Free Cash Flow

The aim of this research is to provide empirical evidence on the impact of good corporate governance, free cash flow, and leverage ratio on earnings management. Good corporate governance is measured by audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership. Discretionary accrual is the proxy of earning management. This research used 28 consumer goods companies listed in Indonesia Stock Exchange from 2016 to 2018. Data were analyzed using panel data with random effect model. Based on the result of analysis concluded that all components of good corporate governance (audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership), have no significant effect on earnings management, on other hand leverage ratio has a negative effect and no significant on earning management, and free cash flow has a positve and no significant effect on earnings management

The purpose of the research is to provide empirical evidence about the effect of board of commissioner, board independence and audit quality on relationship between free cash flow and earnings management. This research used 290 data from manufacturing companies listed in Indonesia Stock Exchange, selected using purposive sampling method, during 2012 until 2014. Earnings management calculated using Modified Jones (1991) Model include ROA from Kothari et al. (2005). Data for the research were analyzed using multiple regression analysis. The results of the research showed that the effect of board of commissioner, board independence and audit quality on relationship between free cash flow and earnings management is negative and significant. Board of commissioners, board independence and audit quality can reduce earnings management problems arising from free cash flow. Board of commissioners, board independence and audit quality oversee the opportunistic behavior of managers that arises ...

The purpose of this study is to examine the factors that influence earnings management in Indonesia. Those factors are profitability, leverage, firm size, audit committee, independent commissioner proportion, institutional ownership, managerial ownership and free cash flow. The population are non financial companies listed in Indonesia stock exchange. This study used 283 samples and samples selection procedure used purposive sampling. This research uses multiple regression analysis method. The result of this study shows that profitability and free cash flow have influence to earnings management. While, leverage, firm size, audit committee, independent commissioner proportion, institutional ownership and managerial ownership do not have influence to earnings management.

We examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and change in liquid assets (potential dividends) and are regressed with actual equity value as dependent variable. Tests applied give robust results. The main conclusions: Market assigns less than one dollar to a future dollar for any of the variables studied. Potential dividends destroy value. A dollar invested in liquid assets has a negative Net Present Value and it is not zero NPV investments. We confirm the agency costs of keeping undistributed cash flows.

El metodo conocido como flujo de caja descontado fue introducido por los premios Novel Modigliani y Miller en 1961. La dificultad de este metodo de valoracion nace de las limitaciones para realizar unas previsiones razonables de los flujos de caja futuros y de la imprecision para determinar la tasa de descuento para calcular su valor actual. (Consultores, 2007, p. 20) Con La realizacion de este trabajo se busca analizar el metodo de valoracion de empresas bajo el modelo de flujo de caja descontado mediante recopilacion de la informacion ya existente, actualmente los empresarios se encuentran afectados en general, debido a que al no tener conocimiento del rendimiento y rentabilidad de la empresa, genera incertidumbre al cuantificar la evolucion del patrimonio debido a que la competitividad de una valoracion esta relacionada con la aptitud e independencia de quien la ejecute, las personas que elaboren los estudios para dicha valoracion, deben contar con la informacion historica financ...

Sharing dividend of the shareholders depends on each company policies. This kind of dividend is also affected by profitability, liquidity, firm size, leverage, and managerial ownership. While, this research aimed to find out the effect of profitability, free cash flow, and liquidity on the dividend policy. Moreover, the profitability was referred to return on asset and liquidity was referred to current ratio. The research was quantitative. Furthermore, the population was all manufacturing companies which were listed on Indonesia Stock Exchange. In addition, the data collection technique used purposive sampling. In line with, there were ten manufacturing companies with five years observation (2013)(2014)(2015)(2016)(2017). For the data analysis technique, it used multiple linear regression with SPSS 20. Based on the statistical t test, it concluded that profitability had significant effect on the dividend policy. It meant, the higher profitability the more dividend would be given by the company to every shareholders. And the result of free cash flow and liquidity, those variables did not have significant effect on the dividend policy, it meant, the higher free cash flow and liquidity won't affect the amount of dividend paid to shareholders.

Based on the Agency literature, on the one hand, cash dividends paid to shareholders reduce free cash flows and reduce the risk of investment in non-optimal investing projects, and on the other hand, increase constant control on managers by capital markets. Accordingly, interest payments as a policy maker-works to reduce conflict of interest. Hence, this study is about the survey of effect of mechanisms of Corporate Governance on the dividend policy of the companies accepted by the Tehran Stock Exchange. Four hypotheses represented to test this effect. The population of this study involves all listed companies of the Tehran Stock Exchange. Taking consideration the limitations of the sample of the present study, 71 companies selected as the sample of this study. The present study discusses mentioned companies from 2009 to 2013. The methodology of this study involves using the past information. Using statistical methods ,regression analysis using combined data by fixed-effects. The obtained results of this study are indicative that is not a meaningful relation between the mechanisms of Corporate Governance and the rate of dividend.

Este trabalho demonstra que o aumento na distribuição de proventos em dinheiro pelas companhias brasileiras deveu-se a um crescimento na propensão a remunerar os acionistas e não às mudanças de características das empresas. Diferentemente dos EUA, a atual estrutura tributária brasileira favorece a remuneração direta, tornando as empresas mais propensas a tal. Analisando separadamente dividendos e juros sobre o capital próprio, observa-se que os juros sobre o capital próprio tornaram-se o principal mecanismo de distribuição direta. As firmas mais prováveis de remunerar diretamente caracterizam-se como as mais lucrativas, maiores e menos endividadas. Palavras-chave: dividendos, juros sobre o capital próprio, tributos, política de remuneração.

We show that project evaluation should be based on free cash flows at nominal prices. We present a case where the results from the constant price method are biased upwards and there is a risk to accept bad projects. It is a widespread practice to evaluate projects at constant prices. With an example presented in the training on economic regulation of public utilities developed by the World Bank Institute we asses that methodology. We show an overvaluation of 21% when compared with the current prices methodology and using a correct Weighted Average Cost of Capital, WACC. World Bank, regulatory policy for infrastructure, developing countries, project evaluation, project appraisal, firm valuation, cost of capital, cash flows, free cash flow, capital cash flow RESUMEN En este trabajo mostramos que la evaluación de proyectos debe hacerse con base en flujos de caja calculados a precios corrientes o nominales. Presentamos un caso donde los resultados obtenidos con el método de precios constantes están sobre estimados y existe por tanto, el riesgo de aceptar malos proyectos como buenos. Evaluar proyectos con flujos a precios constantes es una práctica muy generalizada. Se trabaja y evalúa un ejemplo desarrollado por encargo del World Bank Institute y presentado como caso en el entrenamiento de consultores y asesores en regulación de de empresas de infraestructura. Se muestra que en ese caso hay una sobre valoración del 21% cuando se compara con los resultados calculados a precios corrientes o nominales y cuando se utiliza un Costo Promedio Ponderado de Capital (CPPC) (Weighted Average Cost of Capital, WACC) correcto. World Bank, Banco Mundial, políticas de regulación, infraestructura, países en desarrollo, evaluación de proyectos, valoración de empresas, costo de capital, flujos de caja, flujo de caja libre, flujo de caja de capital.

Earnings management is defined as a managerial discretionary practice of timing strategic and operating decisions (e.g., accelerating sales, postponing research and development) or choosing accrual estimates (excessive reserves) to manage short-term earnings. Earnings management is made possible and is often legitimately accomplished within the flexibility of GAAP rather than through noncompliance with GAAP. Earnings management with the purpose of creating misleading financial information or misrepresenting financial performance can constitute fraud. This study aimed to assess the effect of institutional ownership, independent board, percentage of public shares, audit committee, and leverage on earnings management. The population in this research that companies listed on the indonesia stock exchange (BEI) period 2008-2011. Sampling was purposive sampling method. Data collection method is a method of documentation. Hypothesis testing using linear regression analysis.

Penelitian ini bertujuan untuk mengetahui apakah Free Cash Flow dan Investment Opportunity Set terhadap Dividend Payout Ratio pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2017-2020. Metode penelitian dalam skripsi ini adalah analisis statistik deskriptif, uji chow, uji hausman, dan uji hipotesis. jumlah sampel penelitian ini sebanyak 180 dengan menggunakan purposive sampling diperoleh 10 perusahaan selama 4 tahun. Berdasarkan hasil analisis data dengan menggunakan uji parsial (t), free cash flow berpengaruh signifikan terhadap dividend payout ratio yang ditunjukkan dengan t hitung sebesar -0,30 dan nilai signifikan 0,00 sehingga hipotesis alternatif pertama diterima. Variabel investment opportunity set berpengaruh signifikan terhadap dividend payout ratio ditunjukkan dengan t hitung 0.87 dengan nilai signifikan 0,04 (lebih kecil dari 0,05) sehingga alternatif kedua diterima. Sedangkan secara simultan (f), Free Cash Flow dan Investment Opportunity Set berpengaruh terhadap D...

Downloadable! ABSTRACT This research paper focused on the corporate restructuring of Nippon Telegraph Telecommunication (NTT Group) under the pure holding company structure in 1999 and its implications. In order to understand the holding company structure, we introduced ...

As an information system, accounting can assist users by providing them with relevant and reliable information for making reasonable decisions. The information including financial statements can meet the needs of financial users. One of these financial statements is cash flow statement. Thus, this study surveys the relationship between changes in the components of cash flow statement and market value changes of accepted companies in Tehran Stock Exchange from 2001-2004. For evaluating five subsidiary hypotheses and a main hypothesis, two-variable regression and multiple-variable regression was used. None of the hypotheses was confirmed. This means that the changes in component of cash flow doesn’t have any significant correlation with market value of the companies. One of the factors for the lack of such relationship between these variables is non-efficiency of Iran's stock exchange market and higher volatility of the independent variable versus dependent variable.

The purpose of this study is to examine the influence of asset structure, free cash flow (FCF), and investment opportunity set on debt policy in the LQ-45 company listed in the Indonesia Stock Exchange between 2011 and 2015.The data used in this study obtained from published companyfinancial statements. The sample was selected based on purposive sampling method e.g. 110 observations. The hypotheses were tested by using multiple linear regression analysis.The results of this study demonstrated that the asset structure, FCF, and investment opportunity set both partially and simultaneously determine the Debt to Equity Ratio. Partially, this study found that the asset structure and FCF has a negative influence on debt to equity ratio, while the investment opportunity set has a positive influence on debt to equity ratio. based on these results, the good investment opportunity set have a strong relationship on the level of debt risk.

This study aims to analyze empirically that free cash flow, return on assets and earnings per share affect earnings management and to empirically analyze that Managerial Ownership can moderate return on assets to earnings management in manufacturing companies listed on the Indonesia Stock Exchange in 2015-2018. This study uses quantitative data that has been published on the Indonesia Stock Exchange (IDX). Where the sample used was 236 consisting of 59 manufacturing companies. The tool used to test the model and hypothesis in this study is SEM WarpPLS 6.0. The test results obtained by free cash flow have a significant effect on earnings management, return on assets has a significant influence on earnings management, earnings per share does not have a significant effect on earnings management and managerial ownership cannot moderate return on assets to earnings management.

ABSTRACTThis study aims to examine the effect of information asymmetry on earnings management through real activities manipulation. Real activities manipulation was abserved through cash flow from operations. Companies included in LQ-45 Index from from 2009 to 2011 used as sample. Data was obtained from Indonesia Capital Market Directory of Investment Galery of Janabadra University. Results from multiple regression analysis shows that information asymmetry are positive significant for real activities manipulation through cash flow from operations. The results are consistent with Richardson (1998), Roychoduwury (2006), Rahmawati et.al (2006) Deng and Ong (2013), and Lasdi (2013).ABSTRAKSI Penelitian ini bertujuan untuk menguji pengaruh asimetri informasi terhadap manajemen laba melalui manipulasi aktivitas riel. Manipulasi aktivitas riel diamati melalui arus kas operasi. Sampel yang digunakan adalah perusahaan-perusahaan yang tergabung dalam Indeks LQ-45 dari tahun 2009 sampai dengan...

Prodi S1 Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Telkom [email protected] , [email protected] , [email protected] Abstrak Nilai perusahaan dijadikan fokus utama dalam pengambilan keputusan oleh investor untuk melakukan invesatasi pada suatu perusahaan. Untuk dapat menarik minat investor, perusahaan mengharapkan manajer keuangan akan melakukan tindakan terbaik bagi perusahaan dengan memaksimalkan nilai perusahaan sehingga kemakmuran pemegang saham dapat tercapai. Dengan baiknya nilai perusahaan maka perusahaan akan dipandang baik oleh para calon investor. Penelitian ini bertujuan untuk menguji pengaruh kepemilikan manajerial, kepemilikan institusional dan penilaian aset tidak berwujud terhadap nilai perusahaan pada perusahaan manufaktur sektor consumer goods yang terdapat pada Bursa Efek Indonesia (BEI) periode 2014-2016. Data yang digunakan dalam penelitian ini diperoleh dari data laporan tahunan. Populasi dalam penelitian ini adal...

This study examines the impact of tangibility, free cash flow, growth, and profitability on debt policy. Samples are manufacturing firms listed on the Indonesian Stock Exchange during 2017-2019. Purposive sampling is employed to acquire 163 manufacturing firms for the 2017-2019 period. The classical assumption test consists of normality, autocorrelation, multicollinearity, and heteroscedasticity tests. And to test hypotheses consisting of the t (partial) test. The data were obtained from companies’ annual financial reports. The results showed that tangibility affects debt policy, but free cash flow, company growth, and profitability do not affect debt policy. The value of a coefficient determination in this research reflects 0.0265. It means that tangibility, free cash flow, growth, and profitability have the role of 2.65 % debt against its policies.

The purpose of this study aims to discover the effect of free cash flow, debt to equity ratio working capital turnover, and earning per share on stock price with stock beta as moderating variables. This research was conducted on Construction Sub-Sector Companies listed on the Indonesia Stock Exchange for 2013-2019. The technique in this study uses a purposive sampling technique. The sampling technique shows that the research sample is ten companies with seven years of research, so the number of observations in this study is 70. The data analysis method used in this study is Panel Data Regression Analysis which was carried out with the help of EViews software. The results showed that free cash flow, working capital turnover did not significantly affect stock prices and earnings per share, and the debt to equity ratio had a significant effect on stock prices. The stock beta variable can moderate the effect of free cash flow, debt to equity ratio, working capital turnover, and earnings...

We survey institutional investors about their role in capital structure decisions and views on capital structure theories. Over 82% of investors believe they influence corporate capital structure decisions, especially for smaller, younger, and more financially constrained firms. Unlike corporate managers, investors consider agency costs of free cash flow important drivers of capital structure. Investors' responses also support pecking order and market timing theories. Most investors find financial constraints important, with components of the Kaplan-Zingales and Whited-Wu indexes dominating other proxies. Overall, our findings suggest a first-order impact of investor preferences on capital structure decisions.

Debt policy is a decision made by a company to obtain funds from outside parties to meet the operational needs of the company. Recent economic development encourages companies to continue to expand their business in order to survive and gain better corporate value. To develop the business, a company needs more funds. And when the funds are not enough, the company will perform debt policy. However, debt policy can be risky and therefore the company should carry out operational activities effectively in order to avoid the risks. This study aims to determine the effect of institutional ownership, managerial ownership, profitability, free cash flow, firm size and corporate growth on debt policy. The data used in this study are secondary data, that is, the financial reports of mining sector companies listed on the Indonesia Stock Exchange 2011-2015. The research is using purposive sampling method consisting of 59 data. Analysis techniques used in this study are classical assumptions and multiple regression analysis. The results show that institutional ownership and profitability have negative effect on debt policy, and free cash flow has positive effect on debt policy, while, managerial ownership, firm size, and corporate growth have no effect on debt policy. The implication of this study is for investors to notice that the debt policy taken by mining companies is influenced by the number of shares owned by the institution, return on equity, and the amount of free cash flow.

The purpose of this research is to investigate the relationship between firm growth opportunities and Changes ratio in retained earnings of companies. This study is a literature study and analysis scientific, and is based on the analysis of panel data (panel data). In this study, the financial data of 101 companies listed in Tehran Stock Exchange during the period 2006 to 2011, has been reviewed (606 companies the Year). To analyze the results of research, software 20 Spss, Eviews 7, Minitab16 are used. Results of study related to confirm first hypothesis indicates that there is significant and inverse relationship between company's growth opportunities and Changes ratio in retained earnings of companies.

We examine the key drivers behind management decisions on share repurchase from various theoretical perspectives, including the free cash flow theory and the signaling theory/hypothesis. Specifically, we investigate the relationship between share repurchase and three key drivers: surplus cash, undervaluation, and leverage, along with several control variables. Using a sample of UK-listed non-financial companies from 2012 to 2022, we apply logistic regression, standard OLS regression, and Tobit regression to identify the factors influencing share repurchase. Our findings reveal that firms repurchase shares to distribute cash to shareholders with surplus cash and Surplus investing cash flow. This study also finds that undervalued smaller firms with lower market-to-book ratios and lower leverage are more likely to repurchase shares. Our study highlights the key factors motivating companies’ share repurchases, such as undervaluation, surplus cash, and leverage, examined from various theoretical perspectives, including the free cash flow theory and signaling theory. Focusing on the UK context, as well as adding a new angle in regard to applying logistic regression, standard OLS regression, and Tobit regression in combination, this research contributes to the existing body of knowledge in corporate finance. The outcome of the study has plausible implications for financial managers and investors in selecting stocks. Its practical implications will help investors gain a better understanding of the factors and forces influencing share repurchase decisions.

Supports on the free cash flow and agency cost theory from dividend announcements studies have been heavily discussed in the Western literature, but they have not been given much attention in the Asian countries, particularly in Malaysia. This paper focuses on examining the relationship of the stock market reactions due to dividend announcements and ten company-specific variables identified from the literature as potential determinants. The results from cross-sectional and stepwise regressions both showed that none of the determining variables could explain the variation in cumulative abnormal returns (CARs) for the increasing dividend announcements. For decreasing dividend announcements, both regressions identified the degree of anticipation to be significant and inversely related to CARs. In addition, the indigenous population ownership, which is a unique characteristic of the Malaysian equity market is also found to be significant in influencing the effect of decreasing dividend ...

1-Bu makale Gazi Üniversitesi Sosyal Bilimler Enstitüsü'nde 12.06.2020 tarihinde birinci yazar tarafından ikinci yazarın danışmanlığında hazırlanıp savunulan "Serbest Nakit Akışının Şirket Etkinliği Üzerindeki Etkisi ve BİST 100'de Bir Uygulama" isimli yayınlanmamış doktora tezinden türetilmiştir. Makale herhangi bir sempozyumda sunulmamış, BAP tarafından desteklenmemiştir. 2-Makalenin yazarları arasında çıkar çatışması bulunmamaktadır. 3-Makalemizde etik kurulu izni ve/veya yasal/özel izin alınmasını gerektiren bir durum yoktur. 4-Bu makalede araştırma ve yayın etiğine uyulmuştur.

Dividend policy is one of the most important areas in finance literature. This is known as ‘dividend puzzle’ in finance literature. One explanation is that dividends help address agency problems between managers and outside investors. The agency problem analysis arises from managers’ incentives to consume private benefits, e.g., building their empires by investing free cash flows in negative net present value projects or spending cash on perquisites. Thus, dividends alleviate this problem by reducing free cash flows available to managers. This paper examines dividend policy of industrial firms and chose sample 60 industrial firms listed Amman Stock Exchange from 2007 to 2011 in order to test the free cash flow hypotheses. Based on the regression analysis shows a negative and statistically significant effect of free cash flow on dividend, while for a positive and significant effect of free cash flow on leverage. when examine the effect of risk, leverage, growth opportunity, free cash...

IDX is one of the places for stock trading transactions of various companies in Indonesia. This study aims to analyze the factors that affect the company’s stock price in Indonesian capital market especially in Property Real and Estate. The variables used in this study is Free Cash Flow, Leverage, Growth Company, and dividen policy. This study uses a quantitative approach with multiple linear regression analysis model. This study uses the period 2013-2016. The number of observations used in this study were 14 observations. The results showed that the variable Free Cash Flow, Leverage, Net profit margin and Growth Company has  not significantly effect Dividen Policy. Keywords: Free Cash Flow, Leverage, Net Profit Margin, Growth Company

The purpose of this study is to examine the influence of asset structure, free cash flow (FCF), and investment opportunity set on debt policy in the LQ-45 company listed in the Indonesia Stock Exchange between 2011 and 2015.The data used in this study obtained from published companyfinancial statements. The sample was selected based on purposive sampling method e.g. 110 observations. The hypotheses were tested by using multiple linear regression analysis.The results of this study demonstrated that the asset structure, FCF, and investment opportunity set both partially and simultaneously determine the Debt to Equity Ratio. Partially, this study found that the asset structure and FCF has a negative influence on debt to equity ratio, while the investment opportunity set has a positive influence on debt to equity ratio. based on these results, the good investment opportunity set have a strong relationship on the level of debt risk.

This study investigates the effect of board diversity in terms of gender and ethnicity on dividend payout policy when a firm has free cash flow agency problem. It also tests whether the probability of diverse boards would minimize free cash flow agency problem through making large dividend payments is more pronounced in firms with high ownership concentration. We find that our results differ based on how corporate dividend policy is measured, and vary by the level of free cash flows and ownership concentration. More specifically, we find that women’s (Malays’) presence on boards has positive impact on dividend yield (dividend payout), and this effect conditional on the level of free cash flows generated by firms. Our results also show that the role of female and Malay directors in forcing controlling shareholders of firms with substantial free cash flows to cash out the firms’ resources through making higher dividend payments is more prominent when the firms’ ownership structure is ...

This paper investigates the impact of debt financing on dividend payments when they face the agency costs of free cash flow. It focuses on a sample of 120 firms listed on the Saudi Stock Exchange during the period of 2011-2021. The findings from the Generalized Least Squares regression model revealed that the presence of agency costs of free cash flows may limit the funds available for dividend payments. Regarding the moderating effect of debt structure, the research highlights the significant role of long-term debt in making more prudent use of free cash flow. The use of longterm debt becomes more effective and can enhance shareholder wealth when a firm is facing agency costs of free cash flow. More specifically, bondholders primarily focus on affirmative covenants which require the firm to undertake specified actions such as maintaining assets and financial ratios, or paying taxes, but they do not restrict financing activities such as dividend payments. Since interest and debt repayments are fixed obligations, using free cash flow for dividend disbursement is considered a more profitable and beneficial approach for shareholders in the context of Saudi Arabia. This study contributes to our understanding of financial management under different debt structures and improves our scientific knowledge of the culture of Saudi firms regarding the dividend distribution policy.

Free cash flow agency problem occurs when there is different interest between insider (manager and controlling shareholder) and outsider (minority shareholder and creditor) in correlated with firm free cash flow. Free cash flow agency problem in a firm is showed by moral hazard behavior done by manager and/or controlling shareholder in using firm free cash flow. The form of the moral hazard behavior is overinvestment activity by using firm free cash flow when the firm has bad investment opportunities. By doing overinvestment, manager and/or controlling shareholder make decision to invest firm free cash flow in unprofitable investment projects, which are investment projects with negative NPV. The manager and/or controlling shareholder motivation in doing overinvestment is to make the firm grow bigger than normal size, although ignore the firm profitability. The bigger firm size, the bigger firm resources controlled by manager and/or controlling shareholder, so that the bigger opportu...

Kebijakan dividen merupakan keputusan dari manajemen perusahaan untuk menentukan berapa banyak laba yang harus dibagikan kepada para pemegang saham/investor dan berapa banyak yang harus ditanam kembali menjadi laba ditahan (Bansaleng et al. 2014). Suatu perusahaan selalu ingin memberikan dividen yang besar kepada para pemegang sahamnya, tetapi di sisi lain pertimbangan yang muncul adalah haruskah perusahaan menginvestasikan kembali uang tersebut untuk para pemegang sahamnya, yang mungkin akan lebih menguntungkan dibandingkan membayarkannya.

Artikel ini membahas pengaruh beberapa faktor terhadap kebijakan dividen perusahaan sektor keuangan di Indonesia. Dalam konteks bisnis global, perusahaan dituntut meningkatkan laba dan kinerja untuk menarik investor, terutama melalui dividen. Kebijakan dividen penting karena menentukan berapa bagian laba yang dibagikan kepada pemegang saham. Faktor-faktor seperti profitabilitas, leverage, kepemilikan manajerial, dan ukuran perusahaan menjadi variabel yang dianalisis karena berpotensi memengaruhi keputusan pembagian dividen. Berdasarkan teori

Penelitian ini bertujuan untuk mengetahui pengaruh kesulitan keuangan ,kepemilikan institusional dan kepemilikan manajerial terhadap konservatisme akuntansi. Metode pengambilan sampel menggunakan purvosive sampling dengan jumlah sampel 36 perusahaan. Data yang digunakan adalah data sekunder dengan teknik dokumentasi dan pustaka. Analisis yang digunakan dalam penelitian ini Analisis Regresi Data Panel dengan alat bantu software Eviews 10. Hasil penelitian menunjukan (1) kesulitan keuangan memiliki pengaruh terhadap konservatisme akuntansi (2) kepemilikan institusional memeliki pengaruh terhadap konservatisme akuntansi.(3) kepemilikan manajerial memiliki pengaruh terhadap konservatisme akuntansi.