PENGARUH FREE CASH FLOW TERHADAP KINERJA PERUSAHAAN MELALUI AGENCY COST SEBAGAI VARIABEL ANTARA PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA
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ABSTRACT
This study aims to empirically examine the direct effect of free cash flow to the agency cost companies listed in the Indonesia Stock Exchange. To empirically examine the direct effect of agency cost on the performance of companies listed on the Indonesia Stock Exchange. To empirically examine the direct effect of free cash flow on the performance of companies listed on the Indonesia Stock Exchange. To empirically examine the indirect effect of free cash flow on the performance of companies listed on the Indonesia Stock Exchange through the agency cost. The population used in this research are manufacturing companies listed in Indonesia Stock Exchange in 2009-2013 as many as 131 companies. The method of taking the number of samples using proportional sampling, for the samples that allowed a 15% -20% of the total population. Samples were taken based on that provision is 15% x 20 131 companies are manufacturing companies that were taken on each of the group companies during the years 2009-2013. The results show that free cash flow is not significant positive effect on agency cost manufacturing company in Indonesia Stock Exchange. Agency cost significant negative effect on the performance of manufacturing companies in Indonesia Stock Exchange. Free cash flow significant positive effect on the performance of manufacturing companies in Indonesia Stock Exchange. Free cash flow positive effect on the performance of the company through the agency cost of operating expense by proxy.
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