PENGARUH STRUKTUR KEPEMILIKAN, UKURAN PERUSAHAAN DAN FREE CASH FLOW TERHADAP KEBIJAKAN PEMBELIAN KEMBALI SAHAM PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2013-2015

Ashla Rahmi Tamalla, Maslichah Maslichah, Muhammad Cholid Mawardi

Abstract


ABSTRACT
This study examines the influence of ownership structure, size, and free cash flow on firms in
Indonesia for their stock repurchase p[olicy aimed to distribute excess funds to stockholder.
Ownership structure studied consist of institutional ownership. Sample of this study consist of
15 comp[anies listed in the Indonesia Stock Exchange that repurchased their stock during the
period of 2013-2015. The result showed that institutional investors and managerial
ownership negatively affect the stock repurchase. And the free cash flow and size have
positively affect the stock repurchase. The amount of influence ownership structure, size, and
free cash flow their sto[ck repurchase is 23,3%. While the influence of the remaining 76,7%
is explained by other variables outside the regression equation.
Keyword : Stock Repurchase, Ownership Structure, Institutional Investors, Manajerial
ownership, SIZE, and Free Cash Flow

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