[ABSTRAK
Penelitian ini bertujuan meneliti faktor-faktor determinan yang mendasari pembentukan struktur modal perusahaan pembiayaan yang pada akhirnya mempengaruhi profitabilitas perusahaan pembiayaan melalui struktur kepemilikan yang diwakili oleh Agen Tunggal Pemilik Merek (ATPM) dan bank, tipe pembiayaan yang terdiri dari leasing, factoring dan consumer financing, umur dan ukuran perusahaan. Tesis ini menggunakan data 110 perusahaan pembiayaan yang ada di Indonesia periode tahun 2009 hingga 2012. Model regresi yang digunakan dalam penelitian ini adalah data panel melalui metode fixed effect dengan weighted cross-section. Penelitian menghasilkan dua kesimpulan yang pertama struktur kepemilikan bank, tipe pembiayaan factoring, tipe pembiayaan consumer financing, umur perusahaan dan ukuran perusahaan merupakan faktor-faktor yang dapat mempengaruhi pemilihan struktur modal perusahaan pembiayaan, yang kedua pada akhirnya faktor-faktor determinan struktur modal ini juga mempengaruhi profitabilitas perusahaan pembiayaan.
ABSTRACT
The objective of this paper is to analize the determinants of multifinance capital structure and its influence on profitability through ownership structure such as ATPM (Agen Tunggal Pemegang Merek) and bank, financing type such as leasing, factoring and consumer financing together with company age and size as the determinants of capital structure. This thesis uses data from 110 multifinance companies in Indonesia from 2009 until 2012. This research uses panel data and fixed effect with weighted cross section as the regression model. There are two conclusions: first, the bank ownership, factoring, consumer financing, company age and company size are the determinants of capital structure, second finally the determinants of capital structure influence the profitability of the multifinance companies.;The objective of this paper is to analize the determinants of multifinance capital structure and its influence on profitability through ownership structure such as ATPM (Agen Tunggal Pemegang Merek) and bank, financing type such as leasing, factoring and consumer financing together with company age and size as the determinants of capital structure. This thesis uses data from 110 multifinance companies in Indonesia from 2009 until 2012. This research uses panel data and fixed effect with weighted cross section as the regression model. There are two conclusions: first, the bank ownership, factoring, consumer financing, company age and company size are the determinants of capital structure, second finally the determinants of capital structure influence the profitability of the multifinance companies., The objective of this paper is to analize the determinants of multifinance capital structure and its influence on profitability through ownership structure such as ATPM (Agen Tunggal Pemegang Merek) and bank, financing type such as leasing, factoring and consumer financing together with company age and size as the determinants of capital structure. This thesis uses data from 110 multifinance companies in Indonesia from 2009 until 2012. This research uses panel data and fixed effect with weighted cross section as the regression model. There are two conclusions: first, the bank ownership, factoring, consumer financing, company age and company size are the determinants of capital structure, second finally the determinants of capital structure influence the profitability of the multifinance companies.] |
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