Pengaruh Profitabilitas, Leverage, Likuiditas, Pertumbuhan Penjualan dan Kebijakan Dividen terhadap Kebijakan Utang pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2017-2020

Abstract

This study aims to explain whether profitability, leverage, liquidity, sales growth, and dividend policy have an influence on the debt policy of food and beverage companies listed on the Indonesia Stock Exchange in the 2017-2020 period.The data in this study used secondary data obtained through the idx.com website or used secondary data. There are 30 companies as a population, and the purposive sampling method is the method used for sampling so that 19 companies meet the specified requirements. So the number of observations in this study was 76 observations. Data is processed using SPSS version 25.0. Data analysis techniques used include classical assumption tests, descriptive statistics, multiple linier regression analysis, and hypothesis testing. The results of this study explain that the five independent variables have an influence on the dependent variable, namely debt policy. Partially, (1) profitability has a positive and significant effect on debt policy; (2) operating leverage has a positive and significant effect on debt policy; (3) liquidity has a positive and significant effect on debt policy; (4) sales growth has a positive and significant effect on debt policy, and (5) dividend policy has a positive and significant effect on debt policy; and (6) simultaneously profitability, operating leverage, liquidity, sales growth and dividend policy have influence on debt policy.