The influence of asset structure, profitability, firm size, and growth opportunity toward debt policy of food and beverages industry listed at Indonesia Stock Exchange

Venissa, Sheryn (2020) The influence of asset structure, profitability, firm size, and growth opportunity toward debt policy of food and beverages industry listed at Indonesia Stock Exchange. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Funding decision is a critical factor that affect the standing of a business in the long run. In obtaining additional funds, companies can utilize internal funding from profit and retained earnings as well as external funding from equity and debt financing. An optimal debt ratio can maximize firm value while minimizing the cost of capital. In order to determine the best level of debt financing, it is important to understand the factors that can give impact to debt policy. The purpose of this study is to determine and examine the influence of asset structure, profitability, firm size, and growth opportunity toward debt policy of food and beverages industry listed at Indonesia Stock Exchange (IDX) for the period 2014-2018. Through the purposive sampling method, there are 11 companies that are used as research samples in this study. Meanwhile, the data analysis method is conducted by using the multiple linear regression analysis. The results of this study indicate that asset structure has a partially significant positive influence on debt policy, profitability has a partially significant positive influence on debt policy, firm size has a partially insignificant positive influence on debt policy, and growth opportunity has a partially insignificant positive influence on debt policy. On the other hand, asset structure, profitability, firm size, and growth opportunity have a simultaneously significant positive influence on debt policy. / Keputusan pendanaan adalah faktor penting yang memengaruhi posisi suatu perusahaan dalam jangka panjang. Dalam memperoleh dana tambahan, perusahaan dapat memanfaatkan pendanaan internal dari laba usaha dan laba ditahan serta pendanaan eksternal dari ekuitas dan pembiayaan utang. Rasio utang yang optimal dapat memaksimalkan nilai perusahaan dan meminimalkan biaya modal. Untuk menentukan tingkat terbaik pembiayaan utang, penting untuk memahami faktor-faktor yang dapat memengaruhi kebijakan utang. Tujuan dari penelitian ini adalah untuk mengetahui dan menguji pengaruh struktur aset, profitabilitas, ukuran perusahaan, dan pertumbuhan perusahaan terhadap kebijakan utang pada industri makanan dan minuman yang terdaftar di Bursa Efek Indonesia (BEI) untuk periode 2014-2018. Melalui metode purposive sampling, terdapat 11 perusahaan yang digunakan sebagai sampel dalam penelitian ini. Sementara itu, metode analisis data dilakukan dengan menggunakan analisis regresi linear berganda. Hasil dari penelitian ini menunjukkan bahwa struktur aset secara parsial memiliki pengaruh positif dan signifikan terhadap kebijakan utang, profitabilitas secara parsial memiliki pengaruh positif dan signifikan terhadap kebijakan utang, ukuran perusahaan secara parsial memiliki pengaruh positif dan tidak signifikan terhadap kebijakan utang, dan pertumbuhan perusahaan secara parsial memiliki pengaruh positif dan tidak signifikan terhadap kebijakan utang. Di sisi lain, struktur aset, profitabilitas, ukuran perusahan, dan pertumbuhan perusahaan secara simultan memiliki pengaruh positif dan signifikan terhadap kebijakan utang.

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