163 JURNAL BISNIS DAN AKUNTANSI Vol. 13, No. 3, Desember 2011, Hlm. 163 - 181 FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN HUTANG PERUSAHAAN MANUFAKTUR STEVEN dan LINA STIE Trisakti lina@stietrisakti.ac.id Abstrak: The purposes of this study are to obtain empirical evidence and test the factors that affect the debt policy among listed companies in Indonesian Stock Exchanges. The factors are dividend policy, investment, firm growth, asset structure, size, profitability, and managerial ownerships. This study was carried out on the companies that are listed as manufacturing company in period of 2006-2009 at Indonesian Stock Exchange. Multiple regressions analysis is used to test the hypothesis and purposive sampling method used to take the samples. The conclusions of this research are dividend policy, asset structure, and profitability affect the company’s debt policy. While investments, firm growth, size, managerial ownerships have no effect to the firm’s debt policy. Keywords: Dividend Policy, Investment, Firm Growth, Asset Structure, Size, Profitability, Managerial Ownerships, Debt Policy PENDAHULUAN Untuk dapat bersaing dengan perusahaan-perusahaan lainnya, suatu perusahaan dihadapkan pada kondisi yang mendorong mereka untuk lebih kreatif dalam memperoleh sumber pandanaan yang paling efektif. Keputusan pendanaan perusahaan merupakan salah satu keputusan penting bagi perusa- haan karena hal ini juga memiliki pengaruh terhadap risiko perusahaan dan keputusan pemberian kredit oleh perbankan. MYER dan Majluf (1984) dalam