Melola Discovery

← Melola Discovery

Jurnal

Profitability Moderates the Effects of Institutional Ownership, Dividend Policy and Free Cash Flow on Debt Policy

Accounting Analysis Journal · Vol. 8 No. 1 (2019) · pp. 45–51

DOI
10.15294/aaj.v8i1.25575
ISSN
2502-6216, 2252-6765
Published
2019-07-31
Publisher
Universitas Negeri Semarang
Language
eng

Abstract

This study analyzes the influence of institutional ownership, dividend policy, and free cash flow on debt policy with profitability as moderating. The study population was 148 manufacturing sector companies listed on the Indonesia Stock Exchange in the 2014-2016 period. The samples obtained were 41 companies with 123 units of analysis with purposive sampling method on predetermined criteria. Data were analyzed with SPSS 21 application with moderation regression analysis method. Institutional ownership and dividend policy have no significant effect on debt policy. Meanwhile, free cash flow has a significant positive effect on debt policy. In addition, profitability cannot moderate the significant influence of institutional ownership, dividend policy and free cash flow on debt policy is the result of research. The conclusion of this study is that companies need to improve the optimal debt policy to avoid financial difficulties in the future and the profitability ratio needs to be increased because increased debt use is determined by looking at the potential profitability of the company.

Collaboration network of the authors

33 authors · 43 co-authorship links

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • State University of Semarang
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Indah AnisykurlillahAffiliation unknown2
Linda AgustinaAffiliation unknown2
Zaenuri ZaenuriState University of Semarang1
Fathur RokhmanState University of Semarang1
Arief RohmanAffiliation unknown1
Ellianawati EllianawatiState University of Semarang1
Decky AvriliandaState University of Semarang1
Faricha Putri Alif ViaAffiliation unknown1
Noviana Bekti LestariAffiliation unknown1
Niswatun HasanahAffiliation unknown1
Abiprayasa Kawiswara Weko HartoyoAffiliation unknown1
Rida AndriyaniAffiliation unknown1
Eloking Surya Sekar MahardikaAffiliation unknown1
Fani KarinaAffiliation unknown1
Ria AniktiaAffiliation unknown1
Umi HanifahAffiliation unknown1
Lucky Tio MonikaAffiliation unknown1
Eko Marliyana MarliyanaAffiliation unknown1
Yanuar Dwi PurnomoAffiliation unknown1
Ade Dwi SuryaniAffiliation unknown1
Atiyah Nima FaradisaAffiliation unknown1
Eka Deny PrihastomoAffiliation unknown1
Fita Kartika BuanaAffiliation unknown1
Hidayatul KhasanahAffiliation unknown1
Milla SeptianaAffiliation unknown1
Devi SoniaAffiliation unknown1
Vivi Ayuning TyasAffiliation unknown1
Siska Puji LestariAffiliation unknown1
Ayu SuryaniAffiliation unknown1
Rusdarti RusdartiAffiliation unknown1
Abdul KodirAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/sju/index.php/aaj/oai, first harvested 5 Nov 2026, last seen 5 Nov 2026.
Original metadata (oai_dc) 
<oai_dc:dc xmlns="http://www.openarchives.org/OAI/2.0/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:oai_dc="http://www.openarchives.org/OAI/2.0/oai_dc/" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.openarchives.org/OAI/2.0/oai_dc/  http://www.openarchives.org/OAI/2.0/oai_dc.xsd">
	<dc:title xml:lang="en-US">Profitability Moderates the Effects of Institutional Ownership, Dividend Policy and Free Cash Flow on Debt Policy</dc:title>
	<dc:creator>Fitriyani, Ulfi Nihayah</dc:creator>
	<dc:creator>Khafid, Muhammad</dc:creator>
	<dc:description xml:lang="en-US">This study analyzes the influence of institutional ownership, dividend policy, and free cash flow on debt policy with profitability as moderating. The study population was 148 manufacturing sector companies listed on the Indonesia Stock Exchange in the 2014-2016 period. The samples obtained were 41 companies with 123 units of analysis with purposive sampling method on predetermined criteria. Data were analyzed with SPSS 21 application with moderation regression analysis method. Institutional ownership and dividend policy have no significant effect on debt policy. Meanwhile, free cash flow has a significant positive effect on debt policy. In addition, profitability cannot moderate the significant influence of institutional ownership, dividend policy and free cash flow on debt policy is the result of research. The conclusion of this study is that companies need to improve the optimal debt policy to avoid financial difficulties in the future and the profitability ratio needs to be increased because increased debt use is determined by looking at the potential profitability of the company.</dc:description>
	<dc:publisher xml:lang="en-US">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2019-07-31</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/sju/aaj/article/view/25575</dc:identifier>
	<dc:identifier>10.15294/aaj.v8i1.25575</dc:identifier>
	<dc:source xml:lang="en-US">Accounting Analysis Journal; Vol 8 No 1 (2019): March; 45-51</dc:source>
	<dc:source>2502-6216</dc:source>
	<dc:source>2252-6765</dc:source>
	<dc:source>10.15294/aaj.v8i1</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/sju/aaj/article/view/25575/14426</dc:relation>
</oai_dc:dc>