PENGARUH FIRM SIZE, GROWTH OPPORTUNITY, PROFITABILITY, BUSINESS RISK, EFFECTIVE TAX RATE, ASSET TANGIBILITY, FIRM AGE DAN LIQUIDITY TERHADAP STRUKTUR MODAL PERUSAHAAN (Studi pada Perusahaan Sektor Property dan Real Estate yang Terdaftar di BEI Tahun 200

Abstract

The purpose of this research is to find the influence of firm size, growth opportunity, profitability, business risk, effective tax rate, asset tangibility, firm age and liquidity on companies capital structure either simultaneously and partially. The research objects used is property and real estate company which listed in Indonesian Stock Exchange in 2009-2014. This research used a purposive sampling technique in determining the research sample. The number of companies chosen as the sample in 31 company of 55 companies registered in property and real estate sector. This research was included in the explanatory research using quantitative approach. Data analysis method used in this research is multiple linear regression analysis. The result showed that in simultaneously firm size, growth opportunity, profitability, business risk, effective tax rate, asset tangibility, firm age and liquidity has a significant effect. Firm size, profitability, effective tax rate and firm age partially has a positive and significant effect on the capital structure, growth opportunity, business risk and asset tangibility partially has a negative and significant effect on the capital structure, otherwise liquidity partially hasn’t significant effect on the capital structure.

Keywords: Capital Structure, Firm Size, Growth Opportunity, Profitability, Business Risk, Effective Tax Rate, Asset Tangibility, Firm Age, Liquidity

ABSTRAK

Tujuan penelitian ini adalah untuk mengetahui pengaruh dari firm size, growth opportunity, profitability, business risk, effective tax rate, asset tangibility, firm age dan liquidity terhadap struktur modal perusahaan baik secara simultan dan parsial. Objek penelitian yang digunakan adalah perusahaan sektor property dan real estate yang terdaftar di Bursa Efek Indonesia pada tahun 2009-2014. Penelitian ini menggunakan teknik purposive sampling dalam penentuan sampel penelitian. Jumlah perusahaan yang terpilih sebagai sampel penelitian adalah 31 perusahaan dari 55 perusahaan yang terdaftar pada sektor property dan real estate. Penelitian ini termasuk dalam jenis penelitian explanatory research dengan menggunakan pendekatan kuantitatif. Metode analisis data yang digunakan dalam penelitian ini adalah analisis regresi linier berganda. Hasil penelitian menunjukkan bahwa secara simultan firm size, growth opportunity, profitability, business risk, effective tax rate, asset tangibility, firm age dan liquidity memiliki pengaruh yang signifikan. Firm size, profitability, effective tax rate dan firm age secara parsial berpengaruh positif dan signifikan terhadap struktur modal, growth opportunity, business risk dan asset tangibility secara parsial berpengaruh negatif dan signifikan terhadap struktur modal, sedangkan liquidity secara parsial tidak berpengaruh signifikan terhadap struktur modal.

Kata Kunci: Struktur Modal, Firm Size, Growth Opportunity, Profitability, Business Risk, Effective Tax Rate, Asset Tangibility, Firm Age, Liquidity