Pengaruh Free Cash Flow, Kepemilikan Institusional, Ukuran Perusahaan, dan Kebijakan Dividen Terhadap Kebijakan Hutang pada Perusahaan LQ45 yang Terdaftar Pada Bursa Efek Indonesia

Abstract

The research will study the impact of free cash flow, institutional ownership, firm size, and dividend policy toward debt policy which represented by debt to equity ratio on companies which its stocks included in LQ45 Index at Indonesian Stock Exchange. Free cash flow, institutional ownership, firm size, and dividend policy used as independent variables meanwhile debt policy used as dependent variable. Samples in this research took by using purposive sampling method, 19 companies which included in LQ45 index were obtained as samples. Research period were began from 2008 through 2009. Data were secondary data consisted of financial statement and IDX’s factbook that downloaded from IDX’s website. Multiple regression technique used to analyse the data. The results show that only firm size itself may have significant effect on debt policy which represented by debt to equity ratio. Free cash flow, institutional ownership, and dividend policy did not effect debt policy significantly. Simultaneously, free cash flow, institutional ownership, firm size, and dividend may have significant effect on debt policy which is represented by debt to equity ratio. Result of analysis show that predictive ability of the four independent variables (Free cash flow, institutional ownership, firm size, and dividend policy) is 52,1% and it shown by adjusted R2 value, the rest 47,9% influenced by other variables outside the model.