Pengaruh Aliran Kas Bebas, Keputusan Pendanaan, dan Konsentrasi Kepemilikan Institusional terhadap Nilai Pemegang Saham dengan Set Kesempatan Investasi Sebagai Variabel Moderasi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2009-2011
ABSTRACTThe purpose of this research is to examine the influence of free cash flow, financing decision and institutional ownership, with the set of investment opportunities as a moderating variable. The samples in this research is 24 manufacturing companies listed in Indonesia Stock Exchange IDX through the years 2009-2011. The analyzing technique used is moderated regression analysis (MRA) using the program SPSS 21.This study used the shareholder value as the dependent variable, while the independent variable is free cash flow, financing decision, and institutional ownership concentration, with The set of investment opportunities as the moderating variable. The result of this study indicates that the simultaneous testing (F-test), the variables free cash flow, financing decisions and institutional ownership concentration has a significant positive effect on the shareholder value. In a partial test (T-test), the variables free cash flow, free cash flow moderated with the investment opportunity set and the institutional ownership concentration moderated with the investment opportunity set also showed significant positive effect, but the variable financing decision showed significant negative effect, while the institutional ownership concentration and the financing decision moderated with the investment opportunity set does not show significant result.Keyword: Free cash flow, Financing decisions, concentration institutional ownership, investment opportunity set, and shareholder value.