PENGARUH FREE CASH FLOW, KEBIJAKAN DIVIDEN, DAN RISIKO BISNIS TERHADAP KEBIJAKAN HUTANG

Abstract

This research is aimed to examine the influence of free cash flow, dividend policy, and business risk to the debt policy. This research has been conducted at State-Owned Enterprises (SOEs) which are listed in Indonesia Stock Exchange. The data is the secondary data which is in the form of annual financial statements. The population is 20 State-Owned Enterprises (SOEs) which are listed in Indonesia Stock Exchange in 2012-2016 periods. The sample selection has been done by using purposive sampling technique and some specific criteria so that 8 companies which have met the criteria have been selected as samples. The data analysis has been done by using multiple linear regressions and the 20th version SPSS (Statistical Product and Service Solutions) software. The results showed that free cash flow has negative and significant influence on debt policy. While dividend policy variable have positively influence, but not significant to debt policy and business risk have negative influence, but not significant to debt policy. Simultaneously, free cash flow, dividend policy, and business risk have a significant influence on debt policy with a significance level of 0.005.
Keywords: free cash flow, dividend policy, business risk and debt policy