PENGARUH KEPEMILIKAN INSTITUSIONAL, FREE CASH FLOW, DAN INVESTMENT OPPORTUNITY SET TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN HUTANG SEBAGAI VARIABEL INTERVENING (Studi Kasus Pada Perusahaan Sektor Keuangan Yang Terdaftar Di BEI Periode 2013-2016)

Abstract

This study aims to examine whether debt policy variables mediate the influence of institutional ownership on firm values, whether debt policy variables mediate the effect of free cash flow on firm value, and test whether debt policy variables mediate the influence of institutional ownership on firm value.
The study population is a financial sector company listed on the IDX period 2013-2016. Samples & sampling technique was done by purposive sampling method. The sample used is a financial company listed on the IDX period 2012-2016, amounting to 52 companies.
Based on multiple regression test that has been done, it can be concluded that: institutional ownership has no significant negative effect on debt policy, free cash flow has a significant positive effect on debt policy, investment opportunity set has no significant positive effect on debt policy, institutional ownership has no significant positive to the value of the company, free cash flow has a significant negative effect on the value of the company, investment opportunity set has a significant positive effect on firm value, debt policy has a significant positive effect on firm value, debt policy is not mediated variable.
For future Researchers should add new variables that have greater impact on firm value such as profitability, dividend policy, firm size, and earnings growth.
Keyword: Institutional ownership, free cash flow, investment opportunity set, debt policy, and firm value.