FREE CASH FLOW, SET KESEMPATAN INVESTASI, KEPEMILIKAN MANAJERIAL, UKURAN PERUSAHAAN, DAN PENGARUHNYA TERHADAP KEBIJAKAN HUTANG PERUSAHAAN (Studi Empiris pada Perusahaan Agribisnis di BEI)

ANAH, SRI (2008) FREE CASH FLOW, SET KESEMPATAN INVESTASI, KEPEMILIKAN MANAJERIAL, UKURAN PERUSAHAAN, DAN PENGARUHNYA TERHADAP KEBIJAKAN HUTANG PERUSAHAAN (Studi Empiris pada Perusahaan Agribisnis di BEI). S2 thesis, Universitas Mercu Buana Jakarta-Menteng.

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Abstract

The research was carried out to know how relations between free cash flow, the set of the investment opportunity, managerial ownership, the measurement of the company, and his influence towards the policy of the company's debt. The object of the research was the sector of agribusiness to the Indonesian Stock Exchange and the data that were gathered was 3 years that is from the year 2005-2007. The technique sampling that was used was purposive sampling with the criterion in part: the company that was recorded as emiten continually with did not experience delisting, the company that issued the report on finance completely, was available the data about the composition of the company's shareholders and board of commissioners as well as board of directors, so as to be able to be determined by the percentage size of ownership of the share that was owned managerial to the sample company. The variable are the DER, Free Cash Flow, Investment Opportunity Set with proksi Price to Book Value, managerial ownership that is by counting the proportion of ownership of the share that was owned by the management, and the measurement of the company by counting the total sales. Technically the analysis that was used was the testing of the classic assumption that consisted of the test normalitas, the correlation test, And linear. Whereas for the testing of the hypothesis that was carried out was: the sign test, the test R2, and T the table. Gotten by the influence that was significant between free cash flow, the set of the investment opportunity or Investment Opportunity Set (IOS), managerial ownership, and size (the measurement of the company towards the policy of the debt). The key word : Free Cash Flow, Investment Opportunity Set (IOS), Managerial Ownership, Size, Debt Equity Ratio (DER) Penelitian dilakukan untuk mengetahui bagaimana hubungan antara free cash flow, set kesempatan investasi, kepemilikan manajerial, ukuran perusahaan, dan pengaruhnya terhadap kebijakan hutang perusahaan. Objek penelitian adalah Sektor Agribisnis pada Bursa Efek Indonesia dan data yang dikumpulkan adalah 3 tahun yaitu dari tahun 2005-2007. Teknik sampling yang digunakan adalah purposive sampling dengan kriteria antara lain : perusahaan yang tercatat sebagai emiten terus menerus dengan tidak mengalami delisting, perusahaan yang mengeluarkan laporan keuangan secara lengkap, tersedia data tentang komposisi pemegang saham perusahaan dan board of commissioners serta board of directors, sehingga dapat ditentukan besarnya persentase kepemilikan saham yang dimiliki manajerial pada perusahaan sampel. Variabel pengukuran DER, Free Cash Flow, Set Kesempatan Investasi dengan proksi Price to Book Value, kepemilikan manajerial yaitu dengan menghitung proporsi kepemilikan saham yang dimiliki manajemen, dan ukuran perusahaan dengan menghitung total sales. Teknik analisis yang digunakan adalah pengujian asumsi klasik yang terdiri dari uji normalitas, uji korelasi, dan linier. Sedangkan untuk pengujian hipotesis yang dilakukan adalah : uji tanda, uji R2 , dan T tabel. Terdapat pengaruh yang signifikan antara Free Cash Flow, Set Kesempatan Investasi atau Investment Opportunity Set (IOS), Kepemilikan Manajerial, dan Ukuran Perusahaan terhadap Kebijakan Hutang. Kata kunci : Free Cash Flow, Set Kesempatan Investasi (IOS), Kepemilikan Manajerial, Ukuran Persusahaan, Kebijakan Hutang (DER)

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