ANALISIS FAKTOR - FAKTOR YANG BERPENGARUH-TERHADAP KEBIJAKAN HUTANG PERUSAHAAN MANUFAKTUR DI BE) DALAM KONTEKS AGENCY THEORY (1997 - 1999)

Abstract

Penelitian ini bertujuan untuk menganalisis faktor-faktor yang berpengaruh terhadap kebijakan hutang perusahaan manufakur dalam konteks agency theory, selama krisis moneter berlangsung. Hal ini dimaksudkan agar supaya perusahaan manufaktur clapat membuat suatu strategi kebijakan hutang optimal dalam struktur modalnya. Sehingga hal ini nantinya dapat meminimalkan agency cost dan memaksimumkan nilai perusahaan. Penelitian ini difokuskan pada perusahaan manufaktur yang terdaftar di Bursa Efek Jakarta untuk tahun 1997 sampai dengan tahun 1999. Perngumpulan data dilakukan secara pooling sehingga diperoleh sampel sebanyak 60 perusahaan. Pengolahan data dilakukan dengan menggunakan model analisis regresi linier berganda yang disebut Pooled TSCS (Time Series Cross Section) OLS (Ordinary Least Square) (Moh'd, et al. 1998). Hasil analisis menunjukkan bahwa sebagian variabel independen (insiders ownership, dividend payments, firm size, firm growth, asset structure dan tax rate) berpengaruh secara signifikan terhadap kebijakan hutang perusahaan. Sedangkan institutional investors, shareholder dispersion dan firm profitability tidal< berpengaruh secara signifikan terhadap kebijakan hutang perusahaan. Hal ini disebabkan karena pengaruh krisis moneter yang menyebabkan institutional investor tidak berani melakukan investasi di dalam kondisi yang penuh ketidakpastian seperti sekarang, sehingga penyebaran kepemilikan saham juga relatif kecil. Selain itu, perusahaan cenderung mengalokasikan keuntungan yang dicapainya untuk membenahi kondisi keuangan perusahaan, sehingga mengabaikan alternatif pembiayaan dengan hutang. Ini berarti bahwa insiders ownership, dividend payments, firm size, firm growth, asset structure dan tax rate merupakan faktor yang perlu dipertimbangkan dalam menentukan strategi kebijakan hutang optimal perusahaan manufaktur. Pengujian terhadap persarnaan debt ratio secara simultan dengan menggunakan uji F menghasilkan koefisien determinasi (fe) sebesar 0,577. Artinya 57,7 % perubahan debt ratio dapat dijelaskan oleh variabel independen yang digunakan dalam penelitian ini.The study's purpose was to analyze the factors that influence to manufacturing companies' debt policy in the context of agency theory, while monetary crisis went on. It was meant in order that manufacturing companies could makes an optimal debt policy on its capital structure, so it would be reach agency cost minimizing and corporate value maximizing. The study was focused on manufacturing companies that listed in Bursa Efek Jakarta for the period 1997 to 1999. The method of data collection was done by using pooling method and gives 60 firm observations. Data processing was done by using multiple linear regression method that was called Pooled TSCS (Time Series Cross Section) OLS (Ordinary Least Square) (Moh'd, et al. 1998). The results indicated that a part of independent variables (insiders ownership, dividend payments, firm size, firm growth, asset structure and tax rate) related to firm's debt policy significantly but institutional investors, shareholder dispersion and firm profitability related insignificantly to firm's debt policy. It was because of monetary crisis influence that caused institutional investor did not brave to invest on uncertainty state just like now. So shareholder dispersion was minor relative. Beside that, the firms disposed to allocated its profitability to repaired financial condition of the firm, so disregard debt-financing alternative. It was meant that insiders ownership, dividend payments, firm size, firm growth, asset structure and tax rate were the determinants in established the debt policy strategic optimally of manufacturing companies. Test of simultaneous debt ratio equation by using F test have coefficient of determination as big as 0,577. It was meant 57,7 % variation of debt ratio could be explained by independent variables that used in this study.