PENGARUH TATA KELOLA PERUSAHAAN TERHADAP STRUKTUR MODAL DENGAN PROFITABILITAS SEBAGAI VARIABEL MODERASI

Abstract

This research is aimed to examine the influence of company management to the capital structure with profitability as the moderating variable at manufacturing companies which are listed in Indonesia Stock Exchange (IDX) in 2014-2015 periods. The research samples are 51 manufacturing companies which are listed in Indonesia Stock Exchange (IDX) with the numbers of observations are 102 and it has been selected by using purposive sampling. The data of financial statement and financial statement has been obtained from Indo-Exchange File (IDX). The hypothesis test has been done by using multiple linear regressions analysis in order to examine the influence of company management, Return on Equity (ROE) at capital structure with profitability as the moderating variable. In this research, the company management has been measured by using managerial ownership, institutional ownership, board of director, and audit committee; profitability has been measured by using Return on Equity (ROE), and capital structure has been done by using Debt Equity Ratio (DER).The result of the research which has been carried out by using multiple linear regressions shows that managerial ownership not gives influences to the capital structure, institutional ownership gives influences to the capital structure, board of director not gives influences to the capital structure, audit committee gives influences to the capital structure. Meanwhile, the analysis of moderating variable which has been done by using theInteraction Testmethod of Moderated Regression Analysis (MRA) shows that profitability does not able to moderate the influence of capital structure to the capital structure.
Keywords: Good Corporate Governance, profitability, capital structure.