LaMasidonda, Jaelani (2013) Determinan Struktur Modal dan Dampak Struktur Modal terhadap Nilai Perusahaan (Studi pada Perusahaan Manufaktur di Bursa Efek Indonesia). Doctor thesis, Universitas Brawijaya.
Abstract
Tujuan Penelitian ini adalah: mengukur dan menganalisis pengaruh CEO ability , profitability, non-debt tax shield, cash flow dan CEO ownership terhadap struktur modal ( long term debt to equity ). Penelitian ini juga mengukur dan menganalisis pengaruh CEO ability , profitability, non-debt tax shield, cash flow dan CEO ownership terhadap struktur modal ( long term debt to total assets ). Lebih lanjut penelitian ini mengukur dan menganalisis pengaruh struktur modal ( long term debt to equity , long term debt to total assets ) terhadap nilai perusahaan. Penelitian ini dilakukan pada perusahaan manufaktur di Bursa Efek Indonesia dengan periode pengamatan tahun 2006-2010 dan selama periode penelitian memiliki kepemilikan saham CEO. Perusahaan yang dianalisis berjumlah 20 perusahaan yang ditetapkan berdasarkan kriteria populasi. Metode analisis yang digunakan adalah Path Analysis. Hasil penelitian ini menemukan bahwa CEO ability dan CEO ownership menentukan struktur modal ( long term debt to equity ), sedangkan profitability non-debt tax shield dan cash flow tidak menentukan struktur modal ( long term debt to equity ). Selanjutnya CEO ability , profitability, non-debt tax shield dan CEO ownership menentukan struktur modal ( long term debt to total assets ), tetapi cash flow tidak menentukan struktur modal ( long term debt to total assets ). Struktur modal ( long term debt to equity dan long term debt to total assets) menentukan nilai perusahaan. Pengaruh determinan struktur modal terhadap nilai perusahaan sangat ditentukan oleh jalur yang melalui long term debt to total assets dibandingkan dengan jalur yang melalui long term debt to equity. Nilai perusahaan lebih ditentukan oleh perusahaan yang mengunakan keseluruhan aktiva dalam aktifitas operasionalnya dibandingkan dengan hanya mengandalkan modal sendiri.
English Abstract
The goal of this study is to measure and analyze the effect of CEO`s ability, profitability, non-debt tax shield, cash flow and ownership on capital structure (long term debt to equity). The study also measures and analyzes the effect of CEO`s ability, profitability, non-debt tax shield, cash flow and ownership on capital structure (long-term debt to total assets). This study also measures and analyzes the effect of capital structure (long term debt to equity, long term debt to total assets) on firm value. The study was conducted at manufacturing company in Indonesian Stock Exchange; the observation period was 2006-2010, in which during the study period there exist CEO`s company stock. The samples were 20 companies, which were analyzed based on established population criteria. The method of analysis used is the Path Analysis. The results show the CEO`s ability and ownership determine the capital structure (long term debt to equity), while profitability, non-debt tax shield and cash flow do not determine capital structure (long term debt to equity). Furthermore, CEO`s ability, profitability, non-debt tax shield and ownership determine capital structure (long-term debt to total assets), but cash flow does not determine capital structure (long-term debt to total assets). The capital structure (long term debt to equity and long term debt to total assets) determines the firm value. The influence of the determinants of the capital structure toward the firm value is very determined by long-term debt to total assets path compared to long-term debt to equity paths. The firm value is more determined by companies which use the overall assets in operational activities compared to companies which only rely on their own capital.
| Item Type: | Thesis (Doctor) |
|---|---|
| Identification Number: | DES/332.041/LAM/d/061301381 |
| Subjects: | 300 Social sciences > 332 Financial economics |
| Divisions: | S2/S3 > Doktor Kimia, Fakultas MIPA |
| Depositing User: | Endro Setyobudi |
| Date Deposited: | 16 Apr 2013 12:53 |
| Last Modified: | 16 Apr 2013 12:53 |
| URI: | http://repository.ub.ac.id/id/eprint/160715 |
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