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The Analysis of Financial Performance in Moderating Determinant of Company Debt Policy

Accounting Analysis Journal · Vol. 6 No. 2 (2017) · pp. 137–147

DOI
10.15294/aaj.v6i2.14236
ISSN
2502-6216, 2252-6765
Published
2017-07-14
Publisher
Universitas Negeri Semarang
Language
eng

Abstract

Tujuan penelitian adalah mengkaji peran kinerja keuangan dalam memoderasi pengaruh kepemilikan manajerial, kebijakan dividen, pertumbuhan perusahaan, dan ukuran perusahaan terhadap kebijakan hutang. Populasi penelitian sejumlah 138 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2013-2015. Pemilihan sampel menggunakan metode purposive sampling yang diperoleh sejumlah 333 unit analisis. Teknik analisis menggunakan analisis regresi moderasi dengan uji nilai selisih mutlak. Pertumbuhan perusahaan dan ukuran perusahaan berpengaruh positif signifikan terhadap kebijakan hutang. Kebijakan dividen berpengaruh negatif signifikan terhadap kebijakan hutang, sedangkan kepemilikan manajerial tidak berpengaruh terhadap kebijakan hutang. Kinerja keuangan memoderasi secara signifikan pengaruh kepemilikan manajerial dan ukuran perusahaan terhadap kebijakan hutang, namun tidak memoderasi pengaruh kebijakan dividen dan pertumbuhan perusahaan terhadap kebijakan hutang. Berdasarkan hasil penelitian, dapat disimpulkan bahwa kebijakan hutang perusahaan dipengaruhi oleh kebijakan dividen, pertumbuhan perusahaan, dan ukuran perusahaan, serta kinerja keuangan dapat memoderasi pengaruh kepemilikan manajerial dan ukuran perusahaan terhadap kebijakan hutang. The aims of the study are to examine the role of financial performance in moderating the influence of managerial ownership, dividend policy, firm growth, and firm size towards debt policy.The populations of the study are 138 companies which are listed in the Indonesia Stock Exchange (BEI) during 2013-2015period. Data were selected by purposive sampling method obtained by 333 unit of analysis.Moderated regression analysis by difference absolute value test was used to analyse data. Firm growth and firm size had a significant positive effect on debt policy. Dividend policy had a significant negative effect on debt policy, while managerial ownership didn’t havesignificant effect on debt policy. Financial performance moderates significantly the effect of managerial ownership and firm size on debt policy, but unablebe used to moderate the influence of dividend policy and corporate growth on debt policy. Based on the research result, it can be concluded that the company's debt policy is influenced by dividend policy, firm growthand firmsize, and financial performance can moderate the effect of managerial ownership and firm size on debt policy

Collaboration network of the authors

40 authors · 69 co-authorship links · 1 across different organisations · showing the 40 most connected

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

  • State University of Semarang
  • Universitas Muara Bungo
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Nina OktarinaAffiliation unknown3
Amin PujiatiAffiliation unknown3
Rusdarti RusdartiAffiliation unknown3
Muhammad KhafidAffiliation unknown3
Bestari Dwi HandayaniAffiliation unknown2
Arief YuliantoState University of Semarang2
Muhsin MuhsinAffiliation unknown2
Achmad SlametAffiliation unknown2
Amir MahmudAffiliation unknown2
Sandy AriefAffiliation unknown2
Partono ThomasAffiliation unknown2
Riswanda ImawanAffiliation unknown1
Imroatus SholikhahAffiliation unknown1
Ibrotul Lailatur RohmahAffiliation unknown1
Tia Pipit NaovilaAffiliation unknown1
Ajeng Rizka RiadianiAffiliation unknown1
Rahmat SyarifullohAffiliation unknown1
Rastra BuanaAffiliation unknown1
Dany AriyantoAffiliation unknown1
Ahmad Faris ArifianataAffiliation unknown1
Fitriana FitrianaAffiliation unknown1
Malihatus SholihahAffiliation unknown1
Endang PujiatiAffiliation unknown1
Hanum LarasatiAffiliation unknown1
Vida Chusnia ChaqAffiliation unknown1
Nasihotul KhosidahAffiliation unknown1
Elfa Dikah Tri HandayaniAffiliation unknown1
Syaiful Andy LasmanaAffiliation unknown1
Aprilia DiastiniAffiliation unknown1
Lisa PratiwiAffiliation unknown1
Mohammad Maimun MuhibbuddinAffiliation unknown1
Muhammad ZamzamiAffiliation unknown1
MakrusAffiliation unknown1
Aprilia SusantiUniversitas Muara Bungo1
Noor HudallahAffiliation unknown1
WasinoAffiliation unknown1
Suwito Eko ParmonoAffiliation unknown1
Endang Ratma Wati ParhusipAffiliation 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 8 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">The Analysis of Financial Performance in Moderating Determinant of Company Debt Policy</dc:title>
	<dc:creator>Endah, Siti Nur</dc:creator>
	<dc:creator>Wahyudin, Agus</dc:creator>
	<dc:description xml:lang="en-US">Tujuan penelitian adalah mengkaji peran kinerja keuangan dalam memoderasi pengaruh kepemilikan manajerial, kebijakan dividen, pertumbuhan perusahaan, dan ukuran perusahaan terhadap kebijakan hutang. Populasi penelitian sejumlah 138 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2013-2015. Pemilihan sampel menggunakan metode purposive sampling yang diperoleh sejumlah 333 unit analisis. Teknik analisis menggunakan analisis regresi moderasi dengan uji nilai selisih mutlak. Pertumbuhan perusahaan dan ukuran perusahaan berpengaruh positif signifikan terhadap kebijakan hutang. Kebijakan dividen berpengaruh negatif signifikan terhadap kebijakan hutang, sedangkan kepemilikan manajerial tidak berpengaruh terhadap kebijakan hutang. Kinerja keuangan memoderasi secara signifikan pengaruh kepemilikan manajerial dan ukuran perusahaan terhadap kebijakan hutang, namun tidak memoderasi pengaruh kebijakan dividen dan pertumbuhan perusahaan terhadap kebijakan hutang. Berdasarkan hasil penelitian, dapat disimpulkan bahwa kebijakan hutang perusahaan dipengaruhi oleh kebijakan dividen, pertumbuhan perusahaan, dan ukuran perusahaan, serta kinerja keuangan dapat memoderasi pengaruh kepemilikan manajerial dan ukuran perusahaan terhadap kebijakan hutang.
The aims of the study are to examine the role of financial performance in moderating the influence of managerial ownership, dividend policy, firm growth, and firm size towards debt policy.The populations of the study are 138 companies which are listed in the Indonesia Stock Exchange (BEI) during 2013-2015period. Data were selected by purposive sampling method obtained by 333 unit of analysis.Moderated regression analysis by difference absolute value test was used to analyse data. Firm growth and firm size had a significant positive effect on debt policy. Dividend policy had a significant negative effect on debt policy, while managerial ownership didn’t havesignificant effect on debt policy. Financial performance moderates significantly the effect of managerial ownership and firm size on debt policy, but unablebe used to moderate the influence of dividend policy and corporate growth on debt policy. Based on the research result, it can be concluded that the company's debt policy is influenced by dividend policy, firm growthand firmsize, and financial performance can moderate the effect of managerial ownership and firm size on debt policy</dc:description>
	<dc:publisher xml:lang="en-US">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2017-07-14</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/14236</dc:identifier>
	<dc:identifier>10.15294/aaj.v6i2.14236</dc:identifier>
	<dc:source xml:lang="en-US">Accounting Analysis Journal; Vol 6 No 2 (2017): July 2017; 137-147</dc:source>
	<dc:source>2502-6216</dc:source>
	<dc:source>2252-6765</dc:source>
	<dc:source>10.15294/aaj.v6i2</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/sju/aaj/article/view/14236/10608</dc:relation>
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