PERAN LIKUIDITAS DALAM MEMODERASI PENGARUH PROFITABILITAS, KEPEMILIKAN INSTITUSIONAL DAN UKURAN PERUSAHAAN TERHADAP KEBIJAKAN UTANG

Every company will use debt as a source of funding, and management must manage loan
funds properly to avoid bankruptcy. Therefore, this research was conducted with the aim
to determine the effect of profitability, institutional ownership, company size, and liquidity
on debt policy and the role of liquidity in moderating the effect of profitability, institutional
ownership, and company size on debt policy. The type of research in this study is
quantitative, and the type of data used is secondary data obtained from the Indonesia Stock
Exchange (IDX) in the form of financial reports for 2017–2021 and obtained using
documentation techniques. The population of this study was all transportation sector
companies listed on the Indonesia Stock Exchange (IDX), totaling 32 companies, with a
total sample of 12 companies that were obtained using a purposive sampling technique.
The data analysis technique used consists of multiple linear analysis and moderated
regression analysis (MRA) with the type of data, namely panel data, and was tested using
the Econometric Views (Eviews) application version 10. Based on the results of data
processing and analysis, it is known that profitability, institutional ownership, and firm size
have no effect on debt policy, while liquidity has a negative effect. In addition, it is also
known that liquidity is able to moderate the influence of profitability on debt policy, while
liquidity is not able to moderate the effect of institutional ownership and company size on
debt policy.
Keyword: Debt Policy, Profitability, Institutional Ownership, Company Size, Liquidity