ANALISIS PENGARUH KEBIJAKAN DIVIDEN DAN KEBIJAKAN HUTANG TERHADAP INVESTMENT OPPORTUNITY SET DENGAN ALIRAN KAS BEBAS SEBAGAI VARIABEL MODERASI (Studi Pada Seluruh Perusahaan yang Terdaftar di BEI Tahun 2012-2014)

This study is hypothesis testing research that aims to test empirically that moderate net cash flow negatively influence the dividend policy and debt policy toward investment opportunity set. The population of the study were all companies has been listed on the Indonesia Stock Exchange (BEI) from 2012 until 2015. The sample is determined by purposive sampling method that produces a sample of 69 companies. This study observation period for 3 consecutive years from 2012 until independent 2014. Variabel be measured using a proxy Earning Per Share Investment Opportunity Set . The dependent variable in this study, that dividend policy are measured using Dividend Payout Ration and debt policy are measured using Debt to Equity Ration, and moderating variables, namely net cash flow. Data analysis techniques is testing MRA (Moderated Regression Analysis) to test the hypothesis, that the bootstrapp. Hypothesis testing results showed that moderate net cash flow negatively influence the dividend policy and debt policy toward investment opportunity set.

Keywords: Dividend Policy, Debt Policy, Investment Opportunity Set, Net Flow Cash, Debt to Equity Ratio, Dividend Payout Ratio, Earning Per Share.