Analisis Pengaruh Aliran Kas Bebas Positif Dan Negatif, Dividen Dan Leverage Terhadap Nilai Pemegang Saham Studi Kasus: Perusahaan Non Keuangan Yang Terdaftar di Bursa Efek Indonesia Periode 2003 – 2010

Sasongko, Hendro ( Fakultas Ekonomi Universitas Pakuan Bogor)
Achsani, Noer Azam ( Program Pasca Sarjana Manajemen dan Bisnis Institut Pertanian Bogor)
Sembel, Roy ( Direktur Jakarta Future Exchange)
Kusumastanto, Tridoyo ( Pusat Kajian Sumberdaya Pesisir dan Lautan Institut Pertanian Bogor)

Jurnal Ilmiah Ranggagading (JIR)
Vol 12, No 1 (2012): Jurnal Ilmiah Ranggagading

Free cash flow is viewed as performance parameter that’s more promising because it’s more transparent in presenting operational activity, investment, and company’s funding. Besides those advantages, there are two questions: (1) is the free cash flow able to become determinant against stockholders’ value and (2) are there other factors which affect it?

This study took sample from 184 non-finance companies registered at Indonesia Stock Exchange period 2003 – 2010, using double regression analysis method. The result of this study shows that negative free cash flow, dividend, and leverage has significant influence against stockholders’ value.