DETERMINAN TINGKAT HUTANG SERTA HUBUNGAN TINGKAT HUTANG TERHADAP NILAI PERUSAHAAN: PERSPEKTIF PECKING ORDER THEORY
DETERMINAN TINGKAT HUTANG
SERTA HUBUNGAN TINGKAT HUTANG TERHADAP NILAI
PERUSAHAAN: PERSPEKTIF PECKING ORDER THEORY
M ir n a A m i r y a
F a k u lta s E k o n o m i U niversita s B ra w ija y a
S a r i A t m in i
F a k u lta s E k o n o m i U niversita s B ra w ija y a m im a .a m ir y a @ g m a il.c o m
Abstract
B a s e d on P e c k in g O rd er Theory, th e o b jective o f this s tu d y is to e xa m in e th e e ffe c t o f d iv id e n d p o licy, p rofita bility, sa les grow th, a n d to ta l assets g ro w th tow ards fin a n c ia l le ve ra g e a n d the e ffe c t o f fin a n c ia l leve ra g e as a n in te rv e n in g va ria b le to w a rd s fir m value. The s a m p lin g m e th o d is p u r p o s iv e s a m p lin g m e th o d a n d there are 33 fir m s th a t f u l f i l the criteria. D a ta are a n a ly ze d u sin g p a th a n a lysis m ethod.
T he resu lts s h o w th a t d iv id e n d p o lic y a n d p r o fita b ility h a v e n e g a tiv e in fluen ce on fin a n c ia l leverage, w h ile to ta l a ssets g ro w th has p o s itiv e in flu ence on fin a n c ia l levera g e. F in a n c ia l le v e ra g e h a s n e g a tiv e rela tio n on fir m value.
Keywords: financial leverage, firm value, and pecking order theory.
PENDAHULUAN
P e rk e m b a n g a n d u n ia b is n is y a n g s e m a k in k e ta t m e n c ip ta k a n p e r s a in g a n y a n g ta ja m a n ta r p e r u s a h a a n . P e ru s a h a a n d itu n tu t m e m p u n y a i k e u n g g u la n b e r s a in g
b a ik d a la m te k n o lo g i, p r o d u k y a n g d ih a s ilk a n , m a u p u n s u m b e r d a y a m a n u s ia . U n tu k itu p e r u s a h a a n m e m e r lu k a n d a n a y a n g b e s a r, y a n g d a p a t d ip e r o le h d a ri s u m b e r in te rn a l m a u p u n e k s te rn a l.
228 J u r n a l A k u n t a n s i d a n K e u a n g a n I n d o n e s ia , D e s e m b e r 2 0 0 8 , Vol. 5, N o . 2, H a l. 2 2 7 - 2 4 4
S tr u k tu r m o d a l p e r u s a h a a n p u b lik d i I n d o n e s ia m a s ih d id o m in a s i d a ri h u ta n g
d ib a n d in g m o d a l s e n d ir i ( S u d a r m a 2 0 0 4 ). B e s a r n y a h u ta n g y a n g d ig u n a k a n o le h p e r u s a h a a n u n tu k m e m b ia y a i k e g ia ta n n y a m e r u p a k a n s u a tu k e b ija k a n p e r u s a h a a n y a n g b e r h u b u n g a n d e n g a n s tr u k tu r m o d a l. K e b ija k a n te r s e b u t tid a k te rle p a s d a ri u p a y a p e r u s a h a a n u n tu k m e n in g k a tk a n n ila i p e ru s a h a a n m e la lu i p e n in g k a ta n k e m a k m u r a n p e m ilik d a n p a r a p e m e g a n g s a h a m y a n g te r c e r m in p a d a h a r g a s a h a m
(B r ig h a m 1 9 9 5 , 13).
D a la m m e la k u k a n in v e s ta s i, in v e s to r a k a n m e lih a t k e m u n g k in a n m u n c u ln y a r is ik o d a la m s u a tu p e r u s a h a a n . S a la h s a tu r is ik o te r s e b u t a d a la h r is ik o k e u a n g a n
a ta u fin a n c ia l risk, y a itu r is ik o y a n g tim b u l d a ri p e n g g u n a a n h u ta n g . U n tu k m e m p e r o le h p e rs e p s i p o s i t i f d a ri in v e s to r y a n g a k h ir n y a d a p a t m e n a ik k a n h a rg a s a h a m p e r u s a h a a n , p ih a k m a n a je m e n m e n g g u n a k a n tin g k a t h u ta n g p a d a tin g k a ta n y a n g m e m a k s im u m k a n n ila i p e r u s a h a a n . P e n g g u n a a n tin g k a t h u ta n g y a n g s e m a k in
b e s a r d a la m s tr u k tu r m o d a l p e r u s a h a a n m e n y e b a b k a n b ia y a b u n g a s e m a k in b e s a r, s e h in g g a k e u n tu n g a n p e r le m b a r s a h a m y a n g m e n ja d i h a k p e m e g a n g s a h a m j u g a s e m a k in b e s a r k a r e n a a d a n y a p e n g h e m a ta n p e m b a y a r a n p a ja k p e n g h a s ila n b a d a n (R a o 1 9 9 5 , 4 7 5 ). T e ta p i p a d a tin g k a ta n te r te n tu , p e n g g u n a a n tin g k a t h u ta n g ju s tr u
a k a n m e n u r u n k a n n ila i p e r u s a h a a n k a r e n a m e n in g k a tk a n r is ik o k e b a n g k r u ta n p e r u s a h a a n . P e m b a y a r a n a n g s u r a n d a n b u n g a h u ta n g d a p a t m e n y e b a b k a n fin a n c ia l distress k a r e n a a ru s k a s p e r u s a h a a n tid a k m a m p u m e n u tu p in y a .
K e p u tu s a n p e n d a n a a n m e r u p a k a n fo k u s d a la m m a n a je m e n k e u a n g a n y a n g m a s ih m e n ja d i p e r d e b a ta n h in g g a s a a t in i. B ila a s u m s i p a s a r p e r s a in g a n s e m p u r n a
d ilo n g g a r k a n , ta m p a k b a h w a m a n a je m e n m e m ilik i in fo r m a s i te n ta n g p r o s p e k p e r u s a h a a n le b ih b a ik d a r ip a d a in v e sto r. P e lo n g g a r a n a s u m s i m e m u n c u lk a n
b e b e r a p a te o ri s tr u k tu r m o d a l b e r b a s is a s im e tr i in fo r m a s i s e p e rti a g en cy theory, p e c k in g o rd er theory,
d a n sig n a lin g h ypothesis.
P e n e litia n in i d if o k u s k a n p a d a p e c k in g ord er th eo ry d e n g a n a rg u m e n : ( 1 ) p e c k in g o rd er th e o ry d id a s a r k a n p a d a u ru ta n s u m b e r p e n d a n a a n d a ri la b a
d ita h a n , h u ta n g , d a n p e n e r b ita n e k u ita s b a ru . F o k u s p e n e litia n in i a d a la h p a d a
h u ta n g ; (2 ) p e c k in g o rd er th eo ry d itu ju k a n a g a r m a n a je r b e r tin d a k d is ip lin d a la m m e m a k s im u m k a n k e m a k m u r a n p e m ilik d a n p e m e g a n g s a h a m ( S h y a m - S u n d e r d a n M y e r s 1 9 9 9 ). P e c kin g ord er th eo ry tid a k s e c a r a e k s p lis it m e m b a h a s r is ik o p r o s p e k p e r u s a h a a n , w a la u p u n u r u ta n p e n d a n a a n d id a s a r k a n p a d a r is ik o a ta u k e tid a k p a s tia n p r o s p e k p e r u s a h a a n p a d a m a s a y a n g a k a n d a ta n g (B rig h a m 1 9 9 5 ).
B e b e r a p a p e n e litia n m e n g e n a i f a k to r y a n g m e m p e n g a ru h i tin g k a t h u ta n g te la h b a n y a k d ila k u k a n . P e n e litia n - p e n e litia n te r s e b u t m e n e m u k a n b u k ti b a h w a k e b ija k a n d iv id e n b e r p e n g a r u h n e g a ti f te r h a d a p tin g k a t h u ta n g (A lie n 1 9 9 3 d a la m
A d e d e ji 1 9 9 8 ; K a a ro 2 0 0 1 ). N a m u n , p e n e litia n la in m e n e m u k a n b u k ti b a h w a
A m ir y a , A tm in i, D e te r m in a n T in g k a t H u ta n g s e r ta H u b u n g a n T in g k a t. 229
k e b ij a k a n d iv id e n b e r p e n g a r u h p o s it i f te r h a d a p tin g k a t h u ta n g (B a s k in 1 9 8 9 ; A d e d e j i
1 9 9 8 ; M a h a d w a r th a d a n H a r to n o 2 0 0 2 ). S e la in itu d ite m u k a n b a h w a p r o f ita b ilita s
2 0 0 1 ). P e n e litia n m e n g e n a i f a k to r y a n g m e m p e n g a r u h i n ila i p e r u s a h a a n d ila k u k a n S u d a r m a (2 0 0 4 ) y a n g m e n e m u k a n b u k ti b a h w a k e b ija k a n d iv id e n , p ro f ita b ilita s , d a n p e r tu m b u h a n p e r u s a h a a n b e r p e n g a r u h p o s i t i f te rh a d a p n ila i p e r u s a h a a n , s e d a n g k a n tin g k a t h u ta n g b e r p e n g a r u h n e g a ti f te r h a d a p n ila i p e r u s a h a a n .
P e n e litia n in i b e r tu ju a n u n tu k m e m p e r o le h b u k ti e m p ir is m e n g e n a i: (1 ) p e n g a r u h k e b ija k a n d iv id e n , p r o f ita b ilita s , p e r tu m b u h a n p e n ju a la n d a n p e r tu m b u h a n to ta l a k tiv a te r h a d a p tin g k a t h u ta n g p e r u s a h a a n ; (2 ) h u b u n g a n tin g k a t h u ta n g d e n g a n
n ila i p e r u s a h a a n .
TELAAH LITERATUR DAN PENGEMBANGAN HIPOTESIS
A s im e tri in f o r m a s i te r ja d i k e tik a a d a p e n g u a s a a n in fo r m a s i y a n g b e r b e d a . S e m a k in b e s a r a s im e tr i in f o r m a s i, b ia y a tra n s a k s i s e m a k in tin g g i d a n lik u id ita s s e m a k in re n d a h . A s im e tr i in f o r m a s i m e m b e r ik a n r is ik o k e p u tu s a n p e n d a n a a n . P e r u s a h a a n tid a k in g in m e m p e r o le h r is ik o b e s a r d a n m e n g in g in k a n a g a r m a n a je r
b e r tin d a k d is ip lin d a la m m e m a k s im u m k a n k e m a k m u r a n p e m ilik .
A s im e tri in f o r m a s i m e m p e n g a r u h i k e p u tu s a n m a n a je r k e u a n g a n d a la m m e n g a tu r u r u t- u r u ta n k e m a m p u a n p e n d a n a a n in v e s ta s i, te r u ta m a p e r tim b a n g a n
a s p e k k e s u lita n k e u a n g a n . U r u t- u r u ta n p e n d a n a a n in i, y a n g d ik e n a l d e n g a n p e c k in g o rd er theory, m e n g a r a h k a n p a d a s itu a s i te r d a p a tn y a s tr u k tu r p e r m o d a la n y a n g o p tim a l b a g i p e r u s a h a a n . S e tia p tim b u l p e lu a n g in v e s ta s i, m a n a je r k e u a n g a n s e la lu
b e r p ik ir k e a ra h p e n g a tu r a n s u m b e r p e m b ia y a a n y a n g p r o p o r s io n a l y a n g d a p a t m e m in im u m k a n b ia y a m o d a l. A d a e m p a t h a l y a n g d ik e m u k a k a n M y e r s (1 9 8 4 )
d a la m R iz k y a n i ( 2 0 0 6 ) b e r k e n a a n d e n g a n p e c k in g o rd er theory, y a itu : (1 ) p e r u s a h a a n le b ih m e n g u ta m a k a n s u m b e r d a n a in te rn a l; (2 ) p e r u s a h a a n m e n y e s u a ik a n ta r g e t
d iv id e n d p a y o u t ra tio te r h a d a p p e lu a n g in v e s ta s i n a m u n m e n g h in d a r i p e r u b a h a n p e m b a y a r a n d iv id e n s e c a r a d ra s tis ; (3 ) k e b ija k a n d iv id e n y a n g k e ta t, f lu k tu a s i p r o f ita b ilita s d a n p e lu a n g in v e s ta s i y a n g ta k te r d u g a m e n g a k ib a tk a n s u m b e r d a n a
in te r n a l m e le b ih i a ta u b a h k a n k u r a n g d a ri k e b u tu h a n in v e s ta s i. J ik a s u m b e r d a n a
230 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia , D e s e m b e r 2 0 0 8 , Vol. 5, N o . 2, H a l. 2 2 7 244 -
in te rn a l le b ih k e c il d a ri k e b u tu h a n in v e s ta s i, p e r u s a h a a n m e n g g u n a k a n s a ld o k a s
a ta u m e n ju a l p o rto f o lio s u r a t b e rh a rg a y a n g d im ilik i; (4 ) j i k a p e n d a n a a n e k s te rn a l
d ip e r lu k a n , p e ru s a h a a n m e m ilih s u m b e r d a n a d a ri h u ta n g k a r e n a d ip a n d a n g le b ih
a m a n d a ri e k u ita s . E k u ita s m e r u p a k a n p ilih a n te r a k h ir s u m b e r p e n d a n a a n .
D iv id e n , d a p a t b e r b e n tu k d iv id e n k a s a ta u p u n d iv id e n s a h a m , m e r u p a k a n la b a b e r s ih p e ru s a h a a n y a n g d id is tr ib u s ik a n k e p a d a p e m e g a n g s a h a m a ta s p e r s e tu ju a n R a p a t U m u m P e m e g a n g S a h a m ( D a rm a d ji d a n F a k h r u d d in 2 0 0 1 , 127). K e b ija k a n d iv id e n a d a la h re n c a n a tin d a k a n d a la m m e m b u a t k e p u tu s a n d iv id e n u n tu k d u a tu ju a n d a sa r, y a itu m a k s im a lis a s i k e k a y a a n p e m ilik d a n p e m b ia y a a n y a n g c u k u p . K e d u a tu ju a n te r s e b u t s a lin g b e r h u b u n g a n d a n h a r u s m e m e n u h i fa k to r
h u k u m , p e rja n jia n , p e r tu m b u h a n , h u b u n g a n d e n g a n p e m ilik d a n h u b u n g a n d e n g a n p a s a r y a n g m e m b a ta s i a lte r n a t if k e b ija k a n ( S u n d ja ja d a n B a r lia n 2 0 0 3 , 3 9 0 ). P e ru s a h a a n y a n g m e m b a g ik a n d iv id e n d a la m ju m la h b e s a r m e m e r lu k a n ta m b a h a n d a n a m e la lu i tin g k a t h u ta n g s e h in g g a k e b ija k a n d iv id e n m e m p e n g a r u h i tin g k a t h u ta n g s e c a ra s e a ra h ( E m e r y d a n F in n e r ty 1 9 9 7 d a la m Is m iy a n ti d a n H a n a fi
2 0 0 3 ). D iv id e n y a n g tin g g i m e r u p a k a n s in y a l m e n in g k a tn y a p r o f ita b ilita s p e r u s a h a a n
d i m a s a d e p a n (M ille r d a il R o c k 1 9 8 5 d a la m M a h a d w a r th a d a n H a r to n o 2 0 0 2 ). M a n a je m e n m e m b e r ik a n s in y a l p o s i t i f m e la lu i p e m b a g ia n d iv id e n a g a r in v e s to r m e n g e ta h u i b a h w a te r d a p a t p e lu a n g in v e s ta s i di m a s a d e p a n y a n g m e n ja n jik a n b a g i n ila i p e ru s a h a a n . D iv id e n y a n g tin g g i j u g a b e ra rti p e r u s a h a a n a k a n ie b ih b a n y a k m e n g g u n a k a n tin g k a t h u ta n g u n tu k m e m b ia y a i in v e s ta s in y a , u n tu k m e n ja g a s tr u k tu r m o d a l o p tim a l (E m e r y d a n F in n e r ty 1 9 9 7 ; E a s te r b r o o k 1 9 8 4 d a la m Is m iy a n ti d a n
H a n a fi 2 0 0 3 ). P e n e litia n B a s k in (1 9 8 9 ) , A d e d e ji (1 9 9 8 ) , d a n M a h a d w a r th a d a n
H a r to n o (2 0 0 2 ) m e n e m u k a n b a h w a k e b ija k a n d iv id e n b e r p e n g a r u h p o s i t i f te r h a d a p tin g k a t h u ta n g . P e n e litia n y a n g d ila k u k a n o le h M y e r s (1 9 9 6 ) d a la m K a a r o (2 0 0 1 ) m e n e m u k a n b a h w a k e b ija k a n d iv id e n b e r p e n g a r u h n e g a t i f te rh a d a p tin g k a t
h u ta n g . P e n g a ru h in i m e n g in d ik a s ik a n b a h w a d iv id e n d a p a t m e n s u b s titu s i fu n g s i
h u ta n g d a la m m e n g u ra n g i r is ik o p e r u s a h a a n . P e n g g u n a a n d iv id e n d ila k u k a n u n tu k m e n g a ta s i m a s a la h k e le b ih a n a lira n k a s in te rn a l (free ca sh flo w ) p a d a p e ru s a h a a n y a n g p ro fita b le d a n low -grow th. D e n g a n d e m ik ia n , p e r u s a h a a n m a s ih m a m p u m e m b a y a r d iv id e n y a n g tin g g i d a n m e m b ia y a i k e s e m p a ta n in v e s ta s i y a n g a d a ta n p a
h a r u s m e n c a r i ta m b a h a n d a n a e k s te r n a l d a ri h u ta n g . A lie n (1 9 9 3 ) d a la m A d e d e ji ( 1 9 9 8 ) d a n K a a ro ( 2 0 0 1 ) m e n e m u k a n b a h w a k e b ija k a n d iv id e n b e r p e n g a r u h n e g a t i f te rh a d a p tin g k a t h u ta n g . B e r d a s a r k a n u ra ia n h a s il p e n e litia n te rd a h u lu d a p a t
d itu r u n k a n h ip o te s is s e b a g a i b e rik u t:
H {: K e b i j a k a n d i v id e n b e r p e n g a r u h t e r h a d a p t in g k a t h u t a n g .
A m ir y a , A tm in i, D e te r m in a n T in g k a t H u t a n g s e r ta H u b u n g a n T in g k a t. 23 J
P r o fita b ilita s m e n c e r m in k a n k e u n tu n g a n d a ri in v e s ta s i k e u a n g a n . M a n a je r k e u a n g a n y a n g m e n g g u n a k a n p e c k in g o rd er th e o ry s e la lu m e m p e r b e s a r tin g k a t p r o f ita b ilita s u n tu k m e n in g k a tk a n la b a d ita h a n ( M y e rs 1 9 8 4 d a la m S u d a r m a
2 0 0 4 ). A r tin y a , p ro f ita b ilita s b e r h u b u n g a n n e g a t i f d e n g a n ra s io tin g k a t h u ta n g . P e n g a r u h n e g a t i f p ro f ita b ilita s te r h a d a p tin g k a t h u ta n g d ite m u k a n o le h C a r le to n
d a n S ilb e r m a n ( 1 9 7 7 ) d a la m K a a r o (2 0 0 1 ) , T itm a n d a n W e s s e ls (1 9 8 8 ) , B a r to n d a n S u n d a r a m (1 9 8 9 ), B a s k in (1 9 8 9 ) , C h a n g d a n R h e e ( 1 9 9 0 ) d a la m K a a ro (2 0 0 1 ) , K a a r o (2 0 0 1 ), W a h id a h w a ti (2 0 0 2 ) , Is m iy a n ti d a n H a n a fi (2 0 0 3 ), s e r ta S u d a r m a (2 0 0 4 ) , y a n g m e n g in d ik a s ik a n b a h w a p a d a tin g k a t p ro f ita b ilita s re n d a h , p e r u s a h a a n m e n g g u n a k a n tin g k a t h u ta n g u n tu k m e m b ia y a i o p e r a s io n a ln y a d a n s e b a lik n y a .
B e r d a s a r k a n u r a ia n h a s il p e n e litia n te rd a h u lu , d itu r u n k a n h ip o te s is :
H 2: P r o f i t a b ili t a s b e r p e n g a r u h n e g a t i f t e r h a d a p t in g k a t h u t a n g .
P e r tu m b u h a n p e r u s a h a a n m e r u p a k a n k o m p le m e n p r o f ita b ilita s s e b a g a i p r o k s i p e c k in g o rd er th e o ry u n tu k m e n ila i p r o s p e k p e ru s a h a a n d i m a s a d a ta n g .
D u a p e r tu m b u h a n u k u r a n p e r u s a h a a n y a n g te r k a it te ta p i m e m ilik i im p lik a s i y a n g
h u ta n g . S e s u a i d e n g a n p e c k in g o rd er theory, p e r u s a h a a n d e n g a n p e rtu m b u h a n tin g g i c e n d e r u n g m e m ilik i p e n d a n a a n in te r n a l y a n g k u a t, s e h in g g a c e n d e r u n g m e n u r u n k a n tin g k a t h u ta n g . B e r d a s a r k a n u r a ia n h a s il p e n e litia n te r d a h u lu d a p a t
d itu r u n k a n h ip o te s is :
H 3: P e r t u m b u h a n p e n j u a l a n b e r p e n g a r u h n e g a t i f t e r h a d a p t in g k a t h u t a n g .
A n a lis is p e rtu m b u h a n p e ru s a h a a n d ila k u k a n u n tu k m e n g u k u r k e m a m p u a n p e ru s a h a a n m e m p e r ta h a n k a n p o s is in y a b a ik d i d a la m in d u s tri m a u p u n d a la m k e
g ia ta n e k o n o m i s e c a r a k e s e lu ru h a n . D a la m h a l in i, p e n g e r tia n a n a lis is p e rtu m b u h a n
232 J u r n a l A k u n t a n s i d a n K e u a n g a n I n d o n e s ia , D e s e m b e r 2 0 0 8 , Vol. 5, N o . 2, H a l. 2 2 7 - 2 4 4
p e r u s a h a a n a d a la h a n a lis is te rh a d a p p r o d u k tiv ita s d a s a r d a ri k e g ia ta n e k o n o m i (S u d a r m a 2 0 0 4 ). H o m a ifa r (1 9 9 4 ) d a la m S u d a r m a ( 2 0 0 4 ) m e n ila i p e r tu m b u h a n p e r u s a h a a n d a ri n ila i e k u ita s d e n g a n m e n g g u n a k a n in d ik a to r r a s io n ila i p a s a r e k u ita s
d e n g a n n ila i b u k u e k u ita s. S e d a n g k a n T itm a n d a n W e s s e ls ( 1 9 8 8 ) d a n S u d a rm a (2 0 0 4 ) m e n ila i p e rtu m b u h a n p e r u s a h a a n d a ri to ta l a k tiv a . P e r tu m b u h a n to ta l a k tiv a p e r u s a h a a n j u g a m e n c e r m in k a n p r o s p e k p e r u s a h a a n , te ta p i m e m b a w a im p lik a s i y a n g b e r b e d a te r h a d a p tin g k a t h u ta n g . P e r tu m b u h a n to ta l a k tiv a c e n d e r u n g b e r d a m p a k p o s it i f te r h a d a p tin g k a t h u ta n g p e r u s a h a a n . P e r tu m b u h a n to ta l a k tiv a m e n c e r m in k a n h o ris o n w a k tu y a n g le b ih p a n ja n g d a ri p e rtu m b u h a n p e n ju a la n . I n v e s ta s i p a d a a k tiv a m e m b u tu h k a n w a k tu s e b e lu m siap d io p e ra s ik a n , s e h in g g a a k tiv ita s y a n g d ila k u k a n tid a k la n g s u n g te r k a it
d e n g a n p e n e r im a a n . P e n in g k a ta n a k tiv a d ila k u k a n p e r u s a h a a n b ila te r d a p a t p r o s p e k
b a g u s . K e b u tu h a n d a n a in te rn a l y a n g tid a k m e n c u k u p i a k a n m e n d o r o n g p e ru s a h a a n m e n g g u n a k a n h u ta n g , s e h in g g a p e r tu m b u h a n to ta l a k tiv a c e n d e r u n g b e r d a m p a k p o s i t if te rh a d a p tin g k a t h u ta n g p e r u s a h a a n . H a s il p e n e litia n B a s k in (1 9 8 9 ) , C h a n g
d a n R h e e (1 9 9 0 ) d a la m K a a ro ( 2 0 0 1 ) m e n e m u k a n b u k ti b a h w a p e rtu m b u h a n to ta l
a k tiv a b e rp e n g a ru h p o s i t if te r h a d a p tin g k a t h u ta n g p e r u s a h a a n . B e r d a s a r k a n u ra ia n
h a s il p e n e litia n te r d a h u lu d itu r u n k a n h ip o te s is :
H 4: P e r t u m b u h a n t o t a l a k t iv a b e r p e n g a r u h p o s i t i f t e r h a d a p t i n g k a t h u t a n g .
P ecking order theory m e n g a ta k a n b a h w a p e ru s a h a a n le b ih c e n d e ru n g m e m ilih p e n d a n a a n y a n g b e ra sa l d ari in te rn a l d a rip a d a e k ste rn a l p e ru sa h a a n . P e n g g u n a a n d a n a in te rn a l leb ih d id a h u lu k a n d ib a n d in g k a n d e n g a n p e n g g u n a a n d a n a y a n g b e rs u m b e r
d a ri e k ste rn a l. U ru t-u ru ta n y a n g d ik e m u k a k a n o le h te o ri ini d a la m h a l p e n d a n a a n
a d a la h p e rta m a , la b a d ita h a n d iik u ti d e n g a n p e n g g u n a a n h u ta n g , d a n te ra k h ir
a d a la h p e n e rb ita n e k u ita s b aru . P e ru s a h a a n d e n g a n tin g k a t p ro fita b ilita s tin g g i a k a n m e n g h a s ilk a n d a n a in te rn al y a n g j u g a tin g g i. Jik a ra sio p e m b a y a ra n d iv id e n tid a k
b e rh u b u n g a n d e n g an tin g k a t p ro fita b ilita s, m a k a se m a k in tin g g i tin g k a t p ro fita b ilita s, se m a k in re n d a h k e b u tu h a n d a n a e k ste rn a l, te rm a su k d ari h u ta n g . D i sisi lain , n ila i p e ru s a h a a n d ip e n g a ru h i se c a ra p o s itif o leh e k sp e k ta si te rh a d a p tin g k a t p ro fita b ilita s
d i m a sa d a tan g . D e n g a n d e m ik ia n b e rd a sa rk a n p eckin g order theory, tin g k a t h u ta n g
b e rh u b u n g a n n e g a tif d e n g an n ila i p e ru sa h a a n . K o n s is te n d e n g a n p e r n y a ta a n te rs e b u t, S u d a r m a (2 0 0 4 ) m e n e liti h u b u n g a n p e n g g u n a a n tin g k a t h u ta n g d a la m s tr u k tu r m o d a l te r h a d a p n ila i p e ru s a h a a n d a n m e n e m u k a n b u k ti b a h w a tin g k a t h u ta n g b e r h u b u n g a n n e g a t i f te rh a d a p n ila i p e ru s a h a a n . B e r d a s a r k a n u ra ia n te r s e b u t d itu r u n k a n h ip o te s is
b e rik u t:
H s : T i n g k a t h u t a n g b e r h u b u n g a n n e g a t i f t e r h a d a p n il a i p e r u s a h a a n .
A m ir y a , A tm in i, D e te r m in a n T in g k a t H u ta n g s e r ta H u b u n g a n T in g k a t. 233
METODE PENELITIAN
Populasi dan Sampel
P o p u la s i p e n e litia n in i a d a la h p e r u s a h a a n m a n u f a k tu r y a n g te r d a f ta r d i B E J m e n u r u t In d o n esia n C a p ita l M a rk e t D irec to ry 2005. S a m p e l p e n e litia n d ite n tu k a n
d e n g a n p u r p o siv e sa m p lin g m eth o d . S a m p e l a d a la h p e r u s a h a a n y a n g m e m e n u h i k rite ria : (1 ) te la h te r d a f ta r d i B E J m in im a l s a tu ta h u n (p e r io d e p e n g a m a ta n p e n e litia n in i a d a la h ta h u n 2 0 0 3 - 2 0 0 4 ) ; (2 ) m e m p u b lik a s ik a n la p o r a n k e u a n g a n
a u d ita n s e la m a p e r io d e p e n e litia n ; (3 ) la p o r a n k e u a n g a n n y a b e r a k h ir 31 D e s e m b e r; (4 ) m e m p u n y a i h u ta n g j a n g k a p a n ja n g ; (5 ) m e m b a g i d iv id e n ; (6 ) tid a k m e m ilik i
e k u ita s n e g a tif; d a n (7 ) m e m ilik i d a ta y a n g le n g k a p . B e r d a s a r k a n k r ite r ia te r s e b u t
d ip e r o le h 33 p e r u s a h a a n s e b a g a i s a m p e l p e n e litia n . P r o s e d u r p e n e n tu a n s a m p e l p e n e litia n d a p a t d ilih a t p a d a T a b e l 1.
Tabel 1 Prosedur Penentuan Sampel Penelitian
Jumlah Populasi
Keterangan
Terdaftar di BEJ kurang dari setahun dan di - d e lis te d selama periode penelitian
(6) Laporan keuangan tidak berakhir 31 Desember
(1) Tidak mempunyai hutang jangka panjang
(5) Tidak membagikan dividen
(92) Memiliki ekuitas negatif
Jumlah sampel (perusahaan) 33
Jumlah observasi (selama 2 tahun periode penelitian) 66
Data Penelitian
D a ta d a la m p e n e litia n in i a d a la h d a ta s e k u n d e r b e r u p a d iv id e n d p a y o u t, la b a o p e r a s i, p e n ju a la n b e rs ih , to ta l a k tiv a , h u ta n g j a n g k a p a n ja n g , to ta l e k u ita s , h a r g a p a s a r s a h a m , d a n n ila i b u k u p e r s a h a m y a n g d ip e r o le h d a ri I C M D 2 0 0 5 .
Variabel Penelitian
V a ria b e l d a la m p e n e litia n in i te r d ir i a ta s v a ria b e l d e p e n d e n , y a itu tin g k a t
h u ta n g d a n n ila i p e r u s a h a a n , s e r ta v a r ia b e l in d e p e n d e n , y a itu k e b ija k a n d iv id e n , p r o f ita b ilita s , p e rtu m b u h a n p e n ju a la n , d a n p e rtu m b u h a n to ta l a k tiv a . P e n g u k u r a n v a r ia b e l p e n e litia n d a p a t d ilih a t p a d a T a b e l 2.
234 J u r n a l A k u n t a n s i d a n K e u a n g a n I n d o n e s ia , D e s e m b e r 2 0 0 8 , Vol. 5, N o . 2, H a l. 227 244 -
Tabel 2 Pengukuran Variabel Penelitian
Identifikasi Variabel
Operasionalisasi Variabel Variabel
Simbol
hutang jangka pendek + hutang jangka panjang/
Dependen Tingkat hutang
LEVR
(hutang jangka pendek + hutang jangka panjang +
modal sendiri)
Nilai perusahaan
VAL
harga saham / nilai buku per saham
Independen Kebijakan dividen
DIV
dividen per lembar saham / laba per lembar saham
Profitabilitas
PROFT
laba operasi setelah pajak/ modal
p e n j u a l a n thn(_ ,
Pertumbuhan ( t o t a l a k t i v a ^ t) - ( t o t a l a k t i v a ^ t l) / total
ASSETS
t o t a l a k t iv a
aktiva. , . thn t - 1
Metode Analisis
M e to d e a n a lis is y a n g d ig u n a k a n a d a la h p a th a nalysis. B e r d a s a r k a n h u b u n g a n
N o ta s i: LEVR
= P r o fita b ilita s
SALES
= P e r tu m b u h a n P e n ju a la n
GROWTH = P e r tu m b u h a n T o ta l A k tiv a
A ta u j i k a s u d a h d ib a k u k a n d a p a t d in y a ta k a n d a la m p e rs a m a a n :
7 LEVR = P 7 1 l^DlV
PROFT H- P 7
H- P 7
4 GROWTH /'H
V1/ ZVAL
3^SALES
= P5ZLEVR (2)
Path
Keterangan: Pengaruh langsung DIV ke LEVR = P1 (Hipotesis 1) Pengaruh langsung PROFT ke LEVR = P2 (Hipotesis 2) Pengaruh langsung SALES ke LEVR = P3 (Hipotesis 3) Pengaruh langsung GROWTH ke LEVR = P4 (Hipotesis 4) Pengaruh langsung LEVR ke VAL = P5 (Hipotesis 5)
D ila k u k a n p u la u ji a s u m s i k la s ik te r h a d a p d a ta p e n e litia n . U ji a s u m s i k la s ik y a n g d ila k u k a n m e lip u ti u ji n o r m a lita s d a ta m e n g g u n a k a n K o lm o g o ro v -S m im o v
G o o d n e ss o f F it Test, u ji m u ltik o lin e a r ita s d e n g a n m e n g g u n a k a n Value In fla tio n
F a c to r, u ji a u to k o r e la s i m e n g g u n a k a n D u rb in -W a tso n d a n u ji h e te r o s k e d a s tis ita s m e n g g u n a k a n P a r k test.
HASIL ANALISIS
S t a t is t ik a D e s k r i p t if d a n U j i A s u m s i K la s ik
H a s il s ta tis tik a d e s k r ip tif v a r ia b e l p e n e litia n d is a jik a n d i T a b e l 3. H a s il u ji n o r m a lita s d a ta , a u to k o r e la s i, m u ltik o lin e a r ita s , d a n h e te r o s k e d a s tis ita s m e n u n ju k k a n b a h w a s e lu r u h v a ria b e l p e n e litia n tid a k a d a y a n g m e la n g g a r a s u m s i k la s ik .
A n a lis is J a lu r
D ia g r a m j a l u r m e n g u ji a d a n y a h u b u n g a n k a u s a lita s a n ta r a k e b ija k a n d iv id e n , p ro f ita b ilita s , p e rtu m b u h a n p e n ju a la n , p e r tu m b u h a n to ta l a k tiv a , tin g k a t h u ta n g
236 J u r n a l A k u n t a n s i d a n K e u a n g a n In d o n e s ia , D e s e m b e r 2 0 0 8 , Vol. 5, N o . 2, H a l. 2 2 7 - 2 4 4
Tabel 3 Statistika Deskriptif Variabel Penelitian
Standar Variabel
N ilai P eru sah aan
2,90 0 2,138 T in g k at h u tan g P erusahaan
0,20 4 0,149 K eb ijak an D ividen
0,288 0,173 P rofitab ilitas
0,123 0,042 P ertu m b u h an P enjualan
0,169 0,179 P e rtu m b u h an Total A k tiva
p e r u s a h a a n , d a n n ila i p e ru s a h a a n . T a b e l 4 m e n y a jik a n m a tr ik s k o r e la s i a n ta r a k e b ija k a n d iv id e n , p r o f ita b ilita s , p e r tu m b u h a n p e n ju a la n , p e r tu m b u h a n to ta l a k tiv a , tin g k a t h u ta n g p e r u s a h a a n , d a n n ila i p e ru s a h a a n . S e s u a i d u g a a n , p ro f ita b ilita s
b e r h u b u n g a n p o s i t if d e n g a n n ila i p e r u s a h a a n d a n b e r h u b u n g a n n e g a t i f d e n g a n tin g k a t h u ta n g . D e n g a n d e m ik ia n , a d a n y a k e d u a h u b u n g a n te r s e b u t a k a n b e r p e n g a r u h te rh a d a p h u b u n g a n a n ta r a tin g k a t h u ta n g d a n n ila i p e r u s a h a a n .
Tabel 4
Matriks Koefisien Korelasi
Koefisien VAL
SALES GROWTH Korelasi
VA L 1,000 LEVR
D IV 0,350 ***
1,000 GROWTH -0,147
K eterangan: *** = koefisien korelasi signifikan p a d a a = 0,01
P e n d u g a a n k o e fis ie n j a l u r y a n g m e n u n ju k k a n p e n g a r u h k e b ija k a n d iv id e n , p ro f ita b ilita s , p e r tu m b u h a n p e n ju a la n , d a n p e r tu m b u h a n to ta l a k tiv a te rh a d a p tin g k a t h u ta n g d ila k u k a n m e n g g u n a k a n a n a lis is r e g re s i lin ie r b e rg a n d a . K o e fis ie n
a d a la h s ig n if ik a n u n tu k m e n je la s k a n p e n g a r u h s e c a r a s im u lta n k e b ija k a n d iv id e n , p r o f ita b ilita s , p e r tu m b u h a n p e n ju a la n , d a n p e r tu m b u h a n to ta l a k tiv a te r h a d a p
A m ir y a , A tm in i, D e te r m in a n T in g k a t H u ta n g s e r ta H u b u n g a n T in g k a t. 237
Tabel 5
Hasil Estimasi Pengaruh Kebijakan Dividen, Profitabilitas, Pertumbuhan
Penjualan, dan Pertumbuhan Total Aktiva Terhadap Tingkat Hutang Perusahaan
Sig.t
Hasil
K eb ijak an D ividen
n e g a tif d an signifikan Profitabilitas
n e g a tif d an signifikan n e g a tif d an tidak
P ertum b uh an P enjualan
sign ifik an P ertu m b u h an Total
p o s itif d an sign ifikan
A ktiv a
Koefisien
Nilai kritis :
D eterm inas; (R 2) = 32,8%
t(abd = 2,000
F -h itu n g = 7,433____ F tabe, = 2,523 tin g k a t h u ta n g p e r u s a h a a n d e n g a n k o n tr ib u s i s e b e s a r 3 2 ,8 % . S e c a r a p a r s ia l,
k e b ija k a n d iv id e n , p r o f ita b ilita s , d a n p e r tu m b u h a n to ta l a k tiv a b e r p e n g a r u h te r h a d a p tin g k a t h u ta n g , s e d a n g k a n p e r tu m b u h a n p e n ju a la n tid a k b e r p e n g a r u h te r h a d a p tin g k a t h u ta n g . K o e fis ie n j a lu r te r k u a t te r h a d a p tin g k a t h u ta n g b e r s u m b e r
d a ri p ro f ita b ilita s . P e n d u g a a n k o e fis ie n j a l u r y a n g m e n u n ju k k a n p e n g a r u h tin g k a t h u ta n g te r h a d a p n ila i p e r u s a h a a n d ila k u k a n d e n g a n m e n g g u n a k a n a n a lis is r e g r e s i lin ie r
b e r g a n d a . K o e fis ie n ja l u r d ip e r o le h d a ri h a s il k o e fis ie n r e g r e s i y a n g d is ta n d a r k a n (b e ta ) s e p e rti y a n g d is a jik a n d a la m T a b e l 6.
Tabel 6
Hasil Estimasi Pengaruh Tingkat Hutang Perusahaan Terhadap Nilai
Sig.t
Pengaruh
T in g k at H u tan g P erusahaan
N e g a tif d an sig n ifik an
Koefisien
Nilai kritis:
D eterm in asi (R 2) = 2 7 ,1 %
F (abd = 2,368
D a ri T a b e l 6 d a p a t d is im p u lk a n b a h w a p e r s a m a a n r e g r e s i y a n g d ip e r o le h
a b a la h s ig n ifik a n u n tu k m e n je la s k a n h u b u n g a n tin g k a t h u ta n g d a n n ila i p e r u s a h a a n
d e n g a n k o n trib u s i s e b e s a r 2 7 ,1 % . S e c a r a p a rs ia l, tin g k a t h u ta n g b e r h u b u n g a n
d e n g a n n ila i p e ru s a h a a n .
238 J u r n a l A k u n t a n s i d a n K e u a n g a n I n d o n e s ia , D e s e m b e r 2 0 0 8 , Vol. 5, N o . 2, H a l. 2 2 7 - 2 4 4
Hasil Uji Hipotesis
A n a lis is ja lu r d ig u n a k a n u n tu k m e n g e s tim a s ik a n h u b u n g a n k a u s a l a n ta r a s e ju m la h v a ria b e l d a n h ira rk i k e d u d u k a n m a s in g - m a s in g v a ria b e l d a la m s e r a n g k a ia n j a l u r h u b u n g a n k a u s a l. P e n g a r u h a n ta r v a r ia b e l, s e k a lig u s u n tu k u ji h ip o te s is , d ilih a t
d a ri h a s il p e r h itu n g a n m e to d e re g r e s i b e rg a n d a . K o e fis ie n j a l u r d ilih a t d a ri k o e fis ie n
b e ta y a n g d is ta n d a rd is a s i.
Hasil Uji Hipotesis 1 - Hipotesis 4
P e n g a r u h k e b ija k a n d iv id e n , p ro f ita b ilita s , p e r tu m b u h a n p e n ju a la n , d a n p e r tu m b u h a n to ta l a k tiv a te r h a d a p tin g k a t h u ta n g p e r u s a h a a n d a p a t d ije la s k a n m e n g g u n a k a n p e r s a m a a n (1 ):
L E V R , = - 0 , 2 2 7 D I V ,* * - 0 , 3 3 3 P R O F T ,** - 0 , 1 2 2 S A L E S + 0 , 2 7 8 G R O W T H **
(R 2 - 0 ,3 2 8 d a n P e = 0 ,8 2 0 ) K e te ra n g a n : ** = sig n ifika n p a d a a = 0,05
Tabel 7 Ringkasan Hasil Estimasi Koefisien Jalur
Koefisien Beta Sig.t K e b ij a k a n D i v i d e n
Variabel Independen
Variabel Dependen
P r o f it a b ilit a s T in g k a t H u ta n g -0,333 0,004
Perusahaan
P e r t u m b u h a n P e n j u a la n -0,122 0,284
Pertumbuhan TotalAktiva 0 ,2 7 8 0 ,0 2 1 Tingkat Hutang Perusahaan
Nilai Perusahaan
B e r d a s a r k a n h a s il u ji- t s e p e rti y a n g d is a jik a n d a la m T a b e i 7 d a p a t d ilih a t
b a h w a v a r ia b e l k e b ija k a n d iv id e n b e r p e n g a r u h n e g a ti f te r h a d a p tin g k a t h u ta n g p e r u s a h a a n d e n g a n k o e f is ie n j a l u r s e b e s a r -0 ,2 2 7 . H a l in i d a p a t d ilih a t d a ri n ila i Kitungl = |2,9011 d e n g a n s ig .t = 0 ,0 4 1 . P e n g u jia n in i m e m b e r ik a n k e p u tu s a n b a h w a
h ip o te s is s a tu y a n g m e n y a ta k a n k eb ija ka n dividen b erp en g a ru h terh a d a p tin g ka t
d id u k u n g . V a ria b e l p ro f ita b ilita s b e r p e n g a r u h n e g a t i f te r h a d a p tin g k a t h u ta n g p e r u s a h a a n d e n g a n k o e fis ie n ja l u r s e b e s a r -0 ,3 3 3 . H a l in i d a p a t d ilih a t
h u ta n g p e ru s a h a a n ,
d a r i n ila i |thj | = |3 ,0 0 2 | d e n g a n s ig .t = 0 ,0 0 4 . P e n g u jia n in i m e m b e r ik a n k e p u tu s a n
b a h w a h ip o te s is d u a y a n g m e n y a ta k a n p ro fita b ilita s b erp en g a ru h terh a d a p tin g ka t
h u ta n g p e ru s a h a a n ,
d id u k u n g . V a ria b e l p e rtu m b u h a n p e n ju a la n tid a k b e r p e n g a r u h
A m ir y a , A tm in i, D e te r m in a n T in g k a t H u ta n g s e r ta H u b u n g a n T in g k a t. 239
te r h a d a p tin g k a t h u ta n g w a la u p u n h a s il p e n g u jia n m e n u n ju k k a n h u b u n g a n n e g a ti f tid a k s ig n ifik a n d e n g a n k o e fis ie n ja l u r s e b e s a r -0 ,1 2 2 . H a l in i d a p a t d ilih a t d a ri n ila i |thi
| = 11 ,0 8 1 1 d e n g a n s ig .t = 0 ,2 8 4 . P e n g u jia n in i m e m b e r ik a n k e p u tu s a n
b a h w a h ip o te s is tig a y a n g m e n y a ta k a n p e rtu m b u h a n p e n ju a la n b e rp en g a ru h terh a d a p tin g k a t h u ta n g p e ru s a h a a n , tid a k d id u k u n g . V a ria b e l p e r tu m b u h a n to ta l
a k tiv a b e r p e n g a r u h p o s i t i f te r h a d a p tin g k a t h u ta n g p e r u s a h a a n d e n g a n k o e fis ie n j a l u r s e b e s a r 0 ,2 7 8 . H a l in i d a p a t d ilih a t d a ri n ila i 1 ^ 1 = |2 ,3 6 7 | d e n g a n n ila i s ig .t = 0 ,0 2 1 . P e n g u jia n in i m e m b e r ik a n k e p u tu s a n b a h w a h ip o te s is e m p a t y a n g m e n y a ta k a n p e rtu m b u h a n to ta l a ktiva b erp en g a ru h terh a d a p tin g ka t h u ta n g
perusahaan,
d id u k u n g .
Hasil Uji Hipotesis 5
H u b u n g a n tin g k a t h u ta n g d a n n ila i p e r u s a h a a n d a p a t d ije la s k a n d e n g a n p e r s a m a a n (2 ):
VAL = 0,272 LEVR *
(R 2 = 0 ,2 7 1 d a n P e 2= .0 ,8 5 4 ) K e te ra n g a n : ** = sig n ifika n p a d a a = 0,05
B e r d a s a r k a n h a s il u ji- t s e p e rti y a n g d is a jik a n d a la m T a b e l 7 d a p a t d ilih a t
b a h w a v a ria b e l tin g k a t h u ta n g b e r h u b u n g a n n e g a ti f te r h a d a p n ila i p e r u s a h a a n
d e n g a n k o e fis ie n j a l u r s e b e s a r -0 ,2 7 2 . H a l in i d a p a t d ilih a t d a ri n ila i 1 ^ 1 = |2 ,0 2 5 |,
d e n g a n n ila i s ig .t = 0 ,0 4 7 . P e n g u jia n in i m e m b e r ik a n k e p u tu s a n b a h w a h ip o te s is lim a y a n g m e n y a ta k a n tin g k a t h u ta n g p e ru s a h a a n b erh u b u n g a n n e g a tif terh a d a p n ila i p e ru sa h a a n ,
d id u k u n g . K e te p a ta n m o d e l h ip o te s is d a ri a n a lis is j a l u r a d a la h R m 2 = 1 - (1 - 0 ,3 2 8 ) x ( 1 - 0 ,2 7 1 ) d ip e r o le h n ila i s e b e s a r 0 ,5 1 0 s e h in g g a tin g k a t k e te p a ta n m o d e l y a n g d ih a s ilk a n a d a la h 5 1 % .
H a s il P e n e lit ia n
Pengaruh Kebijakan Dividen terhadap Tingkat Hutang Perusahaan
K e b ija k a n d iv id e n b e r p e n g a r u h te r h a d a p tin g k a t h u ta n g . H a s il in i s e s u a i
d e n g a n p r e d ik s i H , y a n g m e n y a ta k a n b a h w a k e b ij a k a n d iv id e n b e r p e n g a r u h te r h a d a p tin g k a t h u ta n g d a n k o n s is te n d e n g a n h a s il p e n e litia n A lie n (1 9 9 3 ) d a la m A d e d e ji ( 1 9 9 8 ) d a n K a a ro (2 0 0 1 ) . N a m u n h a s il p e n e litia n in i tid a k k o n s is te n d e n g a n h a s il p e n e litia n B a s k in (1 9 8 9 ) , A d e d e ji (1 9 9 8 ) , s e r ta M a h a d w a r th a d a n H a r to n o (2 0 0 2 ) .
K e b ija k a n d iv id e n m e n u n ju k k a n a ra h n e g a tif. H a s il in i m e n g in d ik a s ik a n
b a h w a d iv i le n d a p a t m e n s u b s titu s i fu n g s i tin g k a t h u ta n g d a la m m e n g u r a n g i ris ik o p e r u s a h a a n . P e n e litia n in i m e n d u k u n g te o ri p e c k in g order, y a itu p e r u s a h a a n
240 J u r n a l A k u n t a n s i d a n K e u a n g a n I n d o n e s ia , D e s e m b e r 2 0 0 8 , Vol. 5, N o . 2, H a l. 2 2 7 - 2 4 4
u r u ta n p e n d a n a a n b is a d ila k u k a n u n tu k m e n g a ta s i m a s a la h k e le b ih a n a lira n k as in te rn a l (free cash flo w ) p a d a p e ru s a h a a n y a n g p ro fita b le d a n lo w grow th. D e n g a n
d e m ik ia n , p e r u s a h a a n m a s ih m a m p u m e m b a y a r d iv id e n y a n g tin g g i d a n m e m b ia y a i k e s e m p a ta n in v e s ta s i y a n g a d a ta n p a h a ru s m e n c a ri ta m b a h a n d a n a e k s te rn a l d a ri
h u ta n g (d e b tfin a n c in g ).
Pengaruh Profitabilitas terhadap Tingkat Hutang Perusahaan
P r o fita b ilita s b e r p e n g a r u h te r h a d a p tin g k a t h u ta n g . H a s il in i s e s u a i d e n g a n p r e d ik s i H 2 y a n g m e n y a ta k a n b a h w a p ro f ita b ilita s b e r p e n g a r u h te r h a d a p tin g k a t
h u ta n g d a n k o n s is te n d e n g a n h a sil p e n e litia n C a r le to n d a n S ilb e r m a n ( 1 9 7 7 ) d a la m K a a r o (2 0 0 1 ) , T itm a n d a n W e s s e ls (1 9 8 8 ), B a r to n d a n S u n d a r a m (1 9 8 9 ) , B a s k in (1 9 8 9 ) , C h a n g d a n R h e e ( 1 9 9 0 ) d a la m K a a ro (2 0 0 1 ) , K a a ro (2 0 0 1 ) , W a h id a h w a ti (2 0 0 2 ) , Is m iy a n ti d a n H a n a fi (2 0 0 3 ) , d a n S u d a rm a (2 0 0 4 ).
n e g a tif. M a n a je r k e u a n g a n yang m e n g g u n a k a n te o ri p e c k in g o rd er a k a n s e la lu m e m p e r b e s a r tin g k a t p r o f ita b ilita s u n tu k m e n in g k a tk a n la b a d ita h a n . A r a h n e g a ti f m e n g in d ik a s ik a n b a h w a p a d a tin g k a t p ro f ita b ilita s re n d a h , p e r u s a h a a n m e n g g u n a k a n tin g k a t h u ta n g u n tu k m e m b ia y a i o p e r a s io n a l. S e b a lik n y a p a d a tin g k a t p ro f ita b ilita s tin g g i, p e r u s a h a a n m e n g u r a n g i p e n g g u n a a n tin g k a t h u ta n g . H a l in i d is e b a b k a n p e r u s a h a a n m e n g a lo k a s ik a n s e b a g ia n
P r o fita b ilita s
Pengaruh Pertumbuhan Penjualan terhadap Tingkat Hutang Perusahaan
P e r tu m b u h a n p e n ju a la n tid a k b e r p e n g a r u h te rh a d a p tin g k a t h u ta n g . H a s il in i tid a k s e s u a i d e n g a n p r e d ik s i H 3 y a n g m e n y a ta k a n b a h w a p e rtu m b u h a n p e n ju a la n
b e r p e n g a r u h te r h a d a p tin g k a t h u ta n g d a n tid a k k o n s is te n d e n g a n h a s il p e n e litia n
C a r le to n d a n S ilb e r m a n ( 1 9 7 7 ) d a la m K a a r o (2 0 0 1 ), B a r to n e t al. (1 9 8 9 ), d a n K a a ro
P e r tu m b u h a n p e n ju a la n c e n d e r u n g b e r s if a t le b ih p e n d e k d a ri p e r tu m b u h a n to ta l a k tiv a , s e d a n g k a n k e p u tu s a n p e n d a n a a n le b ih b e r s if a t ja n g k a p a n ja n g . D a la m j a n g k a p e n d e k , m a n a je m e n d a p a t m e la k u k a n ea rn in g m anagem ent.
Pengaruh Pertumbuhan Total Aktiva terhadap Tingkat Hutang Perusahaan
P e r tu m b u h a n to ta l a k tiv a b e r p e n g a r u h te r h a d a p tin g k a t h u ta n g . H a s il in i s e s u a i d e n g a n p r e d ik s i H 4 y a n g m e n y a ta k a n b a h w a p e rtu m b u h a n to ta l a k tiv a
b e r p e n g a r u h te r h a d a p tin g k a t h u ta n g d a n k o n s is te n d e n g a n h a s il p e n e litia n B a s k in ( 1 9 8 9 ) , C h a n g d a n R h e e ( 1 9 9 0 ) d a la m K a a ro (2 0 0 1 ), d a n K a a ro (2 0 0 1 ).
A m ir y a , A tm in i, D e te r m in a n T in g k a t H u ta n g s e r ta H u b u n g a n T in g k a t. 241
P e r tu m b u h a n to ta l a k tiv a p e r u s a h a a n le b ih m e n c e r m in k a n h o r is o n w a k tu le b ih p a n ja n g d a ri p e r tu m b u h a n p e n ju a la n . In v e s ta s i p a d a a k tiv a m e m b u tu h k a n w a k tu s e b e lu m s ia p d io p e r a s ik a n s e h in g g a a k tiv ita s y a n g d ila k u k a n tid a k la n g s u n g te r k a it d e n g a n p e n e r im a a n . O le h k a r e n a itu , p e n in g k a ta n a k tiv a d ila k u k a n p e r u s a h a a n
b ila te r d a p a t p r o s p e k b a g u s . P e r tu m b u h a n to ta l a k tiv a m e n u n ju k k a n a r a h p o s itif. H a l in i m e n g in d ik a s ik a n
b a h w a p a d a tin g k a t p e r tu m b u h a n to ta l a k tiv a re n d a h , p e r u s a h a a n m e n g u r a n g i p e n g g u n a a n tin g k a t h u ta n g . S e b a lik n y a p a d a tin g k a t p e r tu m b u h a n to ta l a k tiv a tin g g i, p e r u s a h a a n m e n g g u n a k a n tin g k a t h u ta n g u n tu k m e m e n u h i k e b u tu h a n
d a n a in te rn a l. B e r d a s a r k a n te o ri p e c k in g order, b ila d a n a e k s te r n a l d ib u tu h k a n , p e r u s a h a a n m e m ilih s u m b e r d a n a y a n g p e r ta m a d a ri h u ta n g .
Hubungan Tingkat Hutang Perusahaan dan Nilai Perusahaan
T in g k a t h u ta n g b e r h u b u n g a n n e g a ti f d e n g a n n ila i p e r u s a h a a n . H a s il in i s e s u a i d e n g a n p r e d ik s i H 5 d a n k o n s is te n d e n g a n h a s il p e n e litia n S u d a r m a (2 0 0 4 ). T in g k a t h u ta n g m e n u n ju k k a n a ra h n e g a tif, a r tin y a p a d a tin g k a t tin g k a t h u ta n g re n d a h , n ila i p e r u s a h a a n tin g g i. S e b a lik n y a p a d a tin g k a t tin g k a t h u ta n g tin g g i, n ila i p e r u s a h a a n re n d a h . S e s u a i d e n g a n p e c k in g o rd er theory, m a k a p e r u s a h a a n d e n g a n p r o f ita b ilita s r e n d a h a k a n m e m p u n y a i d a n a in te rn a l y a n g r e l a t if s e d ik it s e h in g g a m e m e r lu k a n le b ih b a n y a k p e n d a n a a n e k s te rn a l, y a n g te r u ta m a b e r a s a l d a ri h u ta n g .
K a r e n a s e m a k in r e n d a h p ro f ita b ilita s te r k a it d e n g a n n ila i p e r u s a h a a n y a n g s e m a k in r e n d a h d a n tin g k a t h u ta n g y a n g s e m a k in tin g g i, a k ib a tn y a te r d a p a t h u b u n g a n n e g a t i f
a n ta r a tin g k a t h u ta n g d a n n ila i p e r u s a h a a n .
KESIMPULAN, KETERBATASAN DAN SARAN
S tu d i in i m e n e m u k a n b a h w a k e b ij a k a n d iv id e n d a n p r o f ita b ilita s b e r p e n g a r u h n e g a t i f te rh a d a p tin g k a t h u ta n g . P e r tu m b u h a n to ta l a k tiv a b e r p e n g a r u h p o s i t i f te r h a d a p tin g k a t h u ta n g , s e d a n g k a n tin g k a t h u ta n g b e r h u b u n g a n n e g a ti f te r h a d a p n ila i p e ru s a h a a n .
P e n e litia n in i m e m ilik i b e b e r a p a k e te r b a ta s a n y a n g s e k a lig u s m e r u p a k a n
a r a h b a g i p e n e litia n le b ih la n ju t. P e r ta m a , ju m la h s a m p e l p e r u s a h a a n m a n u f a k tu r y a n g d ite liti r e l a t i f s e d ik it k a r e n a te r b a ta s n y a ju m la h p e r u s a h a a n y a n g m e m e n u h i k r ite r ia y a n g d ite ta p k a n d a n p e r io d e p e n e litia n r e l a ti f p e n d e k . K e d u a , p e n e litia n in i
h a n y a te rb a ta s p a d a in d u s tri m a n u f a k tu r d i a n ta r a je n is in d u s tri la in y a n g listin g d i
B E J s e h in g g a h a s il a n a lis is tid a k d a p a t d ig e n e r a lis ir te r h a d a p s e lu r u h je n i s in d u s tri. K e tig a , p e n e litia n in i m e n g g u n a k a n a n a lis is j a l u r y a n g m e n e liti h u b u n g a n s a tu a r a h
d i a n ta r a v a r ia b e l- v a r ia b e l p e n e litia n d a n tid a k d a p a t m e m p r e d ik s i a r a h h u b u n g a n
d a n p e n g a r u h re s ip r o k a l a n ta r v a ria b e l.
242 J u r n a l A k u n t a n s i d a n K e u a n g a n I n d o n e s ia , D e s e m b e r 2 0 0 8 , Vol. 5, N o . 2, H a l. 2 2 7 - 2 4 4