PENGARUH KEPEMILIKAN INSTITUSIONAL, STRUKTUR ASET DAN PROFITABILITAS TERHADAP KEBIJAKAN HUTANG

Abstract

This research aimed to examine whether institutional ownership, profitability and asset structure has affected on the debts policy (empirical study of wholesale companies which were listed on the Indonesia Stock Exchange). The research was quantitative. While, the population was some of wholesale companies which were listed on Indonesia Stock Exchange 2014-2017. Moreover, the sampling collection technique used purposive sampling in which the sample was collected based on the criteria given. In accordance with, there were 20 out of 80 companies as sample, in four years observation. In addition, the data analysis technique used multiple linear regression analysis with SPSS version 25. Based on the research result, it concluded the institutional ownership had negative effect on the debts policy. It meant, the higher the institutional ownership, the more effective the investors in monitoring the management behavior would be. Moreover, with the effective monitoring, the use of debts would be decreased. Furthermore, the asset structure did not have effect on the debts policy. In addition, profitability had negative effect on the debts policy. In other words, companies with high profitability would like to use internal funds or profits rather than its debts.
Keywords: Institutional Ownership, Asset Structure, Profitability, Debt Policy.