Razaq Noor Muhammad, 7211418106 (2022) PENGARUH FLEKSIBILITAS KEUANGAN, TANGIBILITY ASSETS, DAN TAX SHIELDS TERHADAP KEBIJAKAN HUTANG DENGAN KEUNIKAN PRODUK SEBAGAI VARIABEL MODERASI. Under Graduates thesis, Universitas Negeri Semarang.

PDF (Skripsi) Restricted to Repository staff only Download (1MB) | Request a copy

Abstract

The trapping of several companies in large amounts of debt provides evidence of inaccuracies in debt policy making. Debt policy is part of the company's funding policy set by management to use external funding sources in order to fund company activities. Therefore, caution is needed in formulating the company's debt policy. The purpose of this study was to examine the effect of financial flexibility, tangibility assets, and tax shields on debt policy with product uniqueness as a moderating variable. The population in this study are various industrial sector companies listed on the Indonesia Stock Exchange (IDX) in 2016-2020 as many as 51 companies. The sampling technique was purposive sampling, in order to obtain 145 units of analysis. The data analysis method of this research is panel data regression analysis and moderating regression analysis with the selected research model being the fixed effect model (FEM) for panel data regression analysis and the random effect model (REM) for moderating regression analysis. The selection of the data analysis method was based on the results of the Hausman test. The test results show that financial flexibility has a negative effect on debt policy, and tangibility assets has a significant positive effect on debt policy. Then, the uniqueness of the product is able to moderate the effect of financial flexibility and tangibility assets on debt policy. However, tax shields have no effect on debt policy and product uniqueness is unable to moderate the effect of tax shields on debt policy. This research has implications for stakeholders to pay attention to the company's internal factors such as financial flexibility and tangibility assets that can influence the company's debt policy. This needs to be considered because if the use of debt is not carried out carefully, it will increase the risk of bankruptcy for the company.

Actions (login required)

View Item