PENGARUH FREE CASH FLOW, KEPEMILIKAN MANAJERIAL, DAN KEPEMILIKAN INSTITUSIONAL TERHADAP KEBIJAKAN HUTANG

Abstract

This research aimed to examine the effect of the free cash flow (FCF), institusional and managerial ownership on the debts policy (DER) in the form of annually financial statement. The population was LQ-45 companies which were listed on Indonesia Stock Exchange 2013-2017. While, the data collection technique used purposive sampling in which the sample was taken based on criteria given. In line with, there were 11 companies as sample. Moreever, the data analysis technique used multiple linear regression with SPSS (Statistical Product and Service Solutions). The research result, from proper model test (f-test), concluded the model was properly used. Besides, from hypothesis test (t-test). It concluded free cash flow had positif effect on the debt policy with t counted of 3.929 with significance of 0.000. on the other hand, the institusional ownership had negative effect on the debt policy with t counted of -4.905 with significance of 0.000. in addition. Managerial ownership did not affect the debts policy with t counted of 1.682 with significance of 0.099.
Keyword: free cash flow, institusional, managerial ownership, debt policy.