Abstract
This study aims to determine the effect of Profitability, Asset Structure, Liquidity, and Capital Structure for the manufacturing company in Indonesia Stock Exchange 2010 - 2013. The study uses secondary data sources of the data derived by the Indonesia Stock Exchange with four years study period, namely 2010-2013. The population in this study a number of 40 companies manufacturing miscellaneous industry sectors listed on the Indonesia Stock Exchange period 2010-2013. Sampling was purposive sampling method with the provisions of these companies include financial statements for duration of the study period and has positive net income and then a total sample of 18 companies. Data analysis using classical assumption test, multiple linear regression analysis, t test, F test, and coefficient of determination, and profitability, asset structure, and liquidity as independent variabel. The data of this study are qualified classical assumption test and conformance tes models with adjusted R2 of 46,4%. Results of the analysis done of profitability, and liquidity strukturaset significant effect on the capital structure.
Highlights
Keputusan pendanaan perusahaan akan sangat mempengaruhi kemampuan perusahaan dalam melakukan aktivitas operasinya disamping akan berpengaruh terhadap risiko perusahaan itu sendiri
This study aims to determine the effect of Profitability, Asset Structure, Liquidity, and Capital Structure for the manufacturing company in Indonesia Stock Exchange 2010 - 2013
The study uses secondary data sources of the data derived by the Indonesia Stock Exchange with four years study period, namely 2010-2013
Summary
Pecking order theory mengatakan bahwa perusahaan lebih cenderung memilih pendanaan yang berasal dari dana internal daripada dana eksternal perusahaan. Perusahaan ini dapat menggunakan tambahan bunga untuk mengurangi pajak atas laba perusahaan yang lebih besar. Berdasarkan teori struktur modal yang sudah dijelaskan, dapat disimpulkan bahwa pecking order theory merupakan teori yang lebih menyukai menggunakan dana internal terlebih dahulu daripada dana eksternal. Perusahaan yang telah mendapat laba dapat meningkatkan utangnya karena dengan adanya tambahan bunga makan akan mengurangi pajak. Semakin besar nilai rasio ini, maka semakin besar pula resiko atau beban yang dimiliki perusahaan dalam memenuhi kewajibannya untuk membayar bunga secara periodik dan pokok hutang ketika jatuh tempo. Skala yang digunakan adalah skala rasio, dengan formula : Hasil Pengembalian Aset = Laba Setelah Pajak / Total Aset. Struktur aset diukur dengan rumus: Rasio Aset Tetap = Aset Tetap / Total Aset Semakin tinggi nilai struktur aset maka semakin baik kemampuan perusahaan untuk mempertahankan kelangsungan hidupnya.
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