KEBIJAKAN UTANG PERUSAHAAN TAMBANG YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstrak: Penelitian ini bertujuan untuk mengetahui bagaimana perusahaan pertambangan mengelola kebijakan pendanaannya dengan menggunakan kebijakan utang jangka pendek dan jangka panjang. Penelitian ini merupakan penelitian kuantitatif dengan menggunakan metode regresi linier berganda. Dalam penelitian ini dibangun dua model yaitu model utang jangka pendek dan model utang jangka panjang. Metode pengambilan sampel yang digunakan adalah metode purposive sampling. Data yang digunakan adalah data panel, yaitu data berbagai variabel perusahaan dari tahun 2014 hingga 2019. Penelitian ini memberikan kontribusi pada ilmu keuangan terutama yang berkaitan dengan struktur modal yaitu pemilihan kebijakan utang. Model yang lebih mampu memberikan penjelasan tentang kemampuan berutang manajemen adalah model utang jangka pendek. Faktor profitabilitas dan likuiditas yang menjadi pendorong manajemen untuk melakukan utang jangka pendek. Ketika perusahaan memiliki profitabilitas dan likuiditas yang tinggi maka manajemen akan lebih yakin untuk mengambil utang jangka pendek. Sementara itu faktor yang mempengaruhi utang jangka panjang adalah kemampuan manajemen untuk membayar bunga utang. Abstract: This study aims to find out how mining companies manage their funding policies using short-term and long-term debt policies. This research is a quantitative research using multiple linear regression method. In this study, two models were built, namely the short-term debt model and the long-term debt model. The sampling method used is purposive sampling method. The data used is panel data, namely data on various company variables from 2014 to 2019. This research contributes to financial science, especially those related to capital structure, namely the selection of debt policies. The model that is more capable of providing an explanation of management's debt capability is the short-term debt model. Profitability and liquidity factors are the driving force for management to undertake short-term debt. When the company has high profitability and liquidity, management will be more confident to take on short-term debt. Meanwhile, the factor that affects long-term debt is the management's ability to pay interest on the debt.

PENGARUH STRUKTUR ASET, PERTUMBUHAN PENJUALAN DAN KEPEMILIKAN MANAJERIAL TERHADAP KEBIJAKAN HUTANG (Studi pada perusahaan Pertambangan sub sektor batubara yang terdaftar pada Indeks Kompas 100 periode 2013-2018)

<em>This study aims to determine the effect of asset structure, sales growth, and managerial ownership on debt policy. This research was conducted at companies in the coal sub-sector mining sector. The analytical method used in this research is multiple linear regression. The results of the research on asset structure have a positive and significant effect on debt policy, sales growth does not have a significant effect on debt policy and managerial ownership has no significant effect on debt policy in the coal mining sub-sector companies. The three variables of asset structure, sales growth, and managerial ownership simultaneously have a significant effect on debt policy in the coal mining sector sub-sector, which means that these three variables are considered by companies in making debt policies.</em>

Asset Redeployability, Liquidation Value, and Endogenous Capital Structure Heterogeneity

Firms with lower leverage are not only less likely to experience financial distress but are also better positioned to acquire assets from other distressed firms. With endogenous asset sales and values, each firm’s debt choice then depends on the choices of its industry peers. With indivisible assets, otherwise-identical firms may adopt different debt policies, with some choosing highly levered operations (to take advantage of ongoing debt benefits) and others choosing more conservative policies to wait for acquisition opportunities. Our key empirical implication is that the acquisition channel can induce firms to reduce debt when assets become more redeployable.

An international study of the response of corporate payout policy

Purpose The purpose of this paper is to study the payout policy for public firms in different countries. The authors are interested to understand the similarities and differences in the behavior of firms across different countries. Design/methodology/approach The authors use firm-level data collected from Compustat Global for public firms across the world. The sample consists of more than 23,000 firms for the period 1990–2015 in 94 countries. The authors estimate the corporate payout in an empirical model that incorporates other corporate financing decisions, such as investment and debt policies. Findings The findings support recent corporate governance theory, which asserts that payout policy is influenced by investment and debt policies, and cannot be determined independently. Furthermore, the authors find that geographic/cultural/institutional variation influence the response of payout policy to other corporate financing decisions. Additional tests are presented to demonstrate the robustness of the main findings. Research limitations/implications The interpretation of the results for certain regions could be limited due to data availability. The authors believe the authors have a good coverage especially for countries in Asia, relative to the other regions. Originality/value To the best of our knowledge, this study is the first one to look at payout policy and its relationship with investment and debt policy in such a large scale of firms across the world with coverage of 94 countries and 16 years. The authors document differences in public firms’ attitudes toward payout policy according to geographic/cultural/institutional reasons.