PENGARUH FREE CASH FLOW, LEVERAGE, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN

JAYANTI, FITRI (2023) PENGARUH FREE CASH FLOW, LEVERAGE, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN. Undergraduate thesis, STIESIA Surabaya.

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Abstract

This research aimed to examine the effect of Free Cash Flow, leverage, and dividend policy on firm value. The Free Cash Flow was measured by the FCF ratio, leverage was measured by the DER ratio, and dividend policy was measured by the DPR ratio. The research was quantitative with a causal-comparative approach, which was used to find out the relationship between cause-effect among variables. Moreover, the data collection technique used purposive sampling, in which the sample was based on the criteria given. There were 60 samples of LQ-45 manufacturing companies listed on the Indonesia Stock Exchange during 2018-2021. Furthermore, the data analysis technique used multiple linear regression with SPSS 26. The result concluded that Free Cash Flow had a positive and significant effect on firm value. This meant a positive Free Cash Flow indicated the companies were in a good condition. The cash flow was used for dividend cost, investment, and debt cost. Additionally, leverage did not affect the firm value, as a higher debt level would cause bad company performance. In addition, dividend policy did not affect firm value since the investors won’t evaluate the firm value from dividend share; but from the capital gain of the stock price.

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