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 coeffcients
(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.
Keyword: Free Cash Flow, Dividend Payout Ratio, Capital Expenditure,
Earnings Response Coeeficients