Sultera, FatimahKarunia (2012) Pengaruh Aspek Fundamental Perusahaan dan Risiko Bisnis terhadap Financial Leverage (Studi pada Perusahaan Manufaktur Sektor Aneka Industri yang Terdaftar di Bursa Efek Indonesia Periode 2007-2011). Magister thesis, Universitas Brawijaya.
Abstract
Latar belakang penelitian adalah financing decision penting bagi perusahaan untuk mendukung kebijakan preferensi pendanaan dalam membiayai kegiatan investasi dan operasional. Penelitian ini berpandangan pada Pecking Order Theory , dengan demikian perusahaan hendaknya lebih mengutamakan pendanaan yang bersifat internal daripada pendanaan yang bersumber dari pinjaman dan penerbitan saham baru. Preferensi urutan pendanaan difokuskan pada financial slack yang cukup untuk mendanai kegiatan perusahaan dengan harapan dapat memaksimumkan kemakmuran pemegang saham. Penggunaan leverage selain dapat meningkatkan keuntungan bagi pemegang saham, sebaliknya leverage juga dapat meningkatkan risiko kerugian. Beberapa aspek fundamental perusahaan yang diprediksikan mempengaruhi besarnya tingkat financial leverage yang diproksikan melalui debt to assets ratio antara lain ukuran perusahaan, struktur aktiva, return on assets , dan current ratio . Sedangkan aspek non fundamental yang diperkirakan memiliki pengaruh terhadap debt to assets ratio adalah risiko bisnis. Mengacu pada kesenjangan preferensi pendanaan tersebut, maka dilakukan penelitian mengenai ukuran perusahaan, struktur aktiva, return on assets , current ratio , dan risiko bisnis yang diperkirakan memiliki pengaruh terhadap debt to assets ratio. Penulisan Tesis dengan judul “Pengaruh Aspek Fundamental dan Risiko Bisnis Terhadap Financial Leverage ” merupakan sebuah studi dengan kajian khusus terhadap beberapa faktor yang mempengaruhi tingginya penggunaan tingkat financial leverage pada perusahaan manufaktur di sektor aneka industri yang listing di Bursa Efek Indonesia selama tahun 2007-2011. Rumusan masalah dalam penelitian ini: Apakah variabel ukuran perusahaan berpengaruh negatif terhadap debt to assets ratio (DAR)?; Apakah variabel struktur aktiva berpengaruh negatif terhadap debt to assets ratio (DAR)?; Apakah variabel return on assets (ROA) berpengaruh negatif terhadap debt to assets ratio (DAR)?; Apakah variabel current ratio (CR) berpengaruh negatif terhadap debt to assets ratio (DAR)?; Apakah variabel risiko bisnis berpengaruh negatif terhadap debt to assets ratio (DAR)?; dan Variabel mana yang pengaruhnya paling dominan terhadap debt to assets ratio (DAR) diantara variabel ukuran perusahaan, struktur aset, return on assets (ROA), current ratio (CR) dan risiko bisnis?. Tujuan penelitian: Menganalisis dan menjelaskan pengaruh negatif ukuran perusahaan terhadap debt to assets ratio (DAR); Menganalisis dan menjelaskan pengaruh negatif struktur aktiva terhadap debt to assets ratio (DAR); Menganalisis dan menjelaskan pengaruh negatif return on assets (ROA) terhadap debt to assets ratio (DAR); Menganalisis dan menjelaskan pengaruh negatif current ratio (CR) terhadap debt to assets ratio (DAR); Menganalisis dan menjelaskan pengaruh negatif risiko bisnis terhadap debt to assets ratio (DAR); Menganalisis dan menjelaskan variabel yang pengaruhnya paling dominan terhadap debt to assets ratio (DAR) diantara variabel ukuran perusahaan, struktur aset, return on assets (ROA), current ratio (CR) dan risiko bisnis . Kerangka konseptual dalam penelitian yaitu menjelaskan pengaruh aspek fundamental perusahaan yang meliputi ukuran perusahaan, struktur aset, return on assets (ROA) dan current ratio (CR) serta risiko bisnis terhadap debt to assets ratio (DAR). Berdasarkan rumusan masalah dan pengembangan kerangka konseptual, maka hipotesis yang diajukan adalah: H1: Ukuran perusahaan, berpengaruh negatif terhadap debt to assets ratio (DAR); H2: Struktur aktiva berpengaruh negatif terhadap debt to assets ratio (DAR); H3: Return on assets (ROA) berpengaruh negatif terhadap debt to assets ratio (DAR); H4: Current ratio (CR) berpengaruh negatif terhadap debt to assets ratio (DAR); H5: Risiko bisnis berpengaruh negatif terhadap debt to assets ratio (DAR); H6: Ukuran perusahaan berpengaruh paling dominan terhadap debt to assets ratio (DAR). Metode penelitian yang digunakan adalah metode kuantitatif dengan jenis penelitian explanatory . Populasi penelitian yaitu seluruh perusahaan manufaktur yang bergerak di sektor aneka industri dan terdaftar di Bursa Efek Indonesia (BEI) selama tahun 2007-2011 dengan total sampel berjumlah 20 perusahaan. Variabel independen yang diteliti antara lain ukuran perusahaan, struktur aktiva, return on assets (ROA), current ratio (CR) dan risiko bisnis, sedangkan variabel dependen menggunakan debt to assets ratio (DAR). Analisis data yang digunakan terdiri dari dua metode yaitu analisis statistik deskriptif dan analisis statistik inferensial. Statistik deskriptif yang digunakan misalnya min, max, mean dan standar deviasi. Statistik inferensial digunakan untuk mengetahui variabel independen yang mempengaruhi secara signifikan terhadap debt to assets ratio dengan menggunakan regresi linear berganda. Uji hipotesis dalam penelitian ini menggunakan uji F (secara simultan), uji t (secara parsial), dan uji derajat determinasi. Pengujian terhadap gejala asumsi klasik yang dapat terjadi pada model regresi linier berganda yaitu normalitas, multikolinearitas, heteroskedasitas dan autokorelasi. Hasil analisis data pada uji F membuktikan bahwa secara simultan variabel independen (Ukuran Perusahaan (X1), Struktur Aktiva (X2), Return on assets (X3) Current Ratio (X4), dan Risiko Bisnis (X5)) berpengaruh signifikan terhadap Debt to Assets Ratio (Y). Pengujian secara parsial (Uji t) membuktikan bahwa Struktur aktiva (X2), Current ratio (X4) dan Risiko bisnis (X5) secara parsial berpengaruh signifikan negatif terhadap variabel DAR (Y). Sedangkan, Ukuran perusahaan (X1) dan Return on assests (X3) secara parsial tidak berpengaruh signifikan terhadap variabel DAR (Y).Variabel bebas yang paling dominan pengaruhnya terhadap variabel terikat ( debt to assets ratio/ DAR) adalah Current ratio (X4).
English Abstract
Research background is an important financing decision for the company to support the funding preference policy in financing the investment and operational activities. Pecking Order Theory perspective is used such that the company gives greater emphasis on the internal funding rather than one from the loan and new stock issue. The preference of funding order is focused on sufficient financial slack to finance the activity of company in expect the maximization of stockholder wealthy. The use of leverage may increase the profit of stockholder, while the leverage can also increase the risk of loss. Some fundamental aspects of the company influence the financial leverage rate which is estimated through attributes of debt to assets ratio. These aspects are company size, assets structure, return on assets, and current ratio. Nonfundamental aspect which is estimated as having an effect on debt to assets ratio is business risk. To understand the gap in the funding preference, thus, the research of the effect of company size, assets structure, return on assets, current ratio, and business risk on debt to assets ratio is conducted. Thesis entitled with “The Ef fect of Fundamental Aspects and Business Risk on Financial Leverage” is a study with specific review on some factors which are affecting the higher usage of financial leverage in the manufacturing companies at the industry variety sector which are listed at Indonesia Stock Exchange in the period 2007-2011. Problems determined in this research are: Whether company size is negative influencing debt to assets ratio (DAR)?; Whether assets structure is negative influencing debt to assets ratio (DAR)?; Whether return on assets (ROA) is negative influencing debt to assets ratio (DAR)?; Whether current ratio (CR) is negative influencing debt to assets ratio (DAR)?; Whether business risk is negative influencing debt to assets ratio (DAR)?; and Which variable is among company size, assets structure, return on assets (ROA), current ratio (CR) and business risk with the most dominant effect on debt to assets ratio (DAR)? The objective of research is to analyze and to explain (1) the negative effect of company size on debt to assets ratio (DAR); (2) the negative effect of assets structure on debt to assets ratio (DAR); (3) the negative effect of return on assets (ROA) on debt to assets ratio (DAR); (4) the negative effect of current ratio (CR) on debt to assets ratio (DAR); (5) the negative effect of business risk on debt to assets ratio (DAR); and (6) the variable among company size, assets structure, return on assets (ROA), current ratio (CR) and business risk with the most dominant effect on debt to assets ratio (DAR). Conceptual framework in this research is the explanation of the effect of fundamental company aspects such as company size, assets structure, return on assets (ROA), current ratio (CR) and business risk against debt to assets ratio (DAR). Based on the determination of problems and the development of conceptual framework, therefore, some hypotheses are proposed: H1: Company size has negative influence to debt to assets ratio (DAR); H2: Assets structure has negative influence to debt to assets ratio (DAR); H3: Return on assets (ROA) has negative influence to debt to assets ratio (DAR); H4: Current ratio (CR) has negative influence to debt to assets ratio (DAR); H5: Business risk has negative influence to debt to assets ratio (DAR); and H6: Company size is having the most dominant effect on debt to assets ratio (DAR). Research method is quantitative with explanatory study. The population of research covers all manufacturing companies in the industry variety sector which are listed at Indonesia Stock Exchange (BEI) in the period 2007-2011. Total sample is 20 companies. The independent variables are company size, assets structure, return on assets (ROA), current ratio (CR) and business risk, while the dependent variable is debt to assets ratio (DAR). Data analysis methods are descriptive statistic and inferential statistic analyses. Descriptive statistic analysis considers min, max, mean and deviation standard. Inferential statistic analysis is used to examine which independent variable with significant effect on debt to assets ratio and it is assisted by multiple linear regression. Hypothesis testing involves F-test (simultaneous), t-test (partial) and determination degree test. The testing against classical assumption symptoms may be conducted through multiple linear regression model. These symptoms are normality, multicolinearity, heteroscedacity, and autocorrelation. Result of data analysis by F-test indicates that simultaneously, the independent variables (Company Size (X1), Assets Structure (X2), Return on Assets (X3), Current Ratio (X4), and Business Risk (X5)) are significantly influencing Debt to Assets Ratio (Y). Partial test (t-test) proves that Assets Structure (X2), Return on Assets (X3), Current Ratio (X4), and Business Risk (X5) partially have negative significant effect on DAR variable (Y). Meanwhile, Company Size (X1) and Return on Assets (X3) do not partially and significantly influence DAR variable (Y). The independent variable with the most dominant effect on the dependent variable (debt to assets ratio/DAR) is Current Ratio (X4).
| Item Type: | Thesis (Magister) |
|---|---|
| Identification Number: | TES/332/SUL/p/041300145 |
| Subjects: | 300 Social sciences > 332 Financial economics |
| Divisions: | S2/S3 > Magister Ilmu Administrasi Publik, Fakultas Ilmu Administrasi |
| Depositing User: | Endro Setyobudi |
| Date Deposited: | 17 Oct 2013 15:51 |
| Last Modified: | 17 Oct 2013 15:51 |
| URI: | http://repository.ub.ac.id/id/eprint/155820 |
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