ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI LEVERAGE DENGAN DPR SEBAGAI MEDIATOR PENGARUH INSIDER OWNERSHIP DAN SALES GROWTH TERHADAP LEVERAGE
Abstract: This research aims
to analyze the factors that affects leverage which is indicated by total debt
to total asset ratio. The object of this research refers to manufacturing
companies that are listed on the Indonesia Stock Exchange (IDX) during the
period 2011-2015.
The population of this study are 142 manufacturing companies that are
listed on the Indonesia Stock Exchange (IDX) during 2011-2015. The data are
collected from the Bloomberg terminal and with purposive sampling and some
criteria, 79 companies are sampled for the object of this study. The data are
analyzed by the multiple regression and Sobel test to identify the mediation of
the mediator variable.
This research founds that size and tangibility positively and
significantly affects the company leverage. Profitability, liquidity and
dividend policy is negatively and significantly associated with leverage while
insider ownership and sales growth insignificantly affects leverage. Insider
ownership and sales growth are proven to be significantly negative affecting
the dividend policy. Dividend policy are able to mediate sales growth effect on
leverage, while unable to mediate the insider ownership effect on leverage.
Keywords: Leverage, Dividend
Policy, Insider Ownership, Sales Growth, Profitability, Size, Tangibility,
Liquidity
PENULIS: Anggito P.
Sudarmanto, Irene Rini Demi Pengestuti
Kode Jurnal: jpmanajemendd170920
