ANALISIS DETERMINAN STRUKTUR MODAL PADA PERUSAHAAN GO PUBLIC DI BURSA EFEK INDONESIA PERIODE 2005-2009

Abstract

The problem of the capital structure is an important issue for every company,
because of the good and bad capital structure will have a direct effect on the
financial position of the company. Capital structure can also be considered for
investors to invest in a company. In determining the composition of capital
structure, the company must consider the factors that influence it, these factors
include the tangible assets, profitability, sales growth and firm size. This study
aims to know and analyze the influence of the Tangible Assets, profitability, sales
growth, and the size of the firm (Firm Size) on the capital structure of companies in
the Indonesia Stock Exchange (ISX) during the period of 2005-2009 both overall
and sectorally.
The population in this study using the Target Population. Based on the criteria that
have been established, from 2005 until 2009 there were 273 companies from eight
business sectors that are listed in Indonesia Stock Exchange and became the study
population. Determination of the sample in this study was conducted using
proportional stratified random sample (Propotionate Stratified Random Sampling),
with a total sample of 42 firms.
The results showed that simultaneous asset structure (Tangible Assets),
profitability (Profitability), sales growth (Growth of Sales), and the size of the firm
(Firm Size) significantly affects the capital structure. The amount of free variables
influence on the capital structure is 30.3% and the balance is 69.7% influenced by
other factors that not revealed in this study. Partially, only profitability that have a
significant effect on capital structure, whereas if it is seen by the business sector,
the four independent variables have different effects on the capital structure.
Suggestions that can convey by the author in this research is, investors who want
to invest his funds should pay attention to the profitability of these companies, this
is because according to the research conducted, Profitability Variables having the
most significant influence on capital structure. For future research it is sugested to
add some other variables influencing capital structure, to add the years of
observation and also expand the number of samples to be studied.
Key words: capital structure, tangible assets, profitability, sales growth and firm
size.