[ABSTRAK
Tujuan dari penelitian ini adalah untuk mengeksplorasi faktor-faktor yangmempengaruhi struktur modal di Indonesia dengan mengunakan book leveragedan market leverage sebagai variabel dependen. Dengan menggunakan analisisregresi berganda, penelitian memakai perusahaan manufaktur yang terdaftar diBursa Efek Indonesia selama periode 2010-2014. Sampel akhir terdiri dari 112perusahaan manufaktur. Hipotesis tentang keputusan leverage dirumuskanberdasarkan teori struktur modal, terutama teori trade-off, teori pecking order danteori agency. Regresi dijalankan dengan mempertimbangkan delapan variabelpenjelas yang meliputi ukuran perusahaan, profitabilitas, peluang pertumbuhan,aset tangible, pajak, risiko perusahaan, kondisi pasar saham, dan variabelmakroekonomi. Hasil empiris menyajikan hubungan yang signifikan antara aset,umur perusahaan, profitabilitas, rasio market to book, aset tangible, macroeconomic grow, PDB dan variabel book leverage. Di sisi lain, faktor yangsignifikan pada market leverage adalah umur perusahaan, profitabilitas, rasiomarket to book, pertumbuhan aset, capital expenditure, effective tax rate, macroindustry growth dan PDB.ABSTRACT
The aim of this study is to explore the factors that affect the capital structure inIndonesia by taking book leverage and market leverage as the dependentvariables. Using multiple regression analysis, listed manufacturing companies inIndonesian Stock Exchange was examined for the period of 2010-2014. The finalsample consist of 112 manufacturing companies. Hypotheses about leveragedecisions are formulated based on capital structure theories, mainly trade-offtheory, pecking order theory and agency theory. Regression considers eightexplanatory variables that include firm size, profitability, growth opportunity,tangibility, taxes, firm risk, stock market conditions, and macroeconomicvariables. The empirical result presents the significant relationship between asset,age, profitability, market to book ratio, tangible asset, macro industry growth,GDP and book leverage variables. On the other hand, factors that havesignificant effect on market leverage are age, profitability, market to book ratio,asset growth, capital expenditure, effective tax rate, macro industry growth andGDP., The aim of this study is to explore the factors that affect the capital structure inIndonesia by taking book leverage and market leverage as the dependentvariables. Using multiple regression analysis, listed manufacturing companies inIndonesian Stock Exchange was examined for the period of 2010-2014. The finalsample consist of 112 manufacturing companies. Hypotheses about leveragedecisions are formulated based on capital structure theories, mainly trade-offtheory, pecking order theory and agency theory. Regression considers eightexplanatory variables that include firm size, profitability, growth opportunity,tangibility, taxes, firm risk, stock market conditions, and macroeconomicvariables. The empirical result presents the significant relationship between asset,age, profitability, market to book ratio, tangible asset, macro industry growth,GDP and book leverage variables. On the other hand, factors that havesignificant effect on market leverage are age, profitability, market to book ratio,asset growth, capital expenditure, effective tax rate, macro industry growth andGDP.]