PENGARUH KEPEMILIKAN MANAJERIAL, KEBIJAKAN DIVIDEN DAN INVESTMENT OPPORTUNITY SET TERHADAP KEBIJAKAN HUTANG DENGAN FREE CASH FLOW SEBAGAI VARIABEL MODERASI (Studi Empiris pada Perusahaan Manufaktur yang terdaftar di BEI tahun 2014-2016)

Abstract

Debt policy can be decided by considering several things, such as the size of the free cash flow, the ownership structure by managerial or institutional, The greater the free cash flow available, the greater the company's ability to pay debts, dividends or investments. This research aims to see the effect of managerial ownership, investment policy and investment opportunity to BEI year 2014-2016. Sampling is done by using purpossive sampling method, with criteria of manufacturing company listed in Indonesia Stock Exchange, giving consolidated financial statements from year 2014-2016, company earnings profit from year 2014-2016, the financial statements of companies that use the rupiah currency and the company in rotation from 2014-2016, so obtained a sample of 48 manufacturing companies with a period of observation for three years. The analytical technique used is multiple linear regression. The result of the research partially shows the managerial attitude toward the significance to the debt policy, whereas the investment decision and opportunity is not a major to the debt management relationship between business manager, investment to Debt policy variable. Variables of managerial ownership, dividend policy, investment opportunity set with free cash flow as moderating variables have a role of 7.6% together to be able to explain or explain the variable debt policy. Keywords: Managerial Ownership, Dividend Policy and Investment Opportunity Set, Debt Policy and Free Cash Flow