PENGARUH UKURAN PERUSAHAAN, KEBIJAKAN DIVIDEN, BLOCKHOLDER OWNERSHIP DAN FREE CASH FLOW TERHADAP KEBIJAKAN HUTANG (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesa Periode 2013-2017)

Abstrak

Debt policy is one of the most important funding decisions for companies. The purpose of this study was to determine the effect of company size, dividend policy, blockholder ownership and free cash flow on the debt policy of manufacturing companies listed on the Indonesia Stock Exchange in the 2013-2017 period. The sampling method of this study was purposive sampling and 11 samples were obtained that met the criteria of 155 companies that became observational data. The analysis techniques used in this study are the mean (mean), standard deviation, variance, maximum, minimum, sum, range, kurtosis and swekness. The results of this study indicate that the size of the company that is proxied by total assets (SIZE), dividend policy which is proxied by the Dividend payout ratio (DPR), blockholder ownership proxied by (BO), and free cash flow that is proxied by (FCF) simultaneously have an effect on debt policy. T test results show that firm size has a negative effect on DER. Blockholder ownership affects DER. Whereas dividend policy and free cash flow do not affect DER. Simultaneous test results (f test) show the size of the company, dividend policy, blockholder ownership, and free cash flow simultaneously have a significant effect on DER. The results of the coefficient of determination test show that the independent variable is only able to explain the dependent variable by 11.10%, while the remaining 88.9% is explained by other independent variables outside the research model.