Faktor - faktor yang mempengaruhi financial leverage pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia.
P enelitian ini bertujuan untuk mengetahui faktor- faktor yang mempengaruhi financial leverage.Sampel yang digunakan dalam penelitian adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2014 – 2018. Variabel independen dalam penelitian ini adalah asset tangibility, growth opportunities, profitability, liquidity, firm size dan variabel dependen adalah financial leverage yang diukur dengan short term debt ratio, long term debt ratio, dan debt ratio. Jumlah sampel penelitian ini adalah sebanyak 97 perusahaan manufaktur dengan menggunakan teknik purposive sampling . Berdasarkan hasil regresi data panel menunjukan bahwa asset tangibility memiliki pengaruh negatif terhadap short term debt ratio dan positif terhadap long term debt ratio. Profitability memiliki pengaruh negatif terhadap short term debt ratio, long term debt ratio, dan debt ratio, Liquidity memiliki pengaruh negatif terhadap short term debt ratio dan debt ratio. Firm size memiliki pengaruh positifi terhadap long term debt ratio, sedangkan growth opportunities tidak memiliki pengaruh terhadap short term debt long term debt dan debt ratio. Hasil penelitian ini dapat diharapkan dapat memberikan masukan bagi perusahaan, investor dan kreditur agar mempertimbangkan asset tangibility, profitability, liquidity, dan firm size karena hal tersebut akan menurunkan financial leverage.
T his research to determines factors affecting financial leverage. Sample used in this research is manufacturing companies listed on the Indonesia Stock Exchange for the period 2014-2018. The independent variables in this study are asset tangibility, growth opportunities, profitability, liquidity, firm size, and the dependent variable is financial leverage which is measured by short term debt ratio, long term debt ratio, and debt ratio. the number of the sample in this research are 97 manufacturing companies by using purposive sampling technique. Based on the result of panel data regression model indicates that asset tangibilities has a negative impact on short term debt, has a positive impact on long term debt ratio, profitability has a negative impact on short term debt, long term debt and debt ratio. liquidity has a negative impact on short term debt and debt ratio. Firm size has a positive impact on long term debt. Growth opportunities has no impact on short term debt, long term debt and debt ratio. The result of this research are expected to be the reference for the companies, investors, and creditors to pay attention to asset tangibility, profitability, liquidity, and firm size because it can decrease financial leverage