Faktor-Faktor Penentu Leverage Pada Perusahaan Perkebunan Kelapa Sawit Studi Kasus di Bursa Efek Indonesia dan Malaysia

RIZAL ARIFIANTO, Marwan Asri, Prof., M.B.A., Ph. D.

2016 | Tesis | S2 MANAJEMEN (MM) JAKARTA

Penelitian ini memiliki tujuan untuk mendapatkan bukti empiris mengenai faktor- faktor penentu leverage yang diambil oleh perusahaan perusahaan-perusahaan di industri perkebunan kelapa sawit yang ada di Indonesia dan Malaysia selama periode 2010 – 2014. Variabel independen dalam penelitian ini adalah Tangibility, Profitability, Firm Size, Asset Utilization, Financial Flexibility, Investment Opportunity, dan Price. sedangkan variabel dependen adalah Leverage. Penelitian ini menggunakan metoda penelitian analisa regresi linear berganda dengan menguji uji t, yang mengukur pengaruh Tangibility, Profitability, Firm Size, Asset Utilization, Financial Flexibility, Investment Opportunity, dan Price terhadap Leverage. Berdasarkan hasil penelitian menunjukkan di Indonesia dan Malaysia bahwa Tangibility tidak memiliki pengaruh terhadap Leverage dan Profitability memiliki pengaruh negatif terhadap Leverage. Di Indonesia Firm Size tidak memiliki pengaruh terhadap Leverage, di Malaysia Firm Size memiliki pengaruh terhadap Leverage, hasil yang sama diperoleh oleh variabel Asset Utilization. Financial Flexibility memiliki pengaruh negatif terhadap Leverage baik itu di Indonesia dan Malaysia. Di Malaysia Investment Opportunity tidak memiliki pengaruh terhadap Leverage, tapi di Indonesia Investment Opportunity memiliki pengaruh positif terhadap Leverage. Price tidak memiliki pengaruh terhadap Leverage di Malaysia, di Indonesia Price memiliki pengaruh positif terhadap Leverage.

This study has the objective to obtain the empirical evidence regarding the determinants of leverage that is taken by companies in the industry of oil palm plantations in Indonesia and Malaysia during the period 2010 - 2014 . The independent variable in this study is Tangibility, Profitability, Firm Size, Asset Utilization, Financial Flexibility, Investment Opportunity and Price. and the dependent variable is Leverage. This study used multiple linear regression analysis research by testing the t test, which measures the effect of Tangibility, Profitability, Firm Size, Asset Utilization, Financial Flexibility, Investment Opportunity, and Price to Leverage. Based on the results of the research show in Indonesia and Malaysia that Tangibility had no relationship on Leverage and Profitability has a negative relationship on Leverage. Firm Size in Indonesia do not have relationship on Leverage, in Malaysia has positive relationship between Firm Size and Leverage, the same result is obtained by Asset Utilization. Financial Flexibility has a negative relationship with Leverage both in Indonesia and Malaysia. In Malaysia Investment Opportunity has no relationship with Leverage, but in Indonesia Investment Opportunity has a positive relationship with Leverage. Price does not have an relationship with Leverage in Malaysia, in Indonesia Price has a positive relationship with Leverage.

Kata Kunci : Capital Structure, Palm Oil, Plantations, Leverage, Tangibility, Profitability, Firm Size, Asset Utilization, Financial Flexibility, Investment Opportunity, Price.