Kebijakan Hutang: Struktur Aset, Profitabilitas Dan Peluang Pertumbuhan

Abstract

This study aims to determine the influence of asset structure, profitability and growth opportunity on debt policy. Data were collected from 16 Indonesia building construction companies annual reports from 2014 to 2017. The asset structure was measured using fixed assets ratio (FAR), profitability using return on assets (ROA), growth opportunity using price earnings ratio (PER) and debt policy using a debt to equity ratio (DER). The hypothesis was examined using panel data regression analysis. The study showed that debt policy is positively affected by the assest structure, but negatively influenced by profitability. Meanwhile, growth opportunity shows no effect on debt policy. This study implied that companies need to consider increasing profitability in meeting company funds to lower external funding needs. In addition, company managers need to maintain the level of debt to maintain the reputation and trust of external parties to the company and prevent financial distress.

Hubungan Antara Cash Conversion Cycle Dan Growth Opportunity Dengan Profitabilitas

“…Profitabilitas diukur dengan return on assets (ROA) yang memberikan wawasan tentang efisiensi manajemen berdasarkan penggunaan asetnya (Khrawish, 2011;Padachi, 2006;Nyobakora, 2020). ROA mengukur kemampuan perusahaan memperoleh keuntungan berdasarkan total aset perusahaan dengan sebagai berikut (Yazdanfar & Öhman, 2014;Dewi and Suryani 2020):…”

Pengaruh Free Cash Flow, Profitability, dan Audit Quality Terhadap Earnings Management Perusahaan Manufaktur di Indonesia

“…Jika nilai profitabilitas laba menurun, maka keuntungan yang akan didapatkan perusahaan juga akan lemah (Purnama, 2017). Untuk menunjukkan besarnya saldo laba perusahaan, manajer biasanya cenderung untuk menahan labanya (Dewi & Suryani, 2020)…”