Analisis Struktur Modal Perusahaan Non Keuangan: Pendekatan Teori Keagenan, Pecking Order, dan Trade-Off

INDAH WORO ASTRINI, Dr. Mamduh Mahmadah Hanafi, MBA.

2013 | Skripsi | MANAJEMEN

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This study aimed to analyze how fit behavioral capital structure in Indonesian non financial company with theory of capital structure. The theory of capital structure consist of agency theory, pecking order theory, dan trade- off theory. Institusional ownership and liquidity firm to be proxy of agency theory. Profitability firm and firm size to be proxy of pecking order theory. Free cash flow and fixed assets to be proxy of trade off theory. This study used quantitative approach with secondary data, and to determine sample by purposive method sampling. Statistical tool used in this study is multiple regression. This study found that firm liquidity has significant and negative influences to capital structure (long term debt) and profitability have significant and negatif influence to capital structure (total debt). It is proven that agency the ory and pecking order fit with behavioral capital structure in Indonesian non financial company.

Kata Kunci : capital structure, agency theory, pecking order theory, trade-off theory, institusional ownership, firm liquidity, profitability, firm size, free cash flow, and fixed assets