PENGARUH STRUKTUR MODAL DAN KEPUTUSAN INVESTASI, TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL MEDIATING PADA JASA PERHOTELAN YANG TERCATAT DI BURSA EFEK INDONESIA (2012-2016)

TOMY SATRIYO BUDI U, Jogiyanto Hartono M, Prof., Dr., MBA., Ak., CMA., CA.

2018 | Tesis | MAGISTER MANAJEMEN (KAMPUS JAKARTA)

Kontribusi sektor pariwisata terhadap perekonomian Indonesia saat ini empat pesen, dan ditargetkan menjadi dobel di 2019. Berkembangnya sektor pariwisata akan berdampak signifikan terhadap pertumbuhan bisnis perhotelan dan memicu naiknya devisa negara, karena per turis asing membelanjakan rerata 1.100 - 1.200 dollar AS per kunjungan. Persaingan perhotelan akan semakin tajam, terlebih dengan munculnya pesaingan baru berbasis online atau web, yang memberikan tekanan persaingan harga. Tujuan penelitian ini menghasilkan analisa mengenai pengaruh antara struktur modal (DER) dan keputusan investasi (MBVE) terhadap naik/turunnya nilai perusahaan (Tobin's q) dengan profitabilitas (ROA) sebagai variabel mediating pada 13 perusahaan jasa perhotelan yang terdaftar di Bursa Efek Indonesia periode 2012 - 2016. Metode penelitian adalah analisa regresi linear berganda dengan pengujian uji t dan Sobel test untuk mengukur signifikansi mediasi Return on Asset (ROA) terhadap Debt to Equity Ratio (DER) dan market value to book of equity ratio (MBVE) sebagai variabel bebas dan Tobin's q sebagai variabel terikat. Hasil penelitian ini memberikan konfirmasi empiris bahwa DER berpengaruh negatif dan signifikan terhadap (TOBIN'S Q), (MBVE) berpengaruh positif dan signifikan terhadap (TOBIN'S Q), profitabilitas (ROA) berpengaruh positif dan signifikan terhadap nilai perusahaan (TOBIN'S Q), struktur modal (DER) tidak berpengaruh signifikan terhadap profitabilitas (ROA), keputusan investasi (MBVE) berpengaruh positif dan signifikan terhadap profitabilitas (ROA), profitabilitas (ROA) tidak dapat memediasi pengaruh struktur modal (DER) terhadap nilai perusahaan (TOBIN'S Q) dan profitabilitas (ROA) dapat memediasi pengaruh keputusan investasi (MBVE) terhadap nilai perusahaan (TOBIN'S Q).

The tourism sector's contribution to the Indonesian economy is currently four percent, and is targeted to double in 2019. The development of the tourism sector will have a significant impact on the growth of the hospitality business and trigger a rise in the country's foreign exchange, because per foreign tourist spends an average of 1,100 - 1,200 dollars per visit. Hospitality competition will be increasingly sharp, especially with the emergence of new online or web-based competition, which gives price competition pressure. The purpose of this study is to produce an analysis of the effect of capital structure (DER) and investment decision (MBVE) on the rise / fall of firm value (Tobin's q) with profitability (ROA) as a mediating variable in 13 hospitality service companies listed on the Indonesia Stock Exchange 2012 - 2016 period. The research method is multiple linear regression analysis with t test and Sobel test to measure the significance of mediation on Return on Assets (ROA) on Debt to Equity Ratio (DER) and market value to book of equity ratio (MBVE) as independent variables and Tobin's q as the dependent variable. The results of this study provide empirical confirmation that DER has a negative and significant effect on (TOBIN 'S Q), (MBVE) positive and significant effect on (TOBIN' S Q), profitability (ROA) has a positive and significant effect on firm value (TOBIN 'S Q), capital structure ( DER) has no significant effect on profitability (ROA), investment decisions (MBVE) have a positive and significant effect on profitability (ROA), profitability (ROA) cannot mediate the influence of capital structure (DER) on firm value (TOBIN'S Q) and profitability (ROA ) can mediate the influence of investment decisions (MBVE) on company value (TOBIN 'S Q).

Kata Kunci : nilai perusahaan, struktur modal, keputusan investasi, profitabilitas, Return on Asset, Debt to Equity Ratio, market value to book of equity ratio, Tobin's q