PENGARUH INTANGIBLE ASSETS, BUSINESS RISK, GROWTH
OPPORTUNITIES, FIRM SIZE DAN PROFITABILITY
TERHADAP STRUKTUR MODAL
(Studi Kasus Perusahaan Yang Terdaftar Di Bursa Efek Indonesia
Tahun 2007-2010)
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Abstract
Capital structure is the proportion between debt or equity use. The purpose of this
study is to know the factors that influence the firm’s capital structure. The sampel
are firms in Indonesia Stock Exchange during the periode 2007 up to 2010.
Independent variables are Intangible assets, business risk, growth opportunities,
firm size and profitability. Dependent variable is capital structure. By using the
purposive method sampling, the total of sampel for model R&D as a proxy of
intangible assets is 42 firms and the total sampel for model advertising expenses
as a proxy of intangible assets is 63 firms. Data analysis method is multiple
regressions. On F-test for R&D model and advertising expenses has found
significant simultan affecting of capital structure. Based on t-test for R&D model,
the results are growth opportunities and profitability has found significant effect
of capital structure. Based t-test for advertising expenses model the results are
firm size and profitability has found significant effect of capital structure. These
results indicates that the firm’s management has to consider growth opportunities,
firm size and profitability in capital structure decision .
Keywords: Capital structure,Intangible assets, business risk, growth
opportunities, firm size and profitabilit