ANALISIS FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL
(Studi pada Perusahaan Manufaktur Sektor Miscellaneous Industry yang Terdaftar di Bursa Efek Indonesia (BEI) periode 2014-2019)
DOI:
https://doi.org/10.32477/jrabi.v2i1.428Keywords:
Capital Structure, Profitability, Sales Growth, Asset Structure, and Non-Debt Tax ShieldAbstract
The company capital structure in implementing funding decisions that result in capital uses funds from internal and external sources of the company. The company external funds come from debt while internal funds come from the equity side such as retained earnings, own capital, common stock and preferred stock. Several factors are considered capable of influencing the capital structure such as: profitability, sales growth, asset structure, and non-debt tax shield. This study aims to analyze the effect of profitability, sales growth, asset structure, and non-debt tax shield on the capital structure of manufacturing companies in the Miscellaneous Industry sector listed on the Indonesia Stock Exchange (IDX) for the 2014-2019 period. This type of research uses quantitative research that uses numerical data or numbers. The research object used in this study is the Miscellaneous Industry which was listed on the Indonesia Stock Exchange (IDX) in 2014-2019, which amounted to 18 companies. The type of data used in this study is the type of secondary data with the method of documentation.
The results of the research data test showed that: 1) Testing the first hypothesis of the study found no effect of profitability (X1) on the company capital structure. 2) Testing the second hypothesis of the study obtained a significance smaller than the level of a = 5%. So it can be decided that in accordance with the research hypothesis, the asset structure (X2) has an influence on the company capital structure. 3) Testing the third hypothesis in this study obtained a significance level smaller than a = 5%. So it can be decided that sales growth (X3) has an influence on the company capital structure. 4) Testing the fourth hypothesis of this study obtained a significance level greater than a = 5%. So it can be decided that the non-debt tax shield (X4) has no effect on changes in the company capital structure.
References
Angelina dan Mustanda. 2016. Pengaruh Ukuran Perusahaan, Pertumbuhan Penjualan dan Profitabilitas terhadap Struktur Modal Perusahaan. E-Jurnal Manajemen Unud, Vol. 5, No. 3, 2016: 1772-1800.
Ardhianto, R., Nur, E., & Azlina, N. 2014. Faculty of Economics, Riau University, Pekanbaru, Indonesia. 1(2), 1–15.
Brigham, E. F., & Houston, J. F. 2011. Dasar-dasar Manajemen Keuangan. Jilid 2 (2nd ed.). Salemba Empat.
Firmansyah, I. 2016. Analisis Struktur Aktiva, Ukuran Perusahaan Dan Growth Opportunity Yang Mempengaruhi Terhadap Struktur Modal Dengan Total Hutang Sebagai Variabel Moderating Pada Sektor Kabel Di Bei. Jurnal Wira Ekonomi Mikroskil, 6(2), 193–204.
Ghozali, I. 2013. Aplikasi Analisis Multivariat dengan Program IBM SPSS (7th ed.). Universitas Diponegoro.
Kesuma, A. 2009. Analisis Faktor yang Mempengaruhi Struktur Modal Serta Pengaruhnya Terhadap Harga Saham Perusahaan Real Estate yang Go Public di Bursa Efek Indonesia. West African Journal of Medicine, 11(1), 38–45.
Krisnanda, P. H., & Wiksuana, I. G. B. 2015. Pengaruh Ukuran Perusahaan, Pertumbuhan Penjualan, Dan Non-Debt Tax Shield Terhadap Struktur Modal Pada Perusahaan Telekomunikasi Di Bursa Efek Indonesia. 4(5), 1434–1451.
Liem, J. H., Sutejo, B. S., & Murhadi, W. R. 2013. Faktor-faktor yang mempengaruhi struktur modal pada industri. Jurnal Ilmiah Mahasiswa Universitas Surabaya, 2(1), 1–11.
Miraza, C. N., & Muniruddin, S. 2017. Pengaruh Kepemilikan Institusional, Manajerial, Variabilitas Pendapatan, Corporate Tax Rate, dan NDTS terhadap Struktur Modal pada Perusahaan Manufaktur di BEI Tahun 2011-2015. Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi (JIMEKA), 2(3), 73–85.
Naray, A. R., & Mananeke, L. 2015. Penjualan Terhadap Struktur Modal Pada Bank Pemerintah. Jurnal EMBA, 3(2), 896–907.
Priambodo, T. 2014. Pengaruh Struktur Aktiva, Tingkat Pertumbuhan Penjualan Dan Profitabilitas Terhadap Struktur Modal (Studi pada perusahaan Tekstil dan Garmen yang listing di BEI periode 2010-2012). Jurnal Administrasi Bisnis S1 Universitas Brawijaya, 9(1), 80838.
Sari, M. D., A, D., & Djazuli, A. 2015. Pengaruh Profitabilitas, Ukuran Perusahaan, Pertumbuhan Penjualan, Struktur Aset, Non-Debt Tax Shield Dan Usia Perusahaan Terhadap Struktur Modal (Studi Pada Perusahaan Makanan Dan Minuman Di Bei). Ekonomi Bisnis, 20(1), 22–32.
Suci, V. M., & Rachmawati, E. 2016. Pengaruh Profitabilitas, Ukuran Perusahaan, Pertumbuhan Penjualan dan Struktur Aktiva terhadap Struktur Modal. Jurnal Manajemen Dan Bisnis Media Ekonomi, 16(2), 250–261.
Syahyunan. 2015. Manajemen Keuangan 1, Edisi ketiga (3rd ed.). USU press.
Widayanti, L., Triaryati, N., & Abundanti, N. 2016. Pengaruh Profitabilitas, Tingkat Pertumbuhan Perusahaan, Likuiditas, Dan Pajak Terhadap Struktur Modal Pada Sektor Pariwisata. E-Jurnal Manajemen Unud, 5(6), 249499.
Wijaya, C., Basri, Y. M., & Agusti, R. 2014. Pengaruh Struktur Aktiva, Profitabilitas, Pertumbuhan Penjualan, Kebijakan Deviden dan Resiko Bisnis terhadap Struktur Modal pada Perusahaan Food And Beverages yang Terdaftar di BEI Periode 2010-2012. Jurnal Online Mahasiswa Fakultas Ekonomi Universitas Riau, 1(2).
