Pengaruh Karakteristik Pribadi Direktur Utama terhadap Keputusan Leverage Keuangan pada Perusahaan Sektor Manufaktur yang Terdaftar di Bursa Efek Indonesia

This study aims to analyze the effect of (1) age, (2) experience, (3) education, and (4)founders on financial leverage decisions on manufacturing companies listed on theIndonesia Stock Exchange. This study uses four control variables, namely profitability,firm size, asset structure and liquidity. The population in this study are allmanufacturing companies listed on the Indonesia Stock Exchange. Whereas the samplein this study was determined by the purposive sampling method, in order to obtain 435company-year samples. However, the final sample of this study was 245 due to dataoutliers. The type of data used in this study is secondary data obtained from IDX ICMDand sample company annual reports. The analytical method used is multiple linearregression analysis. The results of this study concluded that (1) age had a negative andsignificant effect on financial leverage decisions (DAR) in manufacturing companies,(2) experience had not effect on financial leverage decisions (DAR) on manufacturingcompanies, (3) education had a negative effect and significant to financial leveragedecisions (DAR) in manufacturing companies, (4) founders have influence on financialleverage decisions (DAR) in manufacturing companies, (5) age has a negative andsignificant effect on financial leverage (LDAR) decisions on manufacturingcompanies, (6) experience had not effect on financial leverage decisions (LDAR) inmanufacturing companies, (7) education has a negative and significant effect onfinancial leverage decisions (LDAR) on manufacturing companies, and (8) foundershave not influence to the decision on financial leverage (LDAR) of the company anmanufacturing.