摘要：This study aims to predict and explain the determinants of debt financing structure and debt maturity from the perspective of contracting /agency cost theory and Signaling theory that explains that determines the structure of debt depends on the characteristics of companies that need funding as the company's growth opportunities, firm size , managerial ownership structure as well as the consideration of a change in environment or a desire to signal to the market about the quality of the company. Therefore, before determining the structure of corporate debt or debt maturity should be decided in advances that the financing of the debt taken, the study also examines the effect of leverage on the term structure of debt. The uniqueness of this study was to examine the effect of environmental change on the structure of funding and debt maturity, because previous research no one has studied the effect, although Thies and Clock (1992 in Simerly RL 2000) states that environmental changes increased the use of debt and long-term debt will decrease. The population of the research is the entire manufacturing companies listed in Indonesia Stock Exchange (IDX) of 145 companies with the observation period 2005-2011. Based on the criteria defined population, the number of samples analyzed was 32 companies. Methods of data analysis using Structural Equation Modeling (SEM) using AMOS Ver application program 21. The study findings suggest that contracting theoretical perspective that supports manufacturing companies that the larger companies use long-term debt, and the higher the dynamic changes in the environment will take a short-term debt, but the results of this study do not support the signaling theory, that the company is not trying to show the quality of the company in determining the maturity structure of the debt as well as managerial stock ownership and growth options has no effect on debt maturity. While the effect on the structure of the debt financing (leverage) is the size of the company and managerial stock ownership, while, corporate growth, corporate quality, and environmental changes found to have no effect on leverage. Leverage found to affect the maturity structure of the debt.
