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Research on the role of ownership is still an important debate in relation to the company's strategic policies. This relates to important decision making regarding the use of funds for operational and funding / investment purposes. Likewise, free cash flow where there are pros and cons in using it to increase company value. This debate is due to differences in the interests of each individual in management. The first hypothesis testing results proved that managerial ownership by the board of commissioners and directors tends to reduce the use of free cash flow for unprofitable activities. This research also proves the managerial role in utilizing free cash flow for investment purposes very well. The second hypothesis testing shows a significant coefficient value and is able to explain that the existence of managerial ownership will be able to increase the value of the company through investment activities sourced from free cash flow.

Empirical Model Analysis: The Effect of Management Ownership on The Use Of Free Cash Flows