Christella, Christella (2011) Pengaruh struktur modal dan likuiditas terhadap profitabilitas (studi empiris pada perusahaan dalam industri barang konsumsi di bursa efek Indonesia periode 2007 - 2010). Bachelor thesis, Universtitas Pelita Harapan.
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Abstract
Sumber dana perusahaan berasal dari modal pinjaman dan modal sendiri. Struktur modal optimal bertujuan untuk memadukan sumber dana permanen yang meminimalkan biaya modal perusahaan. Dalam mencapai struktur modal optimal, keseimbangan dari resiko dan biaya dari penggunaan utang penting untuk dijaga. Tingginya tingkat likuiditas perusahaan melambangkan bahwa perusahaan mampu melunasi kewajiban jangka pendeknya, namun jika dipandang dari segi manajemen, likuiditas tinggi melambangkan kas yang menganggur, persediaan yang berlebihan dan piutang yang berlebihan. Penelitian ini dilakukan dengan tujuan untuk mengetahui pengaruh struktur modal (debt to equity ratio) dan likuiditas (current ratio) terhadap profitabilitas (return on equity). Populasi dari penelitian ini adalah perusahaanperusahaan dalam industri barang konsumsi yang tercatat di Bursa Efek Indonesia. Pengambilan sampel menggunakan metode purposive sampling sehingga diperoleh 22 perusahaan jenis barang konsumsi. Jenis data yang dipakai merupakan data sekunder yang berupa data laporan keuangan perusahaan tahun 2007 – 2010 dalam bentuk data tahunan. Hasil penelitian ini membuktikan bahwa struktur modal (debt to equity ratio) dan likuiditas (current ratio) berpengaruh signifikan baik secara parsial maupun simultan terhadap profitabilitas (return on equity). Dengan tingkat kestabilan perusahaan dalam industri barang konsumsi, perusahaan mampu meningkatkan profitabilitas dengan penggunaan utang, dikarenakan interest tax shield yang lebih tinggi dibandingkan financial distress cost. Tingkat likuiditas yang semakin tinggi di dalam perusahaan juga mampu meningkatkan profitabilitas, sebab perusahaan dalam industri barang konsumsi memiliki resiko gagal bayar yang rendah sehingga bunga yang diberikan oleh kreditur lebih rendah / Source of corporate funding came from loans and equity capital. The aim of optimal capital structure is to combine permanent funding source that minimizes the cost of capital. In order to achieve optimal capital structure, the balance of risks and costs of using debt is important to be maintained. The high level of liquidity of the company represents that the firm is able to repay its short term obligations, but from management point of view, high liquidity represents the idle cash, excessive inventory and excessive accounts receivable. This research was conducted with the aim to determine the effect of capital structure (debt to equity ratio) and liquidity (current ratio) toward profitability (return on equity). The population of this study is companies in the consumer goods industry that are listed on the Indonesian Stock Exchange. Sampling method used is purposive sampling method so obtained 22 consumer goods companies. The type of data used is secondary data in the form of company's financial report data in 2007 - 2010 in the form of annual data. This study’s results prove that the capital structure (debt to equity ratio) and liquidity (current ratio) have a significant effect either partially or simultaneously on profitability (return on equity). With level of stability in the consumer goods industry firms, companies can increase profitability with the use of debt, because the interest tax shield is higher than financial distress cost. An increasingly high level of liquidity in the company is also able to increase profitability, because firms in the consumer goods industry have a low risk of default so that the interest granted by the lender is lower
Item Type: | Thesis (Bachelor) | ||||||||||||
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Uncontrolled Keywords: | profitability; capital structure; liquidity | ||||||||||||
Subjects: | H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management | ||||||||||||
Divisions: | University Subject > Current > Faculty/School - UPH Surabaya > Business School > Management Current > Faculty/School - UPH Surabaya > Business School > Management |
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Depositing User: | Rafael Rudy | ||||||||||||
Date Deposited: | 23 Nov 2023 07:52 | ||||||||||||
Last Modified: | 23 Nov 2023 07:52 | ||||||||||||
URI: | http://repository.uph.edu/id/eprint/58886 |
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