Analisis Pengaruh Profitabilitas, Struktur Aset, Free Cash Flow dan Ukuran Perusahaan terhadap Kebijakan Hutang dengan Nilai Perusahaan sebagai Variabel Moderasi pada Perusahaan Manufaktur yang Terdaftar di Bei 2016 – 2021

Abstract

This study aims to determine the effect of profitability, asset structure, free cash flow, and company size on debt policy with company value as a moderating variable. The study employs a causal associative research design. The population in this study is manufacturing companies listed on the Indonesia Stock Exchange from 2016 to 2021. In addition, 51 companies serve as samples, of which 306 companies are observed. The data analysis method is multiple linear regression analysis using STATA software. The results show that profitability has a positive and significant effect on debt policy, asset structure has a positive and significant effect on debt policy, free cash flow has a positive and significant effect on debt policy, and company size has a positive and insignificant effect on debt policy. The results of the moderating variable test indicate that company value can moderate the correlation between profitability and debt policy, company value can moderate the correlation between asset structure and debt policy, company value can moderate the correlation between free cash flow and debt policy, and company value can moderate correlation between firm size and debt policy.