ANALYZING FACTORS WHICH INFLUENCE DEBT POLICY IN THE NONFINANCIAL COMPANIES (AN EMPIRICAL STUDY ON THE LISTED COMPANIES IN INDONESIA STOCK EXCHANGE FOR THE PERIOD OF 2009 – 2012)

Abstract

The purpose of this research is to analyze the factors which influence debt policy in company from agency theory and pecking order theory point of view. The factors are asset structure, profitability, firm size and sales growth in non financial companies listed in the Indonesian Stock Exchange period 2009 – 2012.

The Researcher using purposive sampling method for taking samples. Data obtained on the basis of the publication of Indonesian Stock Exchange, obtain 47 companies sample of non financial company. Data used in the research is secondary data from financial report the company.

Analysis technique used is multiple regression linear. Based on the F-test indicates asset structure if valid because having a significant value less than 5% of alpha values. Meanwhile, based on t-test show that profitability, firm size and sales growth has no significant because more than 5% of alpha values.