Pengaruh Kebijakan Dividen, Likuiditas, Profitabilitas, dan Kesempatan Bertumbuh terhadap Kebijakan Utang Perusahaan: Pengujian Hipotesis Pecking Order

Cahyadi, Findika (0955036) (2013) Pengaruh Kebijakan Dividen, Likuiditas, Profitabilitas, dan Kesempatan Bertumbuh terhadap Kebijakan Utang Perusahaan: Pengujian Hipotesis Pecking Order. Undergraduate thesis, Universitas Kristen Maranatha.

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Abstract

One of sources of fund used to finance the company's operations can take from of the debt. Financing with debt can increase the risk of financial firm. The debt policy, therefore, becomes one of the policies that are important for the companies. In this regard, the researcher attempts to identify the variables affecting debt policy base on the pecking order theory. The variables that used include dividend policy, liquidity, profitability, growth opportunity, and firm type. The aim of this research is to test the impact of those variables on debt policy. The population in this research is public manufacturing companies in Indonesia. Sample is taken from the population using the simple random sampling method. Based on that sampling method, 84 companies are obtained as sample size. To test the hypothesis, I use multiple regression test coefficient, different test statistic, and Chow test. The results confirm that the profitability and the liquidity are consistent with the pecking order theory. Base on pecking order theory, the profitability and liquidity negatively impact on corporate debt policy. Comparing debt policy of manufacturing companies group, I find the LQ45 index constituents have a lower debt ratio than non- LQ45 index constituents. Base on Chow test, there is difference of impact from dividend policy, liquidity, profitability, and growth opportunity on debt policy of LQ45 index and non-LQ45 index constituent.

Item Type: Thesis (Undergraduate)
Uncontrolled Keywords: debt policy, dividend policy, liquidity, profitability, growth opportunity, firm type
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions: Faculty of Economics > 55 Management Department (Night Classes)
Depositing User: Perpustakaan Maranatha
Date Deposited: 16 Nov 2015 11:20
Last Modified: 16 Nov 2015 11:20
URI: http://repository.maranatha.edu/id/eprint/17182

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