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By using panel data regression model and data observation for over six years, this studies found that firms with high growth opportunity tend to use low leverage policies with short maturity to control the agency conflict between stockholders and bondholders. On the other hand, firms with low growth opportunity tend to use higher leverage policies with a longer period of debt maturity. Moreover, covenant as a moderating variable, could lower the negative relation between growth opportunity and leverage, but it could not diminish the negative relation between growth opportunity and debt maturity. Debt maturity and covenant also could not be use as substitution variable to lessen the agency conflict.

HUBUNGAN ANTARA GROWTH OPPORTUNITY DENGAN DEBT MATURITY DAN KEBIJAKAN LEVERAGE SERTA FUNGSI COVENANT DALAM MENGONTROL KONFLIK KEAGENAN ANTARA SHAREHOLDERS DENGAN DEBTHOLDERS