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Research title and researcher
Research title : Pengaruh Corporate Governance Performance, Free Cash Flow, dan Profitabilitas Terhadap Kebijakan Hutang || Konferensi Ilmiah Akuntansi III; ISBN 978-602-18574-1-0; 10-11 Maret 2016; Hal. 16
Researcher : Lucia Ari Diyani
Keywords : Corporate Governance Performance, Debt to Equity Ratio, Free Cash Flow, Profitability (Net Profit Margin, Return on Assets, Return on Equity)
Abstract

The research purpose is to examine the effect of corporate governance performance, free cash flow, and profitability on debt policy. Proxies for profitability are ROA (return on Assets), ROE (Return on Equity) and NPM (Net Profit Margin). Proxies for debt policy are DER (Debt to Equity Ratio). This research used samples from companies in the Corporate Governance Perception Index (CGPI) period of 2009-2012 and who are listed on the Indonesia Stock Exchange with the observation period of 2010-2013 which have been selected using purposive sampling method. The research samples used are 74 data of companies listed on Indonesian Stock Exchange. The samples are divided in three types of industries, which are raw material producers, manufacturing and services industries. Testing of hypotheses in this study uses multiple regression models. This study produced five empirical evidences. First, this study failed to prove that the corporate governance negatively affects debt to equity ratio. Second, this study failed to prove that the free cash flow negatively affects debt to equity ratio. Third, this study proved that the return on assets negatively affects debt to equity ratio. Fourth, this study proved that the return on equity negatively affects debt to equity ratio. And fifth, this study proved that the net profit margin negatively affects debt to equity ratio.

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