Pengaruh Kesempatan Investasi dalam Memoderasi Hubungan Kebijakan Dividen, Keputusan Pendanaan, Aliran Arus Kas Bebas, dan Ukuran Perusahaan terhadap Nilai Pemegang Saham Perusahaan Sektor Consumer Non-Cyclicalsdi Bursa Efek Indonesiatahun 2020 – 2022

Abstract

This research aims to analyze the influence of investment opportunities in moderating the relationship between dividend policy, funding decisions, free cash flow and firm size on the shareholder value of non-cyclical consumer sector companies on the Indonesia Stock Exchange in 2020–2022. The sampling method was purposive sampling, and 42 companies were obtained that passed the criteria with 126 observations. Data were analyzed using descriptive statistical analysis and moderated regression analysis (MRA). The research results prove that partially dividend policy has a positive effect on shareholder value; funding decisions and free cash flow flows have no effect on shareholder value; firm size has a negative effect on shareholder value. Investment opportunities were a moderating variable that could strengthen or weaken the relationship between dividend policy and shareholder value. Investment opportunities were not a moderating variable that could strengthen or weaken the relationship between funding decisions, free cash flow, and firm size on shareholder value. However, simultaneously dividend policy, funding decisions, free cash flow, firm size and investment opportunities had had a significant influence on the shareholder value of non-cyclical consumer sector companies on the Indonesia Stock Exchange in 2020-2022.