PENGARUH PROFITABILITAS, LIKUIDITAS, STRUKTUR ASET DAN KEBIJAKAN DIVIDEN TERHADAP KEBIJAKAN HUTANG

Abstract

Debt policy is kind of policy which applied in order to pay expense sources so that it can be used to spend
company’s operational activities. This research aimed to examine the effect of profitability, liquidity, asset
structure and dividend policy on debt policy. While, profitability was measured by Return On Assets (ROA),
liquidity was measured by Current Ratio (CR), asset structure was measured by comparison of fixed assets with
total assets, dividend policy was measured by Dividend Payout Ratio (DPR), and debt policy was measured by
Debt to Equity Ratio (DER). The research was quantitative. Moreover, the population was 50 consumer goods
manufacturing companies which were listed on the Indonesia Stock Exchange 2015-2018. Furthermore, the data
collection technique used non-probability sampling with purposive sampling as its sampling technique. In line
with, there were 68 samples from 17 companies. Additionally, the data analysis technique used multiple linier
regression analysis with SPSS (Statistical Product for and Service Solution) 23. The reseach result concluded
profitability had positive effect on debt policy of consumer goods manufacturing companies. Likewise, asset
structure had positive effect on debt policy of consumer goods manufacturing companies. On the other hand,
liquidity did not affect debt policy of consumer goods manufacturing companies. Similarly, dividend policy did
not affect debt policy of consumer goods manufacturing companies.
Keyword: profitability, liquidity, asset structure, dividend policy, debt policy