Pengaruh Aliran Kas Bebas dan Keputusan Pendanaan terhadap Nilai Pemegang Saham pada Perusahaan Manufaktur yang Terdaftar Di Bursa Efek Indonesia (BEI)

Abstract

The company's goal is to maximize shareholder value, shareholder value is the value of the company reduced debt. In funding decisions are decided by the management that the company through equity financing more than the use of financing through debt. Meanwhile, the company's free cash flow can be used as a determinant of shareholder value by considering the contextual factors set of investment opportunities, earnings management, leverage and dividends. The aim of this study was to test whether free cash flow and funding decisions capable of creating value for shareholders in companies listed on the Indonesia Stock Exchange. This research was conducted by using descriptive method, while the population in this study are manufacturing companies listed in Indonesia Stock Exchange during the period 2008-2012. The sample in this study using the technique of purposive sampling technique based on the criteria - certain criteria. Data collected literature (Library Research). Through the medium of literature in the form of books, journals, Indonesian Capital Market Directory, and other literature related to the problems examined. Then the data analysis used in this study using multiple linear regression analysis, while the research hypothesis that will be tested using the t test and F test. The results showed that the free cash flow and the decision to have a strong correlation to shareholder value. In the simultaneous test (F test) that free cash flow and funding decisions and significant impact on shareholder value. Partially (t test) that the cash flow negatively affect shareholder value and funding decisions negatively affect shareholder value