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UEU » Journal » Puspen Jurnal UEU
Posted by [email protected] at 10/01/2014 11:20:48  •  1942 Views


DETERMINAN STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA

Created by :
Suryo Wikanto ( xxxx )
Ignatius Roni Setiawan



SubjectMODAL
PERUSAHAAN MANUFAKTUR
BURSA
Alt. Subject CAPITAL
MANUFACTURING COMPANIES
STOCK EXCHANGE
KeywordMANUFAKTUR
MODAL
NILAI PERUSAHAAN

Description:

Perusahaan manufaktur merupakan sektor usaha yang memerlukan kebutuhan modal yang sangat besar, oleh karena itu diperlukan suatu pengelolaan struktur modal yang optimal sehingga dapat meningkatkan nilai perusahaan. Penelitian ini menganalisa determinan struktur modal perusahaan manufaktur di Bursa Efek Indonesia pada periode 2004-2008. Pengukuran variabel dependen struktur modal menggunakan proxy total debt ratio, short term debt ratio dan long term debt ratio. Dari sekian banyak faktor determinan struktur modal, hanya akan diteliti faktor internal perusahaan yaitu berupa variabel collateral asset, profitabilitas, growth dan size. Faktor determinan ini dipilih karena dari pengamatan dan penelitian terdahulu, keempat faktor ini merupakan pembeda yang signifikan dari dua teori klasik struktur modal yaitu pecking order theory dan trade off theory. Sedangkan untuk melihat dampak makroekonomi terhadap struktur modal suatu perusahaan digunakan variabel GDP riil dan interest rate. Metode analisis yang digunakan adalah regresi data panel, karena data yang digunakan adalah berupa data cross section dan time series. Sedangkan untuk menghilangkan timbulnya heterokedastisitas dan otokorelasi, digunakan metode GLS (Generalized Least Square). Dari hasil penelitian diperoleh bahwa untuk hubungan antara variabel dependen total debt ratio dengan variabel independen terdapat hubungan negatif yang signifikan antara total debt ratio dengan profitabilitas dan interest rate dan terdapat hubungan positif yang signifikan dengan collateral asset, size, growth dan GDP. Untuk variabel dependen short term debt ratio terdapat hubungan negatif yang signifikan dengan variabel independen collateral asset, profitabilitas dan interest rate. Dan untuk hubungan short term debt ratio dengan variabel independen size, growth dan GDP terdapat hubungan yang positif. Hubungan negatif yang signifikan terjadi antara variabel dependen long term debt ratio dengan variabel dependen profitabilitas. Sedangkan hubungan yang positif dan signifikan terjadi antara long term debt ratio dengan, size, GDP, collateral asset, growth dan interest rate. Hasil penelitian ini dapat menjadi gambaran bahwa faktor determinan dari struktur modal ternyata tidak hanya dipengaruhi oleh faktor internal perusahaan ( firm�s specific factor) akan tetapi juga dipengaruhi oleh faktor eksternal perusahaan (macroeconomic factor).


Alt. Description

Manufacture was an industri that need a large amount of capital. Because of that, an optimal capital structure was needed to increase value of the firm. This research is trying to analyse capital structure�s determinant of manufactures in Indonesia Stock Exchange on 2004-2008. The proxy of capital structure was total debt ratio, short term debt ratio and long term debt ratio. From many factor of capital structure�s determinant, this research use firm�s specific factor which is collateral asset, profitability, growth and size. This factor was choosen because from observation and past research, only this determinants that a significant difference from capital structure theory (pecking order theory and trade off theory). Macroeconomic condition was used to see the impact of GDP and interest rate on capital structure. Data panel analysis was used because there are cross section data and time series data. To eliminate heterocedasticity and autocorrelation, this research use GLS (Generalized Least Square) method. This research found a negative significant between total debt ratio with profitability and interest rate. And also a positive significant in collateral asset, size, growth dan GDP. For short term debt ratio, there are a negative significant result with collateral asset, profitability and interest rate. And positive significant with size, growth and GDP. And for long term debt ratio and profitability this research found a negative significant, and positive significant result with, size, GDP, collateral asset, growth and interest rate. This result found that capital structure determinant consist of firm�s specific factor and macroeconomic factor.

Date Create:10/01/2014
Type:Text
Format:pdf
Language:Indonesian
Identifier:UEU-Journal-AM07022011_Wik
Collection ID:AM07022011_Wik


Source :
Puspen Jurnal UEU

Relation Collection:
Universitas Esa Unggul

Coverage :
Civitas Akademika Universitas Esa Unggul

Rights :
Copyright @2014 by UEU Library


Publication URL :
https://digilib.esaunggul.ac.id/determinan-struktur-modal-pada-perusahaan-manufakturdi-bursa-efek-indonesia-1902.html




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