ANALISIS PENGARUH PROFITABILITAS, FIRM SIZE, NON-DEBT TAX SHIELDS, TANGIBILITY, GROWTH OPPORTUNITIES, EARNING VOLATILITY DAN LIKUIDITAS TERHADAP STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR YANG LISTED DI BEI TAHUN 2007-2011

Abstract

ABSTRAK ANALISIS PENGARUH PROFITABILITAS, FIRM SIZE, NON-DEBT TAX SHIELDS, TANGIBILITY, GROWTH OPPORTUNITIES, EARNING VOLATILITY DAN LIKUIDITAS TERHADAP STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR YANG LISTED DI BEI TAHUN 2007-2011 EKA NUR HIDAYAH F1211028 Tujuan dari penelitian ini adalah menguji pengaruh profitabilitas, firm size, nondebt tax shields, tangibility, growth opportunities, earnings volatility dan likuiditas terhadap struktur modal perusahaan. Populasi yang digunakan dalam penelitian ini adalah seluruh perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada tahun 2007- 2006 yang berjumlah 159 perusahaan. Pengambilan sampel yang digunakan dalam penelitian ini menggunakan metode purposive sampling. Berdasarkan metode tersebut dapat diperoleh 37 perusahaan yang memenuhi kriteria untuk dijadikan sampel dalam penelitian. Dengan menggunakan penggabungan data time series, maka diperoleh data pengamatan sebanyak 185 data untuk keseluruhan perusahaan, 65 data untuk perusahaan besar dan 120 data perusahaan kecil. Pembagian perusahaan besar dan perusahaan kecil ditentukan berdasarkan rata-rata total asset yang dimiliki. Teknik analisis data yang digunakan dalam penelitian adalah regresi linier berganda yang diolah menggunakan bantuan komputer melalui program SPPS (Statistical Product and Service Sollution) version 16 for windows. Hasil penelitian menunjukkan bahwa profitabilitas, firm size, non-debt tax shields, tangibility, growth opportunities, earnings volatility dan likuiditas terbukti secara bersama-sama berpengaruh signifikan terhadap struktur modal perusahaan. Hasil pengujian variabel secara parsial pada keseluruhan perusahaan menunjukkan bahwa profitabilitas, tangibility, dan likuiditas memiliki pengaruh negatif signifikan terhadap struktur modal. Firm size, non-debt tax shields, growth opportunities dan earning volatility tidak berpengaruh signifikan terhadap struktur modal perusahaan. Pada perusahaan besar, profitabilitas, non-debt tax shields, dan likuiditas memiliki pengaruh negatif signifikan terhadap stuktur modal. Tangibility memiliki pengaruh positif signifikan terhadap struktur modal. Firm size, growth opportunities dan earning volatility tidak berpengaruh signifikan terhadap struktur modal perusahaan. Pada perusahaan kecil, firm size berpengaruh positif signifikan terhadap struktur modal. Tangibility dan likuiditas memiliki pengaruh negatif signifikan terhadap struktur modal. Sementara itu, profitabilitas, non-debt tax shields, growth opportunities dan earning volatility tidak berpengaruh signifikan terhadap struktur modal perusahaan. Kata kunci: struktur modal, profitabilitas, firm size, non-debt tax shields, tangibility, growth opportunities, earnings volatility, likuiditas ABSTRACT AN ANALYSIS OF INFLUENCE PROFITABILITY, FIRM SIZE, NON-DEBT TAX SHIELDS, TANGIBILITY, GROWTH OPPORTUNITIES, EARNING VOLATILITY AND LIQUIDITY ON CAPITAL STRUCTURE IN THE MANUFACTURING COMPANIES WHO LISTED IN BEI FROM YEAR 2007 TO 2011 EKA NUR HIDAYAH F1211028 The purpose of this study was to test the effect of profitability, firm size, non-debt tax shields, tangibility, growth opportunities, earnings volatility and liquidity of the company's capital structure. The population were used in this study are all companies listed on the Indonesia Stock Exchange in 2007-2006, amounting to 159 companies. Sampling used in this study using purposive sampling method. With the sampling method that has been determined, it was found 37 companies that meet the criteria to be sampled. By using time series data fusion, the observational data obtained as many as 185 data for the entire enterprise, data for 65 large companies and 120 small corporate data. Distribution of large firms and small firms is determined by the average total assets owned. Data analysis techniques used in the study is that processed multiple linear regression using computer assistance through the program SPPS (Statistical Product and Service Sollution) version 16 for windows. The results show that profitability, firm size, non-debt tax shields, tangibility, growth opportunities, earnings volatility and liquidity proved jointly significant effect on the company's capital structure. On partially test, there were tangibility, and liquidity has a significant negative effect on capital structure. Firm size, non-debt tax shields, growth opportunities and earnings volatility does not significantly influence the company's capital structure. At large companies, profitability, non-debt tax shields, and liquidity have a significant negative effect on capital structure. Tangibility has a significant positive effect on capital structure. Firm size, growth opportunities and earnings volatility does not significantly influence the company's capital structure. At small firms, firm size significant positive effect on capital structure. Tangibility and liquidity have a significant negative impact on capital structure. Meanwhile, profitability, non-debt tax shields, growth opportunities and earnings volatility does not significantly influence the company's capital structure. Keywords: capital structure, profitability, firm size, non-debt tax shields, tangibility, growth opportunities, earnings volatility, liquidit