Pengaruh karakteristik perusahaan terhadap struktur modal

Teny, Heppian (2012) Pengaruh karakteristik perusahaan terhadap struktur modal. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Penelitian ini mencoba untuk melihat determinan struktur modal dari perusahaan-perusahaan di Indonesia, dengan berdasarkan teori struktur modal yaitu pecking order theory dan trade off theory. Penelitian ini menggunakan data panel dari 115 perusahaan-perusahaan yang terdaftar di BEI pada periode 2005 hingga 2009. Determinan yang digunakan untuk penelitian ini adalah Size, Liquidity, Interest Coverage Ratio, Growth, Dummy Debt Ratio dari perusahaan untuk dilihat pengaruhnya terhadap struktur modal, yang diukur dengan rasio total kewajiban terhadap total aset. Pengujian ini menggunakan model panel data fixed effect. Hasil menunjukkan Size, Liquidity, Interest Coverage Ratio dan Dummy Debt Ratio mempunyai pengaruh yang signifikan terhadap rasio utang, sedangkan Growth tidak memiliki pengaruh. Dimana ditemukan dalam penelitian ini size memiliki hubungan yang positif terhadap rasio utang, liquidity memiliki hubungan negatif terhadap rasio utang, interest coverage ratio memiliki hubungan negatif terhadap rasio utang, growth memiliki hubungan negatif terhadap rasio utang, dummy debt ratio memiliki hubungan positif terhadap rasio utang. Hasil analisa menunjukkan pola pendanaan perusahaan-perusahaan di Indonesia lebih mengikuti pecking order theory dibandingkan dengan trade-off theory untuk menjelaskan struktur modal perusahaan-perusahaan di Indonesia. / This research try to find the determinants of capital structure for companies in Indonesia, according with the theories of capital structure which are pecking order theory and trade off theory. This research using panel data containts of 115 Indonesian companies that listed in BEI from 2005 to 2009. This research using size, liquidity, interest coverage ratio, growth and dummy debt ratio as the determinant of the capital structure. And using fixed effect model as the regression model. The result show that size, liquidity, interest coverage ratio, and dummy debt ratio have significant relation with capital structure (debt ratio) and only growth doesn’t have significant relation, which size and dummy debt ratio have positive relation with capital structure (debt ratio) and other variabels liquidity, interest coverage ratio and growth have negative relation. So the conclusion is Indonesian companies were following the funding pattern of pecking order theory rather than the trade-off theory to explain the capital structure of companies in Indonesia.

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