[ABSTRAK
Penelitian ini bertujuan untuk mengetahui pengaruh nilai fleksibilitas keuanganterhadap kebijakan dan keputusan keuangan perusahaan pada sektor nonkeuangandi Indonesia. Penelitian ini terdiri dari 91 perusahaan yang berasal daridelapan sektor, meliputi pertanian, industri dasar & kimia, industri barangkonsumsi, infrastruktur & transportasi, pertambangan, aneka industri, properti,real estate, & konstruksi bangunan, dan perdagangan & jasa denganmenggunakan data sekunder. Metode pengambilan sampel dalam penelitian inimenggunakan purposive sampling. Uji statistik yang digunakan adalah uji datapanel EGLS (cross-section weights). Hasil penelitian menunjukkan adanyapengaruh signifikan secara negatif antara nilai fleksibilitas keuangan terhadapkebijakan dividen pada sektor pertanian dan properti, real estate, & konstruksibangunan. Terdapat pengaruh signifikan secara negatif antara nilai fleksibilitaskeuangan terhadap keputusan struktur modal pada sektor barang konsumsi danperdagangan & jasa. Terdapat pengaruh signifikan secara positif antara nilaifleksibilitas keuangan terhadap kepemilikan kas pada sektor infrastruktur &transportasi dan perdagangan & jasa. Hal ini menunjukkan bahwa nilaifleksibilitas keuangan menjadi salah satu pertimbangan penting dalammenetapkan kebijakan dan keputusan keuangan di suatu perusahaan.

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ABSTRACT
The purpose of this study is to determine the effect of value of financial flexibilityto corporate financial policy and decision on the non-financial sector in Indonesia.This study conducted to 91 companies from eight sectors, including agriculture,basic industry & chemicals, consumer goods, mining, miscellaneous industry,property, real estate, & building construction, and trade & service using secondarydata. The sampling method in this study is using purposive sampling. Statisticaltest used is panel data EGLS (cross-section weights). The result shows that valueof financial flexibility have a significant negative effect to dividend policy onagriculture and property, real estate, & construction. There is significant negativeeffect between value of financial flexibility to capital structure decision incostumer goods sector and trade & service. There is significant positive effectbetween value of financial flexibility to cash holding in infrastructure &transportation, and trade & service. This indicates that the value of financialflexibility is one of the important considerations in determining financial policyand decision in a company., The purpose of this study is to determine the effect of value of financial flexibilityto corporate financial policy and decision on the non-financial sector in Indonesia.This study conducted to 91 companies from eight sectors, including agriculture,basic industry & chemicals, consumer goods, mining, miscellaneous industry,property, real estate, & building construction, and trade & service using secondarydata. The sampling method in this study is using purposive sampling. Statisticaltest used is panel data EGLS (cross-section weights). The result shows that valueof financial flexibility have a significant negative effect to dividend policy onagriculture and property, real estate, & construction. There is significant negativeeffect between value of financial flexibility to capital structure decision incostumer goods sector and trade & service. There is significant positive effectbetween value of financial flexibility to cash holding in infrastructure &transportation, and trade & service. This indicates that the value of financialflexibility is one of the important considerations in determining financial policyand decision in a company.]