Effect Of Free Cash Flow Research Articles

Pengaruh Free Cash Flow, Kualitas Audit, dan Pertumbuhan Laba Terhadap Manajemen Laba Dengan Ukuran Perusahaan Sebagai Variabel Moderasi

The purpose of this research is to determine whether there is an effect of free cash flow, audit quality, and earnings growth on earnings management with company size as a moderating variable. The data in this study uses discretionary accruals calculated using the modified jones model. This study uses consumer cyclicals and consumer non-cyclicals companies listed on the Indonesia Stock Exchange for the period 2020 to 2022 and uses purposive sampling method. The data analysis method used in this study is multiple linear regression.The sample in this study amounted to 192 data and minus 1 data due to outliers, so that in this study the data used amounted to 191. The results of this study concluded that free cash flow and earnings growth have a negative effect on earnings management, while audit quality has a positive effect on earnings management. In addition, company size does not weaken and strengthen the effect of free cash flow and earnings growth on earnings management, but company size can weaken audit quality on earnings management.

Dividend Policy Determinants with Profitability as a Moderating Variable

This research seeks to ascertain how debt policy, asset growth, and free cash flow affect dividend policy with profitability as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange (BEI) for the 2018-2020 period. Descriptive research is used in this study with a quantitative approach with the data analysis method used is moderated regression analysis with Eviews version 10. All manufacturing companies that were listed on the Indonesia Stock Exchange between 2018 and 2020 make up the research population. Thirty-seven corporate samples made up the sample, which was selected using the purposive sampling method. Thus, the study's findings indicate that free cash flow has a favorable impact on dividend policy, Asset growth has a negative effect on dividend policy, Debt policy has a negative effect on dividend policy, profitability is able to strengthen the effect of free cash flow on dividend policy, profitability is able to strengthen the effect of asset growth on dividend policy, profitability is able to strengthen debt policy towards dividend policy.

Profitability and Liquidity Moderated The Effect of Managerial Ownership, Institutional Ownership, Free Cash Flow, Growth and Size on Debt Policy

Research Aims: This study aims to determine the effect of managerial ownership, institutional ownership, free cash flow, growth, size with profitability and liquidity as moderating variable in manufacturing sector companies listed on the Indonesia Stock Exchange for the period 2018-2022. Design/methodology/approach: Research was proceed using quantitative methods with secondary data. The sampling method used purposive sampling involving 58 research samples. This research analysis technique employed moderated regression analysis. Research Findings: The results of this study indicated that managerial ownership, institutional ownership, and company growth have no significant effect on debt policy, while free cash flow and company size have a positive effect on debt policy. Then, profitability is able to moderate by weakening the effect of free cash flow and company size on debt policy, and liquidity is able to moderate and strengthen the effect of free cash flow on debt policy. Theoretical Contribution/Originality: This study provides a comprehensive understanding of the complex relationships between managerial ownership, institutional ownership, free cash flow, growth, size, profitability, and liquidity on debt policy. The findings offer valuable insights for policymakers, investors, and corporate managers seeking to optimize their debt policies and financial strategies. Keywords: Debt policy, profitability, liquidity, managerial ownership, institutional ownership, free cash flow, growth, size

Pengaruh Arus Kas Bebas, Profitabilitas, dan Ukuran Perusahaan Terhadap Kebijakan Utang

The Effect of Free Cash Flow, Profitability, and Company Size on Debt Policy in LQ45 Companies Listed on the Indonesia Stock Exchange (BEI) for the 2021-2023 period. This research was conducted to determine the effect of free cash flow, profitability, and company size on debt policy. This research uses LQ45 companies listed on the Indonesia Stock Exchange (BEI) for the 2021-2023 period as the population. This research method uses quantitative methods with data in the form of financila reports available IDX website. The sample was selected using purposive sampling and produced 108 observation data. The data were processed using the SPSS application and analyzed using multiple linear regression analysis. Based on the results of the analysis conducted, it can be concluded that profitability does not have a significant effect on debt policy. Meanwhile, free cash flow and company size have a significant effect on debt policy.

Determinants of Dividend Policy: A Case of the Property and Real Estate Sector

This study aimed to determine the effect of free cash flow, leverage, and liquidity on dividend policy and profitability as intervening variables in property companies and real estate. Companies were selected based on purposive sampling techniques to produce 50 samples from 10 companies. The data analysis technique used for testing the hypothesis was the path analysis test and the Sobel test. The research results showed that free cash flow, leverage and liquidity had no direct effect on dividend policy. Profitability had a mediate effect of free cash flow and liquidity on dividend policy while profitability was unable to mediate the relationship leverage on dividend policy. Companies can distribute dividends regardless of free cash flow, leverage and company liquidity. The results of the study indicated that there were no factors that are thought to have a direct influence on dividend policy that are proven to be significant, so it is suggested that further research include other factors that can influence dividend policy. Keywords: free cash flow, leverage, liquidity, profitability, dividend policy

ANALISIS FAKTOR YANG MEMPENGARUHI KEBIJAKAN DIVIDEN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI

This study aims to examine the effect of free cash flow, leverage, and liquidity on dividend policy with firm size as moderating. The research data that is processed is from the financial statements of 2018 – 2020 on Manufacturing Companies that are legally registered on the IDX. Data samples were taken by purposive sampling. Data processing and analysis using multiple linear regression with the help of SPSS 25 program. The results showed that free cash flow had a positive and significant effect on dividend policy, leverage had an insignificant negative effect on dividend policy, liquidity had an insignificant positive effect on dividend policy. Moderation results show that firm size is not a moderating variable of the effect of free cash flow, leverage, and liquidity on dividend policy.

Effect Of Free Cash Flow And Leverage On Sticky Cost Behavior In Food And Beverage Companies Listed On The Idx In 2018-2022

This study aims to determine the effect of free cash flow and leverage on sticky cost behavior in food and beverage companies listed on the IDX in 2018-2022. The type of data used in this study is quantitative data obtained from financial statements. Data collection is carried out by accessing the official website of the Indonesia Stock Exchange. In this study, the data source used is secondary data. The research instruments used in this study use the documentation method. The results of the study using statistical calculations through the eviews version 12 application regarding the influence of free cash flow and leverage on sticky cost behavior, the author draws the conclusion that free cash flow has an effect on sticky cost behavior while leverage has no effect on sticky cost behavior.

PENGARUH FREE CASH FLOW, INVESTMENT OPPORTUNITY SET, DAN STRUKTUR MODAL TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN FOOD AND BEVERAGE

The purpose of this study is to test and analyze the effect of free cash flow, investment opportunity set, and capital structure on dividend policy. This research method uses quantitative research methods, with the type and source of data, namely secondary data obtained from the company’s annual financial reports. The population is all food and beverage companies which are listed in Indonesia Stock Exchange (IDX) in 2018-2022 periods. The sample collection technique has been done by using purposive sampling so that 105 samples of food and beverage companies which meet the criteria have been selected as the research samples. The analytical method used is descriptive statistical test, classical assumption test, regression test with multiple linear regression and hypothesis testing. The result shows that free cash flow gives positive influence to the dividend policy, investment opportunity set gives negative influence to the dividend policy, and capital structure gives positive influence to the dividend policy. Free cash flow, investment opportunity set, and capital structure simultaneously have significant effect toward dividend policy.

PENGARUH FREE CASH FLOW DAN FAKTOR-FAKTOR LAINNYA TERHADAP EARNINGS MANAGEMENT

The purpose of this study is to obtain empirical evidence regarding the effect of free cash flow, profitability, institutional ownership, leverage, board of commissioners, sales growth, and firm size on earnings management. This study used 74 manufacturing companies listed on the Indonesia Stock Exchange during period 2019 - 2021 as samples with a total sample data is 222 data. The sample selection process uses the purposive sampling method and uses the multiple regression method in testing hypotheses. The empirical evidence obtained regarding the results of this study shows that free cash flow, profitability, and leverage have an influence on earnings management. If the free cash flow, profitability, and leverage owned in a company are high, the level of earnings management is also high. In this study, the institutional ownership, board of commissioners, leverage and firm size had no influence on earnings management.

The Effect of Free Cash Flow, Leverage, and Profitability on Dividend Policy in IDX-Listed Transportation and Logistics Companies

In the business world, companies continuously strive to enhance their value through various strategies and policies. One of the critical policies influencing a company's value is the dividend policy. Dividend policy is a crucial decision for company management as it reflects the financial condition and prospects of the company and can influence shareholders' investment decisions. This study examines the influence of free cash flow, leverage, and profitability on dividend policy in transportation and logistics companies listed on the Indonesia Stock Exchange from 2018-2022. The data used in this study are secondary data obtained from the companies' annual financial reports. This research employs purposive sampling to select 20 companies from a population of 37 IDX-listed transportation and logistics companies. This study measures free cash flow using the free cash flow ratio, leverage using the debt-to-equity ratio, and profitability using return on equity. This study analyzed the data using descriptive statistics and Partial Least Squares (PLS) technique. The study's results indicate that free cash flow and profitability significantly influence dividend policy. Since profitability significantly affects dividend policy, companies with high profitability have to increase dividend payments to attract and retain investors. This will increase positive perceptions in the market and increase the company's stock value. Besides, high free cash flow indicates that the company has sufficient liquidity to pay dividends without sacrificing important investments in operations or growth. Therefore, companies must adopt effective cash management strategies to ensure healthy cash flow, such as optimizing operational costs, working capital efficiency, and appropriate financing strategies to maintain liquidity. Leverage does not affect dividend policy but can provide mixed signals to the market regarding the company's financial condition.

The Effect Of Free Cash Flow And Managerial Ownership On Debt Policy (Study On Islamic Commercial Banks In Indonesia Registered On The Idx For The 2017–2021 Period)

The study aims to determine the effect of the variables Free cash flow, and Managerial Ownership on Debt Policy (DER) at Islamic Commercial Banks in Indonesia that are liste on the IDX in 2017-2021. This study uses quantitative research. Variable data types are secondary data, namely data obtained from annual financial reports (annual reports) published on the official website of each bank for the 2017-2021 period and also the official websitee of the Indonesia Stoc Exchange. Data analysis technique used in this study includ Descriptiv Statistical Analysis, Classical Assumtion Test, Multiple Linear Regressi Test and Hypothesis Test. The result this study indicate that partially (t test) Free cash flow has a significant positive effect on Debt Policy (DER) with a probability value 0.011 <0.05 while the value of tcount > ttable (2.722 > 2.05183). Partially the variable Managerial Ownership has a significant negative effect on Debt Policy (DER) with a probability value of 0.005 <0.05 while the tcount > ttable (-3.052 > 2.05183). Simultaneously (F test) the Free cash flow and Managerial Owners variables have a significan effect on Debt Policy (DER) with a probability value of 0.001 <0.05 while the value of Fcount > Ftable (9.996 > 3.34). The coefficien of determination is 0.425 or 42.5%.

Moderasi Mekanisme Corporate Governance pada Pengaruh Free Cash Flow, Leverage dan Profitabilitas terhadap Manajemen Laba

The study aims to analyze the corporate governance mechanism in moderating the corrrelation of free cash flow, leverage and profitability on earnings management. The samples in the research are 272 samples based on manufacturing companies that listed on Indonesia Stock Exchange from 2014-2018 which were selected by purposive sampling method. The analytical method is Moderated Regression Analyze. The result of the research, it can be concluded that free cash flow has a negative effect on earnings management, leverage has no effect on earnings management, profitability has a positive effect on earnings management, audit quality was not able to moderate the effect of free cash flow, leverage and profitability on earnings management, managerial ownership able to weaken the effect of free cash flow on earnings management, and managerial ownership not able to moderate the effect of leverage and profitability on earnings management.

Impacts of Free Cash Flow and Agency Cost on Firm Performance

This study aims to examine the effect of free cash flow and agency cost to firm performance. The purpose of this study to provide empirically evidence about the effect of free cash flow and agency cost to firm performance. This study also examines the free cash flow hypothesis developed by Jensen (1986). Recent study about this topic resulting mixed/various result. Free cash flow in this study measured by free cash flow t-1, agency cost proxied by operating expenses ratio. Firm performance divided into three, operational performance measured by ROA, firm value measured by tobin's q ratio, and share return measured by holding period return. This study will conduct on manufacturing companies listed on Indonesian Stock Exchange period of 2017-2021. Sample were selected by purposive random sampling method and finally obtained 396 samples that fulfill the criteria. Data were analyzed using multiple regression analysis. The result show that free cash flow has insignificant positive effect on firm operational performance, firm value and share return. Agency cost has significant negative effect on firm operational performance, firm value and share return. This study provides empirical evidence of the effect agency cost on firm performance and provides contribution to the literature on free cash flow hypothesis topics

ANALYSIS OF FACTORS AFFECTING DIVIDEND DISTRIBUTED WITH COMPANY SIZE AS MODERATING VARIABLE

This study is to examine the effect of Current ratio, free cash flow, DAR (Debt to Total Asset), on dividend distributed with company size as moderation. The research data was obtained directly from published financial reports for the 2018 – 2020 period for the manufacturing industry sector listed on IDX. Sample data was taken by purposive sampling method, namely data with certain criteria that have been selected for research purposes. The data were processed and analyzed using multiple linear regression with the application of the SPSS 25 statistical program. The results of the processed data test showed that dividend distributed was negatively affected by free cash flow and significant, dividend distributed was negatively and not significantly affected by DAR (Debt to Total Asset), while Current ratio had no positive effect. significant effect on dividend distributed. The moderating variable of company size shows the results of the test that company size cannot moderate the effect of free cash flow, DAR (Debt to Total Asset), and Current ratio on dividend distributed.

Pengaruh Struktur Aset, Free Cash Flow dan Pertumbuhan Perusahaan Terhadap Kebijakan Hutang dengan Profitabilitas sebagai Variabel Intervening

With profitability as an intermediary variable, this study seeks to understand how asset structure, free cash flow, and company growth affect debt policy. The population of this study were 26 food and beverage companies listed on the Indonesia Stock Exchange from 2017 to 2021, and 18 companies were used as research samples. Purposive sampling is the sampling method used. Multiple regression analysis was used to analyze the data, and then path analysis was added. The findings show that (1) asset structure has a negative effect on profitability. (2) Free cash flow has a positive effect on profitability. (3) The company's growth has no effect on profitability. (4) Asset structure has a negative effect on debt policy. (5) Free cash flow has a positive effect on debt policy. (6) The company's growth has a positive effect on debt policy. (7) Profitability has a negative effect on debt policy. (8) Profitability is able to mediate the effect of asset structure on debt policy. (9) Profitability is able to mediate the effect of free cash flow on debt policy. (10) Profitability is unable to mediate the effect of company growth on debt policy. The recommendations given in this study are that investors who are interested in investing should pay attention to the company's debt policy and the level of profitability so that later they can obtain a high rate of return; the company must be able to make good use of the asset structure that can be used as collateral for debt and be able to take advantage of Free Cash Flow and profitability to fund company operations, investment, and company expansion..

Pengaruh Free Cash Flow, Profitabilitas, dan Likuiditas terhadap Kebijakan Dividen

This study aims to analyze the effect of free cash flow, profitability, and liquidity on dividend policy in pharmaceutical and chemical companies listed on the Indonesia Stock Exchange (IDX) during the period 2017-2021. Dividend policy is one of the important decisions in a company that can affect shareholder satisfaction and market performance. The method used in this study is multiple regression analysis to identify the relationship between independent variables (free cash flow, profitability, and liquidity) and dependent variables (dividend policy). The data used were taken from the annual reports of companies listed on the IDX in the pharmaceutical and chemical sectors. The results of the study indicate that free cash flow and profitability have a significant effect on dividend policy, while liquidity does not have a significant effect. This finding indicates that pharmaceutical and chemical companies tend to provide dividends based on their available cash surplus and their level of profitability, while liquidity is not a major determinant in their dividend policy. This study provides additional insight for corporate managers and investors regarding the factors that influence dividend decisions in the pharmaceutical and chemical industries.

Free Cash Flow, Profitabilitas, Kebijakan Hutang, dan Likuiditas terhadap Kebijakan Dividen

This study aims to determine the effect of free cash flow, profitability, leverage and liquidity on dividend policy (an empirical study of pharmaceutical companies listed on the Indonesian stock exchange. Multiple regression analysis is used to determine the significance of the independent variables on the dependent variable. Types of data in this research is quantitative data in the form of numbers from the company's financial statements which are the object of research to be further converted into ratio values. The sampling technique used in this research is purposive sampling method. The research samples are pharmaceutical companies listed on the Indonesian stock exchange with consistent criteria for publishing annual reports from 2018 to 2022. This study found that profitability has a positive and significant effect on dividend policy. That is, if the company generates profits, the company will distribute it as dividends. Free cash flow, debt and liquidity policies have no significant effect on the company's dividend policy.

Pengaruh Free Cash Flow dan Financial Distress Terhadap Manajemen Laba pada Perusahaan Infrastruktur, Utilitas, dan Transportasi Terdaftar Di Bursa Efek Indonesia

Financial reports that show company profits and performance are profit and loss reports that are useful for stakeholders and investors to use in considering and estimating an investment or even in making contracts and estimating the viability of a company. Earnings management is one way that can be done. Manager intervention to carry out earnings management by increasing or decreasing profits to achieve a certain profit level to benefit himself or the company. This study aims to determine the effect of free cash flow and financial distress on earnings management. The sample for this study is infrastructure, utilities, and transportation companies listed on the Indonesia Stock Exchange for the 2019-2021 period. The total sample used was 29 companies with 87 observational data obtained. The sampling technique used was the purposive sampling method and testing was carried out with the help of Eviews software. The research results from the data used, for the classic assumption test, have passed the test and have met the established criteria. The results of the F test show that the earnings management variable is influenced simultaneously by the free cash flow and financial distress variables. The results of the t-test show that free cash flow and financial distress have a significant value on earnings management. This study concludes that free cash flow and financial distress have a positive effect on earnings management.

The Effect of Free Cash Flow, Leverage, Information Asymmetry, and Managerial Ownership to Profit Management

This study aims to examine the effect of free cash flow, leverage, information asymmetry, and managerial ownership on earnings management. The population in this study are mining companies that are listed on the Indonesia Stock Exchange in 2017-2020. The sampling method used purposive sampling and obtained 96 samples from 24 companies that met the criteria. Methods of data analysis using multiple regression analysis. The regression model has fulfilled the classical assumption tests (normality, multicollinearity, heteroscedasticity, autocorrelation), F and R2 tests and hypothesis testing using the T test. The results showed that (1) free cash flow has a positive effect on earnings management, (2) leverage has no effect on earnings management, (3) information asymmetry has no effect on earnings management, and (4) managerial ownership has no effect on earnings management.

The effect of free cash flow and leverage on earnings management: Moderating role of good corporate governance

The purpose of this study is to provide empirical evidence on the impact of free cash flow and leverage on revenue management moderated by the variable of good corporate governance. The research sample consisted of 200 data samples drawn from 20 sub-sectors of the company's consumer products on 2011-2020. The sampling technique used was intentional sampling. Data were analyzed by Moderate Regression Analysis (MRA). The testing results show that free cash flow has a significant negative impact on earnings management, leverage has no impact on earnings management, good corporate governance can mitigate free cash flow, and lastly good corporate governance has a negative impact on earnings management. It shows that the effects of leverage cannot be mitigated. Discussion of the findings that are not in accordance with the initial hypothesis is explained in the final section and the implications of this article.