Pengaruh Kepemilikan, Kebijakan Dividen, Pertumbuhan Perusahaan, dan Profitabilitas terhadap Kebijakan Hutang Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia)

Abstract

This study aims to determine: (1) the effect of Managerial Ownership on Policy Debt Manufacturing Companies listed on the Stock Exchange, (2) the effect of Institutional Ownership on Policy Debt Manufacturing Companies listed on the Stock Exchange, (3) the effect of Dividend Policy on Policy Debt Manufacturing Company listed on the Stock Exchange, (4) the effect on the Company's Growth Debt Policy Manufacturing Companies listed on the Stock Exchange, and (5) the effect of profitability on Debt Policy Manufacturing Companies listed on the Stock Exchange. The population in this research is manufacturing companies listed in Indonesia Stock Exchange 2011-2015 period. The sampling technique used purposive sampling with a sample of 15 companies. Data collection technique used documentation. The data analysis technique is multiple regression. The results showed that: (1) Managerial Ownership debt policy has no effect on manufacturing companies in BEI, this is evidenced by the value of regression coefficient of -0.402 and significance value of 0.896; (2) Institutional Ownership positive effect on the debt policy manufacturing company on the Stock Exchange, this is evidenced by the value of regression coefficient of 0.454 and a significance value of 0.031; (3) Dividend Policy The positive effect on the debt policy manufacturing company on the Stock Exchange, this is evidenced by the value of regression coefficient of 0.788 and a significance value of 0.008; (4) does not affect the Company's Growth Debt Policy manufacturing company on the Stock Exchange, this is evidenced by the value of regression coefficient of 0.145 and a significance value of 0.424; and (5) Profitability negatively affect the Debt Policy manufacturing company on the Stock Exchange, this is evidenced by the value of regression coefficient of -1.971 and significance value of 0.000