SEBUAH TINJAUAN EMPIRIS TERHADAP PROFITABILITAS, PELUANG INVESTASI KEPEMILIKAN MANAJERIAL DAN KEBIJAKAN LEVERAGE
ABSTRACT: Profitability is
the net result
of various policies
and decisions of investors
in capital markets.
The higher portion
of funds available
to finance operations and investment opportunities that come from
retained earnings then the level of leverage of the smaller companies. A
company that has a
high investment opportunity,
will try to
fill it by
using the retained earnings
of the company.
If the investment
exceeds retained earnings, closed
with funds derived from debt so that the level of leverage increases. On
the other hand,
managers tend to
use debt rather
than to maximize corporate
value, but for the sake
opportunistic manager. This creates
the risk of
corporate bankruptcies increased, so
the agency cost of
debt is increasing.
Agency cost of
debt is higher
will be the
effect on the decline in value of
the company. With the ownership of shares by the manager then the manager will
have direct benefits for its decision. More and
more managers have
shares in a
company the more
diminished the company's debt. This study
aims to examine
the influence of profitability, investment opportunities, and
managerial ownership of the policy
leverage. Using the population of
manufacturing companies listed on the Stock Exchange 2009 based
on purposive sampling
period, with the
criteria that companies sampled
have positive earnings during the period of 2009 and the company
shares owned by
management during the
period 2009 samples acquired
41 companies. Analysis
tools used to
prove the hypothesis using
multiple regression models by testing the significance of the results obtained
by the classical assumption F count greater than 5%, so the influence of
profitability, investment opportunities and managerial ownership of the policy
leverage is not significant.
Keywords: policy
leverage, profitability, investment
opportunities and managerial
ownership
Penulis: Kristyana Dananti
Kode Jurnal: jpmanajemendd110152
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