ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI LEVERAGE PADA PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA

Abstract

Debt policy which known as leverage can use as control to management at once give decision making line that more structurize. The purpose of this study is to determine the factors that effect on leverage in manufacturing companies in Indonesia. This research used four key factors as variables which effect on leverage, that are tangibility of fixed assets, growth opportunities, firm’s size, and profitability. Research method used is multiple linear regression model. Type of data is secondary data from manufacturing companies listed in Indonesia Stock Exchange 2007-2010. The samples are taken by purposive sampling as many 243 manufacturing companies. The results of this study shows that tangibility of fixed assets and firm’s size has no significant effect on leverage, growth opportunities has a positive significant effect on leverage, however profitability has a negative significant effect on leverage. This result indicate agency problems, which is moral hazard occur in debt policy on Indonesian manufacturing companies, because debt didn’t support by good collateral and profit companies