share return.Key words: IPO, profit management, sophistication of investor, quality of auditor
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