ANALISIS PENGARUH UKURAN PERUSAHAAN, PROFITABILITAS, PERTUMBUHAN PENJUALAN, DAN KARAKTERISTIK INDUSTRI TERHADAP KEBIJAKAN STRUKTUR MODAL (CAPITAL STRUCTURE) PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI)

Abstract

Capital structure is a mixture of debt and equity. This research aims of analysis micro economic factors (financial variable) that   influence capital structure of the manufacturing   companies listed in the Indonesia Stock Exchange during 2010-2012.

Sample in this research are 41 manufacturing companies selected by purposive sampling method. Independent variables in this research are firm size (Ln total asset), Profitability (ROA),   sales growth, and industry characteristics (dummy variable) and dependent variable is capital structure (DER). The data used are secondary received from BEI data base. Collected   data are than analyzed by using multiple regression analysis analysis ( t test, F test, and the coefficient of determination) and by the classical assumption that includes test of normality, linearity, multicollinearity, autocorrelation, and heterokedastisitas   by   SPSS 16.00.

The results of this research show that  firm size (Ln Total asset) and sales growth effect positive and significant on capital structure. Variable  profitability (ROA) and industry characteristic (dummy variable) effect negative and significant on capital structure. In partially, firms size (Ln Total asset), profitability (ROA), sales growth, and industry characteristic are significant on capital structure (DER) with value of calculate F 17,878 and sig value 0,000 < 0,05. From the coeffisient of determination test show 37,7% independent variable influence dependent variable and residue is influenced by other variable are not form in model or variable.

Keywords: capital structure, firm size, profitability, sales growth, and industry characteristic.