BEBERAPA FAKTOR YANG MEMPENGARUHI KEBIJAKAN UTANG Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021
Article Sidebar
Main Article Content
Abstract
Leverage is an alternative source of financing from outside the company which can offer advantages and disadvantages for the company. The purpose of This research is to analyze the impact of independent variables such as profitability, fixed tangible assets, liquidity, company size, and opportunities growth on company leverage. Trade-off theory is used in research. This is to explain the condition of the company's overall capital structure using debt. Profitability is the ability of a company to do to generate profits over a certain period at the level of sales, assets, and share capital certain. Tangible fixed assets are tangible assets with a useful life of more than one year. Liquidity is the degree to which an asset can be easily converted into money. Company size is a way to group the scale of a company seen from the size of the company. Growth opportunity is an opportunity future growth of a company. This research will use manufacturing companies that have been registered on the BEI (Indonesian Stock Exchange) for the 2019 period 2021 as an object. Based on the t test, the Sig value is obtained. for X1: 0.285, X2: 0.077, X3: 0.000, X4: 0.064, X5: 0.002. The coefficient results from the t test show the value of X1: 0.097, X2: 0.210, X3: -0.184, X4: -0.006, X5: 0.270. Results of the coefficient of determination for the research model shows a value of 0.501. The conclusions obtained in this research are it is not proven that profitability, tangible fixed assets, and company size have influence on leverage. There is evidence that liquidity has a negative effect on leverage and growth opportunities have a positive effect on leverage.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
References
Al-Najjar, B. (2011). The inter-relationship between capital structure and dividend policy: Empirical evidence from jordanian data. International Review of Applied Economics, 25(2). https://doi.org/10.1080/02692171.2010.483464
Al-Najjar, B., & Taylor, P. (2008). The Relationship between Capital Structure and Ownership Structure, New Evidence from Jordanian Panel Data. Managerial Finance Journal.
Bramantyo, A. (2011). Analisis Pengujian Teori Pecking Order melalui Keterkaitan Profitabilitas, Struktur Aset, Ukuran Perusahaan, dan Kesempatan Bertumbuh Terhadap Financial Leverage. Universitas Diponegoro.
Brigham, E. F., & Houston, J. F. (2011). Dasar-Dasar Manajemen Keuangan . Salemba Empat.
Calosa, T. (2019). Faktor-Faktor Yang Mempengaruhi Kebijakan Hutang Pada Perusahaan Sub Sektor Tekstil dan Garmen Yang Terdaftar Di Bursa Efek Indonesia. Universitas HKBP Nommensen.
Copeland, T., & Weston, F. (1996). Manajemen Keuangan. Erlangga.
Dewinigrat, A. I., & Mustanda, I. K. (2018). Pengaruh Likuiditas, Profitabilitas, Pertumbuhan Penjualan, Dan Struktur Aset Terhadap Struktur Modal. E-Jurnal Manajemen Unud, 7(7).
Fahmi, I. (2015). Analisis Laporan Keuangan. Alfabeta.
Fatmawati, A., & Wahidahwati, W. (2020). Faktor-Faktor Yang Mempengaruhi FInancial Distress (Studi Pada Perusahaan Manufaktur di BEI). Jurnal Ilmu Dan Riset Akuntansi, 6(2460–0585).
Gill, A., Mathur, N. A., & Mathur, N. (2011). Factors that Influence Financial Leverage of Canadian Firms. Journal of Applied Finance & Banking, 1(2).
Halim, A. (2007). Akuntansi Keuangan Daerah. Salemba Empat.
Hartono, H. (2012). Pengaruh Strategi Pemasaran Terhadap Peningkatan Penjualan Pada Perusahaan Dengan Menetapkan Alumni dan Mahasiswa Universitas Bina Nusantara Sebagai Objek Penelitian. Jurnal (Online).
Kasmir. (2017). Analisis Laporan Keuangan. PT Rajagrafindo Persada.
Maryam, S. (2014). Analisis Pengaruh Firm Size, Growth, Leverage, dan Profitabilitas terhadap Nilai Perusahaan (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia). Skripsi S1 Universitas Hasanuddin.
Munawir. (2002). Analisa Laporan Keuangan.
Novari, P., & Lestari, P. (2016). Pengaruh Ukuran Perusahaan, Leverage, Dan Profitabilitas Terhadap Nilai Perusahaan Pada Sektor Properti Dan Real Estate. E-Jurnal Manajemen Unud, 5(2302–8912), 1–24.
Pujiani, S. (2012). Analisis Pengaruh Return on Assets, Sales Growth, Structure Assets, Firm Size, dan Investment Opportunity Terhadap Financial Leverage (Studi Perbandingan pada Perusahaan Manufaktur Sektor Aneka Industri dan Barang Konsumsi yang Terdaftar di BEI). Diponegoro Journal of Management, 1.
Ross, S. A., Westerfield, R. W., & Jordan, B. (2000). Fundamentals Of Corporate Finance (5th ed.).
Saputri, R., & Resmi, S. (2018). Analisis Faktor-Faktor yang Mempengaruhi Struktur Modal pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia.
Sartini, L. P. N., & Purbawangsa, I. B. A. (2014). Pengaruh Keputusan Investasi, Kebijakan Dividen, Serta Keputusan Pendanaan terhadap Nilai Perusahaan Manufaktur di Bursa Efek Indonesia. E-Jurnal Manajemen Universitas Udayana, 3(8).
Utami, E. S. (2009). Faktor-Faktor Yang Mempengaruhi Struktur Modal Perusahaan Manufaktur. Jurnal Ilmu & Riset Akuntansi.
Yeniatie & Nicken (2010). Faktor-Faktor Yang Mempengaruhi Kebijakan Hutang Pada Perusahaan Non-Keuangan Yang Terdaftar di Bursa Efek Indonesia Periode 2005-2007. Jurnal Ilmu & Riset Akuntansi.