Hubungan free cash flow, dividen dan harga saham pada perusahaan yang bertumbuh dan tidak bertumbuh

SANI, Arista, Prof. Dr. Zaki Baridwan, M.Sc

2009 | Tesis | S2 Ilmu Akuntansi

This research aims to explain about relationship among free cash flow, dividend and stock price in growth firms and non-growth firms. There are three hypotheses formulated. First, free cash flow of the growth firms is higher than in the non-growth firms. Second, the proportion of dividend distribution from free cash flow in the growth firms is less than in the non-growth firms. Third, dividend of the growth firms has more influence to the stock price than dividend of the non-growth firms. The research data are based on the listed manufacturing firms on Bursa Efek Indonesia (BEI) during 2005-2007. First and second hypothesis testing are conducted by t-test, while third hypothesis is conducted by linier regression. The research shows no difference on the influence of free cash flow in the growth and non-growth firms. Next, the proportion of dividend distributions from free cash flow of the growth firms is less than the non-growth firms. Last, dividend distributions have no influence to the growth and non-growth firms.

Kata Kunci : Free cash flow,Divident and stock price