Suta, AlfredYohanes (2012) Analisis Variabel yang Berpengaruh Terhadap Struktur Modal (Studi Pada Sektor Automotive And Allied Products Yang Terdaftar Di Bursa Efek Indonesia). Magister thesis, Universitas Brawijaya.
Abstract
Tujuan penelitian ini adalah untuk menguji dan menganalisis pengaruh Profitabilitas, Ukuran Perusahaan, Non-Debt Tax Shield, Tangibility, Volatilitas dan Growth terhadap Struktur Modal pada perusahaan sektor Automotive and Allied Products yang terdaftar di Bursa Efek Indonesia. Populasi dalam penelitian ini menggunakan target populasi dengan pendekatan sensus sehingga diperoleh jumlah populasi sebanyak 14 perusahaan. Data yang digunakan adalah data sekunder berupa laporan keuangan tahun 2002 – 2011. Data yang telah terkumpul dianalisis dengan menggunakan analisis regresi berganda. Pengujian hipotesis menggunakan uji F-Statistik dan uji t-Statistik. Hasil penelitian ini menjelaskan bahwa secara serentak, Profitabilitas, Ukuran Perusahaan, Non-Debt Tax Shield , Tangibility, Volatilitas dan Growth berpengaruh signifikan terhadap Struktur Modal. Secara parsial, Profitabilitas, Non-Debt Tax Shield ¸ dan Tangibility berpengaruh signifikan terhadap Struktur Modal. Ukuran perusahaan, Volatilitas dan Growth tidak berpengaruh signifikan terhadap Struktur Modal. Profitabilitas merupakan faktor yang paling kuat berpengaruh terhadap keputusan Struktur Modal perusahaan. Penelitian ini menemukan bahwa sektor Automotive and Allied Products di Indonesia menentukan keputusan Struktur Modal dengan mempertimbangkan faktor Profitabilitas, Non-Debt Tax Shield dan Tangibility . Ini sejalan dengan masih tingginya kebutuhan transportasi di Indonesia dan karakteristik Industri yang menggunakan padat modal. Penelitian ini menemukan bahwa sektor Automotive and Allied Products di Indonesia tidak mempertimbangkan faktor ukuran perusahaan, volatilitas, dan growth dalam menentukan keputusan Struktur Modalnya. Hal ini menggambarkan kebijakan manajemen yang memperhatikan efisiensi, resiko kurs, arus kas di tengah dampak kenaikan harga bahan bakar bersubsidi dan krisis global.
English Abstract
The purpose of this research are to test and to analyze the influence of Profitability, Company Size, Non-Debt Tax Shield, Tangibility, Volatility and Growth to Capital Structure on the Automotive and Allied Products Companies on the Indonesia Stock Exchange. Population on this research using target populating with sensus approach. This research contains with 14 companies as samples. This research using secondary data in form as financial reports in 2002 – 2011. Collected data are analyzed with double regression analysis. To test the hypothesis, we use F-test and t-test. The result of this research are, Profitability, Company Size, Non-Debt Tax Shield, Tangibility, Volatility and Growth simultaneously influence to Capital Structure. Partially, Profitability, Non-Debt Tax Shield and Tangibility influence to Capital Structure. Company Size, Volatility and Growth has no significance impact to Capital Structure. Profitability is the dominant variable to Capital Structure. This research found that Profitability as the most significance variable to influence Capital Structure decisions on Automotive and Allied Products Companies. Non-Debt Tax Shield and Tangibility are the next variables that has significance to influence Capital Structure decision. This fact in line with the high demand of transportation needs in Indonesia and industrial characteristic which using high capital (such as high-technologies). This research found that Automotive and Allied Products companies didn`t consider on company size, volatility and growth factor when making capital structure decision. This fact describes the management`s regulation which prefer to concern about efficiency, rate of exchange and cash flow in the unpredictable economic situation such as government`s regulation to domestic fuel prices and economic global crisis since early 2008
| Item Type: | Thesis (Magister) |
|---|---|
| Identification Number: | TES/332.041/SUT/a/041204137 |
| Subjects: | 300 Social sciences > 332 Financial economics |
| Divisions: | S2/S3 > Magister Manajemen, Fakultas Ekonomi dan Bisnis |
| Depositing User: | Endang Susworini |
| Date Deposited: | 24 Mar 2014 14:18 |
| Last Modified: | 24 Mar 2014 14:18 |
| URI: | http://repository.ub.ac.id/id/eprint/155685 |
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