Pengaruh Free Cash Flow, Tangibility Asset, Financial Distress Dan Profitabilitas Terhadap Kebijakan Hutang Pada Perusahan Food And Beverage Yang Terdaftar Di Bursa Efek Indonesia Tahun 2019-2021

Abstract

The background of this research problem is seen from the phenomena that occurred in several companies that experienced bankruptcy and also failures caused by being unable to pay debts due to factors that influenced debt policy at food and beverage companies and this research was also motivated by the inconsistency of research results from several researchers on corporate debt policy. Thus, this study aims to determine the effect of free cash flow, asset tangibility, financial distress and profitability on the debt policy of food and beverage companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2021 period. The independent variables used in this study consist of free cash flow, asset tangibility, financial distress and profitability and the dependent variable in this study is debt policy. The type of this research is associative explanatory research, and the type of data used is secondary data. The samples used in this study were 28 food and beverage companies listed on the IDX for the 2019-2021 period with 84 data. The sample selection method used purposive sampling method with Multiple Linear Regression analysis using data processing with SPSS software. The results in this study are that financial distress and profitability partially have a negative effect on the debt policy of food and beverage companies listed on the Indonesia Stock Exchange. Meanwhile, free cash flow and tangibility assets partially have no effect on the debt policy of food and beverage companies listed on the Indonesia Stock Exchange. Other results, namely free cash flow, asset tangibility, financial distress and profitability simultaneously affect the debt policy of food and beverage companies listed on the Indonesia Stock Exchange