FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN HUTANG (Studi pada Perusahaan Manufaktur Sektor Makanan dan Minuman yang Terdaftar di BEI Tahun 2010-2015)

Abstract

Debt policy including funding policy the company sourced from ekster¬nal. The determination of this debt policy with regard to capital structure as the debt is one of the compositions in the capital structure. This study aims to analyze empirically the influence of asset structure, profitability, company size, investment opportunity set (IOS), the growth of the company and the old company to the debt policy.
The population in this study are all companies manufacturing food and beverage sector listed in Indonesia Stock Exchange (BEI) in the period 2010 - 2015. The samples were taken in this study as many as 104 of observational data that meets the criteria for the research sample. The sampling technique used purposive sampling. Statistical analysis was conducted on the multiple linear regression and hypothesis testing.
Based on the results of data analysis can be concluded; There is a positive influence on the structure of assets against debt policy, there is a negative influence significantly the profitability of the debt policy, There is no effect of firm size on debt policy, There is no effect of the investment opportunity set against debt policy, There is no effect of growth on debt policy, there is the influence of the old company against debt policy.
Suggestions in this study is a manager who has a stake in the company tend to use funds derived from retained earnings and share capital so that they will distribute cash dividends to attract investors to buy shares of the company. For Investor, before buying shares of the company, investors will look at how the funding source companies are more inclined to use debt or equity. Additionally Investors need to consider the value of its financing structure by considering the positive and negative impacts.
Keywords: The structure of assets, profitability, company size, Set Investment Opportunities, Growth Company, Old Company, Debt Policy