Pengaruh Struktur Kepemilikan Terhadap Kebijakan Hutang dengan Pemoderasian Kinerja Keuangan

This study aims to examine the effect of institutional ownership and managerial ownership on debt policy, through moderating profitability and firm size. This study uses property and real estate sector companies listed on the Indonesia Stock Exchange in 2017-2019. Through multiple linear regression test and absolute difference test on 117 sample data, it is obtained that institutional ownership has an effect on debt policy while managerial ownership has no effect on debt policy. Furthermore, profitability is able to moderate the effect between institutional ownership and debt policy. However, profitability cannot moderate the effect between managerial ownership and debt policy. Finally, firm size is not a variable that can moderate the effect of institutional ownership and managerial ownership on debt policy. Keywords: institutional ownership, managerial ownership, debt policy, profitability, firm siz