Struktur modal: Faktor penentu dan pengaruhnya pada nilai perusahaan

Abstract

This study has two main objectives, first to determine and analyze the factors that determine capital structure, second to determine and analyze the influence of the determinants of capital structure on firm valuewith capital structure as moderating variable. Factors suggest to be determinants of capital structure consists of the firm’s growth, profitability, fixed asset structure, leverage, and firm size. The population in this study is a manufacturing company that listed on the Indonesia Stock Exchange. With purposive sampling method, we find 125 companies data with 4-years observation period (2008-2011). To analyze the data, we use multiple regression that supported by e-views program. The results showed that the factors that significantly determine the capital structure are the Fixed assets structure, leverage, profitability, and firm size, while the company’s growth does not affect the capital structure. Meanwhile the capital structure as moderating variable, the factors significantly affect the firm’s value are fixed assets structure, leverage and profitability, while the company's growth and firm size factors has no effecton firm value