Faktor-Faktor Yang Mempengaruhi Struktur Modal (Studi kasus pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Periode 2011 – 2014)

Mukhlan Khariry, Meina Wulansari Yusniar

Abstract


This study aimed to analyze and test the effects of firm size, tangible assets, profitability, asset growth, sales growth and financial risks to the capital structure of the companies listed on the Indonesia Stock Exchange period 2011-2014.

Methods used in this research was quantitative method using manufacturing companies listed on the Indonesia Stock Exchange (BEI) in the period of 2011-2014 as the research population. The samples of 54 companies were selected by using purposive sampling method. The study hypothesis was tested by multiple linear regression which have fulfilled classical assumption test.

The results showed that firm size (X1), asset growth (X4), and financial risks (X6) had significant influence with the positive directional effect towards the capital structure. Profitability factor (X3) had significant influence with the negative directional effect towards the capital structure. Meanwhile, the factors of tangible asset (X2) and sales growth (X5) had no significant effect towards the capital structure.

 

Keywords: Firm size, tangible asset, profitability, asset growth, sales growth,    financial risk and capital structure.


Full Text:

PDF

References


Abdullah, Syukriy. 2001. Hubungan Antara Kepemilikan Manajerial, Struktur Modal dan Kebijakan Deviden. Jurnal Manajemen dan Bisnis, Vol. 3, No.2, Mei : 159-176.

Berenson, Mark L et.al. 2012. Basic Business Statistics Concept and Aplication 12th Edition : Prentice Hall

Brigham, Eugene F. and Joel F. Houston, 2001. Fundamentals of Financial Management, Ninth Edition, Horcourt College, United States of America

Ferry, M.G., dan Jones, W.H. (1979). Determinants of financial structure: A new methodological approach. Journal of Finance, 01 XXXXIV(3).

Firnanti, Friska. 2011, Faktor-Faktor yang Mempengaruhi Struktur Modal Perusahaan Manufaktur di Bursa Efek Indonesia , Jurnal Bisnis Dan Akuntansi Vol. 13, No. 2, Agustus 2011, Hlm. 119 – 128

Ghost, A. Et al, 2000.”The Determinants Of Capital Structure” American Business Review, Jun, 18, 2, p. 129

Ghozali,Imam,2011, Aplikasi Analisis Multivariate dengan Program IBM SPSS. Badan Penerbit Universitas Diponegoro,Semarang.

Horne, James C. Van dan John M Wachowicz, Jr. 2007. Prinsip-prinsip manajemen keuangan. Salemba Empat, Jakarta.

IBM, Santika, dan Kusuma Ratnawati, 2002. Pengaruh Struktur Modal, Faktor Internal, dan Faktor Ekstenal terhadap nilai perusahaan Industri yang masuk Bursa Efek Jakarta, Jurnal Strategi Bisnis, Vol. 10, hal. 27-43

Ismail, Zainuddin. 2007. Pengaruh Struktur Kepemilikan Saham,Karakteristik Perusahaan, Pertumbuhan Perusahaan, Risiko Perusahaan terhadap Struktur Modal dan Nilai Perusahaan, Disertasi, Program Pasca Sarjana, Universitas Brawijaya. Malang

Jacques, Mr Ian , 2006, Mathematics for Economics and BusinessPaperback, Publisher: Prentice Hall edition

Jong. Abe De, RezaulKabir andThuy Thu Nguyen. 2008. Capital structure around the world: the roles of firm- and country-specific determinants, Journal Of Banking & Financevolume 32, Issue 9, September 2008, Pages 1954–1969

Joni dan Lina (2010) Faktor-Faktor Yang Mempengaruhi Struktur Modal, Jurnal Bisnis dan Akuntansi Vol. 12, No. 2, Agustus 2010, Hlm. 81 - 96

Moore, David S, George P. McCabe, Layth C. Alwan,Bruce A. CraigWilliam M. Duckworth, 2011, The Practice of Statistics for Business and Economics, International Edition, W. H. Freeman and Company New York

Ozkan. Aydin. 2001. Journal of business finance & accounting, determinants of capital structure and adjustment to long run target: evidence from uk company panel data, Volume 28, Issue 1-2,Pages 175–198, January/March 2001

Pandey. I. M. 2002. Capital Structure And Market Power, Indian Institute Of Management Ahmedabad Vastrapur, Ahmedabad. March 2002

Ruswan Nurmadi. 2013. Analisis faktor – faktor yang mempengaruhi struktur modal perusahaan manufaktur. Jurnal Keuangan Dan Bisnis Vol. 5, No. 2, Juli 2013

Sartono, R. Agus dan Ragil Sriharto, 1999, “Faktor-faktor penentu struktur modal perusahaan manufaktur di Indonesia”, SINERGI, vol 2, no. 2, p.175-188

Somantri, Ating dan Sambas Ali Muhidin, 2006. Statistika Dalam Penelitian. Pustaka Setia, Bandung :

Sugiarto. 2009. Struktur modal, struktur kepemilikan perusahaan, permasalahan keagenan dan informasi asimetri. Edisi Permata . Graha Ilmu, Yogyakarta :

Sugiyono. 2009. Metode penelitian bisnis. Cetakan ke 10. Alfabeta, Bandung

Titman, Sheridan And Roberto Wessels. 1988. The Determinants Of Capital Structure Choice, The Journal Of Finance Vol. 43, No. 1 (Mar., 1988), Pp. 1-19 Published By: Wiley For The American Finance Association DOI: 10.2307/2328319


Refbacks

  • There are currently no refbacks.


Copyright (c) 2017 Jurnal Wawasan Manajemen

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Address:
Jl. Brigjend H. Hasan Basri, Telp 05113302593, e-mail : pmm@ulm.ac.id
Program Magister Manajemen 
Fakultas Ekonomi dan Bisnis
Universitas Lambung Mangkurat, Banjarmasin
 
 
Jurnal Wawasan Manajemen by Magister Manajemen Fakultas Ekonomi dan Bisnis Universitas Lambung Mangkurat is licensed under a Creative Commons Attribution 4.0 International License. Based on a work at jwm.ulm.ac.id.