PENGARUH PROFITABILITAS, LIKUIDITAS, PERTUMBUHAN PENJUALAN, DAN STRUKTUR AKTIVA TERHADAP KEBIJAKAN HUTANG PADA PERUSAHAAN INDUSTRI BARANG DAN KONSUMSI YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2012-2016

The purpose of this study is to know the effect of Profitability, Liquidity, Sales Growth, and Assets Structure on Consumer Goods Firm Debt Policy Listed in the Indonesia Stock Exchange period 2012-2016. Debt policy is measured by DER (model 1a) and DAR (model 1b). Profitability can be measured by ROA, liquidity can be measured by Current Ratio (CR), Sales Growth can be measured by Sales Growth formula (SG), and Assets Structure can be measured by Assets Structure formula (SA). The sample of 34 consumer goods companies listed in IDX period 2012-2016. The analysis method in this study is an analysis of panel data with fixed effect approach to model 1a and 1b. The empirical results show that profitability has negative and not significant effect on DER but has positive and not significant effect to DAR. Liquidity has negative and significant effect to DER and DAR. Sales growth has negative and significant effect to DER but have not significant effect to DAR. And then assets structure has negative and not significant effect to DER and DAR. Simultaneous test showed that profitability, liquidity, sales growth, and assets structure effect to DER and DAR. And the result of this study is related with Pecking Order Theory