ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL PADA PERUSAHAAN TERBUKA SEKTOR OTOMOTIF DI BURSA EFEK INDONESIA (BEI)

GALUH NOVITA SARI B11108171

Abstract


The capital structure is a balance or ratio between the number of long-term debt with its own capital. Therefore, the capital structure in the proxy with Debt to Equity Ratio (DER), which is the ratio between total debt to equity. That means how much equity and how much debt to be used, so as to produce an optimal capital structure. Given the many factors that affect the capital structure of the company, the study will examine the effect of tangibility, firm growth and profitability of the company's capital structure opens the automotive sector. The purpose of this study is to analyze the development and testing the influence of tangibility, firm growth and profitability of the capital structure of listed company in the automotive sector are listed on the Indonesia Stock Exchange (BEI) in the period from 2006 to 2010. The samples used in this research were 12 public companies the automotive sector, where the method used is purposive sampling is a sampling method that takes an object with the specified criteria. The number of samples in accordance with the criteria that have been determined by 12 automotive companies in Indonesia Stock Exchange (IDX). Analysis of the data using a multiple regression analysis test which was preceded by the classic assumption test consisting of normality test, multicollinearity, autocorrelation test and test heteroscedasticity. Hypothesis testing is done by using the F test and t test. The results of the analysis of the partial variables that influence capital structure is the tangibility and growth of the company in accordance with the trade-off theory, whereas profitability variable partial negative effect on capital structure in accordance with the pecking order theory.

Keywords: Capital Structure, tangibility, firm growth and profitability

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