Pengaruh Business Risk, Investment Opportunity Set, Institutional Ownership, dan Free Cash Flow terhadap Debt Policy pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2018-2021

Abstract

This research aims to examine the effect of the Business Risk, Investment Opportunity Set, Institutional Ownership, and Free Cash Flow on Debt Policy in food and beverage companies listed on the Indonesia Stock Exchange for the 2018-2021 period.This type of research is associative causal (causal research) with a quantitative approach. The type of data used is secondary data, namely the financial statements of food and beverages companies obtained from the Indonesian Stock Exchange. The population in this study were 25 companies, with the sampling technique using purposive sampling so that the selected sample was 16 companies with a total of 64 observations. Data analysis techniques used in this research are descriptive statistics, classical assumption test, multiple linear regression analysis, and hypothesis testing. The results show that partially, Business Risk have a negative and significant effect on Debt Policy, Free Cash Flow have a positif dan significant effect on Debt Policy, Investment Opportunity Set have no significant positive effect on Debt Policy, Institutional Ownership have no significant negative effect on Debt Policy, simultaneously Business Risk, Investment Opportunity Set, Institutional Ownership, and Free Cash Flow effect Debt Policy.