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ANALISIS PENGARUH GROWTH OF ASSET, PROFITABILITY, INSTITUTIONAL OWNERSHIP, BUSINESS RISK DAN CORPORATE TAX RATE TERHADAP STRUKTUR MODAL (Studi Komparatif Pada Non- Financial Multinational Company dan Domestic Corporation Yang Listed di BEI Periode 2005-2009)
One of the important decision should faced by financial manager was
financial decision or capital structure. Therefore, companies must pay attention
their capital structure which is balancing between the use of own capital and the
use of debt. Considering of many factors can influence capital structure, then this
study will examine the influence growth of asset, profitability, institutional
ownership, business risk and corporate tax rate to capital structure of
multinational company and domestic corporation which listed in Indonesian Stock
Exchange in 2005-2009 period. The purpose of this sudy is to investigate and test
the financing decisions or capital structure between multinational company with
domestic corporation through linkages growth of asset, profitability, institutional
ownership, business risk and corporate tax rate.
This research used menggunakan secondary data from Indonesian Capital
Market Directory (ICMD). The method of the reseacrch is purposive sampling
with the provisions of the companies include the financial statements during a
period of study, have a positive net income and a part of stock owned by
institutional. Data analysis use linier regression analysis which is preceded by
classic assumption of normally test, multicollinearity test, heteroscedasticity test
and autocorrelation test. The hypotesis evaluation is done by use of F test and t
test.
The t test in multinational company for growth of asset variable proved to
be positively and significant, whereas profitability (ROA) and institutional
investor variables have significant negative. Business risk and corporate tax rate
variable have positively no significant. In domestic corporation growth of asset
and corporate tax rate variables have significant positive and profitability (ROA)
variable has significant negative. Whereas institutional ownership variable has
negatively no significant and business risk influence positively no significant to
capital strucutre. The ammount of adjusted R square in multinational company is
25,7 percentage and in domestic corporation is 43,1 percentage. It means that
dependent variable which is capital structure can be explained by five
independent variables, such as growth of asset, profitability (ROA), institutional
ownership, business risk and corporate tax rate. While chow test showed the value
of F count at 13,67 which is higher than F tabel at 2,21 so that result show there
is difference between the determonation of funding decision multinational
company and domestic corporation