An Analysis of factors affecting growth in equity :: A Case study of Pertamina

KLANA, Ponti Djaja, Dr. Eduardus Tandelilin, MBA

2002 | Tesis | Magister Manajemen

Tujuan penelitian ini adalah untuk mencari faktor-faktor yang secara signifikan mempengaruhi pertumbuhan modal sendiri Pertamina. Berdasarkan laporan keuangan operasi sendiri Pertamina dari tahun 1989 sampai 2000, hasil regresi memberikan gambaran tentang pengaruh keputusan keuangan terhadap kemampuan perusahaan untuk tumbuh. Model ini nienghasilkan R2 = 347 yang berarti sekitar 85% dari variasi pertumbuhan modal sendiri tahunan dapat dijelaskan dengan menggunakan R e t i i on Asset, Debt to Equity Ratio dan Plowback Ratio sebagai variabel bebasnya. Return on Asset yang mewakili keputusan investasi berpenganrh signifikan positif, menunjukkan pengaruhnya yang positif terhadap pertumbuhan. Setiap kenaikan 1 % Return on Asset akan meningkatkan pertumbuhan 1.8%. Debt to Equity Ratio yang mencerminkan kebijaksanaan pendanaan berpengaruh signifikan positif terhadap pertumbuhan. Pertumbuhan akan meningkat .06% untuk tiap kenaikan 1% Debt to Equity Ratio. Sedangkan Plowback Ratio yang merupakan had kebijakan dividen, dalam penelitian ini ditemukan tidak signifikan secara statistik. Secara umum keputusan investasi dapat dipandang sebagai unsur yang paling penting. Namun dalam teori, relative pentingnya ketiga keputusan tersebut daIam penciptaan nilai akan berubah sesuai pertumbuhan dan tahap kedewasaan perusahaan

The objective of this research is; to find the factors that significantly affect the growth in equity of Pertamina. Based on audited financial statement of Pertamina own operations fiom 1989 to 2000, the result of regression provides insight about the effect financial decisions on the ability of the company to grow. The Model has R2 = .847 which is simply means that about 85% of the variation in annual growth in equity is explained or accounted for by the estimated that uses Return on Asset, Debt to Equity Ratio and Plowback ratio as the independent variables. Return on Asset, which represents of investment decision had had a positive significant effect implies that such effect was positive on growth. For every 1% increase in Return on Asset would increase growth by 1.8%. Debt to Equity Ratio, which implies of firm's financing decision, had a positive significant influence on growth. Growth would increase by .06% for every 1% increase in Debt to Equity Ratio. With respect to Plowback Ratio as a results of firm's dividend decision, this study found that the estimated was not statistical significant. In general, the investment decision should be viewed as the most critical component. However in theory, the relative importance of the three decisions in value creation will change as firm grow and mature.

Kata Kunci : Manajemen Modal,Pertumbuhan,Return of Asset, Growth, Return on Asset, Debt to Equity Ratio, Plowback Ratio