Ketidakpastian dan Penggunaan Utang Perusahaan

Uncertainty has been discussed as the core element of the slow economic recovery during the global financial crisis 2008-2009. The goal of this paper is specifically aiming to observe the effect of uncertainty to the firm’s financing policy. In this research, we utilize uncertainty in Indonesia level and world level that are developed by Ahir et al. (2018). The sample of this study are Indonesian companies that are listed in Indonesian Stock Exchange (IDX) from period 2007 until 2019. The methodology we used was panel data regression. The result of this study show that uncertainty decrease the firm’s leverage level. This situation is caused by uncertainty that increase firm’s manager concern about their long-term solvency