Pengaruh Rasio Pembayaran Dividen dan Pengeluaran Modal Terhadap Earnings Response Coefficients (Erc) dengan Arus Kas Bebas Sebagai Variabel Pemoderasi

Abstract

The purpose of this study is to obtain empirical evidence whether dividend payout ratio and capital expenditure influenced to earnings response coefficients (ERC) with free cash flow as a moderating variable. The sample is drawn by a the purposive sampling technique from whole companies listed in BEJ, except financial companies. This study had been done for 3 years, 2003-2005, and obtained 31 companies fulfilled criteria as sample. Examination of hypothesis used multiple-regression analysis with significant level about 5%. This study provides empirical evidence that free cash flow hasn't impact on influence dividend payout ratio to ERC, and free cash flow also hasn't impact on influence capital expenditure to ERC