PENGARUH ARUS KAS BEBAS TERHADAP NILAI PERUSAHAAN DIMEDIASI MANAJEMEN LABA

Abstract

This research is aimed to test the influence of free cash flow to the earnings management, the influence of
earnings management to the corporate value, and the influence of free cash flow to the corporate value, and also
to find out whether the influence of free cash flow to the corporate value has mediated by the earnings
management. The population of this research is all manufacturing companies of industrial sector of consumer
goods which are listed in Indonesia Stock Exchange in 2011-2014 periods. The sample collection has been done
by using purposive sampling technique therefore 16 companies have been selected. The data analysis has been
carried out by using simple linear regressions, multiple linear regressions and path analysis in order to detect
the indirect influence through earnings management. Based on the result of the research, it can be concluded
that free cash flow has negative influence to the earnings management, earnings management has positive
influence to the corporate value, and free cash flow has positive influence to the corporate value, earnings
management does not mediate the correlation of free cash flow to the corporate value because the direct
influence is greater that indirect influence.
Keywords: free cash flow, earnings management, corporate value