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Determinants of Debt Policy with Profitability as a Moderating Variable

Accounting Analysis Journal · Vol. 8 No. 3 (2020) · pp. 184–190

DOI
10.15294/aaj.v8i3.35181
ISSN
2502-6216, 2252-6765
Published
2020-04-08
Publisher
Universitas Negeri Semarang
Language
eng

Abstract

This study aims to examine the effect of sales growth, institutional ownership and company size on debt policy with profitability as a moderating variable. The research population was all of the property and real estate companies listed on the Indonesia Stock Exchange 2014-2017 as many as 61 companies. The sampling method used purposive sampling, so a sample of 34 companies was obtained with analysis units of 136. The data collection method used was the documentation method. The analysis technique of this research used multiple regression using the absolute difference test. The results show that sales growth and company size has a significant positive effect on debt policy. Institutional ownership has a significant negative effect on debt policy. Profitability significantly moderates the effect of sales growth and company size on debt policy. Profitability is not able to moderate institutional ownership on debt policy. The conclusion of this study is that all independent variables influence debt policy and profitability are able to moderate sales growth and company size but are not able to moderate institutional policy towards debt policy. Suggestions for further research can use other variables that are thought to influence debt policy.

Collaboration network of the authors

40 authors · 85 co-authorship links · showing the 40 most connected

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  • Universitas Yudharta Pasuruan
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Muhammad KhafidAffiliation unknown2
Indah Fajarini Sri WahyuningrumAffiliation unknown2
Kusmuriyanto KusmuriyantoAffiliation unknown1
Shanie SukmawatiAffiliation unknown1
Amir MahmudUniversitas Yudharta Pasuruan1
Aditya HernawanAffiliation unknown1
Abiprayasa Kawiswara Weko HartoyoAffiliation unknown1
Eloking Surya Sekar MahardikaAffiliation unknown1
Nur AlimahAffiliation unknown1
Septian Fahmi FahluzyAffiliation unknown1
Fachrurrozie FachrurrozieAffiliation unknown1
Dwi Anggoro SaputroAffiliation unknown1
Hafidz Hening WaskitoAffiliation unknown1
Insani Khikmawati KhikmawatiAffiliation unknown1
Ibnu Reza AshkhabiAffiliation unknown1
Febri Zaini AuliaAffiliation unknown1
Eka SetiawatiAffiliation unknown1
Sarwo KuncoroAffiliation unknown1
Hendy Bayu SatriawanAffiliation unknown1
Nur Annisa KhumairohAffiliation unknown1
Tya RestiantiAffiliation unknown1
Nia FerlianaAffiliation unknown1
Chintiya Febiana RamadhaniAffiliation unknown1
Indrianingsih IndrianingsihAffiliation unknown1
Dianawati DianawatiAffiliation unknown1
Siti Nurmala SariAffiliation unknown1
Anita NoviyantiAffiliation unknown1
Putri ApriliyaniAffiliation unknown1
Kuat Waluyo JatiAffiliation unknown1
M AkmalAffiliation unknown1
Retnoningrum HidayahAffiliation unknown1
Trisni SuryariniAffiliation unknown1
Prabowo Yudo JayantoAffiliation unknown1
Dhini SuryandariAffiliation unknown1
I N KayatiAffiliation unknown1
Fian Tri RohmahAffiliation unknown1
Anwar ZahidAffiliation unknown1
Meilani Intan PertiwiAffiliation 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) 
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	<dc:title xml:lang="en-US">Determinants of Debt Policy with Profitability as a Moderating Variable</dc:title>
	<dc:creator>sulistiani, Ana</dc:creator>
	<dc:creator>Agustina, Linda</dc:creator>
	<dc:description xml:lang="en-US">This study aims to examine the effect of sales growth, institutional ownership and company size on debt policy with profitability as a moderating variable. The research population was all of the property and real estate companies listed on the Indonesia Stock Exchange 2014-2017 as many as 61 companies. The sampling method used purposive sampling, so a sample of 34 companies was obtained with analysis units of 136. The data collection method used was the documentation method. The analysis technique of this research used multiple regression using the absolute difference test. The results show that sales growth and company size has a significant positive effect on debt policy. Institutional ownership has a significant negative effect on debt policy. Profitability significantly moderates the effect of sales growth and company size on debt policy. Profitability is not able to moderate institutional ownership on debt policy. The conclusion of this study is that all independent variables influence debt policy and profitability are able to moderate sales growth and company size but are not able to moderate institutional policy towards debt policy. Suggestions for further research can use other variables that are thought to influence debt policy.</dc:description>
	<dc:publisher xml:lang="en-US">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2020-04-08</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/35181</dc:identifier>
	<dc:identifier>10.15294/aaj.v8i3.35181</dc:identifier>
	<dc:source xml:lang="en-US">Accounting Analysis Journal; Vol 8 No 3 (2019): November; 184-190</dc:source>
	<dc:source>2502-6216</dc:source>
	<dc:source>2252-6765</dc:source>
	<dc:source>10.15294/aaj.v8i3</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/sju/aaj/article/view/35181/15830</dc:relation>
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