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.