FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA

Abstract

This research is conducted to examine some factors which give influence to the capital structure on manufacturing
companies whch are listed in Indonesia Stock Exchange in 2012-2016 periods. There is some theory of asset
structure in this research namely Pecking Order Theory, Trade Off Theory and Agency Theory. The sample
collection technique has been done by using purposive sampling and 19 of 144 companies have been selected as
research samples from manufacturing companies which are listed in Indonesia Stock Exchange in 2012-2016
periods, so 95 observations have been obtained. The method of analysis has been done by using multiple regressions
analysis technique. Based on the result of the analysis, it can be concluded that profitability and institutional
ownership has been proven to give negative influence to the capital structure, and the growth rate has been proven
to give positive influence to capital structure. Meanwhile, asset structure, firm size, tax, dividend policy, and
managerial ownership have not been proven to give influence to the capital structure. The regression equation
model that formed in the study entered fit criteria because the value of significance is less than 0.05 is 0.000.
Keywords: Pecking Order Theory, Trade Off Theory, Agency Theory, Capital Structure