Analisis Pengaruh Moderating Investment Opportunity Set dengan Kebijakan Dividend serta Moderating Investment Opportunity Set dengan Arus Kas Bebas terhadap Tingkat Leverage Perusahaan Makanan dan Minuman yang Terdaftar di BEI Periode 2003-2007

Authors

  • Masruroh Masruroh Jurusan Manajemen, Fakultas Ekonomi dan Komunikasi, Binus University Jl. KH. Syahdan No. 9, Palmerah, Jakarta Barat 11480.
  • Tinjung Desy Nursanti Jurusan Manajemen, Fakultas Ekonomi dan Komunikasi, Binus University Jl. KH. Syahdan No. 9, Palmerah, Jakarta Barat 11480.
  • Lisa Lisa Jurusan Manajemen, Fakultas Ekonomi dan Komunikasi, Binus University Jl. KH. Syahdan No. 9, Palmerah, Jakarta Barat 11480.

DOI:

https://doi.org/10.21512/tw.v12i2.672

Keywords:

leverage, investment opportunity set, dividend policy, free cash flow

Abstract

This research aims to examine whether there is any influence of investment opportunity set (IOS) on the affiliation between dividend policy and free cash flow to leverage enterprise-level. By using 42 samples of food and beverage companies listed on Indonesia Stock Exchange from 2003 to 2007, it is concluded that the dividend policy does not affect the company's leverage. However, the dividend policy together with investment opportunity set affect the level of corporate leverage. Free cash flow affects the level of corporate leverage. In the meantime, free cash flow to the investment opportunity set (IOS) also influences the level of corporate leverage, the dividend policy and free cash flow effect on the level of corporate leverage. Meanwhile, the dividend policy, free cash flow, investment opportunity set simultaneously affect the level of corporate leverage.

Dimensions

Plum Analytics

Author Biographies

Masruroh Masruroh, Jurusan Manajemen, Fakultas Ekonomi dan Komunikasi, Binus University Jl. KH. Syahdan No. 9, Palmerah, Jakarta Barat 11480.

Jurusan Manajemen, Fakultas Ekonomi dan Komunikasi

Tinjung Desy Nursanti, Jurusan Manajemen, Fakultas Ekonomi dan Komunikasi, Binus University Jl. KH. Syahdan No. 9, Palmerah, Jakarta Barat 11480.

Jurusan Manajemen, Fakultas Ekonomi dan Komunikasi

References

Adedeji, A. (1998). Does the packing order hypothesis explain the dividend payout ratIOS of firm in the UK. Journal of Business Finance & Accounting, 25, 1127-1155.

Allen, D. E. (1993). The packing order hypothesis Australian evidence. Applied Financial Economies, 3, 101-112.

Bodie, Kane, Marcus. (2008). Investment. Singapore: Mc Graw-Hill International.

Brigham, E. F. (2005). Financial Management: Theory and Practice, international edition. Boston: South Western College Publishing.

Ghozali, Imam, (2006). Aplikasi Analisis Multivariate dengan Program SPSS, edisi IV. Semarang: Badan Penerbit Universitas Diponegoro.

Hartono, J. (1999). An Agency Cost Explanation for Dividend Payments. Karya tulis tidak diterbitkan. Yogyakarta: Universitas Gadjah Mada.

Jensen. M. C. (1995). Agency Cost of Free Cash Flow, Cooperate Ownership: Causes and Consequences. Journal of Political Economy, 93.

Myres. S. C. (1997). Determines of Cooperate Borrowing. Journal of Financing Economics, 5, 147-175.

Downloads

Published

2011-09-30
Abstract 412  .
PDF downloaded 821  .