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The Impact of Firm Growth and Profitability on Debt Policy

Yıl 2023, Cilt: 7 Sayı: 2, 149 - 162, 29.09.2023

Eda Köse

https://doi.org/10.31200/makuubd.1300990

Öz

Debt policy is one of the decisions that a firm should consider. Managers should set a sound debt policy, taking the right risks and ratios into consideration to ensure the growth of the firm. There are factors that need to be taken into consideration when determining debt policy. These are the asset structure of the firm, firm size and profitability. The aim of this study is to determine the impact of firm growth, asset structure, and profitability on debt policy. Financial statement data of 312 firms traded on the BIST between 2012 and 2021 were used. Panel data analysis was conducted as the methodology in the study. According to the findings of the analysis, firm growth has a positive and statistically significant impact on debt policy. However, other independent variables have no statistically significant impact on the dependent variable.

Anahtar Kelimeler

Debt Policy Firm Growth Asset Structure Profitability

Kaynakça

  • Afiezan, A., Wijaya, G., Priscilia, P., & Claudia, C. (2020). The effect of free cash flow, company size, profitability and liquidity on debt policy for manufacturing companies listed on IDX in 2016-2019 periods. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 3(4), 4005-4018.
  • Alhassan, A. L., Addisson, G. K., & Asamoah, M. E. (2015). Market structure, efficiency and profitability of insurance firms in Ghana. International Journal of Emerging Markets, 10(4), 648-669. https://doi.org/10.1108/IJoEM 06 2014 0173
  • Anindhita, N. (2017). Pengaruh kepemılıkan saham institusi, kepemilikan saham publık, kebijakan dividen, struktur aset, dan profitabilitas terhadap kebijakan hutang perusahaan manufaktur di bursa efek Indonesia tahun 2012-2014. JOM Fekon, 1(2).
  • Asiyah, S. T., & Khuzaini. K. (2019). Pengaruh profitabilitas, struktur aset dan ukuran perusahaan terhadap kebijakan hutang. Jurnal Ilmu Dan Riset Manajemen, 8, 1-18.
  • Cahyani, N. I., & Handayani, N. (2017). Pengaruh profitabilitas, likuiditas, size, kepemilikan institusional dan tangibility terhadap struktur modal. Jurnal Ilmu Dan Riset Akuntansi, 6(2).
  • Carlin, E., & Purwaningsih, E. (2022). Pengaruh struktur aset, profitabilitas, biaya agensi dan pertumbuhan perusahaan terhadap kebijakan hutang. Jurnal Ilmiah Ilmu Pendidikan, 5(8), 3121-3133.
  • Chaibi, H., & Ftiti, Z. (2015). Credit risk determinants: Evidence from a cross country study. Research in International Business and Finance, 33, 1-16. https://doi.org/10.1016/j. ribaf.2014.06.001
  • Desmintari, & Yetty, F. (2016). Effect of profitability, liquidity and assets structure on the company debt policy. International Journal of Business and Commerce, 5(06), 117-131.
  • Drobetz, W., & Fix, R. (2003). What are the determinants of the capital structure? Some evidence for Switzerland. Swiss Journal of Economics and Statistics, 1(3), 71-113.
  • Ehikioya, B. I. (2018). An empirical analysis of the determinants of corporate debt policy of Nigerian firms. International Journal of Economics and Financial Research, 4(6), 180-187.
  • Halling, M., Yu, J., & Zechner, J. (2016). Leverage dynamics over the business cycle. Journal of Financial Economics, 122(1), 21-41. https://doi.org/10.1016/j.jfineco.2016.07.001
  • Hardiningsih, P., & Oktaviani, R. M. (2012). Determinan kebijakan hutang (dalam agency theory dan pecking order theory). Dinamika Akuntansi, Keuangan Dan Perbankan Universitas Stikubank, 1(1), 11-24.
  • Husna, R. (2016). The influence of company size, profitability and business risk on debt policy. Neo-Bis, 10(2), 155-177.
  • Irawan, A., Rina, A., & Oemar, A. (2016). Pengaruh aset berwujud, ukuran perusahaan, pertumbuhan perusahaan, lama perusahaan dan profitabilitas terhadap kebijakan hutang pada perusahaan manufaktur yang terdaftar di bursa efek jakarta periode tahun 2010-2014. Jurnal Ilmiah Mahasiswa S1 Akuntansi Universitas Pandanaran, 2(2).
  • Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323-339.
  • Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
  • Koutmos, D., Bozos, K., Dionysiou, D., & Lambertides, N. (2018). The timing of new corporate debt issues and the risk return trade off. Review of Quantitative Finance and Accounting, 50(4), 943-978. https://doi.org/10.1007/s11156-017-0651-z
  • Latifi, M., & Azimi, H. (2010). Establishing a marketing plan for nowdar company applying a taxonomy method. International Conference on Management Science and Information Engineering (ICMSIE 2010), Zhangzhou, China.
  • Lumapow, L. S. (2018). The influence of managerial ownership and firm size on debt policy. International Journal of Applied Business and International Management, 3(1), 47-55. https://doi.org/10.32535/ijabim.v3i1.76
  • Michalski, G., Blendinger, G., Rozsa, Z., Cierniak Emerych, A., Svidronova, M., Buleca, J., & Bulsara, H. (2018). Can we determine debt to equity levels in non profit organisations? Answer based on polish case. Engineering Economics, 29(5), 526-535. https://doi.org/10.5755/j01.ee.29.5.19666
  • Miller, M., & Modigliani, F. (1963). Corporate income taxes and the cost of capital: A correction. American Economic Review, 53, 443-453.
  • Mukhibad, H., Subowo, S., Maharin, D. O., & Mukhtar, S. (2020). Determinants of debt policy for public companies in Indonesia. Journal of Asian Finance, Economics and Business, 7(6), 029-037. https://doi.org/10.13106/jafeb
  • Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 575-592.
  • Nugraha, N. M., Hakim, A. A., Fitria, B. T., & Hardiyanto, N. (2020). The influence company size, asset structure, company growth, profitability on debt policy. Economica Jurnal Program Studi Pendidikan Ekonomi, 9(1), 34-41.
  • Nurdani, R., & Rahmawati, I. Y. (2020). The effect of firm sizes, profitability, dividend policy, asset structure, sales growth and free cash flow on debt policy. AMAR (Andalas Management Review), 4(1), 100-119. https://doi.org/10.25077/amar.4.1.100-119.2020
  • Nurfathirani, N., & Rahayu, Y. (2020). Pengaruh kepemilikan manajerial, profitabilitas dan struktur aset terhadap kebijakan hutang. Jurnal Ilmu Dan Riset Akuntansi, 9(1). https://doi.org/10.15294/aaj.v2i4.4171
  • Ozkan, A. (2001). Determinants of capital structure and adjustment to long run target: Evidence from UK company panel data. Journal of Business Finance and Accounting, 28(1-2), 175-198. https://doi.org/10.1111/1468-5957.00370
  • Peranginangin, M. B., Saragih, C. M., Hantono, Rahmi, N. U., & Guci, S. T. (2018). Effects of asset structure, operating cash flow, and profitability on debt policy in property and real estate companies on the Indonesİa stock exchange period 2013-2017. Jurnal Accountability, 07(01), 33-41.
  • Prathiwi, N. M. D. I., &. Yadnya, I. P. (2017). Pengaruh free cash flow, struktur aset, risiko bisnis dan profitabilitas terhadap kebijakan hutang. E-Jurnal Manajemen Unud, 6(1), 60-86.
  • Putri, S. H., Buchdadi, A. D., & Kurnianti, D. (2023). The impact of profitability, asset structure, and firm size on debt policy on property and real estate companies listed on the Indonesia stock exchange (IDX) for the 2015-2020 period. International Journal of Education, Social Studies, And Management (IJESSM), 3(1), 49-59.
  • Sari, R. I., Suhendro, S., & Dewi, R. R. (2021). Analisis pengaruh profitabilitas, ukuran perusahaan, struktur aset dan kepemilikan manajerial terhadap kebijakan hutang. Jurnal Ilmu Keuangan Dan Perbankan (JIKA), 10(2), 182-195. https://doi.org/10.34010/jika.v10i2.4373
  • Sunardi, N., Husain, T., & Kadim, A. (2020). Determinants of debt policy and company’s performance. International Journal of Economics and Business Administration, VIII(Issue 4), 204-213. https://doi.org/10.35808/ijeba/580
  • Tanjung, Y. S., Widyastuti, T., & Rachbini, W. (2021). The effect of capital structure, liquidity, dividend policy, and debt policy on company value with profitability as moderating variables in the Jakarta islamic index for the 2016-2020 period. Financial Management Studies, 4(1), 85-100.
  • Tatengkeng, D., Murni, S., & Tulung, J. E. (2018). Analisis faktor faktor yang mempengaruhı kebijakan utang pada perusahaan manufaktur yang terdaftar di bursa efek Indonesia tahun 2012-2016. Jurnal EMBA, 6(3), 1128-1137.
  • Triyono, W. S. N. (2023). The effect of company growth, asset structure, and profitability on debt policy. Proceeding of International Conference on Accounting & Finance, 1, 167-173. Indonesia.
  • Umbarwati, U. (2018). Accounting analysis journal profitability as the moderator of the effects of dividend policy, firm size, and asset structure on debt policy. Accounting Analysis Journal, 7(3), 192-199. https://doi.org/10.15294/aaj.v7i3.22725
  • Utami, S., & Ngumar, S. (2019). Pengaruh kepemilikan institusional, struktur aset dan profitabilitas terhadap kebijakan hutang. Urnal Ilmu Dan Riset Akuntansie, 8(1).
  • Viriya, H., & Suryaningsih, R. (2017). Determinant of debt policy: Empirical evidence from Indonesia. Journal of Finance and Banking Review, 2(1), 1-8.
  • Vithessonthi, C., & Tongurai, J. (2015). The effect of firm size on the leverage performance relationship during the financial crisis of 2007-2009. Journal of Multinational Financial Management, 29, 1-29. https:// doi.org/10. 2139/ssrn.2285980
  • Wiliandri, R. (2011). Pengaruh blockholder ownership dan firm size terhadap kebijakan hutang perusahaan. Jurnal Ekonomi Bisnis, 16(2), 95-102.

Firma Büyümesi ve Karlılığın Borç Politikasına Etkisi

Yıl 2023, Cilt: 7 Sayı: 2, 149 - 162, 29.09.2023

Eda Köse

https://doi.org/10.31200/makuubd.1300990

Öz

Borç politikası, bir firmanın dikkate alması gereken kararlardan biridir. Yöneticiler, firmanın büyümesini sağlamak için doğru riskleri ve oranları dikkate alarak iyi bir borç politikası belirlemelidir. Borç politikası belirlenirken dikkate alınması gereken unsurlar bulunmaktadır. Bunlar firmanın aktif yapısı, firma büyüklüğü ve karlılık başlıca unsurlar arasındadır. Bu araştırmanın amacı, firma büyümesinin, aktif yapısının ve karlılığın borç politikasına etkisini saptamaktır. 2012-2021 yılları arasında BİST’te işlem gören 312 firmanın finansal tablo verileri kullanılmıştır. Araştırmada yöntem olarak panel veri analizi kullanılmıştır. Analizden elde edilen bulgulara göre, firma büyümesinin borç politikası üzerinde pozitif ve istatistiksel olarak anlamlı bir etkisi tespit edilmiştir. Bununla beraber, diğer bağımsız değişkenlerin bağımlı değişken üzerinde istatistiksel olarak anlamlı bir etkisi bulunamamıştır.

Anahtar Kelimeler

Borç Politikası Firma Büyümesi Aktif Yapısı Karlılık

Kaynakça

  • Afiezan, A., Wijaya, G., Priscilia, P., & Claudia, C. (2020). The effect of free cash flow, company size, profitability and liquidity on debt policy for manufacturing companies listed on IDX in 2016-2019 periods. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 3(4), 4005-4018.
  • Alhassan, A. L., Addisson, G. K., & Asamoah, M. E. (2015). Market structure, efficiency and profitability of insurance firms in Ghana. International Journal of Emerging Markets, 10(4), 648-669. https://doi.org/10.1108/IJoEM 06 2014 0173
  • Anindhita, N. (2017). Pengaruh kepemılıkan saham institusi, kepemilikan saham publık, kebijakan dividen, struktur aset, dan profitabilitas terhadap kebijakan hutang perusahaan manufaktur di bursa efek Indonesia tahun 2012-2014. JOM Fekon, 1(2).
  • Asiyah, S. T., & Khuzaini. K. (2019). Pengaruh profitabilitas, struktur aset dan ukuran perusahaan terhadap kebijakan hutang. Jurnal Ilmu Dan Riset Manajemen, 8, 1-18.
  • Cahyani, N. I., & Handayani, N. (2017). Pengaruh profitabilitas, likuiditas, size, kepemilikan institusional dan tangibility terhadap struktur modal. Jurnal Ilmu Dan Riset Akuntansi, 6(2).
  • Carlin, E., & Purwaningsih, E. (2022). Pengaruh struktur aset, profitabilitas, biaya agensi dan pertumbuhan perusahaan terhadap kebijakan hutang. Jurnal Ilmiah Ilmu Pendidikan, 5(8), 3121-3133.
  • Chaibi, H., & Ftiti, Z. (2015). Credit risk determinants: Evidence from a cross country study. Research in International Business and Finance, 33, 1-16. https://doi.org/10.1016/j. ribaf.2014.06.001
  • Desmintari, & Yetty, F. (2016). Effect of profitability, liquidity and assets structure on the company debt policy. International Journal of Business and Commerce, 5(06), 117-131.
  • Drobetz, W., & Fix, R. (2003). What are the determinants of the capital structure? Some evidence for Switzerland. Swiss Journal of Economics and Statistics, 1(3), 71-113.
  • Ehikioya, B. I. (2018). An empirical analysis of the determinants of corporate debt policy of Nigerian firms. International Journal of Economics and Financial Research, 4(6), 180-187.
  • Halling, M., Yu, J., & Zechner, J. (2016). Leverage dynamics over the business cycle. Journal of Financial Economics, 122(1), 21-41. https://doi.org/10.1016/j.jfineco.2016.07.001
  • Hardiningsih, P., & Oktaviani, R. M. (2012). Determinan kebijakan hutang (dalam agency theory dan pecking order theory). Dinamika Akuntansi, Keuangan Dan Perbankan Universitas Stikubank, 1(1), 11-24.
  • Husna, R. (2016). The influence of company size, profitability and business risk on debt policy. Neo-Bis, 10(2), 155-177.
  • Irawan, A., Rina, A., & Oemar, A. (2016). Pengaruh aset berwujud, ukuran perusahaan, pertumbuhan perusahaan, lama perusahaan dan profitabilitas terhadap kebijakan hutang pada perusahaan manufaktur yang terdaftar di bursa efek jakarta periode tahun 2010-2014. Jurnal Ilmiah Mahasiswa S1 Akuntansi Universitas Pandanaran, 2(2).
  • Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323-339.
  • Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
  • Koutmos, D., Bozos, K., Dionysiou, D., & Lambertides, N. (2018). The timing of new corporate debt issues and the risk return trade off. Review of Quantitative Finance and Accounting, 50(4), 943-978. https://doi.org/10.1007/s11156-017-0651-z
  • Latifi, M., & Azimi, H. (2010). Establishing a marketing plan for nowdar company applying a taxonomy method. International Conference on Management Science and Information Engineering (ICMSIE 2010), Zhangzhou, China.
  • Lumapow, L. S. (2018). The influence of managerial ownership and firm size on debt policy. International Journal of Applied Business and International Management, 3(1), 47-55. https://doi.org/10.32535/ijabim.v3i1.76
  • Michalski, G., Blendinger, G., Rozsa, Z., Cierniak Emerych, A., Svidronova, M., Buleca, J., & Bulsara, H. (2018). Can we determine debt to equity levels in non profit organisations? Answer based on polish case. Engineering Economics, 29(5), 526-535. https://doi.org/10.5755/j01.ee.29.5.19666
  • Miller, M., & Modigliani, F. (1963). Corporate income taxes and the cost of capital: A correction. American Economic Review, 53, 443-453.
  • Mukhibad, H., Subowo, S., Maharin, D. O., & Mukhtar, S. (2020). Determinants of debt policy for public companies in Indonesia. Journal of Asian Finance, Economics and Business, 7(6), 029-037. https://doi.org/10.13106/jafeb
  • Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 575-592.
  • Nugraha, N. M., Hakim, A. A., Fitria, B. T., & Hardiyanto, N. (2020). The influence company size, asset structure, company growth, profitability on debt policy. Economica Jurnal Program Studi Pendidikan Ekonomi, 9(1), 34-41.
  • Nurdani, R., & Rahmawati, I. Y. (2020). The effect of firm sizes, profitability, dividend policy, asset structure, sales growth and free cash flow on debt policy. AMAR (Andalas Management Review), 4(1), 100-119. https://doi.org/10.25077/amar.4.1.100-119.2020
  • Nurfathirani, N., & Rahayu, Y. (2020). Pengaruh kepemilikan manajerial, profitabilitas dan struktur aset terhadap kebijakan hutang. Jurnal Ilmu Dan Riset Akuntansi, 9(1). https://doi.org/10.15294/aaj.v2i4.4171
  • Ozkan, A. (2001). Determinants of capital structure and adjustment to long run target: Evidence from UK company panel data. Journal of Business Finance and Accounting, 28(1-2), 175-198. https://doi.org/10.1111/1468-5957.00370
  • Peranginangin, M. B., Saragih, C. M., Hantono, Rahmi, N. U., & Guci, S. T. (2018). Effects of asset structure, operating cash flow, and profitability on debt policy in property and real estate companies on the Indonesİa stock exchange period 2013-2017. Jurnal Accountability, 07(01), 33-41.
  • Prathiwi, N. M. D. I., &. Yadnya, I. P. (2017). Pengaruh free cash flow, struktur aset, risiko bisnis dan profitabilitas terhadap kebijakan hutang. E-Jurnal Manajemen Unud, 6(1), 60-86.
  • Putri, S. H., Buchdadi, A. D., & Kurnianti, D. (2023). The impact of profitability, asset structure, and firm size on debt policy on property and real estate companies listed on the Indonesia stock exchange (IDX) for the 2015-2020 period. International Journal of Education, Social Studies, And Management (IJESSM), 3(1), 49-59.
  • Sari, R. I., Suhendro, S., & Dewi, R. R. (2021). Analisis pengaruh profitabilitas, ukuran perusahaan, struktur aset dan kepemilikan manajerial terhadap kebijakan hutang. Jurnal Ilmu Keuangan Dan Perbankan (JIKA), 10(2), 182-195. https://doi.org/10.34010/jika.v10i2.4373
  • Sunardi, N., Husain, T., & Kadim, A. (2020). Determinants of debt policy and company’s performance. International Journal of Economics and Business Administration, VIII(Issue 4), 204-213. https://doi.org/10.35808/ijeba/580
  • Tanjung, Y. S., Widyastuti, T., & Rachbini, W. (2021). The effect of capital structure, liquidity, dividend policy, and debt policy on company value with profitability as moderating variables in the Jakarta islamic index for the 2016-2020 period. Financial Management Studies, 4(1), 85-100.
  • Tatengkeng, D., Murni, S., & Tulung, J. E. (2018). Analisis faktor faktor yang mempengaruhı kebijakan utang pada perusahaan manufaktur yang terdaftar di bursa efek Indonesia tahun 2012-2016. Jurnal EMBA, 6(3), 1128-1137.
  • Triyono, W. S. N. (2023). The effect of company growth, asset structure, and profitability on debt policy. Proceeding of International Conference on Accounting & Finance, 1, 167-173. Indonesia.
  • Umbarwati, U. (2018). Accounting analysis journal profitability as the moderator of the effects of dividend policy, firm size, and asset structure on debt policy. Accounting Analysis Journal, 7(3), 192-199. https://doi.org/10.15294/aaj.v7i3.22725
  • Utami, S., & Ngumar, S. (2019). Pengaruh kepemilikan institusional, struktur aset dan profitabilitas terhadap kebijakan hutang. Urnal Ilmu Dan Riset Akuntansie, 8(1).
  • Viriya, H., & Suryaningsih, R. (2017). Determinant of debt policy: Empirical evidence from Indonesia. Journal of Finance and Banking Review, 2(1), 1-8.
  • Vithessonthi, C., & Tongurai, J. (2015). The effect of firm size on the leverage performance relationship during the financial crisis of 2007-2009. Journal of Multinational Financial Management, 29, 1-29. https:// doi.org/10. 2139/ssrn.2285980
  • Wiliandri, R. (2011). Pengaruh blockholder ownership dan firm size terhadap kebijakan hutang perusahaan. Jurnal Ekonomi Bisnis, 16(2), 95-102.
Toplam 40 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finans
Bölüm Makaleler
Yazarlar

Eda Köse 0000-0002-9537-3672

Erken Görünüm Tarihi 29 Eylül 2023
Yayımlanma Tarihi 29 Eylül 2023
Kabul Tarihi 3 Temmuz 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 7 Sayı: 2

Kaynak Göster

APA Köse, E. (2023). The Impact of Firm Growth and Profitability on Debt Policy. Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi, 7(2), 149-162. https://doi.org/10.31200/makuubd.1300990
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