S PEA 0907209 Table of content
DAFTAR ISI
LEMBAR PENGESAHAN
PERNYATAAN KEASLIAN SKRIPSI
UCAPAN TERIMA KASIH
ABSTRAK .................................................................................................................... i
ABSTRACT ................................................................................................................... ii
KATA PENGANTAR ................................................................................................ iii
DAFTAR ISI ................................................................................................................. iv
DAFTAR TABEL ......................................................................................................... vi
DAFTAR GAMBAR ..................................................................................................... vii
DAFTAR LAMPIRAN ................................................................................................. viii
BAB I PENDAHULUAN.............................................................................................. 1
1.1 Latar Belakang Penelitian ........................................................................... 1
1.2 Rumusan Masalah ....................................................................................... 5
1.3 Maksud dan Tujuan penelitian..................................................................... 6
1.3.1 Maksud Penelitian .............................................................................. 6
1.3.2 Tujuan Penelitian ................................................................................ 6
1.4 Kegunaan Penelitian .................................................................................... 7
1.4.1 Kegunaan Teoritis .............................................................................. 7
1.4.2 Kegunaan Praktis ................................................................................ 7
BAB II KAJIAN PUSTAKA, KERANGKA PEMIKIRAN, DAN HIPOTESIS ......... 8
2.1 Kajian Pustaka ............................................................................................ 8
2.1.1 Kebijakan Hutang ............................................................................... 8
2.1.2 Struktur Kepemilikan.......................................................................... 14
2.1.3 Investment Opportunity Set................................................................. 18
2.1.4 Penelitian Terdahulu ........................................................................... 24
2.2 Kerangka Pemikiran .................................................................................... 25
2.2.1 Pengaruh Kepemilikan Manajerial terhadap Kebijakan Hutang ........ 26
2.2.2 Pengaruh Kepemilikan Institusional terhadap Kebijakan Hutang ...... 28
2.2.3 Pengaruh Investment Opportunity Set terhadap Kebijakan Hutang ... 29
Nella Herta Anggelia Siahaan, 2016
PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, DAN INVESTMENT
OPPORTUNITY SET TERHADAP KEBIJAKAN HUTANG
Universitas Pendidikan Indonesia| repository.upi.edu | perpustakaan.upi.edu
iv
2.3 Hipotesis ...................................................................................................... 30
BAB III METODE PENELITIAN ................................................................................ 31
3.1 Objek Penelitian........................................................................................... 31
3.2 Metodologi Penelitian .................................................................................. 31
3.2.1 Desain Penelitian ................................................................................ 31
3.2.2 Definisi dan Operasionalisasi Variabel .............................................. 33
3.2.3 Populasi dan Sampel .......................................................................... 37
3.2.4 Jenis dan Sumber Data ....................................................................... 38
3.2.5 Teknik Pengumpulan Data ................................................................. 39
3.2.6 Teknik Analisis Data .......................................................................... 39
BAB IV HASIL DAN PEMBAHASAN ....................................................................... 47
4.1 Hasil Penelitian ............................................................................................ 47
4.1.1 Tinjauan Umum Subjek Penelitian ..................................................... 47
4.1.2 Analisis Deskriptif Data Variabel ....................................................... 53
4.1.3 Uji Asumsi Klasik............................................................................... 63
4.1.4 Analisis Regresi Linier Berganda ....................................................... 66
4.1.5 Uji Hipotesis ...................................................................................... 67
4.1.6 Koefisien Determinasi ........................................................................ 70
4.2 Pembahasan ................................................................................................. 71
4.2.1 Gambaran Kepemilikan Manajerial, Kepemilikan Institusional, dan
Investment Opportunity Set pada Perusahaan Tekstil dan Garmen yang
Terdaftar di Bursa Efek Indonesia ...................................................... 71
4.2.2 Pengaruh Kepemilikan Manajerial terhadap Kebijakan Hutang ........ 73
4.2.3 Pengaruh Kepemilikan Institusional terhadap Kebijakan Hutang ...... 74
4.2.4 Pengaruh Investment Opportunity Set terhadap Kebijakan Hutang ... 75
4.2.5 Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, dan
Investment Opportunity Set terhadap Kebijakan Hutang.................... 75
BAB V SIMPULAN DAN SARAN.............................................................................. 77
5.1 Simpulan ...................................................................................................... 71
5.2 Saran ............................................................................................................ 71
DAFTAR PUSTAKA
Nella Herta Anggelia Siahaan, 2016
PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, DAN INVESTMENT
OPPORTUNITY SET TERHADAP KEBIJAKAN HUTANG
Universitas Pendidikan Indonesia| repository.upi.edu | perpustakaan.upi.edu
v
LAMPIRAN-LAMPIRAN
DAFTAR TABEL
Tabel 2.1 Penelitian Terdahulu ...................................................................................... 24
Tabel 3.1 Operasionalisasi Variabel .............................................................................. 36
Tabel 3.2 Daftar Perusahaan Tekstil dan Garmen ......................................................... 37
Tabel 4.1 Kepemilikan Manajerial Perusahaan Tekstil dan Garmen ............................ 55
Tabel 4.2 Kepemilikan Institusional Perusahaan Tekstil dan Garmen .......................... 57
Tabel 4.3 Investment Opportunity Set Perusahaan Tekstil dan Garmen ....................... 59
Tabel 4.4 Kebijakan Hutang Perusahaan Tekstil dan Garmen ...................................... 61
Tabel 4.5 Uji Multikolinearitas...................................................................................... 64
Tabel 4.6 Uji Durbin-Watson Statistik .......................................................................... 65
Tabel 4.7 Uji Durbin-Watson ........................................................................................ 65
Tabel 4.8 Hasil Regresi Linear Berganda ...................................................................... 66
Tabel 4.9 Uji F ............................................................................................................... 68
Tabel 4.10 Uji t .............................................................................................................. 69
Tabel 4.11 Koefisien Determinasi (R2) ......................................................................... 71
Nella Herta Anggelia Siahaan, 2016
PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, DAN INVESTMENT
OPPORTUNITY SET TERHADAP KEBIJAKAN HUTANG
Universitas Pendidikan Indonesia| repository.upi.edu | perpustakaan.upi.edu
vi
DAFTAR GAMBAR
Gambar 1.1 Grafik DER Beberapa Perusahaan Tekstil dan Garmen yang terdaftar di
BEI tahun 2015 ......................................................................................... 3
Gambar 2.1 Kerangka Pemikiran............ ..................................................................... 30
Gambar 4.1 Grafik Rata-Rata Kepemilikan Institusional............................................. 58
Gambar 4.2 Grafik Rata-Rata Investment Opportunity Set .......................................... 60
Gambar 4.3 Grafik Rata-Rata Kebijakan Hutang ........................................................ 62
Gambar 4.4 Hasil Uji Normalitas ................................................................................ 63
Gambar 4.5 Hasil Uji Heteroskedastisitas .................................................................... 64
Nella Herta Anggelia Siahaan, 2016
PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, DAN INVESTMENT
OPPORTUNITY SET TERHADAP KEBIJAKAN HUTANG
Universitas Pendidikan Indonesia| repository.upi.edu | perpustakaan.upi.edu
vii
DAFTAR LAMPIRAN
Lampiran 1 Perhitungan PER (Price to Earning Ratio)
Lampiran 2 Perhitungan DER (Debt to Equity Ratio)
Lampiran 3 Hasil Output SPSS 23.0 for windows
Lampiran 4 SK Dosen Pembimbing
Lampiran 5 SK Ujian Sidang Skripsi
Lampiran 6 Form Frekuensi Bimbingan SUP (Seminar Usulan Penelitian)
Lampiran 7 Form Revisi SUP (Seminar Usulan Penelitian)
Lampiran 8 Form Frekuensi Bimbingan Sidang
Lampiran 9 Form Revisi Ujian Sidang
Nella Herta Anggelia Siahaan, 2016
PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, DAN INVESTMENT
OPPORTUNITY SET TERHADAP KEBIJAKAN HUTANG
Universitas Pendidikan Indonesia| repository.upi.edu | perpustakaan.upi.edu
viii
LEMBAR PENGESAHAN
PERNYATAAN KEASLIAN SKRIPSI
UCAPAN TERIMA KASIH
ABSTRAK .................................................................................................................... i
ABSTRACT ................................................................................................................... ii
KATA PENGANTAR ................................................................................................ iii
DAFTAR ISI ................................................................................................................. iv
DAFTAR TABEL ......................................................................................................... vi
DAFTAR GAMBAR ..................................................................................................... vii
DAFTAR LAMPIRAN ................................................................................................. viii
BAB I PENDAHULUAN.............................................................................................. 1
1.1 Latar Belakang Penelitian ........................................................................... 1
1.2 Rumusan Masalah ....................................................................................... 5
1.3 Maksud dan Tujuan penelitian..................................................................... 6
1.3.1 Maksud Penelitian .............................................................................. 6
1.3.2 Tujuan Penelitian ................................................................................ 6
1.4 Kegunaan Penelitian .................................................................................... 7
1.4.1 Kegunaan Teoritis .............................................................................. 7
1.4.2 Kegunaan Praktis ................................................................................ 7
BAB II KAJIAN PUSTAKA, KERANGKA PEMIKIRAN, DAN HIPOTESIS ......... 8
2.1 Kajian Pustaka ............................................................................................ 8
2.1.1 Kebijakan Hutang ............................................................................... 8
2.1.2 Struktur Kepemilikan.......................................................................... 14
2.1.3 Investment Opportunity Set................................................................. 18
2.1.4 Penelitian Terdahulu ........................................................................... 24
2.2 Kerangka Pemikiran .................................................................................... 25
2.2.1 Pengaruh Kepemilikan Manajerial terhadap Kebijakan Hutang ........ 26
2.2.2 Pengaruh Kepemilikan Institusional terhadap Kebijakan Hutang ...... 28
2.2.3 Pengaruh Investment Opportunity Set terhadap Kebijakan Hutang ... 29
Nella Herta Anggelia Siahaan, 2016
PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, DAN INVESTMENT
OPPORTUNITY SET TERHADAP KEBIJAKAN HUTANG
Universitas Pendidikan Indonesia| repository.upi.edu | perpustakaan.upi.edu
iv
2.3 Hipotesis ...................................................................................................... 30
BAB III METODE PENELITIAN ................................................................................ 31
3.1 Objek Penelitian........................................................................................... 31
3.2 Metodologi Penelitian .................................................................................. 31
3.2.1 Desain Penelitian ................................................................................ 31
3.2.2 Definisi dan Operasionalisasi Variabel .............................................. 33
3.2.3 Populasi dan Sampel .......................................................................... 37
3.2.4 Jenis dan Sumber Data ....................................................................... 38
3.2.5 Teknik Pengumpulan Data ................................................................. 39
3.2.6 Teknik Analisis Data .......................................................................... 39
BAB IV HASIL DAN PEMBAHASAN ....................................................................... 47
4.1 Hasil Penelitian ............................................................................................ 47
4.1.1 Tinjauan Umum Subjek Penelitian ..................................................... 47
4.1.2 Analisis Deskriptif Data Variabel ....................................................... 53
4.1.3 Uji Asumsi Klasik............................................................................... 63
4.1.4 Analisis Regresi Linier Berganda ....................................................... 66
4.1.5 Uji Hipotesis ...................................................................................... 67
4.1.6 Koefisien Determinasi ........................................................................ 70
4.2 Pembahasan ................................................................................................. 71
4.2.1 Gambaran Kepemilikan Manajerial, Kepemilikan Institusional, dan
Investment Opportunity Set pada Perusahaan Tekstil dan Garmen yang
Terdaftar di Bursa Efek Indonesia ...................................................... 71
4.2.2 Pengaruh Kepemilikan Manajerial terhadap Kebijakan Hutang ........ 73
4.2.3 Pengaruh Kepemilikan Institusional terhadap Kebijakan Hutang ...... 74
4.2.4 Pengaruh Investment Opportunity Set terhadap Kebijakan Hutang ... 75
4.2.5 Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, dan
Investment Opportunity Set terhadap Kebijakan Hutang.................... 75
BAB V SIMPULAN DAN SARAN.............................................................................. 77
5.1 Simpulan ...................................................................................................... 71
5.2 Saran ............................................................................................................ 71
DAFTAR PUSTAKA
Nella Herta Anggelia Siahaan, 2016
PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, DAN INVESTMENT
OPPORTUNITY SET TERHADAP KEBIJAKAN HUTANG
Universitas Pendidikan Indonesia| repository.upi.edu | perpustakaan.upi.edu
v
LAMPIRAN-LAMPIRAN
DAFTAR TABEL
Tabel 2.1 Penelitian Terdahulu ...................................................................................... 24
Tabel 3.1 Operasionalisasi Variabel .............................................................................. 36
Tabel 3.2 Daftar Perusahaan Tekstil dan Garmen ......................................................... 37
Tabel 4.1 Kepemilikan Manajerial Perusahaan Tekstil dan Garmen ............................ 55
Tabel 4.2 Kepemilikan Institusional Perusahaan Tekstil dan Garmen .......................... 57
Tabel 4.3 Investment Opportunity Set Perusahaan Tekstil dan Garmen ....................... 59
Tabel 4.4 Kebijakan Hutang Perusahaan Tekstil dan Garmen ...................................... 61
Tabel 4.5 Uji Multikolinearitas...................................................................................... 64
Tabel 4.6 Uji Durbin-Watson Statistik .......................................................................... 65
Tabel 4.7 Uji Durbin-Watson ........................................................................................ 65
Tabel 4.8 Hasil Regresi Linear Berganda ...................................................................... 66
Tabel 4.9 Uji F ............................................................................................................... 68
Tabel 4.10 Uji t .............................................................................................................. 69
Tabel 4.11 Koefisien Determinasi (R2) ......................................................................... 71
Nella Herta Anggelia Siahaan, 2016
PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, DAN INVESTMENT
OPPORTUNITY SET TERHADAP KEBIJAKAN HUTANG
Universitas Pendidikan Indonesia| repository.upi.edu | perpustakaan.upi.edu
vi
DAFTAR GAMBAR
Gambar 1.1 Grafik DER Beberapa Perusahaan Tekstil dan Garmen yang terdaftar di
BEI tahun 2015 ......................................................................................... 3
Gambar 2.1 Kerangka Pemikiran............ ..................................................................... 30
Gambar 4.1 Grafik Rata-Rata Kepemilikan Institusional............................................. 58
Gambar 4.2 Grafik Rata-Rata Investment Opportunity Set .......................................... 60
Gambar 4.3 Grafik Rata-Rata Kebijakan Hutang ........................................................ 62
Gambar 4.4 Hasil Uji Normalitas ................................................................................ 63
Gambar 4.5 Hasil Uji Heteroskedastisitas .................................................................... 64
Nella Herta Anggelia Siahaan, 2016
PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, DAN INVESTMENT
OPPORTUNITY SET TERHADAP KEBIJAKAN HUTANG
Universitas Pendidikan Indonesia| repository.upi.edu | perpustakaan.upi.edu
vii
DAFTAR LAMPIRAN
Lampiran 1 Perhitungan PER (Price to Earning Ratio)
Lampiran 2 Perhitungan DER (Debt to Equity Ratio)
Lampiran 3 Hasil Output SPSS 23.0 for windows
Lampiran 4 SK Dosen Pembimbing
Lampiran 5 SK Ujian Sidang Skripsi
Lampiran 6 Form Frekuensi Bimbingan SUP (Seminar Usulan Penelitian)
Lampiran 7 Form Revisi SUP (Seminar Usulan Penelitian)
Lampiran 8 Form Frekuensi Bimbingan Sidang
Lampiran 9 Form Revisi Ujian Sidang
Nella Herta Anggelia Siahaan, 2016
PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, DAN INVESTMENT
OPPORTUNITY SET TERHADAP KEBIJAKAN HUTANG
Universitas Pendidikan Indonesia| repository.upi.edu | perpustakaan.upi.edu
viii