PENGARUH KEPEMILIKAN INSTITUSIONAL, UKURAN PERUSAHAAN, PERTUMBUHAN PERUSAHAAN DAN PROFITABILITAS TERHADAP KEBIJAKAN HUTANG PADA PERUSAHAAN BASIC INDUSTRY AND CHEMICAL DI BEI TAHUN 2009 – 2011

Abstract

Debt policy is an important policy for the company to manage the debt. Growing company requires a larger capital. The capital can be obtained from debt or equity capital. Debt policy can be affected by various factors that occur in a company, the institutional ownership, firm size, firm growth and profitability. The purpose of this research was to analyze the effect of institutional ownership, firm size, firm growth and profitability of the Company's to debt policy on Basic Industry and Chemical Stock Exchange Year 2009-2011. The population in this research is basic industry and chemical companies listed on the Stock Exchange from the year 2009 – 2011. The samples in this study were 52 companies. Sampling techniques in the study conducted by purposive sampling technique. Type of data is secondary. Methods of data collection using the documentation. The analysis technique used is multiple regression. Results of analysis using multiple regression show that: (1). Institutional ownership has a negative coefficient on Debt Policy, but not significantly. (2). Firm size effect positive on the Company's Debt Policy. (3). Company growth has a negative coefficient on Debt Policy, but not significantly. (4). Profitability negatively affect debt policy. (5). Ability Institutional Ownership, Company Size, Growth and profitability in the Company's Debt Policy explains only 30,7%, while the remaining 69,3%, Debt Policy is explained by other variables not examined