PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, KEBIJAKAN DIVIDEN, PROFITABILITAS TERHADAP KEBIJAKAN HUTANG (Studi Empiris pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia periode 2012-2016)

Abstract

ABSTRACT
The study aims to empirically test the impact of Managerial Ownership,
Institutional Holdings, Dividend Policy, and Profitability on Debt Policy of
manufacturers listed in Indonesia stock Exchange from 2012 to 2016. The data
are taken from a five-year period, which is from 2012 to 2016.
The study uses quantitative method. The samples are obtained by using
purposive sampling. There are ten manufacturers which are qualified to be the
samples. The study uses multiple linear regression technique.
The result of the study shows that, Managerial Ownership does not
significantly affect Debt Policy indicated by coefficient which is 1.432 with
probability which is 0.159. Institutional Holdings does not significantly impact on
debt policy implied by coefficient which is 1.033 with probability which is 0.307.
Dividend Policy does not considerably influence on Debt Policy confirmed by
coefficient which is 1.202 with probability which is 0.236. Profitability does not
significantly impact on Debt Policy proven by coefficient which is 1.533 with
probability which is 0.132. Simultaneously, Managerial Ownership (MOWN),
Institutional Ownership (INSWN), Dividend Policy (DPR), and Profitability
impact (ROA) on Debt Policy (DER) which is confirmed by F value which is
2.280 with probability which is 0.075. The multiple linear regression formula of
the study is:
Y = 56.017 + 1.674X1(Sig. 0,159) + 41.226 X2(Sig. 0,307) + 9.734 X3 (Sig.
0,236) -112.344 X4 (Sig. 0,132) + e.
Keywords: Managerial Ownership, Institutional Ownership, Dividend Policy,
and Profitability on Debt Policy