PENGARUH KEPEMILIKAN INSTITUSIONAL, KEPEMILIKAN MANAJERIAL DAN KEBIJAKAN DIVIDEN TERHADAP KEBIJAKAN HUTANG DENGAN FREE CASH FLOW SEBAGAI VARIABEL MODERATING (Studi Empiris pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Periode Tahun 2010-2016)

Abstract

The purpose of this study is to provide empirical evidence on the effect of Institutional Ownership, Managerial Ownership and Dividend Policy on Debt Policy with Free Cash Flow as a Moderating Variable (Empirical Study on Manufacturing Companies listed on the Indonesia Stock Exchange Year 2010-2016).
The analytical method used in this study is a quantitative method with multiple regression testing by conducting classical assumption before getting the best research model. The variables in this study are Institutional Ownership, Managerial Ownership and Dividend Policy as independent variables, Debt Policy as the dependent variable and Free Cash Flow as the Moderating Variable.
The population of this study is 149 manufacturing companies listed on the Indonesia Stock Exchange using purposive sampling technique to obtain samples from 2010 to 2016 as many as 112 samples.
The results of this study are: Institutional Ownership and Dividend Policy have a positive and significant effect on Debt Policy, while Managerial Ownership does not have a significant effect on Debt Policy. Free Cash Flow is not a moderating variable for the interaction of the relationship between Institutional Ownership variables, Managerial Ownership and Dividend Policy on Debt Policy.
Keywords: Institutional Ownership, Managerial Ownership, Dividend Policy, Debt Policy and Free Cash Flow.