Shabrina, Azaria Rahma (2019) Pengaruh Free Cash Flow Dan Leverage Terhadap Agency Cost (Studi Pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi Yang Terdaftar Di Bei Periode Tahun 2015-2017). Sarjana thesis, Universitas Brawijaya.
Abstract
Penelitian ini bertujuan untuk menguji pengaruh free cash flow dan leverage terhadap agency cost. Agency cost diukur menggunakan dua proksi yaitu rasio asset turnover dan rasio SGA expense to sales. Populasi penelitian merupakan seluruh perusahaan manufaktur sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia sejak 2015-2017. Sampel penelitian menggunakan teknik purposive sampling yang terdiri dari 31 perusahaan yang sesuai dengan kriteria populasi. Data yang digunakan adalah data sekunder bersumber pada laporan keuangan tahunan perusahaan yang telah di audit dengan menggunakan metode analisis linier berganda. Hasil penelitian ini menunjukkan bahwa free cash flow dan leverage mempunyai pengaruh signifikan positif terhadap agency cost yang menggunakan proksi asset turnover dan tidak signifikan terhadap proksi SGA expense to sales ratio. Dan leverage berpengaruh positif tidak signifikan terhadap agency cost. Implikasi dalam penelitian ini diharapkan perusahaan manufaktur menggunakan free cash flow dan utang untuk meningkatkan kinerja keuangan agar tercapainya kesejahteraan para pemegang saham
English Abstract
The objective of this study is to assess the influence of free cash flow and leverage on agency cost. The agency cost was measured using two proxies: asset turnover ratio and sales to administrative expense ratio. The population of this research were all the manufacturing companies in the sector of consumption goods industry listed in the IDX from 2015-2017. Sampel of this research was selected using purposive sampling, consisted 31 companies related the population criteria. This research use secondary data in the form of audited financial reports of companies and was analyzed using multiple linear regression. The results of this study show that free cash flow and leverage have positive and significant effects on agency cost proxied by asset turnover. Furthermore, using sales to administrative expense ratio as the proxy, free cash flow has a negative and insignificant effect on agency cost, while leverage has a positive and insignificant effect on agency cost. Therefore, manufacturing companies are expected to use free cash flow and debt to improve their financial performance for the welfare of stockholders.
Other obstract
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| Item Type: | Thesis (Sarjana) |
|---|---|
| Identification Number: | SKR/FEB/2019/367/051907995 |
| Uncontrolled Keywords: | Free Cash Flow, Leverage, Agency Cost, Asset Turnover, SGA Expense, free cash flow, leverage, agency cost, asset turnover, SGA expense |
| Subjects: | 600 Technology (Applied sciences) > 658 General management > 658.02 Management of enterprises of specific sizes and scope / Corporate governance > 658.022 12 Management of enterprises of specific sizes and scope |
| Depositing User: | Nur Cholis |
| Date Deposited: | 09 Nov 2020 15:11 |
| Last Modified: | 09 Nov 2020 15:11 |
| URI: | http://repository.ub.ac.id/id/eprint/174209 |
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