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All Journal MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN
Putu Ayu Govika Krisna Dewi
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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VARIABEL-VARIABEL PENENTU STRUKTUR MODAL PERUSAHAAN NON KEUANGAN DI BURSA EFEK INDONESIA Putu Ayu Govika Krisna Dewi; I Gusti Bagus Wiksuana; Henny Rahyuda
Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan Volume 11 Nomor 1 Tahun 2017
Publisher : Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (99.757 KB) | DOI: 10.24843/MATRIK:JMBK.2017.v11.i01.p08

Abstract

Purpose of study is to analyze variables that determine capital structure of non-financial companies in Indonesia. There are seven variables observed namely company's growth rate, profitability, firm size, asset structure, liquidity, non-debt tax shield and business risk. The population were non-financial companies listed on Indonesia Stock Exchange during 2010-2014 and published annual financial statements in 2009-2014. Study used census technique. Population consisted of 324 companies. Data analysis technique used was multiple regression model for panel data. The results show that profitability, firm size and non-debt tax shield (NDTS) had significant effect on capital structure. Study concluded that profitability and non-debt tax shield are determinant variables of capital structure on non-financial firms in Indonesia based on trade-off theory approach while firm size tends to follow other capital structure theory.
Co-Authors Henny Rahyuda I Gusti Bagus Wiksuana