Faktor – Faktor yang Mempengaruhi Struktur Modal dan Dampaknya Terhadap Nilai Perusahaan
Abstract
Capital structure is an equalization beetwen the use of own capital and the use of
loan, the level of capital structure that is part of the funding decision is one
important factor in increasing the value of the company. Decisions regarding the
optimal capital structure should consider the balance between risk and benefit
levels.The research aimed to analyzing the of these factors on capital structure
(DER), these factors are asset structure (fixed asset ratio), firm size (Ln_Asset),
profitability (ROA), and operating leverage (DOL) and also analyzing the effect
of capital structure to the firm value (PBV). The popuation of this research is
manufacture company in automotive and allied product sector which listed in
Indonesian Stock Exchange in 2011-2015 period.The sample of this research is
nine automotive and allied company where the method of the research is
purposive sampling which devine as a sample of taking method which take an
object by certain criteria. The analytical tool used is multiple regression and
simple regression analysis with α 5% using Eviews 9 software. The research
results showed that asset structure negative significant effect on capital structure,
firm size positive significant effect on capital structure, profitability negative
significant effect on capital structure and operating leverage were not significant
effect on the capital structure. The research result also showed that capital
structure of automotive and allied company were not significant effect on the firm
value.
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