PENGARUH KEBIJAKAN DIVIDEN, KEPEMILIKAN INSTITUSIONAL DAN KEPEMILIKAN MANAJERIAL TERHADAP KEBIJAKAN HUTANG PERUSAHAAN MANUFAKTUR

Abstract

This research aimed to examine the effect of dividend policy, institutional ownership and managerial ownership on debt policy through annual reports compiled by manufacturing companies which were listed on Indonesia Stock Exchange.While the independent variable in this study is dividend policy measured by dividend payout ratio, institutional ownership is measured by the ratio of institutional ownership and managerial ownership measured by the ratio of managerial ownership. In addition, the dependent variable of this research is debt policy as measured by a debt to equity ratio.The population was manufacturing companies which were listed on Inonesia Stock Exchange (IDX) 2013-2016 in. While, the data collection technique used purposive sampling. In line with, there were 11 samples from 151 manufacturing compnies. Moreover, the data analysis technique used multiple regression analysis with SPSS (Statistical Product and Service Solutions). The research result concluded dividend policy had negative and significant effect on debt policy. On the other hand, institutional ownership had positive and significant effect on debt policy. In addition, managerial ownership had insignificant effect on debt policy of manufacturing companies which were listed on Indonesia Stock Exchange (IDX).
Keywords: debt, dividend, ownership, managerial