Pengaruh Free Cash Flow, Market to Book Ratio dan Firm Size Terhadap Cost Of Equity Pada Perusahaan Manufaktur di Bursa Efek Indonesia Tahun 2024
Keywords:
Free Cash Flow, Market to Book Ratio, Firm Size, Perusahaan Manufaktur
Abstract
This study aims to analyze the influence of Free Cash Flow (FCF), Market to Book Ratio (MBR), and Firm Size on the Cost of Equity (CoE) in manufacturing companies listed on the Indonesia Stock Exchange in 2024. Cost of Equity is a key component of a company's capital structure, representing the expected return demanded by investors as compensation for risk. Amid global economic uncertainty and the increase of Bank Indonesia's benchmark interest rate in 2024, companies are required to manage their capital structure efficiently. This research uses a quantitative approach with secondary data derived from companies' annual financial reports. The sample was determined using purposive sampling, resulting in 171 manufacturing companies. Data analysis was conducted using multiple linear regression with the assistance of SPSS version 26. The dependent variable, Cost of Equity, is measured using the Capital Asset Pricing Model (CAPM), while the independent variables are Free Cash Flow, Market to Book Ratio, and Firm Size. The results show that Free Cash Flow has a negative effect on Cost of Equity, Market to Book Ratio has a negative effect, and Firm Size has a negative effect on Cost of Equity. Simultaneously, these three independent variables significantly influence Cost of Equity. These findings suggest that manufacturing firms need to consider their cash flow availability, market valuation, and scale of operations when making strategic decisions regarding their capital structure.
References
Abella, P., Anggraini, F., Khan, A., & Bengkulu, U. M. (2025). Analisis Informasi Manajemen Laba Terhadap Biaya Modal. 2(2), 1811–1819.
Adame, K. W., Koski, J. L., Lem, K. W., & Mcvay, S. E. (2023). Free Cash Flow Disclosure In Earnings Announcements. Journal Of Financial Reporting, 8(2), 1–23. Https://Doi.Org/10.2308/Jfr-2020-010
Akhmadi. (2018). Ukuran Perusahaan , Profitabilitas Dan Nilai Perusahaan : Tirtayasa Ekonomika, 13(October 2).
Angraini, A., & Huda, S. (2024). Pengaruh Ukuran Perusahaan, Leverage, Good Corporate Governance, Dan Voluntary Disclosure Terhadap Cost Of Equity Capital Pada Perusahaan Sektor Transportasi Dan Logistik Yang Terdaftar Di Bursa Efek Indonesia Periode 2019 - 2023. Jurnal Ilmiah Pendidikan Ekonomi Fakultas Keguruan Dan Ilmu Pendidikan, 12(2), 212–220.
Bijoy, K., & Mangla, K. (2024). Agency Cost : Ownership Structure And Board Composition — An Empirical. August 2023.
Brigham, E. F., & Daves, P. R. (2021). The Impact Of Ownership Structure On The Cost Of Equity In Emerging Markets. Cengage Learning.
Chen, K. C., Chen, Z., & Wei, K. C. J. (2009). Agency Costs of Free Cash Flow and the Effect of Shareholder Rights on the Implied Cost of Equity Capital. Journal of Financial and Quantitative Analysis, 44(1), 171–206.
Dekrita, D. Y. A., & Goo, E. E. K. (2024). Manajemen Keuangan Perusahaan Teori & Praktik. Eureka Media Aksara.
Erianti, D. (2019). Pengaruh Free Cash Flow Terhadap Pertumbuhan Laba Perusahaan. Benefit Jurnal Manajemen Dan Bisnis, 4(1), 84–93.
Eugene F. Brigham, & Ehrhardt, M. C. (2020). Financial Management: Theory & Practice (15th Edition. Cengage Learning.
Faysal, S., Salehi, M., & Moradi, M. (2020). The Impact Of Ownership Structure On The Cost Of Equity In Emerging Markets. Management Research Review, 43(10).
Febriani, L., & Sukoco, A. (2022). The Effect Of Financial Performance On Market To Book Value Of Equity (Mbve) In Lq45 Companies On The Idx Post Pandemi Covid 19. Jurnal Ekonomi, 22(1), 46–53.
Fitri, H., Apriyanti, D. G., Lusiana, Putra, R. B., & Mulyani, S. R. (2022). Kebijakan Hutang Melalui Free Cash Flow, Kepemilikan Manajerial Dan Kebijakan Deviden. Jurnal Informatika Ekonomi Bisnis, 4, 244–250.
Fitri, M. (2025). Pengaruh Profitabilitas, Likuiditas, Free Cash Flow , Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Bisnis Digital Dan Manajemen, 1(2), 81–103.
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program Ibm Spss 25. Badan Penerbit Universitas Diponegoro.
Grossmann, A., Johnston, K., & Hatem, J. J. (2024). A Note On Free Cashflow Analysis: Theory Versus Practice. Journal Of Corporate Accounting And Finance, 35(2), 11–24.
Indonesia, K. P. R. (2024). Laporan Kinerja Sekretariat Inspektorat Jenderal.
Indriyani, E. (2017). Pengaruh Ukuran Perusahaan Dan Profitabilitas Terhadap Nilai Perusahaan. Akuntabilitas: Jurnal Ilmu Akuntansi, 10(September), 333–348.
Layarda, D. (2021). Analisis Pengaruh Beta Saham, Leverage , Ukuran Perusahaan Terhadap Biaya Modal Ekuitas Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Finace, 6(1), 72–83.
Manalu, R. A., & Hidayat, T. (2024). Pengaruh Information Asymmetry, Earning Management, Voluntary Disclosure, Dan Firm Size Terhadap Cost Of Equity Pada Perusahaan Bumn Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2020. Journal Of Accounting, Management, And Islamic Economics, 02(02), 479–492.
Margaret, E., & Daljono. (2023). Pengaruh Good Corporate Governance Terhadap Kinerja Keuangan Perusahaan (Studi Empiris Pada Perusahaan Bumn Yang Terdaftar Pada Bursa Efek Indonesia Periode 2017-2021). Diponegoro Journal Of Accounting, 12(4), 1–14.
Masan, S. S., & Kusumaningtyas, D. S. (2024). Pengaruh Ukuran Perusahaan Dan Financial Leverage Terhadap Cost Of Equity. 3(6), 46–57.
Mohammed, A. K. M., Al-Sarraji, J. ., & Altameeni, A. F. (2023). Free Cash Flow And Market Value Added Of Firm : The Mediation Role Of Cost Of Capital . Entrepreneurship Journal For Finance And Business (Ejfb), 4(03), 132–142.
Nobanee, H., Ellili, N., & Abraham, J. (2017). Equity Concentration, Agency Costs and Performance of Non-Financial Firms Listed on the Saudi Stock Market (Tadawul). SSRN Electronic Journal.
Nurlayla, E. P. D., & I, D. H. (2023). Analisis Faktor-Faktor Biaya Modal Ekuitas Dengan Model Ohlson Pada Perusahaan Sektor Infrastruktur. Jurnal Ekonomi Trisakti, 3(1), 1499–1508.
Pangestika, P. S., & Widiatmoko, J. (2021). Pengaruh Good Corporate Governance Dan Intelectual Capital Disclosure Terhadap Cost Of Equity Capital (Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia (Bei) Tahun 2017-2019). Jurnal Ilmiah Mea (Manajemen, Ekonomi, Dan Akuntansi), 5(2), 1959–1980.
Permata, I. S., Nawasiah, N., & Indriati, T. (2018). Free Cash Flow, Kinerja Internal, Dan Pengaruhnya Terhadap Nilai Perusahaan. Liquidity, 7(1), 63-72
Pyoko, O. M., & Muchiri, R. (2023). Effect Of Firm Size On Short Term Debt Of Firms Listed On The Nairobi Securities Exchange, Kenya. Asian Research Journal Of Arts & Social Sciences, 21(3), 207–212.
Rahmawati, Murni, S., & Arifah, S. (2024). Seri Riset Akuntansi Terkini : Corporate Governance (Vol. 6).
Ramadhoni, R. R., Matoati, R., Rahmawati, S., Kaewlaead, C., Faculty, M. S., & Ermawati, W. J. (2024). Capital Asset Pricing Model ( Capm ) Analysis : Technology Sector Stock Conditions Before And During The Pandemic Analisis Capital Asset Pricing Model ( Capm ) Pada Saham Sektor Teknologi Periode Sebelum Dan Selama Pandemi Covid-19. Jurnal Manajemen Dan Organisasi, 15(2), 164–178.
Riyanto, D. R., & Suyatmin. (2024). Pengaruh Pertumbuhan Perusahaan, Ukuran Perusahaan, Struktur Modal, Dan Return On Equity Terhadap Kebijakan Dividen. Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(8)
Sekaran, U. (2017). Metode Penelitian Untuk Bisnis. Salemba Empat.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, Dan R&D. Alphabet.
Sugiyono. (2021). Metode Penelitian Kuantitatif, Kualitatif, Dan R&D. Alphabet.
Sutarman, A., Karamoy, H., & Gamaliel, H. (2022). Pengaruh Asimetri Informasi, Konsentrasi Kepemilikan, Manajemen Laba Dan Pertumbuhan Aset Terhadap Cost Of Equity Capital Pada Perusahaan Perkebunan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Riset Akuntansi Dan Auditing "Goodwill, 13(1), 13–24.
Adame, K. W., Koski, J. L., Lem, K. W., & Mcvay, S. E. (2023). Free Cash Flow Disclosure In Earnings Announcements. Journal Of Financial Reporting, 8(2), 1–23. Https://Doi.Org/10.2308/Jfr-2020-010
Akhmadi. (2018). Ukuran Perusahaan , Profitabilitas Dan Nilai Perusahaan : Tirtayasa Ekonomika, 13(October 2).
Angraini, A., & Huda, S. (2024). Pengaruh Ukuran Perusahaan, Leverage, Good Corporate Governance, Dan Voluntary Disclosure Terhadap Cost Of Equity Capital Pada Perusahaan Sektor Transportasi Dan Logistik Yang Terdaftar Di Bursa Efek Indonesia Periode 2019 - 2023. Jurnal Ilmiah Pendidikan Ekonomi Fakultas Keguruan Dan Ilmu Pendidikan, 12(2), 212–220.
Bijoy, K., & Mangla, K. (2024). Agency Cost : Ownership Structure And Board Composition — An Empirical. August 2023.
Brigham, E. F., & Daves, P. R. (2021). The Impact Of Ownership Structure On The Cost Of Equity In Emerging Markets. Cengage Learning.
Chen, K. C., Chen, Z., & Wei, K. C. J. (2009). Agency Costs of Free Cash Flow and the Effect of Shareholder Rights on the Implied Cost of Equity Capital. Journal of Financial and Quantitative Analysis, 44(1), 171–206.
Dekrita, D. Y. A., & Goo, E. E. K. (2024). Manajemen Keuangan Perusahaan Teori & Praktik. Eureka Media Aksara.
Erianti, D. (2019). Pengaruh Free Cash Flow Terhadap Pertumbuhan Laba Perusahaan. Benefit Jurnal Manajemen Dan Bisnis, 4(1), 84–93.
Eugene F. Brigham, & Ehrhardt, M. C. (2020). Financial Management: Theory & Practice (15th Edition. Cengage Learning.
Faysal, S., Salehi, M., & Moradi, M. (2020). The Impact Of Ownership Structure On The Cost Of Equity In Emerging Markets. Management Research Review, 43(10).
Febriani, L., & Sukoco, A. (2022). The Effect Of Financial Performance On Market To Book Value Of Equity (Mbve) In Lq45 Companies On The Idx Post Pandemi Covid 19. Jurnal Ekonomi, 22(1), 46–53.
Fitri, H., Apriyanti, D. G., Lusiana, Putra, R. B., & Mulyani, S. R. (2022). Kebijakan Hutang Melalui Free Cash Flow, Kepemilikan Manajerial Dan Kebijakan Deviden. Jurnal Informatika Ekonomi Bisnis, 4, 244–250.
Fitri, M. (2025). Pengaruh Profitabilitas, Likuiditas, Free Cash Flow , Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Bisnis Digital Dan Manajemen, 1(2), 81–103.
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program Ibm Spss 25. Badan Penerbit Universitas Diponegoro.
Grossmann, A., Johnston, K., & Hatem, J. J. (2024). A Note On Free Cashflow Analysis: Theory Versus Practice. Journal Of Corporate Accounting And Finance, 35(2), 11–24.
Indonesia, K. P. R. (2024). Laporan Kinerja Sekretariat Inspektorat Jenderal.
Indriyani, E. (2017). Pengaruh Ukuran Perusahaan Dan Profitabilitas Terhadap Nilai Perusahaan. Akuntabilitas: Jurnal Ilmu Akuntansi, 10(September), 333–348.
Layarda, D. (2021). Analisis Pengaruh Beta Saham, Leverage , Ukuran Perusahaan Terhadap Biaya Modal Ekuitas Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Finace, 6(1), 72–83.
Manalu, R. A., & Hidayat, T. (2024). Pengaruh Information Asymmetry, Earning Management, Voluntary Disclosure, Dan Firm Size Terhadap Cost Of Equity Pada Perusahaan Bumn Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2020. Journal Of Accounting, Management, And Islamic Economics, 02(02), 479–492.
Margaret, E., & Daljono. (2023). Pengaruh Good Corporate Governance Terhadap Kinerja Keuangan Perusahaan (Studi Empiris Pada Perusahaan Bumn Yang Terdaftar Pada Bursa Efek Indonesia Periode 2017-2021). Diponegoro Journal Of Accounting, 12(4), 1–14.
Masan, S. S., & Kusumaningtyas, D. S. (2024). Pengaruh Ukuran Perusahaan Dan Financial Leverage Terhadap Cost Of Equity. 3(6), 46–57.
Mohammed, A. K. M., Al-Sarraji, J. ., & Altameeni, A. F. (2023). Free Cash Flow And Market Value Added Of Firm : The Mediation Role Of Cost Of Capital . Entrepreneurship Journal For Finance And Business (Ejfb), 4(03), 132–142.
Nobanee, H., Ellili, N., & Abraham, J. (2017). Equity Concentration, Agency Costs and Performance of Non-Financial Firms Listed on the Saudi Stock Market (Tadawul). SSRN Electronic Journal.
Nurlayla, E. P. D., & I, D. H. (2023). Analisis Faktor-Faktor Biaya Modal Ekuitas Dengan Model Ohlson Pada Perusahaan Sektor Infrastruktur. Jurnal Ekonomi Trisakti, 3(1), 1499–1508.
Pangestika, P. S., & Widiatmoko, J. (2021). Pengaruh Good Corporate Governance Dan Intelectual Capital Disclosure Terhadap Cost Of Equity Capital (Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia (Bei) Tahun 2017-2019). Jurnal Ilmiah Mea (Manajemen, Ekonomi, Dan Akuntansi), 5(2), 1959–1980.
Permata, I. S., Nawasiah, N., & Indriati, T. (2018). Free Cash Flow, Kinerja Internal, Dan Pengaruhnya Terhadap Nilai Perusahaan. Liquidity, 7(1), 63-72
Pyoko, O. M., & Muchiri, R. (2023). Effect Of Firm Size On Short Term Debt Of Firms Listed On The Nairobi Securities Exchange, Kenya. Asian Research Journal Of Arts & Social Sciences, 21(3), 207–212.
Rahmawati, Murni, S., & Arifah, S. (2024). Seri Riset Akuntansi Terkini : Corporate Governance (Vol. 6).
Ramadhoni, R. R., Matoati, R., Rahmawati, S., Kaewlaead, C., Faculty, M. S., & Ermawati, W. J. (2024). Capital Asset Pricing Model ( Capm ) Analysis : Technology Sector Stock Conditions Before And During The Pandemic Analisis Capital Asset Pricing Model ( Capm ) Pada Saham Sektor Teknologi Periode Sebelum Dan Selama Pandemi Covid-19. Jurnal Manajemen Dan Organisasi, 15(2), 164–178.
Riyanto, D. R., & Suyatmin. (2024). Pengaruh Pertumbuhan Perusahaan, Ukuran Perusahaan, Struktur Modal, Dan Return On Equity Terhadap Kebijakan Dividen. Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(8)
Sekaran, U. (2017). Metode Penelitian Untuk Bisnis. Salemba Empat.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, Dan R&D. Alphabet.
Sugiyono. (2021). Metode Penelitian Kuantitatif, Kualitatif, Dan R&D. Alphabet.
Sutarman, A., Karamoy, H., & Gamaliel, H. (2022). Pengaruh Asimetri Informasi, Konsentrasi Kepemilikan, Manajemen Laba Dan Pertumbuhan Aset Terhadap Cost Of Equity Capital Pada Perusahaan Perkebunan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Riset Akuntansi Dan Auditing "Goodwill, 13(1), 13–24.
Published
2025-10-28
How to Cite
Dwi Syahlani, & Chandra Situmeang. (2025). Pengaruh Free Cash Flow, Market to Book Ratio dan Firm Size Terhadap Cost Of Equity Pada Perusahaan Manufaktur di Bursa Efek Indonesia Tahun 2024. Didaktik : Jurnal Ilmiah PGSD STKIP Subang, 11(03), 270 - 282. https://doi.org/10.36989/didaktik.v11i03.8364
Section
Articles
