ANALISIS ARUS KAS OPERASI, KEBIJAKAN LEVERAGE, KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN DAN INVESTMEN OPPORTUNITY SET (IOS) SEBAGAI VARIABEL INTERVENING (Studi Kasus Pada Perusahaan Manufaktur Yang Terdaftar di BEI Periode 2009-2013)
Abstract
The aims of this study was to analyze the effect of operational cash flow, debt policy,
dividend policy on firm value and investment opportunity set (IOS) as intervening
variable.Populations used in this research are companies listed in Indonesian Stock
Exchange (BEI). Sample used in this research are manufacturing companies listed in
Indonesian Stock Exchange (BEI) in five years continued (2009-2013). Total samples
are 34 companies. Analysis method used in this research is analysis Partial Least
Square (PLS) atau SmartPLS version 2.0. The results of analysis revealed that a)
There was positive effect of operational cash flow on firm value, b) debt policy was
found to have negative effect on firm value, c) dividend policy does not have
significant influence with firm value, d) investment opportunity set (IOS) had an
influence and positive to firm value, e) operational cash flow was found to have
positive effect on investment opportunity set (IOS). f) debt policy was found to
have negative effect on investment opportunity set (IOS), g) dividend policy was
found to have positive effect on investment opportunity set (IOS), h) operation cash
flow have significant influence with firm value in the investment opportunity set
(IOS), i) debt policy have significant influence with firm value in the investment
opportunity set (IOS), j) dividend policy have significant influence with firm value
in the investment opportunity set (IOS). The findings of this study provided
practical recommendation, in terms of enhancing firm value in investment
opportunity set (IOS), it is needed to develop operational cash flow, debt policy,
dividend policy, firm value in the investment opportunity set (IOS).
Keywords: operational cash flow , debt policy, dividend policy, firm value,
investment opportunity set (IOS)
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