INSTITUTIONAL OWNERSHIP SEBAGAI PEMODERASI PENGARUH PROFITABILITAS DAN ARUS KAS OPERASI TERHADAP NILAI PERUSAHAAN

Abstract

This research aimed to examine the effect of profitability and operational cash flow which was moderated by institutional ownership. While, profitability was referred to Return On Asset (ROA). Besides, the population was 140 manufacturing campanies which were listed on in Indonesia Stock Exchange consecutively 2015- 2017. The data collection technique used purposive sampling. In line with, there were 63 companies as sample with 189 observational data. Moreover, the data analysis technique used multiple linear regression and interaction moderation (MRA) with SPSS (Statistical Product and Service Solutions) 23. The research result concluded Return On Asset had positive effect on the firm value. On the other hand, operational cash flow did not affect the firm value. Similar Return On Asset, institutional ownership had positive effect on the firm value. In brief, the institutional ownership could strengthen the effect of Return On Asset (ROA) on the firm value. Meanwhile, Institutional ownership could not moderate the effect of Operational Cash Flow on the firm value.
Keywords: firm value, return on asset (ROA), operational cash flow, intitutional ownership.