Open AccessOwnership Structure, Debt Policy, and Financial Constraints
Author(s) -
Bintang Lazuardi Benteng Buana Muslim,
Abdul Moin
Publication year - 2021
Publication title -
sriwijaya international journal of dynamic economics and business
Language(s) - English
Resource type - Journals
eISSN - 2581-2912
pISSN - 2581-2904
DOI - 10.29259/sijdeb.v1i1.63-90
Subject(s) - business , stock exchange , debt , foreign ownership , equity (law) , financial system , finance , debt to equity ratio , monetary economics , asset (computer security) , debt ratio , foreign direct investment , economics , macroeconomics , population , demography , computer security , sociology , political science , computer science , law , nonprobability sampling
This study aims to determine how the effect of ownership structure on debt policy with financial constraints as a moderating variable in non-financial companies listed on the Indonesia Stock Exchange in 2015-2019. The partial results of foreign, managerial, institutional, and family ownership do not affect the debt to equity ratio (DER). Financial constraints can moderate institutional ownership against the DERbut cannot moderate foreign, managerial and family ownership to theDER. The partial results of foreign, managerial, institutional, and family ownership do not affect the debt to asset ratio (DAR). Financial constraints can moderate managerial and institutional ownership of theDAR but cannot moderate foreign and family ownership of theDAR. Meanwhile, foreign ownership, managerial, institutional, family, and financial constraints simultaneously influence debt policy.