Pengaruh Aliran Kas Bebas Dan Kebijakan Utang Terhadap Keputusan Investasi

Sriyunianti, Fera (2013) Pengaruh Aliran Kas Bebas Dan Kebijakan Utang Terhadap Keputusan Investasi. Jurnal R & B, 8 (2). pp. 77-67. ISSN 1412-5080

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Abstract

This research aims to examine the effect of free cash flow and debt policy on the investment decision. This study also examines the expected free cash flow agency problem on investment decision.In so doing, this study conducted112 observations from 2008 to 2011. The manufacturing firms which were listed in Bursa Efek Jakarta since 2000wereselected as samples. Meanwhile, firms which did not have complete financial statementwere excluded from sample selection. Similarly, firms which were dealing with company takeover, acquisition and merger, were also excluded due to the fact that these firms have different characteristics in their investment modes. Data were obtained from yearlyIDX (Indonesia Stock Exchange) Fact Book.Further, the hypotheses wereexamined through regression models and Chow Test.The results show that there area positive insignifficant effect of last periodfree cash flow on investment decision and negative insignifficant effect of current free cash flow on investment decision. The results were also provide evidences to support the negative signifficant effect of debt policy on investment decision but cannot provide evidence to support the negative effect of debt policy on the use of free cash flow on investment decision. However, the results show a positive signifficant effect of last free cash flow on investment decision and a negative effect of debt policy on the use of free cash flow on investment decision for the low investment opportunity firms.Therefore, this study concludesthat there is no free cash flow agency problem on investment decision for all firms.

Item Type:Article
Subjects:C Social Sciences > CF Commerce > CF1 Accounting
Divisions:Jurusan Akuntansi > Prog.Studi Akuntansi-D3 > Jurnal/Karya Ilmiah
ID Code:492
Deposited By:Mr. OP Repo-2 Puskom
Deposited On:18 Nov 2016 07:41
Last Modified:18 Nov 2016 07:41

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