PENGARUH FREE CASH FLOW DAN STRUKTUR KEPEMILIKAN SAHAM TERHADAP RETURN OBLIGASI DENGAN INVESTMENT OPPORTUNITY SET SEBAGAI VARIABEL MODERATING (Studi Kasus pada Seluruh Perusahaan Real Estate yang Melakukan IPO yang Terdaftar di Bursa Efek Indonesia Periode 2010-2015 )

Abstract

ABSTRAK

Penelitian ini bertujuan untuk menguji pengaruh free cash flow berpengaruh secara signifikan positif terhadap return obligasi, pengaruh kepemilikan manajerial secara signifikan negatif, pengaruh kepemilikan institusional berpengaruh signifikan negatif, investment opportunity set memoderasi pengaruh free cash flow terhadap return obligasi, investment opportunity set memoderasi pengaruh kepemilikan mnanajerial terhadap return obligasi, dan investment opportunity set memoderasi kepemilikan institusional terhadap return oibligasi pada perusahaan real estate yang melakukan IPO yang terdaftar di BEI.

Penelitian ini menggunakan metode penelitian kuantitatif. Populasi dari penelitian ini adalah perusahaan real estate yang terdaftar di BEI periode 2010-2015. Sampel menggunakan  motode purposive sampling, sebanyak 13 perusahaan. Data diperoleh dari IDX Indonesia (www.idx.co.id) pada tahun 2010-2015. Teknik analisis regresi linear berganda dan moderated regression analysis (MRA).

Hasil penelitian ini membuktikan bahwa free cash flow berpengaruh signifikan positif terhadap return obligasi, kepemilikan manajerial tidak berpengaruh signifikan positif terhadap return obligasi, kepemilikan institusional tidak berpengaruh signifikan positif terhadap return obligasi, investment opportunity set memperkuat hubungan free cash flow terhadap return obligasi, investment opportunity set memperlemah hubungan kepemilikan manajerial terhadap return obligasi, investment opportunity set memperlemah hubungan kepemilikan institusional terhadap return obligasi.

Kata kunci : Free cash flow, kepemilikan manajerial, kepemilikan institusional, investment opportunity set dan Return obligasi.

ABSTRACT

The aims of this research were to the effect of free cash flow have a significant positive effect on the bond return, the influence of managerial ownership is significantly negative, the influence of institutional ownership has a significant negative effect, the investment opportunity set moderate the effect of free cash flow on the return of bonds, the investment opportunity set moderate the influence of managerial ownership On bond returns, and investment opportunity sets moderate institutional ownership of the return on oibligation to real estate firms performing IPOs listed on the Indonesia Stock Exchange.

This research uses quantitative research method. The population of this study are real estate companies listed on the IDX 2010-2015 period. The sample is determined by purposive sampling method, 13 companies. The data were obtained from IDX Indonesia (www.idx.co.id) in 2010-2015. Multiple linear regression and moderated regression analysis (MRA) techniques.

The results of this study prove that free cash flow has a significant positive effect on the return of bonds, managerial ownership has no significant positive effect on bond returns, institutional ownership has no significant positive effect on the bond returns, investment opportunity sets strengthen the relationship of free cash flow to the return of bonds, investment opportunity set Weakening the relationship of managerial ownership of bond returns, investment opportunity sets weaken the relationship of institutional ownership to the return of bonds.

Keywords: Free cash flow, managerial ownership, institutional ownership, investment opportunity set and Return of bonds.