PENGARUH PROFITABILITAS DAN GROWTH ASSET TERHADAP STRUKTUR MODAL(PERSPEKTIF PECKING ORDER THEORY)
DOI:
https://doi.org/10.24256/joins.v2i2.1470Abstract
Abstract: The purpose of this study is to determine the effect of profitability and growth assets on capital structure from the perspective of pecking order theory. The population consists of all companies manufacturing basic and chemical industrial sectors and various industrial sectors which are listed on the Indonesia Stock Exchange (IDX) for the period 2013-2016. The sample is determined based on purposive sampling technique so that the number of samples is 59 companies. The type of data used is panel data (a combination of time series and cross sections). The method of data collection is done by downloading a summary of financial statements on the Indonesia Stock Exchange's website. To answer the objectives above, this study uses linear multiplie regression. Research findings that profitability has a negative effect on capital structure. Growth assets have a positive effect on capital structure. Thus, these findings support pecking order theory.
Keywords: Profitability, Growth Asset, Capital Structure, Pecking Order Theory
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Abstrak: Tujuan penelitian ini untuk mengetahui pengaruh profitabilitas dan growth asset terhadap struktur modal dari perspektif pecking order theory. Populasi terdiri dari seluruh perusahaan manufaktur sektor industri dasar dan kimia dan sektor aneka industri yang terdaftar di Bursa Efek Indonesia (BEI) periode 2013-2016. Sampel ditentukan berdasarkan teknik purposive sampling sehingga jumlah sampel sebanyak 59 perusahaan. Jenis data yang digunakan yaitu panel data (gabungan antara time series dan cross section). Metode pengumpulan data dilakukan dengan cara mendowload ringkasan laporan keuangan di website Bursa Efek Indonesia.Untuk menjawab tujuan diatas maka penelitian ini menggunakan multiplie regression linier. Temuan penelitian bahwa profitabilitas berpengaruh negatif terhadap struktur modal. Growth asset berpengaruh positif terhadap struktur modal. Dengan demikian, temuan ini mendukung pecking order theory.
Keywords: Profitabilitas, Growth Asset, Struktur Modal, Pecking Order Theory
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