Pengaruh Aliran Kas Internal dan Kepemilikan Manajerial terhadap Pembelanjaan Modal (Studi Empirik Terjadinya Pecking Order Hypotheses dan Managerial Hypotheses pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2009)

Abstract

This study is aim at testing the influence of internal cash flow and managerial ownership toward equity expenditure based on the theory of Pecking Order Hypotheses and Managerial Hypotheses. The population consists of 144 manufacturers. The sampling method uses purposive sampling. The sample amount in this study is 33 manufacturers for one year observation in 2009. The hypotheses tests are done partially using t-test and f-test simultaneously. The result of partially hypotheses tests shows that internal cash flow gives positive influences towards equity expenditure and managerial ownership gives positive influence toward equity expenditure. If they are tested simultaneously, the hypotheses results show that internal cash flow and managerial ownership give influence toward equity expenditure.