Hubungan antara Leverage Keuangan dengan Profitabilitas Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2013)

ABSTRAK

HUBUNGAN ANTARA LEVERAGE KEUANGAN
DENGAN PROFITABILITAS PERUSAHAAN
(Studi Empiris pada Perusahaan Manufaktur yang
Terdaftar di Bursa Efek Indonesia
Tahun 2011-2013)

Tujuan dari penelitian ini adalah untuk menganalisis hubungan antara
leverage keuangan dan profitabilitas perusahaan. Variabel DAR (Debt to Assets
Ratio), LDER (Long term Debt to Equity Ratio), dan TIER (Time Interest Earned
Ratio) digunakan sebagai indikator leverage keuangan, sedangkan variabel ROA
(Return on Assets), ROE (Return on Equity), dan NPM (Net Profit Margin)
digunakan sebagai indikator profitabilitas perusahaan.
Penelitian ini merupakan penelitian eksplanatif asosiatif yang
variabelnya bersifat kausalitas. Sampel penelitian ini adalah perusahaan
manufaktur yang terdaftar di BEI yag dipilih dengan metode purposive sampling.
Data yang digunakan bersifat data panel, dan diambil dari laporan keuangan
tahunan perusahaan manufaktur dari tahun 2011-2013. Pengujian hipotesis
dilakukan dengan metode statistik melalui analisis korelasi kanonikal.
Hasil penelitian menunjukkan bahwa memang terdapat hubungan

antara leverage keuangan dengan profitabilitas perusahaan sesuai dengan teori
agensi, teori pertukaran dan pecking order theory. Hasil penelitian ini diantaranya
Leverage memiliki hubungan yang kuat dan positif terhadap ROA. Leverage
memiliki hubungan yang kuat dan negatif terhadap ROE. Serta Leverage memiliki
hubungan yang lemah dan positif terhadap NPM.
Kata Kunci : Leverage Keuangan, Rasio Profitabilitas, Teori Agensi, teori
Pertukaran, Pecking Order Theory, Korelasi Kanonikal.

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Universitas Sumatera Utara

ABSTRACT

RELATIONSHIP BETWEEN FINANCIAL LEVERAGE AND
PROFITABILITY OF THE COMPANY (Empirical Study on
Manufacturing Companies Listed in Indonesia
Stock Exchange at the year of 2011-2013)

The main objective of this research was to analyze the correlation
between financial leverage and profitability of the company. DAR (Debt to Assets

Ratio), LDER (Long term Debt to Equity Ratio) and TIER (Time Interest Earned
Ratio) were the variables that used as the indicator of financial leverage. ROA
(Return on Assets), ROE (Return on Equity), and NPM (Net Profit Margin) were
the variables that used as the indicator of profitability of the company.
This research was an associative explanation research where the
variables had causality characteristic. The manufactur industry companies that
listed in BEI were the sample of this research. They were chosen by purposive
sampling method. Panel data were used in this research, it was obtained from the
manufactur industry company’s financial statement at the year of 2011-2013.
Statistic method through canonical correlation analysis was used in hypothesis
testing.
The result showed that there were significant correlation between
financial leverage and profitability of the company based on Agency Theory,
Trade off Theory and Pecking Order Theory.This reseach showed that Leverage
have a strong and positive correlation with ROA. Leverage have a strong and
negative correlation with ROE. Leverage have a weak and positive correlation
with NPM.
Keywords : Financial Leverage, Profitability Ratio, Agency Theory, Trade Off
Theory, Pecking Order Theory, Canonical Correlation

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Universitas Sumatera Utara