Analisis determinan struktur modal dan pengaruhnya Terhadap nilai perusahaan (Studi Kasus pada Perusahaan Manufaktur di Asia Tenggara Periode 2013-2015)
ANALISIS DETERMINAN STRUKTUR MODAL DAN PENGARUHNYA
TERHADAP NILAI PERUSAHAAN
(Studi Kasus pada Perusahaan Manufaktur di Asia Tenggara
Periode 2013-2015)
Abstrak
Setiap perusahaan menginginkan nilai perusahaannya yang tinggi dan dapat
menarik perhatian para investor. Untuk meningkatkan nilai sebuah perusahaan,
perusahaan harus dapat memelihara faktor pendukung dari nilai perusahaan itu sendiri.
Faktor yang dapat meningkatkan nilai perusahaan adalah sejauh mana perusahaan dapat
memelihara determinan struktur modal yaitu rasio profitabilitas, asset tangibility, tingkat
pertumbuhan, ukuran perusahaan, non-debt tax shield di sebuah perusahaan. Tujuan
penelitian ini adalah untuk mengetahui dan menganalisis pengaruh determinan struktur
modal, yang terdiri profitabilitas, asset tangibility, tingkat pertumbuhan, ukuran
perusahaan, non-debt tax shield terhadap nilai perusahaan dengan struktur modal sebagai
variabel intervening pada perusahaan manufaktur di Asia Tenggara. Penelitian ini
merupakan penelitian statistik deskriptif dan sifat penelitian merupakan deskriptif
explanatory. Metode pengumpulan data dilakukan melalui studi dokumentasi. Populasi
penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek masing-masing
negara di kawasan Asia Tenggara yaitu Indonesia, Malaysia, Singapura, Thailand dan
Filiphina dan sesuai kedalam kriteria yang telah ditentukan yaitu sebanyak 211
perusahaan dan penarikan sampel digunakan adalah sampling jenuh sehingga seluruh data
populasi sebanyak 211 perusahaan dijadikan sampel. Metode analisis data yang
digunakan adalah menggunakan path analisis dengan menggunakan software Eviews7,0.
Hasil penelitian substruktur pertama menunjukkan profitabilitas, asset tangibility, tingkat
pertumbuhan, ukuran perusahaan, non-debt tax shield secara simultan berpengaruh
negatif dan signifikan terhadap struktur modal pada perusahaan manufaktur di Asia
Tenggara dengan koefisien determinasi (R2) sebesar 0,8632 atau 86,32%. Secara parsial
profitabilitas berpengaruh negatif dan signifikan terhadap struktur modal, ukuran
perusahaan berpegaruh positif dan signifikan terhadap struktur modal pada perusahaan
manufaktur di Asia Tenggara. Hasil penelitian substruktur kedua menunjukkan
profitabilitas, asset tangibility, tingkat pertumbuhan, ukuran perusahaan, non-debt tax
shield dan struktur modal secara simultan berpengaruh positif dan signifikan terhadap
nilai perusahaan pada perusahaan manufaktur di Asia Tenggara dengan koefisien
determinasi (R2) sebesar 0,8822 atau 88,22%. Secara parsial asset tangibility, tingkat
pertumbuhan, ukuran perusahaan berpegaruh positif dan signifikan terhadap nilai
perusahaan pada perusahaan manufaktur di Asia Tenggara. Struktur modal bukan
merupakan variabel intervening pengaruh profitabilitas, asset tangibility, tingkat
pertumbuhan, ukuran perusahaan, non-debt tax shield terhadap nilai perusahaan.
Kata Kunci : Profitabilitas, Asset Tangibility, Tingkat Pertumbuhan, Ukuran Perusahaan,
Non-Debt Tax Shield, Struktur Modal, Nilai Perusahaan.
Universitas Sumatera Utara
AN ANALYSIS OF THE DETERMINANTS OF CAPITAL STRUCTURE
AND THEIR INFLUENCE ON FIRM VALUE
(A Case Study on Manufacturing Companies in Southeast Asia
in period 2013-2015)
ABSTRACT
Every firm desires that it has high value and can attract investors’
interests. In order to increase its value, a firm has to be able to maintain the
enabling factors of its value. The factors that are able to increase firm value are
how far the firm manages to maintain the determinants of capital structure such
as profitability ratio, tangibility asset, growth rate, firm size, and non-debt tax
shield of a firm. The objectives of the research were to find out and analyze the
influence of the determinants of capital structure, namely profitability ratio,
tangibility asset, growth rate, firm size, and non-debt tax shield on the firm value
with capital structure as the intervening variable on manufacturing companies in
Southeast Asia. This is a descriptive statistical research which is descriptive
explanatory. The data collecting method was document studies. The population
was 211 manufacturing companies listed in the Stock Exchange of each country in
Southeast Asia i.e. Indonesia, Malaysia, Singapore, Thailand, and the Philippines
which met the determined criteria, and the samples were taken by using saturated
sampling in order that the whole population was taken as the samples. The data
analysis method was path analysis, using the Eviews 7.0 software program. The
results of the first sub-structural research showed that, simultaneously, the
profitability ratio, tangibility asset, growth rate, firm size, and non-debt tax shield
had negative and significant influence on capital structure of the manufacturing
companies in Southeast Asia with determinant coefficient (R2) = 0.8632 or
86.32%. Partially, profitability had negative and significant influence on capital
structure, while firm size had positive and significant influence on capital
structure of the manufacturing companies in Southeast Asia. The second substructural research results showed that, simultaneously, profitability ratio,
tangibility asset, growth rate, firm size, non-debt tax shield and capital structure
had positive and significant influence of firm value of the manufacturing
companies in Southeast Asia with determinant coefficient (R2) = 0.8822 or
88.22%. Partially, asset tangibility, growth rate, and firm size had positive and
significant influence on the firm value of the manufacturing companies in
Southeast Asia. Capital Structure was not the intervening variable that influenced
profitability ratio, tangibility asset, growth rate, firm size, and non-debt tax shield
on firm value.
Keywords: Profitability Ratio, Tangibility Asset, Growth Rate, Firm Size, and
Non-Debt Tax Shield, Firm Value
Universitas Sumatera Utara
TERHADAP NILAI PERUSAHAAN
(Studi Kasus pada Perusahaan Manufaktur di Asia Tenggara
Periode 2013-2015)
Abstrak
Setiap perusahaan menginginkan nilai perusahaannya yang tinggi dan dapat
menarik perhatian para investor. Untuk meningkatkan nilai sebuah perusahaan,
perusahaan harus dapat memelihara faktor pendukung dari nilai perusahaan itu sendiri.
Faktor yang dapat meningkatkan nilai perusahaan adalah sejauh mana perusahaan dapat
memelihara determinan struktur modal yaitu rasio profitabilitas, asset tangibility, tingkat
pertumbuhan, ukuran perusahaan, non-debt tax shield di sebuah perusahaan. Tujuan
penelitian ini adalah untuk mengetahui dan menganalisis pengaruh determinan struktur
modal, yang terdiri profitabilitas, asset tangibility, tingkat pertumbuhan, ukuran
perusahaan, non-debt tax shield terhadap nilai perusahaan dengan struktur modal sebagai
variabel intervening pada perusahaan manufaktur di Asia Tenggara. Penelitian ini
merupakan penelitian statistik deskriptif dan sifat penelitian merupakan deskriptif
explanatory. Metode pengumpulan data dilakukan melalui studi dokumentasi. Populasi
penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek masing-masing
negara di kawasan Asia Tenggara yaitu Indonesia, Malaysia, Singapura, Thailand dan
Filiphina dan sesuai kedalam kriteria yang telah ditentukan yaitu sebanyak 211
perusahaan dan penarikan sampel digunakan adalah sampling jenuh sehingga seluruh data
populasi sebanyak 211 perusahaan dijadikan sampel. Metode analisis data yang
digunakan adalah menggunakan path analisis dengan menggunakan software Eviews7,0.
Hasil penelitian substruktur pertama menunjukkan profitabilitas, asset tangibility, tingkat
pertumbuhan, ukuran perusahaan, non-debt tax shield secara simultan berpengaruh
negatif dan signifikan terhadap struktur modal pada perusahaan manufaktur di Asia
Tenggara dengan koefisien determinasi (R2) sebesar 0,8632 atau 86,32%. Secara parsial
profitabilitas berpengaruh negatif dan signifikan terhadap struktur modal, ukuran
perusahaan berpegaruh positif dan signifikan terhadap struktur modal pada perusahaan
manufaktur di Asia Tenggara. Hasil penelitian substruktur kedua menunjukkan
profitabilitas, asset tangibility, tingkat pertumbuhan, ukuran perusahaan, non-debt tax
shield dan struktur modal secara simultan berpengaruh positif dan signifikan terhadap
nilai perusahaan pada perusahaan manufaktur di Asia Tenggara dengan koefisien
determinasi (R2) sebesar 0,8822 atau 88,22%. Secara parsial asset tangibility, tingkat
pertumbuhan, ukuran perusahaan berpegaruh positif dan signifikan terhadap nilai
perusahaan pada perusahaan manufaktur di Asia Tenggara. Struktur modal bukan
merupakan variabel intervening pengaruh profitabilitas, asset tangibility, tingkat
pertumbuhan, ukuran perusahaan, non-debt tax shield terhadap nilai perusahaan.
Kata Kunci : Profitabilitas, Asset Tangibility, Tingkat Pertumbuhan, Ukuran Perusahaan,
Non-Debt Tax Shield, Struktur Modal, Nilai Perusahaan.
Universitas Sumatera Utara
AN ANALYSIS OF THE DETERMINANTS OF CAPITAL STRUCTURE
AND THEIR INFLUENCE ON FIRM VALUE
(A Case Study on Manufacturing Companies in Southeast Asia
in period 2013-2015)
ABSTRACT
Every firm desires that it has high value and can attract investors’
interests. In order to increase its value, a firm has to be able to maintain the
enabling factors of its value. The factors that are able to increase firm value are
how far the firm manages to maintain the determinants of capital structure such
as profitability ratio, tangibility asset, growth rate, firm size, and non-debt tax
shield of a firm. The objectives of the research were to find out and analyze the
influence of the determinants of capital structure, namely profitability ratio,
tangibility asset, growth rate, firm size, and non-debt tax shield on the firm value
with capital structure as the intervening variable on manufacturing companies in
Southeast Asia. This is a descriptive statistical research which is descriptive
explanatory. The data collecting method was document studies. The population
was 211 manufacturing companies listed in the Stock Exchange of each country in
Southeast Asia i.e. Indonesia, Malaysia, Singapore, Thailand, and the Philippines
which met the determined criteria, and the samples were taken by using saturated
sampling in order that the whole population was taken as the samples. The data
analysis method was path analysis, using the Eviews 7.0 software program. The
results of the first sub-structural research showed that, simultaneously, the
profitability ratio, tangibility asset, growth rate, firm size, and non-debt tax shield
had negative and significant influence on capital structure of the manufacturing
companies in Southeast Asia with determinant coefficient (R2) = 0.8632 or
86.32%. Partially, profitability had negative and significant influence on capital
structure, while firm size had positive and significant influence on capital
structure of the manufacturing companies in Southeast Asia. The second substructural research results showed that, simultaneously, profitability ratio,
tangibility asset, growth rate, firm size, non-debt tax shield and capital structure
had positive and significant influence of firm value of the manufacturing
companies in Southeast Asia with determinant coefficient (R2) = 0.8822 or
88.22%. Partially, asset tangibility, growth rate, and firm size had positive and
significant influence on the firm value of the manufacturing companies in
Southeast Asia. Capital Structure was not the intervening variable that influenced
profitability ratio, tangibility asset, growth rate, firm size, and non-debt tax shield
on firm value.
Keywords: Profitability Ratio, Tangibility Asset, Growth Rate, Firm Size, and
Non-Debt Tax Shield, Firm Value
Universitas Sumatera Utara