Determinan Struktur Modal Pada Perusahaan Manufaktur Di Bursa Efek Indonesia.
ABSTRAK
Struktur
modal
merupakanmasalahpentingdalampengambilankeputusanmengenaipendanaanperusaha
an.Bauranutangdanekuitasuntukpendanaanperusahaanmerupakanbahasanutamadarike
putusanstruktur
modaldimanastruktur
modal
optimal
sebuahperusahaanadalahkombinasiutangdanekuitas
Penelitianinimengujipengaruhstrukturaktiva,
profitabilitas,
peluangpertumbuhandanrisikobisnisterhadapstruktur
modal.Selainitupenelitianinijugamengujiapakahukuranperusahaanmemperkuatataumemperle
mahhubunganvariabelindependenterhadapvaribeldependen.Populasidalampenelitianiniadalah
perusahaan-perusahaanmanufaktur yang terdaftar di Bursa Efek Indonesia (BEI)
periodetahun
2008-2010.Teknikpengambilansampelmenggunakanpurposive
sampling,
sedangkanteknikanalisismenggunakananalisisregresi data panel.
Berdasarkanhasilpenelitianmenunjukkanbahwastrukturaktiva,
profitabilitas,
peluangpertumbuhandanrisikobisnisberpengaruhnegatifdansignifikanterhadapstruktur modal
perusahaan.
Denganadanya
size
sebagaivariabelmoderasistrukturaktiva,
profitabilitasdanpertumbuhanperusahaantetapberpengaruhnegatifdansignifikansedangkanrisik
obisnisberpengaruhpositifdantidaksignifikan.Selainituukuranperusahaanmemperlemahpengar
uhnegatifprofitabilitasdanpertumbuhanperusahaanterhadapstruktur modal.
Kata
Kunci: StrukturModal, StrukturAktiva,
RisikoBisnis Dan Ukuran Perusahaan
i
Profitabilitas,
PeluangPertumbuhan,
ABSTRACT
The capital structureis an important issuein decisions aboutcorporate funding.
Mixof debtandequityfinancingforcompanies isthe main discussionof thecapital
structure decisionsin which theoptimalcapitalstructure ofa companyis acombination
ofdebtandequity.
This studyexamined the effect ofasset structure, profitability, growth
opportunitiesand business risksof thecompany'scapital structure. In addition, this
study also testedwhether thesize of the companyto strengthenor weakenthe
relationshipof independent variables onthe dependentvariable. The populationin this
study ismanufacturing companieslistedon theIndonesia Stock Exchange (BEI) in the
period of 2008-2010. The sampling technique usedpurposive sampling andtechniques
data analysis using regression panel data.
These results indicate that the asset structure, profitability, growth
opportunities and business risk has a significant negative impact on the capital
structure of the company. With the size as a moderating variable, asset structure,
profitability and growth opportunities has a significant negative. While the business
risk has a not significant positive effect.The results also showed that the firm size
weakens the negative effect of growth opportunities and profitability on capital
structure.
Keywords: CapitalStructure, Asset Structure, Profitability, Growth Opportunities,
Business RiskAndFirm Size
ii
Struktur
modal
merupakanmasalahpentingdalampengambilankeputusanmengenaipendanaanperusaha
an.Bauranutangdanekuitasuntukpendanaanperusahaanmerupakanbahasanutamadarike
putusanstruktur
modaldimanastruktur
modal
optimal
sebuahperusahaanadalahkombinasiutangdanekuitas
Penelitianinimengujipengaruhstrukturaktiva,
profitabilitas,
peluangpertumbuhandanrisikobisnisterhadapstruktur
modal.Selainitupenelitianinijugamengujiapakahukuranperusahaanmemperkuatataumemperle
mahhubunganvariabelindependenterhadapvaribeldependen.Populasidalampenelitianiniadalah
perusahaan-perusahaanmanufaktur yang terdaftar di Bursa Efek Indonesia (BEI)
periodetahun
2008-2010.Teknikpengambilansampelmenggunakanpurposive
sampling,
sedangkanteknikanalisismenggunakananalisisregresi data panel.
Berdasarkanhasilpenelitianmenunjukkanbahwastrukturaktiva,
profitabilitas,
peluangpertumbuhandanrisikobisnisberpengaruhnegatifdansignifikanterhadapstruktur modal
perusahaan.
Denganadanya
size
sebagaivariabelmoderasistrukturaktiva,
profitabilitasdanpertumbuhanperusahaantetapberpengaruhnegatifdansignifikansedangkanrisik
obisnisberpengaruhpositifdantidaksignifikan.Selainituukuranperusahaanmemperlemahpengar
uhnegatifprofitabilitasdanpertumbuhanperusahaanterhadapstruktur modal.
Kata
Kunci: StrukturModal, StrukturAktiva,
RisikoBisnis Dan Ukuran Perusahaan
i
Profitabilitas,
PeluangPertumbuhan,
ABSTRACT
The capital structureis an important issuein decisions aboutcorporate funding.
Mixof debtandequityfinancingforcompanies isthe main discussionof thecapital
structure decisionsin which theoptimalcapitalstructure ofa companyis acombination
ofdebtandequity.
This studyexamined the effect ofasset structure, profitability, growth
opportunitiesand business risksof thecompany'scapital structure. In addition, this
study also testedwhether thesize of the companyto strengthenor weakenthe
relationshipof independent variables onthe dependentvariable. The populationin this
study ismanufacturing companieslistedon theIndonesia Stock Exchange (BEI) in the
period of 2008-2010. The sampling technique usedpurposive sampling andtechniques
data analysis using regression panel data.
These results indicate that the asset structure, profitability, growth
opportunities and business risk has a significant negative impact on the capital
structure of the company. With the size as a moderating variable, asset structure,
profitability and growth opportunities has a significant negative. While the business
risk has a not significant positive effect.The results also showed that the firm size
weakens the negative effect of growth opportunities and profitability on capital
structure.
Keywords: CapitalStructure, Asset Structure, Profitability, Growth Opportunities,
Business RiskAndFirm Size
ii