HUBUNGAN ANTARA HUTANG DAN KINERJA PERUSAHAAN MANUFAKTUR DI INDONESIA YANG GO PUBLIC TAHUN 2016 – 2018

Silmi Haslinda, Nurul Hikmah Amalia, Farah Margaretha Leon
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Abstract

Penelitian ini dilakukan untuk menguji literatur pada penelitian sebelumnya tentang hubungan antara hutang dan kinerja perusahaan. Sampel yang digunakan dalam penelitian ini adalah perusahaan manufaktur yang sudah Go Public di Indonesia selama tahun 2016 – 2018. Terdapat 183 perusahaan manufaktur, namun dalam penelitian ini menggunakan 121 perusahaan manufaktur setelah dilakukan purposive sampling. Kinerja perusahaan sebagai variabel dependen diwakili oleh tingkat profitabilitas yang dapat mengukur kemampuan perusahaan dalam menghasilkan laba dari aktiva yang digunakan (dalam hal ini menggunakan nilai ROA dan ROE).Variabel independen dalam penelitian ini diwakili oleh hutang jangka pendek (STD), hutang jangka panjang (LTD), total hutang (TD). Variabel kontrol dalam penelitian ini adalah ukuran perusahaan atau SIZE, GROWTH, GDP dan INFLASI.Dalam penelitian ini menggunakan metode regresi data panel dan uji individu (uji-t). Hasil penelitian ini menunjukkan bahwa pengukuran kinerja berdasarkan nilai ROA, STD, Size, dan inflasi berpengaruh negatif sedangkan TD, growth dan nilai pertumbuhan GDP suatu negara berpengaruh positif. Implikasi dari penelitian ini adalah sebagaireferensi tambahan bagi manajer keuangan dalam hal usaha meningkatkan profitabilitas dan kinerja perusahaan.

 

This study was conducted to examine the literature in previous studies about the relationship between debt and company kinerjance. The sample used in this study is manufacturing companies that are public in Indonesia during 2016 - 2018. There are 183 manufacturing companies, but in this study used 121 manufacturing companies after purposive sampling. Firm’s performance as the dependent variable is represented by the level of profitability that can measure the company's ability to generate profits from the assets used (in this case using the value of ROA and ROE). The independent variable in this study is represented by short-term debt (STD), long-term debt (LTD), total debt (TD). The kontrol variables in this study are company size or SIZE, GROWTH, GDP and INFLATION. In this study using panel data regression methods and individual tests (t-test). The results of this study indicate that kinerjance measurement based on ROA, STD, Size, and inflasification values are negative while TD, growth and GDP growth values in a country affect positively. The implications of this research are as an additional reference for financial managers to increase profitability and firm’s performance.

Keywords

GDP; hutang; inflasi; ROA; ROE; Leverage; debt; growth; size

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