Analisa Pengaruh Pecking Order Theory dan Trade Off Theory terhadap Kebijakan Leverage Perusahaan Manufaktur di BEJ

SUBIYANTO, HENDRA , Kusdhianto Setiawan, S.E., Siv.Oek.

2007 | Skripsi | S1 Management

Fungsi keuangan merupakan salah satu fungsi penting dalam aktivitas perusahaan sehingga mengelola fungsi keuangan merupakan hal yang sangat diperhatikan oleh tiap perusahaan, terutama menyangkut struktur modal (capital structure) perusahaan. Penelitian ini berjudul Analisa pengaruh Pecking Order Theory dan Tradeoff Theory terhadap kebijakan leverage perusahaan manufaktur di BEJ. Penelitian ini merupakan penelitian empiris dengan teknik purposive sampling dengan tipe judgement sampling didalam pengumpulan data. Data yang diperoleh sejumlah 35 perusahaan manufaktur yang terdaftar di BEJ pada tahun 2001, 2002 dan 2003. Data diolah menggunakan program Eviews 4. Hasil pengujian hipotesis menunjukkan Pengujian variabel Return on Investment dan Opportunity secara individual, Return on Investment tidak mempunyai pengaruh negatif signifikan terhadap leverage, sedangkan Opportunity mempunyai pengaruh positif terhadap leverage. Variabel Opportunity terbukti merupakan variabel pemoderasi dari hubungan Return on Investment dengan leverage, hal ini dapat dilihat ketika pengaruh Return on Investment dengan leverage tidak signifikan tetapi dengan penambahan pemoderasi Opportunity membuat Return on Investment signifikan positif menaikkan leverage.Pengujian variabel Free Cash Flow dan Times Interest Earned secara individual mempunyai pengaruh signifikan terhadap leverage, Free Cash Flow mempunyai pengaruh positif sedangkan TIE berpengaruh negatif. Variabel Times Interest Earned terbukti merupakan variabel pemoderasi dengan koefisien negatif dari hubungan Free Cash Flow dengan leverage.

Financial function represent one of important function in corporate activity so that manage financial function represent very matter paid attention to by every company, especially concerning company capital structure. This research entitle analyzing of Influence of Pecking Order Theory And Tradeoff Theory to policy of leverage of manufacturing business in BEJ. This research represent empirical research with technique of purposive sampling with type of judgment sampling in data collecting. Data obtained an amount of 35 manufacturing business enlisted in BEJ in the year 2001, 2002 and 2003. Data is processing with Eviews 4. Result of Hypothesis examination show that Variable of Return On Investment And Opportunity in individually, Return On Investment don't have negative significant influence to leverage, while Opportunity have positive influence to leverage. Variable Opportunity proven to represent moderating variable from relation of Return On Investment with leverage, this matter is visible when influence of Return On Investment with leverage do not significant, but with addition of Opportunity make Positive Return On Investment significant to boost up leverage. test to variable of Free Cash Flow And Times Interest Earned in individually have significant influence to leverage, Free Cash Flow have positive influence while Times Interest Earned have an effect on negativity. Variable of Times Interest Earned proven to represent moderating variable with negative coefficient from relation of Free Cash Flow with leverage

Keywords : Pecking Order Theory, Tradeoff Theory, Capital Structure, Return On Investment, Opportunity, Free Cash Flow, Times Interest Earned

Kata Kunci : Pecking Order Theory, Tradeoff Theory, Capital Structure, Return on Investment, Opportunity, Free Cash Flow, Times Interest Earned