PENGARUH CASH FLOW TERHADAP LEVERAGE DAN INVESTASI SERTA DAMPAKNYA TERHADAP NILAI PERUSAHAAN
ABSTRACT: Indonesian economy
has experience a
great turbulence as an effect
of financial crisis taking place in 1997 – 1998 which dragged the economic condition
into severe, long
term crisis. This
crisis has destroyed the
whole economic components
including those in
real sector and in
the Indonesian capital
market which causes
many companies to go
bankcrupt because of
having financial distress. Therefore financial
policy relating with
financing and investment should be an important factor to
attain the company goal. This
research is conducted
at 100 go
public manufacture sector companies in
the Jakarta stock
exchange as research
sample in the period of 2000 – 2004, considering
manufacture sector contribution is one third of the total economic output,
performing the biggest product domestic
bruto contribution, labor
user, non oil
sector provider, and sales
to the whole
sectors at Jakarta
stock exchange covering
more than 60%. Analysis
technique implemented is
structural equation modelling
using AMOS 6 and SPSS 14 software. Research
results show that
cash flow has
a real impact
upon leverage, investment, and
firm value. If
internal fund source
of profitability is low
and debt benefit
is smaller than
debt cost, the company
will experience financial
distress and risk
of bankcruptcy. Therefore, the
company is expected
to be able
to manage debt effectirely, conduct operational
efficiency and effectivity, together with the
use of too
big debt while
the macro economic
condition has not been stable yet.
Keywords: Cash flow, leverage,
investment, the value of firm
Penulis: Jemmi Benardi K
Kode Jurnal: jpmanajemendd100122
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