PENGARUH KEPEMILIKAN MANAJERIAL, INSTITUSIONAL, STRUKTUR ASET DAN PROFITABILITAS TERHADAP KEBIJAKAN HUTANG PADA PERUSAHAAN MANUFAKTUR DI BEI

Abstract

This research aimed to examine whether managerial ownership, institusional ownership, asset structure, and
profitability affected debt policy. While, the research was quantitative. Moreover, the population was
manufacturing companies which were listed on Indonesia Stock Exchange during 2015-2018. Furthermore, the
data collection technique used purposive sampling, in which the sample was based on criteria given. In line with,
there were 21 companies as sample or 88 firm years. Additionally, the data analysis technique used multiple
linear regression. According to the research result, it concluded managerial ownership did not affect debt policy.
It meant, when the number of stock was low, the manager could not make decision of its own. In contrast,
institutional ownership had positive effect on debt policy. This meant, the higher the institutional ownership, the
more effective the investors in monitoring opportunistic during making funding decision. As consequence, the
use of debt was decreased. Meanwhile, the asset structure did not affect debt policy. In other words, when
company looked for its main source funding, more expense of capital would be gained. On the hand, profitability
had negative effect on debt policy. It meant, company with higher profitability would tend to use more internal
fund than use debt.
Keywords: managerial ownership, institutional, aset structure, profitability, debt policy.