Peranan Internal Cash Flow, Insider Ownership, Kesempatan Investasi dan Ukuran Perusahaan Pengaruhnya terhadap Capital Expenditure

  • Faiz Hidayati STIE Widya Gama Lumajang
  • Ainun Jariah STIE Widya Gama Lumajang
  • Ninik Lukiana STIE Widya Gama Lumajang

Abstract

Determination of funding decisions, namely capital expenditure will be influenced by various interests in the company. This often leads to conflict, one of which is between the principal and the agent which is explained by agency theory. The purpose of this study was to determine the effect of internal cash flow, insider ownership, investment opportunity and company size partially and simultaneously on capital expenditure in automotive and component companies in the Indonesia Stock Exchange for the period 2015-2017. With the method of multiple linear regression analysis, the results of the study show that partially the variables that significantly influence capital expenditure are internal cash flow and firm size. The F test results show that the four independent variables have a simultaneous effect on capital expenditure, with a determinant coefficient of 0.893, meaning that 89.3% of capital expenditure can be explained by internal cash flow, insider ownership, investment opportunity and firm size while the remaining 10.7% capital expenditure is explained by other variables, namely sales, capital intensity, dividend payout ratio, profitability, and business risk.

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Published
2019-07-06