PENGARUH KEPEMILIKAN MANAJERIAL, PROFITABILITAS DAN STRUKTUR ASET TERHADAP KEBIJAKAN HUTANG

Abstract

This research aimed to examine the effect of managerial ownership, profitability, and asset structure on debt
policy. While, debt policy is a company’s funding decsion in which the management earns some funds in order
to spend their operational activites. The research was quantitative. Moreover, the population was some
Property and Real Estate companies which were listed in Indonesia Stock Excange (IDX) 2015-2018.
Furthermore, the data collection technique used purposive sampling, in which the sample was based on criteria
given. In line with, there were 12 companies with the total sample of 48. Additionally, the data analysis
technique used multiplr linier regression with Statistical Product and Service Solustion (SPSS) program. The
research result concluded as follows (1) managerial ownership did not affect debt policy. This happened as there
was still low proportion of share ownership by managerial parties, (2) Profitability had negative effect on debt
policy. This meant, companies which had high profits tend to reduce the use of debt, (3) Assets structure did
not affect debt policy. It was caused as company’s fixed asset was still low.
Keyword: managerial ownership, profitability, asset structure, debt policy