DETERMINAN KEBIJAKAN HUTANG (DALAM AGENCY THEORY DAN PECKING ORDER THEORY)

Abstract

The aims of this study is to analyze the impact of the variables free cash flow, Profitability,
Growth, Tangibility, Retained Earning and Managerial Ownership on debt. Research using
purposive sampling method for taking samples. Data obtained on the basis of the publication of
Indonesian Capital Market Directory (ICMD), Samples of this research is manufacturing firm
which listed in Indonesian Stock Exchange during 2007-2011. This research obtained 135 samples
of manufacturing firms. Analysis technique used is multiple regression analysis. Based on the test
statistic F indicates that the model is fit because has a significance value less than 5% of Alpha
value. The Result of analisys show that the four independent variables have significant influence
to DER and other independence variables have no significant influence to DER. Profitability has
significant positive influence toward debt, growth has significant negative influence toward debt,
tangibility has significant positive influence toward debt, retained earning has significant negative
influence toward debt, but free cash flow and managerial ownership have no significant influence
toward debt.
Key Words :Determinant, Agency Theory, Pecking Order Theory, Debt Policy,