ANALISIS PENGARUH FCF DAN DER TERHADAP NILAI PEMEGANG SAHAM DENGAN VARIABEL MODERASI

The purpose of this research to know about independent variable influence to dependent variable and variable moderation. The independent variable is the flow of cash free and financing decisions, while dependent variable namely shareholder value and variable moderation that is investment opportunities and dividends. A population that used in this research is all manufacturing companies who listed on Indonesaian Stock Exchange or Bursa Efek Indonesia (BEI) in the period 2012-2014. The sample collection technique use quota sampling about 81 company as sample has included on the criteria. Instrument statistical tests in this research that is WarpPLS 5.0 version. Results of the research indicated that free cash flow, investment opportunities with free cash flow, investment opportunities with financing decisions, dividends and free cash flow, dividends with financing decisions effect to shareholder value. Financing decisions has not influence to the shareholder value. Limitation on this research that is only explain variables moderating as the disease between an independent relationship with the dependent, may strengthen or weaken the relationship between independent variables and the dependent. Key word : free cash flow, financing decisions, investment opportunities, dividends, shareholder valu