Pengaruh Kepemilikan Manajerial dan Investment Opportunity Set Terhadap Kebijakan Hutang Dengan Free Cash Flow Sebagai Variabel Moderasi

Siti Munajah; Dirvi Surya Abbas; Hustna Dara Sarra

doi:10.59841/excellence.v1i4.594

Authors

Siti Munajah Universitas Muhammadiyah Tangerang
Dirvi Surya Abbas Universitas Muhammadiyah Tangerang
Hustna Dara Sarra Universitas Muhammadiyah Tangerang

DOI:

https://doi.org/10.59841/excellence.v1i4.594

Keywords:

Company Size, Institutional Ownership, Board of Commissioners Size, Corporate Responsibility and Tax Incentives

Abstract

The purpose of this study was to examine the effect of managerial ownership and investment opportunity set on debt policy with free cash flow as a moderator in manufacturing companies in the health sub-sector listed on the IDX. The population in this study includes all manufacturing companies in the health sub-sector listed on the IDX in 2017 2021, totaling 40 companies. Based on the sampling technique with purposive sampling obtained a sample of 8 companies. The data analysis method in this study uses panel data.regression analysis with the Moderated Regression Analysis (MRA) test. The results of this study indicate that the investment opportunity set has an effect on debt policy, and managerial ownership has no effect on debt policy policies. Free cash flow as a moderator is not able to moderate managerial ownership, investment opportunity sets on debt policy, but Free cash flow as a moderator is able to moderate debt policy.

References

Ariyanti, P. S. (2013). Insider Ownership, Dividen, Dan Kebijakan Hutang: Peran Moderasi Free Cash Flow. Jurnal Riset Akuntansi Dan Keuangan, 9(1), 69. https://doi.org/10.21460/jrak.2013.91.175

Dewi, S. C. (2008). Pengaruh Kepemilikan Managerial, Kepemilikan Institusional, Kebijakan Hutang, Profitabilitas Dan Ukuran Perusahaan Terhadap Kebijakan Dividen. 10(1), 47–58.

Erdiana, H. E. (2011). Analisis Pengaruh Firm Size , Business Risk , Profitability , Assets Growth , Dan Sales Growth Terhadap Struktur Modal. In Skripsi. Universitas Diponegoro Semarang.

Fikri, Muhammad, Dirvi Surya Abbas, And Hesty Ervianni Zulaecha. "Pengaruh Kepemilikan Manajerial, Leverage, Finansial Distress, Dan Ukuran Perusahaan." Digital Bisnis: Jurnal Publikasi Ilmu Manajemen Dan E-Commerce 1.3 (2022): 87-107.

Furwati, C., Abbas, D. S., Hamdani, H., & Yahawi, S. H. (2022). Pengaruh Kepemilikan Manajerial, Debt Convenant Dan Risiko Litigasi Terhadap Konservatisme Akuntansi. Jurnal Ekonomi, Bisnis Dan Manajemen, 1(4), 82-99.

Hakim, M. Z., & Nasution, A. W. (2020). Pengaruh Profitabiltas, Likuiditas, Leverage, Kepemilikan Manajerial, Dan Kepemilikan Institusional Terhadap Financial Distress (Studi Empiris Pada Perusahaan Sektor Property & Real Estate Yang Terdaftar Di Bei Periode 2016-2018). Competitive Jurnal Akuntansi Dan Keuangan, 4(1), 94-105.

Hestiningtyas, W., & Widyawati, N. (2019). Pengaruh kebijakan dividen, kepemilikan institusional dan kepemilikan manajerial terhadap kebijakan hutang perusahaan manufaktur. Jurnal Ilmu Dan Riset Manajemen E-ISSN: 2461-0593, 8.

Jensen, C., & Meckling, H. (1976). THEORY OF THE FIRM : MANAGERIAL BEHAVIOR , AGENCY COSTS AND OWNERSHIP STRUCTURE I . Introduction and summary In this paper WC draw on recent progress in the theory of ( 1 ) property rights , firm . In addition to tying together elements of the theory of e. 3, 305–360.

Megawati, & Kurnia, S. (2015). Pengaruh Insider Ownership, Investment Opportunity Set , Pertumbuhan Perusahaan Dan Risiko Bisnis Terhadap Kebijakan Hutang. Jurnal Kajian Manajemen Bisnis, 4(1), 1–109.

Mulyani, W., Abbas, D. S., Hamdani, H., & Aulia, T. Z. (2022). Pengaruh Kepemilikan Manajerial, Investment Opportunity Set (Ios), Leverage Dan Ukuran Perusahaan Terhadap Kualitas Laba. Jurnal Penelitian Ekonomi Manajemen Dan Bisnis, 1(4), 169-184.

Profit, N. Effect Of Accounting Profit, Operating Cash Flow, Investment Cash Flow, Financing Cash Flow And Net Profit Margin On Return Of Shares (On Insurance Company Listed On The Stock Exchange In 2011-2014) Dirvi Surya Abbas.

Putri, G. A. P., & Chabachib, M. (2013). Institusional , Free Cash Flow , Investment Opportunity Set Terhadap Nilai Perusahaan Dengan Kebijakan. DIipenogoro Journal Of Management, 1–15. https://ejournal3.undip.ac.id/index.php/djom/article/view/9027/8773

Rohmah, U. A., Andini, R., & Pranaditya, A. (2018). Pengaruh Kepemilikan Manajerial, Kebijakan Dividen Dan Investment Opportunity Set Terhadap Kebijakan Hutang Dengan Free Cash Flow Sebagai Variabel Moderasi. Jurnal of Accounting, 1–12.

Selvia, M., Abbas, D. S., Zulaecha, H. E., & Santoso, S. B. (2022). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Komite Audit, Dewan Komisaris, Terhadap Integritas Laporan Keuangan. Digital Bisnis: Jurnal Publikasi Ilmu Manajemen Dan E-Commerce, 1(3), 81-86.