PENGARUH KARAKTERISTIK PERUSAHAAN DAN FREE CASH FLOW TERHADAP NILAI PERUSAHAAN

Abstract

This research aims to examine the influence of firm characteristics (firm size, profitability, leverage) and free cash flow on company value through annual financial statements prepared by manufacturing companies which listed on the Indonesia Stock Exchange. Firm size is proxyed by SIZE, profitability is proxyed with Return On Asset (ROA), leverage is proxyed with Debt to Equity Ratio (DER), free cash flow is proxy with FCF, and firm value is proxyed by Price Book Value (PBV). The population in this research was obtained by using purposive sampling method at manufacturing companies which listed in Indonesia Stock Exchange during the period 2014-2016. Based on the sample criteria that have been determined, obtained a sample of 49 manufacturing companies. This research was conducted with a period of 3 years, so the total of all samples of this influence as 147 data. The analytical method used is multiple linear regression analysis with SPSS measurement tools (Statistical Product and Service Solutions). The results showed in the F test that this research is feasible to use the characteristics of the company and free cash flow has a significant influence on the value of the company. While t test (hypothesis test), the results of this research indicate that firm size, profitability, leverage and free cash flow positively influence the value of the company.
Keywords: company characteristics, free cash flow, corporate value