PENGARUH KEPEMILIKAN SAHAM TERHADAP KINERJA PERUSAHAAN DENGAN FREE CASH FLOW SEBAGAI VARIABEL MODERASI

Abstract

This research aimed to examine the effect of shares ownership on the company’s performance, with free cash flow
as moderating variable of manufacturing companies which were listed on Indonesia Stock Exchange. While,
shares ownership was measured by institusional, managerial, governmental, foreign, and public ownership.The
population was manufacturing companies which were listed on Indonesia Stock Exchange 2015-2017. Moreover,
the research was quantitative. Furthermore, the data collection technique used purposive sampling. In line with,
there were 54 companies as sample within 162 observations. As it was applied with outlier data, the sample were
reduced to 155 observations. In addition, the data analysis technique used multiple linier regression and
interaction test of Moderated Regression Analysis (MRA) with SPSS The research result, from multiple linier
regression, concluded institusional, managerial, governmental, foreign, and public ownership had positive effect
on the company’s performance. Besides, the research results, from interaction test of Moderated Regression
Analysis (MRA), showed free cash flow could moderate institusional, managerial, and foreign ownership on the
company’s performance. However, it could not moderate governmental and public ownership on the company’s
performance.
Keywords: shares ownership, free cash flow, company’s performance