Effect of Current Ratio, Return on Assets, and Firm Size on Debt Policy Indonesia 2022–2025

Adhe Marselina Putri; Purwo Atmojo; Dika Karlinda Sari

doi:10.63922/ijebir.v5i05.5776

Adhe Marselina Putri Accounting Study Program, Faculty of Economics and Business, Universitas Balikpapan, Balikpapan, East Kalimantan, Indonesia
Purwo Atmojo Accounting Study Program, Faculty of Economics and Business, Universitas Balikpapan, Balikpapan, East Kalimantan, Indonesia
Dika Karlinda Sari Accounting Study Program, Faculty of Economics and Business, Universitas Balikpapan, Balikpapan, East Kalimantan, Indonesia

DOI: https://doi.org/10.63922/ijebir.v5i05.5776

Keywords: Debt Policy, Current Ratio, Return on Assets, Firm Size, Mining Companies

Abstract

This study examines the effects of Current Ratio (CR), Return on Assets (ROA), and Firm Size on debt policy in mining companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2025 period. The study is motivated by the capital-intensive nature of the mining industry, which requires substantial external financing and makes debt policy a crucial financial decision. Previous empirical studies have reported inconsistent findings regarding the influence of liquidity, profitability, and firm size on debt policy, indicating the existence of a research gap. This study employs a quantitative research design using secondary data obtained from the annual financial statements of mining companies listed on the IDX. The sample consists of 86 firm-year observations selected through purposive sampling. The hypotheses are tested using multiple linear regression analysis with IBM SPSS version 27. The empirical findings reveal that Current Ratio has a positive and significant effect on debt policy, whereas Return on Assets and Firm Size do not significantly influence debt policy. These findings provide updated empirical evidence regarding the determinants of debt policy in Indonesian mining companies and contribute to the development of Agency Theory in explaining corporate financing decisions within capital-intensive industries.

References

Andy, Angeline, G., Roberto, Y., Wijaya, H., & Febrianty, L. (2023). Faktor-Faktor Yang Mempengaruhi Kebijakan Utang Dengan Profitabilitas Sebagai Pemoderasi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Bina Akuntansi, 10(1), 201–228.
Carlin, C., & Purwaningsih, P. (2022). Pengaruh Struktur Aset, Profitabilitas, Biaya Agensi dan Pertumbuhan Perusahaan terhadap Kebijakan Hutang. Jurnal Ilmiah Ilmu Pendidikan, 5(8), 3121–3133.
Duani Rika Amara, E., Mudjiyanti, R., Dirgantari, N., & Ilma Hartikasari, A. (2023). Pengaruh Pertumbuhan Penjualan, Profitabilitas, Likuiditas, Dan Struktur Aset Terhadap Kebijakan Hutang. Review of Applied Accounting Research, 3(2), 1–15.
Fahmie, A. (2022). Pengaruh Dividen, Struktur Aset, Profitabilitas dan Ukuran Perusahaan Terhadap Kebijakan Hutang. Jurnal Ilmiah Akuntansi Kesatuan, 10(1), 123–130.
Fauzi, A., Taufik Azis, M., & Hadiwibowo, I. (2022). Pengaruh Free Cash Flow, Struktur Aset, Profitabilitas Dan Pertumbuhan Perusahaan Terhadap Kebijakan Hutang. Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan, Dan Akuntansi, 14(2), 130–145.
Indah Sari, I., et al. (2021). Analisis Pengaruh Profitabilitas, Ukuran Perusahaan, Struktur Aset, Dan Kepemilikan Manajerial Terhadap Kebijakan Utang. Jurnal Ilmu Keuangan Dan Perbankan (JIKA), 10(2), 183–195.
Indawati Halim, I., & Novianty, N. (2023). Pengaruh Arus Kas Bebas, Profitabilitas, Dan Kepemilikan Institusional Terhadap Kebijakan Hutang. Jurnal Revenue : Jurnal Ilmiah Akuntansi, 4(1), 41–50.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Katharina, N., Foryani Saragih, D., Ester Manurung, C., & Rosmegawati. (2021). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Profitabilitas, Likuiditas dan Ukuran Perusahaan Terhadap Kebijakan Hutang pada Perusahaan Manufaktur yang Terdaftar Di Bursa Efek Indonesia. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 4(1), 221–237.
Nurkholik, & Khasanah, K. (2022). Pengaruh Free Cash Flow, Struktur Aset, Likuiditas, Profitabilitas, Pertumbuhan Penjualan, Dan Risiko Bisnis Terhadap Kebijakan Hutang. Dinamika Akuntansi, Keuangan Dan Perbankan, 11 (1), 1–21.
Susanti, E., Anastasia Putri, J., Dermawan Sembiring, L., Tridianty Sianipar, R., & Azwar, K. (2024). Faktor Faktor Yang Mempengaruhi Kebijakan Hutang Dengan Likuiditas Sebagai Variabel Moderating. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 7(2), 1683–1693.
Tarigan, T., et al. (2022). Pengaruh Ukuran Perusahaan, Likuiditas dan Profitabilitas terhadap Kebijakan Hutang pada Perusahaan Pertambangan. Owner: Riset & Jurnal Akuntansi, 6(4), 4291–4300.
Unnuriyah, U., & Septriana, S. (2021). Current ratio and debt policy in manufacturing companies. Jurnal Riset Akuntansi.
Wardana, W. (2021). Pengaruh Profitabilitas, Kepemilikan Manajerial, Dan Kebijakan Dividen Terhadap kebijakan Hutang. RISTANSI: Riset Akuntansi, 2(2), 173–186.