ANALISIS MODERASI MEDIASI HUBUNGAN ARUS KAS-INVESTASI, CSR, DAN BIAYA AGENSI

Abstract

This study aims to examine the factors that affect investment in manufacturing companies in Indonesia by using 3 variables consisting of 1 independent variable that is cash flow, 1 moderation variable that is CSR and 1 mediation variable that is agency cost. The population in this study is a manufacturing company listed on the Indonesia Stock Exchange (BEI) during the period 2011-2016 which amounted to 149 companies. The sample used in this study amounted to 41 companies selected using purposive sampling technique. Data were analyzed using classical assumption test, simple regression analysis and regression analysis with moderating mediating (modmed) variable SPSS 23. The results showed that cash flow has no effect on investment, CSR proved to be a moderate variable of the relationship between cash flow to investment and agency costs able to mediate the moderate effects of CSR. The conclusion of this research is that cash flow can not be a factor affecting investment, CSR can be a moderating variable strengthening the relationship between cash flow to investment and agency cost can be a mediation variable of moderation effect of CSR.