PENGUJIAN EKSPROPRIASI KEBIJAKAN HUTANG BENTUK OBLIGASI PADA PERUSAHAAN KEPEMILIKAN KELUARGA: PENDEKATAN MONTE CARLO
MELITA EKAWATI IRAWAN
PUTU ANOM MAHADWARTHA
LILIANA INGGRIT WIJAYA
Fakultas Bisnis dan Ekonomika Universitas Surabaya
This research aims at examining the expropriation of debt security on family ownership firms listed at Indonesian Stock Exchange 2010-2014 period. In this research, free cash flow was used as dependent variable, debt security policy was used as independent variable, and asset structure was used as control variable. This research used Monte Carlo approach with Simple Linear Regression model to test the influence of debt security policy. The main sample was 30 family ownership firms which issued obligation bonds 2010-2014 bonds. After using Monte Carlo Simulation, it was found that the N was 4982 data. It was divided into four categories: High FCF High Debt (N=1234), High FCF Low Debt (N=1249), Low FCF Low Debt (N=1257), and Low FCF High Debt (N=1242). The result of this research showed that High FCF High Debt category had significant positive effect on free cash flow, while asset structure had insignificant positive effect on free cash flow on family ownership structure firm which listed at BEI 2010-2014 period. This research findings proved that issuing corporate bond as a source of debt could increase free cash flow and facilitate the expropriation on family ownership firm in Indonesia at the High FCF High Debt’s category.
Keywords: Ekspropriasi, Debt Policy, Obligation, Free Cash Flow, Asset Strukture, Family Ownership Structure Firms.