ANALISIS PENGARUH FAKTOR EKSTERN TERHADAP KEPUTUSAN INTERN KEUANGAN, ARUS KAS BEBAS DAN PENDAPATAN SAHAM PADA PERUSAHAAN MANUFAKTUR YANG LISTED DI BURSA EFEK INDONESIA
ABSTRACT: This study is intended to analyze the
effect of external factors toward internal financing decisions, free
cash flow and
stock returns of
manufacturing companies listed
in Bursa Efek Indonesia
after economic crisis since 1999
until 2002. Internal financing decisions included investment decisions,
financing decision and dividend decision, external factors, free cash flow and
stock returns used this model, approved Damodaran model.
Testing of hyphotheses
uses Structural Equation
Modeling (SEM) with
SPSS program and AMOS program.
The testing Goodness of Fit Index (GFI) are feasible. Based on the data analysis,
hypotheses 1,4 and 6 are
really accepted. Otherwise
and hypotheses 2,3 and 5 are rejected.
The result of the study indicates that indicators investment decision
ROE, FAU, CI, MR and APR
is significant; meanwhile
with highest loading
factor APR. The
indicators of financing decisions
FL, STL, and CP is significant, meanwhile the highest loading factors CP. The
indicators of dividend
decisions PR and
ROFA is significant;
meanwhile the highest loading
factor PR. The
indicators of external
factor, inflation, interest
and exchange rate is significant; meanwhile the highest loading factors
are inflation and then interest rate. The indicators of free cash flow, EVA and
MVA, are significant and both of them
are the highest
loading factors. The
indicators of stock
returns, PER and
CAP.G, are significant; meanwhile the highest loading factors is CAP.G.
Key words: External
Factors, Internal Financing
Decisions, Free Cash
Flow, Stock Returns,
Manufacturing Companies listed JSE
Penulis: Widi Hidayat
Kode Jurnal: jpmanajemendd090121
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