M. Irsyad Ash Siddiqi (2019), The Effect of Cash Flow on Investment with Agency Costs as Intervening Variables. Fifi Swandari (Principal Advisor) and Dian Masita Dewi (Advisor).

               This study discusses cash flow towards investments with intervening variables, namely agency costs which are proxied by free cash flow. Based on these objectives, in this study four hypotheses were formulated.

               This study` uses purposive sampling method in which there are 19 listed companies of LQ45 index. To facilitate problem solving, this research was conducted using structural equation model (SEM) using SmartPLS 3 software.

               The results of this study show cash flow has a positive effect and significant on investment. Cash flow has a positive effect and significant towards agency costs. Agency cost has not significant to investment. Agency costs cannot be used as a mediating variable for investment.

Keywords: Cash Flow, Investment, Agency Cost