PENGARUH KEBIJAKAN DEVIDEN, PROFITABILITAS, PERTUMBUHAN TOTAL AKTIVA, PERUBAHAN MODAL KERJA, ARUS KAS INTERNAL, PERTUMBUHAN PENJUALAN DAN INTENSITAS MODAL TERHADAP TINGKAT HUTANG DENGAN PERSPEKTIF TEORI PECKING ORDER PADA PERUSAHAAN SEKTOR INDUSTRI GO PUBLIK DI INDONESIA

Kusumastuti, Herawati (2012) PENGARUH KEBIJAKAN DEVIDEN, PROFITABILITAS, PERTUMBUHAN TOTAL AKTIVA, PERUBAHAN MODAL KERJA, ARUS KAS INTERNAL, PERTUMBUHAN PENJUALAN DAN INTENSITAS MODAL TERHADAP TINGKAT HUTANG DENGAN PERSPEKTIF TEORI PECKING ORDER PADA PERUSAHAAN SEKTOR INDUSTRI GO PUBLIK DI INDONESIA. S1 thesis, Universitas Negeri Jakarta.

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Abstract

Kusumastuti Herath, 2011; The Influences Of Dividend Policy, Profitability, Total Assets Growth, Changes In Working Capital, Internal Cash Flow, Sales Growth and Capital Intensity Toward The Level Of Debt With Perspective On The Pecking Order Theory At Go Public Company Industry Sector In Indonesia. Generally, the purpose of the research are: 1) to determine whether or not the influence of dividend policy on corporate debt levels, 2) to determine whether or not the influence of profitability on the level of corporate debt, 3) to determine whether there is any effect on the rate of growth of total assets corporate debt, 4) to determine whether or not the effects of changes in working capital with the level of corporate debt, 5) to determine whether or not the influence of internal cash flows of the company's debt level, 6) to determine whether or not the effect of sales growth with the level of corporate debt, 7) to determine whether or not the influence of capital intensity with the level of corporate debt, 8) to determine whether or not the influence of dividend policy, profitability, growth in total assets, working capital changes, internal cash flow, sales growth and capital intensity to the level of corporate debt. The object of this research is to go public listed company on the Indonesia Stock Exchange engaged in the real sector of the industry sector in the year 2007-2009. The number of samples used after adjusting the criteria of 35 samples. The instruments used are the dividend payout, operating profit, total assets, the value of current assets, the value of liabilities, cash flow and value of sales recorded in the audited financial statements. The research method is a quantitative method with a multiple regression analysis with sampling purposive sampling technique. Results of descriptive analysis are: a) the dividend policy of 52.2% showed the company in Indonesia is average or not all of the company dividend policy, b) the profitability of 103.6% shows the average company in Indonesia has high rates of return , c) total assets growth of 86.1% shows the average assets of the company in Indonesia to grow quite high during the study period, d) changes in working capital of 1.3% shows the average change in working capital is very low or tend not to exist changes, e) internal cash flow of 10.8% shows the average level of internal cash flow at the company in Indonesia is quite low, f) sales growth of 18.7% shows the level of sales growth is quite low throughout the study period, g) the capital intensity of 73.5% shows the average firm's capital intensity ratio in Indonesia is quite high. Results of hypothesis are: in partial 1) dividend policy does not affect the level of debt to the value sig.0, 148, 2) profitability affect the level of debt to the value sig.0, 000 and -6.026 t count, 3) total assets growth affect the level of debt to the value sig.0, 002 and 3.223 t count, 4) changes in working capital do not affect the level of debt with a value sig. 0.801, 5) internal cash flows affect the level of debt with a value sig. 0.035 and 2.145 t count, 6) sales growth did not affect the level of debt with a value sig. 0.080, 7) capital intensity effect on the level of debt with a value sig. 0.000 and -4.876 t count. Simultaneously dividend policy, profitability, asset growth, changes in working capital, internal cash flow, sales growth and capital intensity influence the level of debt with a value of F calculated at 13.698 and sig. 0.000. Value of the determinant coefficient (adjusted R2) of 0.491 or 49.1%, this suggests that the effect of dividend policy, profitability, total assets growth, changes in working capital, internal cash flow, sales growth and capital intensity to the level of debt that can be explained by the equation amounted to 49.1%.

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