Pengaruh Free Cash Flow terhadap Over-Investment dengan Investment Opportunity Set sebagai variabel pemoderasi

YUSNA, Prof.Dr. Jogiyanto HM., MBA

2006 | Tesis | S2 Akuntansi

Penelitian ini memiliki dua tujuan. Pertama, penelitian ini untuk menginvestigasi pengaruh free cash flow terhadap over-investment, kedua penelitian ini bertujuan apakah variabel investment opportunity set memoderasi pengaruh free cash flow terhadap overinvestment. Sampel penelitian adalah perusahaan yang mempublik di Bursa Efek Jakarta mulai tahun 2000 sampai dengan tahun 2004. Berdasarkan penyampelan bersasaran, diperoleh 78 perusahaan sebagai sampel penelitian. Hasil uji hipotesis pertama menemukan bahwa free cash flow secara statistik positif dan signifikan berpengaruh terhadap over-investment. Di lain pihak, leverage sebagai variabel kontrol secara statistik positif dan signifikan berpengaruh terhadap over investment. Hasil uji hipotesis kedua menemukan bahwa free cash flow secara statistik berpengaruh terhadap over investment, sedangkan variabel IOS berhasil memoderasi pengaruh free cash flow terhadap over investment. Jensen (1986) berpendapat bahwa free cash flow berpengaruh terhadap over investment hanya untuk perusahaan yang tidak bertumbuh. Hasil penelitian juga menemukan kenaikan leverage menyebabkan kenaikan over investment. Dengan demikian perusahaan meningkatkan leverage untuk melakukan over investment.

The objectives of this study are two folds. First, this study tries to investigate the influence of free cash flow to over investment, second this study tries to examine whether investment opportunity set (IOS) moderates the process of free cash flow to over investment. Samples in this study are public company listed in Jakarta Stock Exchange taken from period 2000-2004. Final samples are 78 companies. The objectives of this study are two folds. First, this study tries to investigate the influence of free cash flow to over investment, second this study tries to examine whether investment opportunity set (IOS) moderates the process of free cash flow to over investment. Samples in this study are public company listed in Jakarta Stock Exchange taken from period 2000-2004. Final samples are 78 companies. The result of first hypothesis show that free cash flow positively and significantly influences toward over investment. However, leverage, as a control variable, positively and significantly influences to over investment. The result of second hypothesis show that free cash flow positively and significantly influences to over investment, and IOS success to moderate the process of free cash flow to over investment. Jensen’s (1986) argued that free cash flow influencing over investment only for non growth companies. This study provide results that increasing leverage increases over investment. This means companies increase debt to fold over investment.The result of first hypothesis show that free cash flow positively and significantly influences toward over investment. However, leverage, as a control variable, positively and significantly influences to over investment. The result of second hypothesis show that free cash flow positively and significantly influences to over investment, and IOS success to moderate the process of free cash flow to over investment. Jensen’s (1986) argued that free cash flow influencing over investment only for non growth companies. This study provide results that increasing leverage increases over investment. This means companies increase debt to fold over investment.

Kata Kunci : free cash flow, over-investment, investment opportunity set.