PENGARUH KINERJA KEUANGAN DAN KEPUTUSAN INVESTASI TERHADAP STRUKTUR MODAL DAN NILAI PERUSAHAAN

Abstract

Capital structure theory stated that a company will try to reach optimum rates of capital structure to maximize the firm size. The enhancement of firm value will maximize the prosperity of the stockholders. The purpose of this research is to examine the influence of profitability, liquidity and investment decision to the capital structure and firm value. The samples are the non-bank sector companies which are listed in LQ-45 index in Indonesia Stock Exchange (IDX) during the years of 2011-2013. The sample collection technique has been done by using purposive sampling. Based on the determined criteria, 34 companies have been selected as samples. This research has been done by using multiple linear regressions analysis test with the SPSS 20 application. The results of this research show that i.e.: (1) Profitability has influence to the capital structure, (2) liquidity has influence to the capital structure, (3) investment decision has influence to the capital structure, (4) profitability has influence to the firm value, (5) liquidity does not have any influence to the firm value, (6) investment decision has influence to the firm value, (7) capital structure has influence to the firm value.
Keywords: Financial Performance, Investment Decision, Capital Structure, Firm Value.