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PENGARUH GROWTH OPPORTUNITY, PROFITABILITAS, LIKUIDITAS, DAN UKURAN PERUSAHAAN TERHADAP DEBT MATURITY
This study aims to examine the effect of growth opportunity, profitability, liquidity, and firm size on debt maturity in State-Owned Enterprises (SOEs) listed on the Indonesia Stock Exchange for the 2020–2024 period. This research is grounded in Agency Theory, Trade-Off Theory, and Pecking Order Theory to explain corporate financing behaviour in determining debt maturity structure. The study employed a quantitative approach using an unbalanced panel, resulting in 24 SOEs and 120 panel data observations, which were analyzed using panel regression through t-tests, F-tests, and classical assumption testing. The findings reveal that growth opportunity, liquidity, and firm size do not affect debt maturity, while profitability has a positive effect on debt maturity. These results indicate that SOEs do not base their debt maturity decisions on growth prospects, liquidity strength, or firm scale, but rather on profitability, which strengthens lenders’ trust in providing long-term financing. The evidence aligns with Trade-Off Theory, which argues that profitable firms can bear long-term debt costs, and is consistent with Agency Theory, suggesting that higher profitability reduces information asymmetry and agency conflicts between managers and creditors, though the results differ from Pecking Order Theory predictions for the other variables. This study contributes to empirical evidence on debt maturity behaviour in Indonesian SOEs and offers insights into their capital structure decisions.
FAKULTAS EKONOMI DAN BISNIS ISLAM, UIN SUNAN KALIJAGA YOGYAKARTA
PENGARUH GROWTH OPPORTUNITY, PROFITABILITAS, LIKUIDITAS, DAN UKURAN PERUSAHAAN TERHADAP DEBT MATURITY (Text)
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