PENGARUH KEPEMILIKAN KELUARGA, KEPEMILIKAN MANAJERIAL DAN UKURAN PERUSAHAAN TERHADAP BIAYA HUTANG PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI

The purpose of this study was to determine the effect of family ownership, managerial ownership and firm size on the cost of debt in manufacturing companies listed on the Indonesia Stock Exchange. This research was conducted on all manufacturing companies listed on the Indonesia Stock Exchange for the period 2018-2021. This type of research is quantitative research, conducted by using secondary data in the form of company financial report data (annual report). The population in this study were all manufacturing companies listed on the IDX during the 2018-2021 period as many as 218 companies. The sampling method used purposive sampling by making certain criteria that could represent the entire research population in order to obtain as many as 62 sample companies.
The results of the first hypothesis test show that family ownership has an effect on the cost of debt. This means that when the company is managed by a CEO who still has a relationship with the company's owner's family, conflicts between shareholders, managers and creditors can be minimized, so that managers have the ability to minimize the amount of debt to minimize the risks that occur on the cost of debt. Testing the second hypothesis shows that managerial ownership has a negative effect on the debt cost of manufacturing companies. This means that an increase in managerial ownership makes managers more careful in making decisions related to debt policy in the company. Managers will minimize the amount of debt to minimize the risk that occurs at the cost of debt. Testing the third hypothesis shows that firm size has a negative effect on the cost of debt. This means that larger companies are considered to have lower risk, so creditors charge lower debt costs. Simultaneous testing has shown that family ownership, managerial ownership, and firm size have an effect on the cost of debt. This happens because if there is a synergy between family ownership, managerial ownership, and company size, it will be able to reduce the debt cost of manufacturing companies.
Keywords : Family Ownership, Managerial Ownership, Company Size, Cost of Debt