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Syafi’i, Muhammad
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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 Abdullah Abdullah Alfi, Rizky Afifah Alisha, Azetta Fikra Amalia Caniago, Yuyun Az-zahra, Nabila Azizahwati Azizahwati Bahruzin Bahruzin, Bahruzin Dhikrul Hakim Eka Nurjanah Elia Azizah, Elia Erviana, Asvia Fadhilah, Agne Fadilah, Muhammmad Ikhsan Falah, Ridhwan Fatha, Muhammad Rafi Aryu Ferlanda, Gusti Marton Fitri, Deswita Fitri, Wan Salma Nurkhairin Hafizah Hasanah, Nurul Hairul Huda Handayani, Serly Kusnia Hasanah, Siti Nissaul Hasibuan, Cynthia Hasyifa, Najwa Hiya, Nirmadarningsih Imam Mutaqin, Imam Istikomah Istikomah Jamaludin, Husna Jannah, Navada Lailyl Kurdi, Muqarramah Sulaiman Laksono, Rommy Andhika Lestari, Nanda Nabila Lilik Maftuhatin, Lilik Lukita, Carolyn Lutfi Afifah, Lutfi M Yusuf M, Nahruddien Akbar M. Arif Musthofa Mahpudin, Endang Mardiah, Ros Miftahul Hasanah, Miftahul Muhammad Faisal Muhammad Rizki Muslihun Muslihun Mutawali, Mutawali Nilfatri Norasida, Norasida nur ulwiyah Nur'Aini, Ulvia Nur, Siti Khayisatuzahro Okva Marwendi, Reza Prasetyo, Hadi Iwan Purwaningrum, Elvin Diah RAHAYU, WIDYA Rahmadina, Rahmadina Ramdan, Nurul Amalia Rasyida, Wan Ridha Romadani, Nadia Putri RR. Ella Evrita Hestiandari Samaullah, H.M. Yamin Sanusi, Mohammad Febrim Shodiqin, Dimas Herliadis Shodiqin, Dimas Herliandis Sinaga, Anjelita Siska Liana Siti Asiah Suhono Suhono, Suhono SULASTRI, EVA MARIA Syalsabil, Ririn Ageng Ulfa, Syarifah Widya Ulfa, Zakiyah Lailatul Utami, Elifia Dwi Widiana, Galuh Tisna Zalikha, Zahraa Zulhelmi, Zulhelmi Zulirfan, Z