PENGARUH PROFITABILITAS, KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL DAN RESIKO BISNIS TERHADAP STRUKTUR MODAL

Abstract

The purpose of this research is to test the influence of profitability, managerial ownership, institutional
ownership, and business risk to the capital structure through annual financial statement which has been
prepared by Food and Beverages companies which are listed in Indonesia Stock Exchange in 2013-2015 periods.
The samples of this research has been obtained by using purposive sampling method and based on the
predetermined criteria, 12 companies with the numbers of observation are 36 companies have been obtained as
samples. The analysis method has been carried out by using multiple linear regressions analysis. Based on the
result of the test, it can be concluded that: (1) profitability has negative influence to the capital structure. It
occurs because when the company has high profitability, the company tends to have relatively low debt and when
the profitability is high it has large amount of fund and retain earning so that companies tend to use their retain
earning instead of debt; (2) Managerial ownership does not have any influence to the capital structure. It occurs
because of the stock ownership by the manager is low; (3) Institutional ownership does not have any influence to
the capital structure. It occurs because of the commissioner and institutional policies of a company has been
limited by managerial policies as the corporate management mechanisms so the policies which are related to the
capital structure cannot be decided by the institutional itself; (4) Business risk has positive influence to the
capital structure. It occurs because when the business risk of a company is getting high, the debt ratio is getting
high as well.
Keywords: Profitability, managerial ownership, institutional ownership, business risk, capital
structure.