Faktor-Faktor Yang Mempengaruhi Struktur Modal ( Studi Pada Perusahaan Manufaktur Yang Terdaftar di BEI Periode 2011-2013)

FERDIANSYAH AKBAR LU, Marwan Asri, Prof., MBA., Ph.D

2015 | Tesis | S2 Manajemen

Tujuan dari penelitian ini secara umum, penelitian ini bertujuan untuk menguji yaitu trade off theory dan pecking order theory pada perusahaan manufaktur di Indonesia didalam menentukan kebijakan struktur modal. Dan secara khusus untuk menguji pengaruh dari Profitability, Size, Non-debt tax shields, Tangibility, Growth, Earning volatility, dan Liquidity terhadap struktur modal pada perusahaan manufaktur yang terdaftar di BEI periode 2011-2013. Data yang digunakan merupakan data sekunder berupa laporan keuangan Perusahaan Manufaktur. Industri manufaktur dipilih karena industri tersebut dinilai sebagai industri yang padat modal. Kemudian data tersebut di analisa menggunakan analisa data panel dengan bantuan perangkat lunak EViews 8. Berdasarkan hasil penelitian ini diperoleh hasil bahwa Size, Non-debt tax shields, Tangibility, dan Growth tidak berpengaruh signifikan terhadap capital structure, namun Profitability, Earning volatility, dan Liquidity terbukti berpengaruh signifikan terhadap capital structure.

The purpose of this study in general to examine the trade-off theory and packing order theory at the manufacturing company in Indonesia in determining capital structure policy, and specifically to examine the influence of Profitability, Size, Non-debt tax shields, Tangibility, Growth, Earning volatility, and Liquidity toward the capital structure of the manufacturing companies listed on the Stock Exchange the period 2011-2013. The data used in this study is secondary data from financial statements of Manufacturing Company. Manufacturing industry has been chosen because it is considered as a capital intensive industry. Then the data analyzed using a panel data analysis with the help of EViews software version 8. Based on the results of this study was obtained that the growth, size, GDP, capital markets and no significant effect on capital structure, but the profit and tangibility proved significant effect on capital structure. Based on this study the result proved that the Size, Non-debt tax shields, Tangibility, and Growth has no significant effect on capital structure, but the Profitability, Earning volatility, and Liquidity proved significant effect on capital structure.

Kata Kunci : Capital Structure, Profitability, Size, Non-debt Tax Shields, Tangibility, Growth, Earning volatility, Liquidity.