FREE CASH FLOW DAN PROFITABILITY TERHADAP FIRM VALUE MELALUI DIVIDEND POLICY PADA PERUSAHAAN MANUFAKTUR TERDAFTAR DI BURSA EFEK INDONESIA.

Rahman, Abdullah and Bunfa, Liaw and Hafizah, Rifiyanti (2020) FREE CASH FLOW DAN PROFITABILITY TERHADAP FIRM VALUE MELALUI DIVIDEND POLICY PADA PERUSAHAAN MANUFAKTUR TERDAFTAR DI BURSA EFEK INDONESIA. Jurnal Manajemen Vol. 10 No. 1 Tahun 2020, 10 (1). ISSN 2089-3477 (Unpublished)

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Abstract

Firm value playsimportant role in maximizing shareholder profits at a time of rising share prices. Rising company share price will improve shareholders' welfare. Firm value is important to investors because it is an indicator of the market in measuring the company as a whole. The purpose of the research is to analyze the influence of free cash flow and profitability on firm value by mediated by dividend policy. This research is based on several theories including Agency Theory, Signaling Theory, Agency Cost Theory, Firm Value, Profitability, Free Cash Flow, and Dividend Policy. The object of research s a manufacturing company listed on the Indonesia Stock Exchange in the period 2015-2017 with 60 companies as the sample. Analysis techniques used by Structural Equation Modelling (SEM). The results of the research include (1), there is a positive and significant influence of free cash flow on firm value (2) there is a positive and significant influence of profitability on firm value, (3) there is a positifve and significant influence of free cash flow on dividend policy, (4) there is no influence of profitability on dividend policy, (5) there is a positive and significant influence of dividend policy on firm value, (6) dividend policy can’t mediate the effect of profitability on firm value, and (7) dividend policy can mediate the influence of free cash flow on firm value. Keywords : Profitability, Free Cash Flow, Dividend Policy, dan Firm Value.

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