Nurlaily, Ferina (2012) The Influence of Macroeconomic and Microeconomic Variables on Capital Structure and Financial Performance. Magister thesis, Universitas Brawijaya.
Abstract
Penelitian ini menyelidiki pengaruh variabel makroekonomi dan mikroekonomi pada struktur modal dan kinerja keuangan perusahaan manufaktur Indonesia selama periode 2009-2011. Menggunakan metode parsial paling sedikit, hasilnya menunjukkan bahwa variabel ekonomi makro memiliki pengaruh positif yang signifikan terhadap struktur modal. Indikator yang berlaku untuk mengukur variabel ekonomi makro adalah pertumbuhan ekonomi dan inflasi. Sementara, struktur modal diukur dengan rasio total utang dan rasio utang jangka panjang. Pengaruh negatif signifikan muncul antara variabel ekonomi mikro dan struktur modal. Variabel ekonomi mikro diukur dengan pertumbuhan penjualan dan ukuran perusahaan sebagai indikatornya. Namun, pengaruh struktur modal pada kinerja keuangan menunjukkan positif signifikan. Kinerja keuangan diukur melalui pengembalian aset (ROA) dan margin laba bersih (NPM) sebagai indikatornya. Sedangkan hasilnya juga menunjukkan bahwa variabel ekonomi makro dan variabel mikroekonomi ditemukan tidak secara signifikan mempengaruhi kinerja keuangan perusahaan.
English Abstract
This research investigated the influence of macroeconomic and microeconomic variable on capital structure and financial performance of Indonesia Manufacturing Companies during period 2009-2011. Using Partial Least Square Method, the result showed that macroeconomic variable has significant positive influence on capital structure. Indicators that valid to measure macroeconomic variable are economic growth and inflation. While, capital structure was measured by total debt ratio and long term debt ratio. Negative significant influence appeared between microeconomic variable and capital structure. Microeconomic variable was measured by sales growth and company size as its indicator. However, the influence of capital structure on financial performance showed significantly positive. Financial performance was measured through Return on Assets (ROA) and Net Profit Margin (NPM) as its indicator. While the result also showed that macroeconomic variable and microeconomic variable found not significantly affect the company`s financial performance.
| Item Type: | Thesis (Magister) |
|---|---|
| Identification Number: | TES/332.041/NUR/i/041303597 |
| Subjects: | 300 Social sciences > 332 Financial economics |
| Divisions: | S2/S3 > Magister Ilmu Administrasi Publik, Fakultas Ilmu Administrasi |
| Depositing User: | Endro Setyobudi |
| Date Deposited: | 27 Jun 2013 11:43 |
| Last Modified: | 27 Jun 2013 11:43 |
| URI: | http://repository.ub.ac.id/id/eprint/155676 |
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