ANALISIS SIMULTAN ANTARA KINERJA PERUSAHAAN, KEBIJAKAN HUTANG, DAN PELUANG PERTUMBUHAN PERUSAHAAN MANUFAKTUR

Abstract

The research aimed to estimate simultaneous equaotation between the company’s performance (ROA), debt policy (DEBT), and growth opportunity (GROWTH). While, it was a developed research by Kamaruddin and Razak (2012) which aimed to analyze the company’s performance (ROA) and debt policy (DEBT) of Malaysia and Singapore companies. The population was manufacturing companies which were listed on Indonesia Stock Exchange 2013 -2017. Moreover, the data collection technique used purposive sampling. In line with, there were 64 companies annually as sample with 320 firm years. Furthermore, the data analysis technique used Two Stage Least Square (2SLS) with Eviews. Based on the research result, it concluded as follows: (1) Debt policy (DEBT) had negative and simultaneous effect on the company’s performance (ROA). It meant, the higher the debt, the lower its ROA and vice versa. (2) Growth opportunity (GROWTH) had positive and simultaneous effect on the company’s performance (ROA). It meant, the bigger growth oppportunity, the higher the company’s profitability and vice versa. (3) Growth Opportunity (GROWTH) had negative and simultaneous effect on its debt. It meant, the higher the company’s debt, the lower the company growth opportunity and vice versa.
Keywords: Company’s Performance (ROA), Debt Policy (DEBT), Growth Opportunity (GROWTH), Two Stage Least Square