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This research is conducted to find out the effect of investment opportunity set and free cash flow on dividendpolicy and its impact on firm value of manufacturing companies registered in Indonesia Stock Exchangeduring the period of 2011-2013. The sample of this study is 25 manufacturing companies and it was selectedby using purposive sampling method. Data is collected through the non participant observation. Path analysiswhich is an extension of the multiple linear regression technique is used to analyze data.Based on the analysis, it was found that: 1) Investment opportunity set has a positive effect on dividendpolicy, refuse the negative hypothesis; 2) Free cash flow has a positive effect on dividend policy; 3) Investmentopportunity set has a positive effect on firm value; 4) Free cash flow has a positive effect on firm value; 5)Dividend policy has a positive effect on firm value; 6) Investment opportunity set has effect on firm valuethrough dividend policy; and 7) Free cash flow has no effect on firm value through dividend policy.

Pengaruh Investment Opportunity Set dan Free Cash Flow Pada Kebijakan Dividen dan Nilai Perusahaan