ABSTRAK
Determinan struktur modal merupakan topik yang sering dibahas namun hasil yang variatif baik dari segi faktor, arah hubungan, dan signifikansi variabel membuat isu struktur modal tetap menarik untuk diangkat. Penelitian ini bertujuan untuk melihat faktor-faktor yang berpengaruh terhadap struktur modal perusahaan manufaktur yang terdaftar di BEI. Untuk melihat persistensi hasilnya, penelitian ini membagi sampel berdasarkan 3 tipe pertumbuhan. Tipe pertumbuhan rendah G1 terdiri dari perusahaan dengan market to book ratio rendah dan tangibilitas aset tinggi, tipe pertumbuhan tinggi G3 terdiri dari perusahaan dengan market to book ratio tinggi dan tangibilitas aset rendah, dan sisanya rasio MB tinggi, tangibilitas aset tinggi, atau rasio MB rendah, tangibilitas aset rendah masuk ke tipe pertumbuhan campuran G2 . Dengan debt ratio sebagai variabel dependen, variabel independen yang digunakan meliputi market to book ratio, tangibilitas aset, likuiditas, profitabilitas, ukuran, fleksibilitas keuangan, status pembayaran dividen, dan asset utilization ratio. Setelah dilakukan pengolahan data panel, hasil menunjukkan bahwa setiap tipe pertumbuhan memiliki karakteristik perusahaan yang berbeda sehingga determinan struktur modalnya pun berbeda.
ABSTRACT
Determinants of capital structure is a topic that is often be discussed but the varied results both in terms of factors, relationship direction, and the significance of variables make this issue remains attractive to talk. This study aims to see the factors that affect the capital structure of manufacturing companies listed on Indonesia Stock Exchange. To see the persistence of the results, this study divided sample into 3 types of growth. Low growth type G1 consists of companies with low market to book ratio and high asset tangibility, high growth type G3 consists of companies with high market to book ratio and low asset tangibility, and the rest high MB ratio, high asset tangibility, or low MB ratio, low asset tangibility goes into mixed growth type G2 . With debt ratio as the dependent variable, the independent variables used include market to book ratio, asset tangibility, liquidity, profitability, size, financial flexibility, dividend payment status, and asset utilization ratio. After panel data processing, the results show that each type of growth has different corporate characteristics so that the determinants of capital structure is different. |
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