PENGARUH DETERMINAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN (Studi Kasus Pada Perusahaan Properti Di Bursa Efek Indonesia)

Abstract

Murtianingsih
Program Pascasarjana Magister Manajemen UMM
E-mail:Webmaster@unix.umm.ac.id

ABSTRACT

The research was to know the effect of profitability, firm size, liquidity, structure asset, business
risk, and cost of capital to capital structure at property simultaneously listed on Indonesia
Stock Exchange and to know the variable which have partial effect to the capital structure.
The research was taken place at Indonesia Stock Exchange Economics Faculty of
Muhammadiyah University Malang. Respondent are 21 property companies listed in Indonesia
Stock Exchange. Purposive sampling was used to determine companies during five-years.
Secondary data was taken between the year of 2006 up to 2010. Multiple regression analysis
used to know the effect of profitability, firm size, liquidity, structure asset, business risk, and
cost of capital to capital structure with 5 % of significance. The result of simultaneously regression
(F test) exemplify that the variable profitability, firm size, structure asset, growth
opportunity, liquidity, the cost of capital, business risk had significant effects to the capital
structure of 21 property companies listed in Indonesia Stock Exchange. While the test of partial
regression (t test), for the variable of profitability, growth opportunity, liquidity, cost of
capital had effects to capital structure of property companies listed in Indonesia Stock Exchange,
except the firm size, business risk, structure asset have no significant effects to the
capital structure of the property companies.

Keyword: Debt to equity ratio, company size, profitability, growth, business risk and asset structure,
cost of capital, liquidity