PENGARUH RASIO PEMBAYARAN DIVIDEN DAN PENGELUARAN MODAL TERHADAP EARNINGS RESPONSE COEFFICIENTS (ERC) DENGAN ARUS KAS BEBAS SEBAGAI VARIABEL PEMODERASI

Nugraheni Risma Wijayanti
Supatmi .

Jurnal Bisnis dan Ekonomi
Vol 15 No 1 (2008): Vol. 15 No. 1 Maret 2008

The purpose of this study is to obtain empirical evidence whether dividendpayout ratio and capital expenditure influenced to earnings response coeffcients(ERC) with free cash flow as a moderating variable. The sample is drawn by a thepurposive sampling technique from whole companies listed in BEJ, exceptfinancial companies. This study had been done for 3 years, 2003-2005, andobtained 31 companies fulfilled criteria as sample. Examination of hypothesisused multiple-regression analysis with significant level about 5%. This studyprovides empirical evidence that free cash flow hasn’t impact on influencedividend payout ratio to ERC, and free cash flow also hasn’t impact on influencecapital expenditure to ERC.Keyword: Free Cash Flow, Dividend Payout Ratio, Capital Expenditure,Earnings Response Coeeficients