Dalam perspektif manajemen keuangan, tujuan perusahaan adalah memaksimumkan nilai perusahaan yang juga berarti memaksimumkan kekayaan pemegang saham. Salah satu keputusan penting yang harus diambil seorang manajer keuangan dalam mencapai tujuan maksimalisasi nilai perusahaan adalah keputusan pembelajaan. Perusahaan membutuhkan dana yang dapat diperoleh dari dua sumber utama, yaitu sumber internal dan sumber ekstemal. Sumber internal berupa laba ditahan, sedangkan surnber eksternal berupa hutang dan saham. Diantara banyak teori struktur modal, Trade-off Theory dan Pecking Order Theory adalah dua teori yang masih banyak diperdebatkan. Penelitian ini akan difokuskan untuk membuktikan variabel-variabel profitabilitas, likuiditas (Pecking Order theory), variabel-variabel risiko bisnis, asset tangibility (Trade-off theory), serta variabel-variabel ukuran perusahaan dan growth (Trade-off theory dan Pecking Order theory) dalam menjelaskan proses pengambilan keputusan pendanaan di perusahaan industri barang konsumsi yang terdaftar di BEL Variabel-variabel tersebut berhubungan dengan berbagai asumsi yang terdapat dalam pecking order theory maupun trade-off theory. Data yang digunakan berupa rasio -rasio keuangan dari perusahaan sample yang berjumlah 155 perusahaan selama periode 2004-2008. Metode yang digunakan adalah multiple regression method dengan variabel terikat leverage~ sedangkan profitabilitas, likuiditas, ukuran perusahaan, risiko bisnis, asset tangibility dan growth opportunity bertindak sebagai variabel bebas. Hasil yang diperoleh menunjukkan berlakunyapecking order theory dalam keputusan pendanaan perusahaan industri barang konsurnsi. Ini berarti bahwa proses pengambilan keputusan pendanaan di perusahaan-perusahaan publik di Indonesia mengikuti hirarki pendanaan yang dimulai dari retained earnings, debt, dan yang terakhir adalah equity. Namun demikian, faktor risiko kebangkrutan atau potensi teijadinya financial distress juga menjadi bahan pertimbangan yang penting dalam keputusan pendanaan perusahaan-perusahaan terse but.

Financial management perspective states that company goal is to maximize the oranization value which means maximize the shareholder's wealth. One of the important decision of financial manager is financial decision. Each company will need some funds which can be raised internally or externally. Internal source of funds is retained earning, while external source of funds are debt and equity. Among many other capital structure theory, Trade-off Theory and Pecking Order Theory are two theories that still remain in debate. This research focuses on getting empirical evidence on profitability, liquidity (Pecking Order theory); business risk, tangibility of assets (Trade-off theory) also size and growth (Trade-off theory dan Pecking Order theory) in explaining the decision making about the source of funds used by the companies of consumer goods industry listed in Indonesian Stock Exchange. Those variables are chosen in relation to the assumptions of pecking order theory and trade-off theory. The data used are in the form of financial ratios from 155 companies during 2004-2008. The method used is multiple regression method with debt ratio as the dependent variable, while profitability, liquidity and growth, business risk. tangibility of assets and size act as independent variables. The result shows that pecking order theory is able to explain the decision making about the source of funds used by the companies of consumer goods industry listed in Indonesian Stock Exchange. It means that the decision making process in deciding the source of funds used by companies of consumer goods industry listed in Indonesian Stock Exchange follows a hierarchy, started from retained earnings, debt, and equity as the last resort. However, bankruptcy risk and fina ncial distress risk also play important parts in the decision making process.

Kata Kunci : Struktur modal,Pecking order theory,Trade,off theory