Analisis Free Cash Flow dengan Moderasi Set Kesempatan Investasi Terhadap Leverage Perusahaan: studi empiris pada perusahaan manufatur yang terdaftar di Bursa Efek Jakarta

Artiningrum, Sri Muga , Hardo Basuki, Dr., M.Soc.Sc., Ak

2007 | Skripsi | S1 Extention - Accounting

The phenomenon of the management free cash flow (FCF) to the public"s company was very thick with the emergence of the agency conflict that resulted in the emergence agency cost, and one of the alternatives to minimise this agency cost is through the policy of the debt or leverage by increasing in operational funding of the company with the debt. In this research was added the company investment opportunity set (IOS) variable that had relations between free cash flow and leverage. This research aimed to knowing and analysing the influence between the management free cash flow and the debt (leverage) when considering the existence of the increase of the investment opportunity set (IOS) variable and size of the company. This research used DEBT as variable dependent and FCF as variable independent. Sample was chosen with the method purposive sampling. Sample was used by as many as 49 manufacture companies that were registered in the Jakarta Stock Exchange from financcial report in the year of 2002-2005. The regression method that was used of the equality research was the Ordinary Least Square method. The results of this research indicated that the manufacture company with low investment opportunity set (IOS) and free cash flow that was substantial had the trend to use the debt in company operational funding . The further analysis by using Chow test that said that the measurement of the company (size) influenced in relations free cash flow towards leverage. Keyword : free cash flow, set kesempatan investasi(IOS), size, kebijakan leverage (DEBT).

Kata Kunci : free cash flow, set kesempatan investasi(IOS), size, kebijakan leverage (DEBT)