Profitability in Moderating the Effects of Business Risk, Company Growth and Company Size on Debt Policy

Journal of Accounting and Strategic Finance Pub Date : 2018-11-22 DOI:10.33005/jasf.v1i02.18

Anisa Nurfitriana, Fachrurrozie Fachrurrozie

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引用次数: 8

Abstract

The purpose of this research is to analyze the influence of business risk, corporate growth, and firm size on debt policy with profitability as moderating in manufacturing subsector industries of consumption goods listed in Indonesia Stock Exchange (IDX) in 2012-2016. The population of the research was manufacturing subsector industries of consumption goods listed in Indonesia Stock Exchange (IDX) in 2012-2016. The sample was 21 manufacturing subsector industries of consumption goods with some characteristics of sample selection using purposive sampling method. Hypothesis analysis method used in this research is a Moderated Regression Analysis (MRA). The result of the study showed that business risk, corporate growth, and firm size did not influence debt policy. Profitability can strengthen business risk to debt policy. Profitability can strengthen corporate growth to debt policy. Profitability fails to moderate firm size to debt policy. The conclusion of the research is two of six hypotheses accepted, and these are Profitability can weaken business risk to debt policy. Profitability can strengthen corporate growth to debt policy. Keywords: Company Size; Debt Policy; Companies Growth; Profitability; Business Risk

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盈利能力调节企业风险、公司成长和公司规模对债务政策的影响

本研究的目的是分析2012-2016年印尼证券交易所(IDX)上市的消费品制造业子行业的商业风险、企业成长和企业规模对债务政策的影响，盈利能力正在放缓。研究对象为2012-2016年在印尼证券交易所(IDX)上市的消费品制造子行业。样本为21个消费品制造业子行业，采用有目的的抽样方法，具有一定的样本选择特点。本研究采用的假设分析方法是有调节回归分析(MRA)。研究结果表明，企业风险、企业成长和企业规模对债务政策没有影响。盈利能力可以强化企业对债务政策的风险。盈利能力可以加强企业对债务政策的增长。盈利能力无法使公司规模适应债务政策。该研究的结论是接受的六个假设中的两个，这些是盈利能力可以削弱企业对债务政策的风险。盈利能力可以加强企业对债务政策的增长。关键词:公司规模;债务政策;公司增长;盈利能力;商业风险

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Journal of Accounting and Strategic Finance

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