PENGARUH KEPEMILIKAN MANAJERIAL, PERTUMBUHAN PERUSAHAAN, DAN FREE CASH FLOW TERHADAP KEBIJAKAN HUTANG

Abstract

This research aims to examine the effect of managerial ownership, firm growth and free cash flow on the debt policy at the Food and Beverage companies listed on the Indonesia Stock Exchange (IDX) during 2020-2022. Managerial ownership was referred to as managerial ownership, firm growth was referred to as growth, and free cash flow was referred to as free cash flow to equity. The study applies quantitatively. Furthermore, the population consists of 51 Food and Beverage companies listed on Indonesia Stock Exchange (IDX). The data collection technique used purposive sampling i.e., a sample selection with determined criteria. Moreover, the data were gained for 3 years, during 2020-2022. Therefore, there were 17 companies as samples. In addition, the data analysis technique used multiple regression, classical assumption test, proper model test, and hypothesis test with SPSS program 25 version. The result indicates that 1) managerial ownership does not affect debt policy, 2) firm growth affect debt policy, 3) free cash flow does not affect debt policy.