PENGARUH FREE CASH FLOW, RISIKO BISNIS DAN INVESTMENT OPPORTUNITY SET TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN HUTANG SEBAGAI VARIABEL INTERVENING

Abstract

This study aims to determine the effect of Free Cash Flow, Business Risk and Investment Opportunity Set on Company Value with Debt Policy as Intervening Variables. The dependent variable of this study is Company Value. The independent variables of this research are Free Cash Flow, Business Risk and Investment Opportunity Set while the Intervening Variable of this research is Debt Policy.
This study uses quantitative data and the data used is taken from the Financial Report of the Manufacturing Industry of Various Industry Sectors that are listed on the Indonesia Stock Exchange for the period 2011-2015 consisting of 20 registered companies. Data analysis techniques used are Descriptive Test, Classical Assumption Test, 2-Stage Linear Regression Analysis, Model Match Test and Path Interpretation and Direct and Indirect Influence Tests.
The results of this study indicate that the Variables of Free Cash Flow, Business Risk and Investment Opportunity Set have a negative effect on Debt Policy, Variable Free Cash Flow, Business Risk and Investment Opportunity Set have a negative effect on Company Value, Debt Policy cannot mediate the influence of Free Cash Flow on Value The Company, Debt Policy mediates the effect of Business Risk on Company Value, Debt Policy mediates the influence of Investment Opportunity Set on Company Value.
For companies, to ensure potential investors should provide complete information about the company's performance needed by potential investors who will invest. The company must also try to improve the welfare of its legitimate holders by continuing to improve performance in a better direction so that potential investors are interested in investing in the company.
Keywords: Free Cash Flow, Business Risk, Investment Opportunity Set, Debt Policy, Company Value