Dewi, Any Rustia (2015) Analisis Faktor-faktor Yang Mempengaruhi Kebijakan Utang Pada Perusahaan Yang Harga Jual Produknya Tergantung Pada Harga Komoditas Pasar Dunia. Parsimonia : Jurnal Akuntansi, Manajemen dan Bisnis, 2 (1). pp. 11-19. ISSN 2355-5483

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Abstract

The uncertainty of commodities price volatility recently suppresses company management to apply
capital structure strategy, especially for companies that their selling price product based on commodity
price. Income from the company is very affected by the increasing or decreasing of commodity price. That
is why capital structure strategy is important to create resilient industry. This strategy could be taken by
increasing common stock with right issue or to get a loan from the bank. Nevertheles in both ways, there
is deficiency. Financing with increasing loan from the bank will also increasing the financial risk. In
other way, by issuing right will be costly.
This research is designed to examine factors that affected of debt policy management decision among
listed company at Indonesian Stock Exchange (ISX). The factors being examined were growth, asset
structure, profitability, business risk and institusional ownership. The samples were 36 mining and
plantation listed companies at ISX, 5 years from 2007-2011.
The test results of multiple regresion test showed that asset structure and institusional ownership are
having a positive and significant influence on debt policy. The assets structure is a dominant factor that
influence debt policy. In conclusion, from five independent variables being examined, only asset structure
and Institusional Ownership affect debt policy.

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