The research aimed to empirically prove whether free cash flow, final
decision, investment opportunity set and dividend affect shareholder value. It is a
quarantitative research. The population of this research was manufacturer
companies listed in indonesia stock exchange 2011-2013. The samples were chosen
throught purposive sampling method. Based on the findings of this research,
partially (t-test) free cash flow did not have positive and significant effect on the
shareholder value. Investment decisions did not have negative and significant effect
on the shareholder value. Investment opportunity set did have positive and
significant effect on the shareholder value. Deviden did not have positive and
significant effect on the shareholder value.