DAMPAK SET KESEMPATAN INVESTASI PADA PENGARUH ALIRAN KAS BEBAS, KEPUTUSAN PENDANAAN, DAN KEPUTUSAN OPERASI TERHADAP NILAI PEMEGANG SAHAM

Abstract

This research aimed to examine the effect of investment opportunity set through free cash flow, funding decision and operational decision on stakeholder’s value. This research was quantitative. Morcover, the data collection technique used purposive sampling, in which the sample was based on criteria given. In line with, there were 70 samples from 14 food and beverages on manufacturing companies which were listed on Indonesia Stock Exchange during 2015-2019. Furthermore, the data analysis technique used multiple linear regression with Moderate Regression Analysis (MRA). The research result concluded that free cash flow had a positive effect on stakeholder’s value. On the other hand, funding decision did not affect stakeholder’s value.in contrast, operational decision affected stakeholder’s value. While, investment opportunity set could moderate in the effect of free cash flow on stakeholder’s value. Meanwhile, investment opportunity set could not intervene in the affect of funding decision stakeholder’s value. The investment opportunity set could moderate in the effect of operational decision on stakeholder’s value of food and beverages manufacturing companies.
Keywords: free cash flow, funding decision, operational decision, stakeholder’s value, investment opportunity set