Pengaruh Free Cash Flow Dan Struktur Kepemilikan Saham Terhadap Kebijakan Hutang Dengan Investment Opportunity Set Sebagai Variabel Moderating (Studi Empiris pada Perusahaan Manufaktur yang terdaftar di BEI)

Bertha Gusti - Program Studi Akuntansi Fakultas Ekonomi Universitas Negeri Padang

Abstract


The aims of this research were to determine the effect of the free cash flow, managerial ownership, institutional ownership on debt policy where investment opportunity set acts as moderate subject at a manufacturing company registered on the Indonesia Stock Exchange.

This research was  classified as causative study. The population of this research was manufacturing company registered on the Stock Exchange in 2008 until 2010.  Total sample were 25 companies. The data collected using purposive sampling method. The data was obtained from the Indonesian Capital Market Directory (ICMD) and www.idx.co.id. Data analysis techniques was used as analysis double regression technique.

The result of research show that free cash flow has positive effect on debt policy, managerial ownership hasn’t significant effect on debt policy, institusional ownership has negative effect on debt policy, investment opportunity set weakened the effect of free cash flow on debt policy, investment opportunity set hasn’t signifikan effect when moderated manajerial ownership on debt policy, and investment opportunity set strengthen the effect of institusional ownership on debt policy.

Key words : free cash flow, managerial ownership, institusional ownership, investment opportunity set, debt policy


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