Available online at http://journal.feb.unmul.ac.id/index.php/PROSNMEB Prosiding Seminar Nasional Manajemen dan Ekonomi Bisnis Volume 1, Mei 2017 Copyright © 2017, Prosiding Seminar Nasional Manajemen dan Ekonomi Bisnis ISSN: 2579-8715 336 Peran Cash Holding dalam Memediasi Hubungan antara Kepemilikan Imediat terhadap Overinvestment, Underinvestment, dan Dividend dalam Perspektif Opportunistic Hypothesis dan Efficient Hypothesis (Studi Empiris pada Perusahaan Non Keuangan Terdaftar di Bursa Efek Indonesia) Dessy Feresa 1 , Iskandar 2 , Zaki Fakhroni 3 Fakultas Ekonomi dan Bisnis Universitas Mulawarman, Samarinda, Indonesia. E-mail: dessyx5_08@yahoo.com Abstrak Penelitian ini bertujuan untuk menyelidiki bagaimana keputusan keuangan pada perusahaan non keuangan terdaftar di Bursa Efek Indonesia dapat menunjukkan investasi berlebihan ( overinvestment), melewatkan peluang investasi (underinvestment), dan dividen apabila dipengaruhi oleh kepemilikan imediat dalam perspektif hipotesis opportunistik dan perspektif hipotesis kontrak efisien dan apakah dana internal dalam hal ini kas perusahaan mampu (cash holding) memediasi hubungan tersebut. Masalah yang paling penting diungkapkan karena kepemilikan perusahaan publik terkonsentrasi dan rendahnya perlindungan terhadap pemegang saham nonpengendali di Indonesia. Konsep kepemilikan imediat digunakan untuk mengidentifikasi dan menyelidiki implikasinya pada investasi berlebihan, melewatkan peluang investasi, dan dividen. Penelitian ini menggunakan data panel dari tahun 2010- 2015. Prosedur pemilihan sampel menggunakan purposive sampling pada populasi perusahaan non keuangan terdaftar di Bursa Efek Indonesia, selanjutnya ada 526 sampel tahun perusahaan. Hasil pengujian hipotesis menunjukkan bahwa kepemilikan imediat berpengaruh positif terhadap investasi berlebihan (overinvestment) dan kas perusahaan (cash holding) memediasi hubungan tersebut. Selain itu, kepemilikan imediat berpengaruh positif terhadap melewatkan peluang investasi ( underinvestment) dan kas perusahaan (cash holding) tidak memediasi hubungan tersebut. Temuan penelitian ini menunjukkan dukungan pada Teori Agensi II, kondisi ini berarti adanya hak kontrol tinggi dari pemegang saham pengendali. Sehingga, keputusan keuangan pada perusahaan non keuangan di Bursa Efek Indonesia menunjukkan hipotesis opportunistik dan hipotesis kontrak efisien. Kata kunci: kepemilikan imediat, overinvestment, underinvestment, cash holding, dividen The Role of Cash Holding in Mediating The Relationship between Imagative Ownership to Overinvestment, Underinvestment, and Dividend in Perspective Opportunistic Hypothesis and Efficient Hypothesis (Empirical Study on Non-Financial Companies Listed In Indonesia Stock Exchange) Abstract This study aims to investigate how financial decisions on nonfinancial firms listed on the Indonesia Stock Exchange can indicate overinvestment, underinvestment, and dividends if affected by imediate ownership in the perspective of the opportunistic hypothesis and the perspective of the efficient contract hypothesis and whether Internal funds in this case cash holding company (cash holding) mediate the relationship. The most important issue is disclosed because the ownership of public companies is concentrated and the low level of protection against non-controlling shareholders in Indonesia. The concept of imediate ownership is used to identify and investigate its implications for excessive investment, miss investment opportunities, and dividends. This study uses panel data from 2010-2015. The sample selection procedure using purposive sampling on the population of non-financial companies listed on the Indonesia Stock Exchange, then there are 526 samples of the company year. The result of hypothesis testing shows that the ownership of imediate has positive effect on passing investment opportunity (underinvestment) and cash holding company able to mediate the relationship. The findings of this study indicate support for Theory of Agency II, this condition means that there is full control right of the controlling shareholder. Thus, financial decisions on non-financial companies in the Indonesia Stock Exchange show opportunistic hypothesis. Keywords: ownership of imediate, overinvestment, underinvestment, cash holding, dividend