PENGARUH KEPEMILIKAN MANAJEMEN, INSTITUSI DAN KELUARGA TERHADAP KEBIJAKAN HUTANG DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN YANG TERDAFTAR DI BEI

Abstract

This research is an explanatory research, intending
to find the effect of share ownership by management,
institutions, and families, on debt policy which use agency
theory, with variables of profitability intervening. The study
population is the IDX companies other than banks and
finance, which were registered in the 2015-2016 period. The
sampling technique used purposive sampling so as many as
330 companies were obtained. Data analysis technique used
is Partial Least Squares (PLS) by testing the hypothesis
statistically.
The result is there is no effect of management ownership on
profitability, there is an influence of management ownership
on debt policy, there is an influence of institutional
ownership on profitability, there is no effect of institutional
ownership on debt policy, there is no influence of family
ownership on profitability, there is no influence of ownership
of family ownership on debt policy , there is an effect of
profitability on debt policy, there is no effect of management
ownership on debt policy through profitability, there is an
influence of institutional ownership on debt policy through
profitability, there is no influence of family ownership on
debt policy through profitability.