PENGARUH KEPEMILIKAN MANAJERIAL, FREE CASH FLOW DAN UKURAN PERUSAHAAN TERHADAP KEBIJAKAN UTANG (STUDI PADA PERUSAHAAN-PERUSAHAAN INDUSTRI DASAR DAN KIMIA YANG TERDAFTAR DI BEI)

Abstract

The purpose of this study is to obtain empirical evidence about the effect of
managerial ownership structure, free cash flow and the size of the company's
corporate debt policy and the Basic Industrial Chemicals listed in the Stock
Exchange. The population in this study is a basic chemical sector companies listed
in Indonesia Stock Exchange during the last three years, is from the years 2009-
2011, by 43 companies, using purposive sampling and the sampling results obtained
37 sample firms. The variables in this study there are two independent variables
consisting of managerial ownership and free cash flow and firm size. The dependent
variable is the debt policy. It means that the higher the level of managerial
ownership of a company, the lower the ratio of debt to equity. Free Flow Positive
Cash effects of debt policy (debt to equity ratio) at a significance level of 5%. It
means that the greater the value of the free cash flow value higher than the ratio of
debt to equity and vice versa. The positive effect of firm size variable debt policy
(debt to equity ratio) at 95% confidence level. This shows that the larger the size of
the company it would be a higher value than the debt-to-equity ratio (DER).
Managerial ownership, free cash flow, and the size of company policies
simultaneously significant effect of debt (debt-to-equity ratio) at 95% confidence
level.

Keywords: debt policy, managerial ownership and free cash flow, the size of the