PENGARUH MANAGERIAL OWNERSHIP, OPERATING LEVERAGE DAN GROWTH OPPORTUNITY TERHADAP STRUKTUR MODAL

Abstract

This study aims to test the impact of the managerial ownership, the operating leverage and the growth opportunity toward the capital structure in the manufacturing companies. The type this is the quantitative research with 61 manufacturing companies as the samples of this study applies the metode purposive sampling that is collecting samples by applying the determined criteria. The analysis applies the multiple linear regression method with the SPSS program, version 20.The result od the study shows that: (1) the managerial ownership gives negative impact to the capital structure since the manager tends to desrease risks by reducing the amount of the debt, (2) the operating leverage gives positive impact to the capital structure since the higt level of the operating leverage will reduce the retained earning, so the companies decide to give funding by debts, (3) the growth opportunity does not impact the capital structure since the company capital tends to prioritize the retained profil more than debts, and the issuuance of shares become the last choice, therefore the funding of the internal companies is preferable..
Keywords : the managerial ownership, the operating leverage, the growth opportunity, the capital structure