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All Journal El Dinar PROFIT : Jurnal Administrasi Bisnis Journal of Public Administration Studies Journal of Islamic Accounting and Finance Research Al-Bahtsu: Jurnal Penelitian dan Pendidikan Islam
Suhadak Suhadak
Faculty of Administrative Science, University of Brawijaya.
Religion Arts Humanities Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Library & Information Science Social Sciences Other

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ANALISIS PENGARUH PROFITABILITAS (PROFITABILITY) DAN TINGKAT PERTUMBUHAN (GROWTH) TERHADAP STRUKTUR MODAL DAN NILAI PERUSAHAAN (STUDI PADA PERUSAHAAN REAL ESTATE AND PROPERTY YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2007-2011) Kusuma, Ginanjar Indra; Suhadak, Suhadak; Arifin, Zainul
Profit: Jurnal Adminsitrasi Bisnis Vol. 7 No. 2 (2013): Profit : Jurnal Administrasi Bisnis
Publisher : FIA UB

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Abstract

Penelitian ini bertujuan untuk menganalisis dan menjelaskan: (1) pengaruh profitabilitas (profitability) terhadap struktur modal perusahaan, (2) pengaruh tingkat pertumbuhan (growth) terhadap struktur modal perusahaan, (3) pengaruh profitabilitas (profitability) terhadap nilai perusahaan, (4) pengaruh tingkat pertumbuhan (growth) terhadap nilai perusahaan, (5) pengaruh struktur modal terhadap nilai perusahaan. Populasi penelitian ini adalah perusahaan real estate and property yang terdaftar di Bursa Efek Indonesia (BEI) periode tahun 2007 sampai dengan tahun 2011 dengan total sampel sebanyak 25 perusahaan. Teknis analisis data dalam penelitian ini menggunakan analisis PLS (Partial Least Square). Hasil analisis data membuktikan bahwa: (1) variabel profitabilitas (profitability) berpengaruh tidak signifikan terhadap variabel struktur modal, (2) variabel tingkat pertumbuhan (growth) berpengaruh tidak signifikan terhadap variabel struktur modal, (3) variabel profitabilitas (profitability) berpengaruh signifikan terhadap variabel nilai perusahaan, (4) variabel tingkat pertumbuhan (growth) berpengaruh tidak signifikan terhadap variabel nilai perusahaan, (5) variabel struktur modal berpengaruh tidak signifikan terhadap variabel nilai perusahaan.   Kata kunci: profitabilitas (profitability), tingkat pertumbuhan (growth), struktur modal, dan nilai perusahaan.   The objectives of this research are to analyze and explain: (1) the effect of profitability on company’s capital structure, (2) the effect of growth on company’s capital structure, (3) the effect of profitability on company’s value, (4) the effect of growth on company’s value, (5) the effect of capital structure on company’s value. The population of this research are real estate and property companies listed on Indonesia Stock Exchange in period 2007-2011 with total sample of 25 companies. The data are analyzed by using PLS (Partial Least Square) method. Analysis result explain that: (1) profitability has no significant affect on capital structure, (2) growth has no significant affect on capital structure, (3) profitability has significant affect on company’s value, (4) growth has no significant affect on company’s value, (5) capital structure has no significant affect on company’s value. Keywords: profitability, growth, capital structure, and company’s value.
THE INFLUENCE OF INVESTMENT OPPORTUNITY SET AND DIVIDEND POLICY ON CORPORATE VALUE: EVIDENCE FROM INDONESIA STOCK EXCHANGE Nugraha, Jaka; Suhadak, Suhadak; Rahardjo, Kusdi; Hung, Rern Jay
Profit: Jurnal Adminsitrasi Bisnis Vol. 7 No. 2 (2013): Profit : Jurnal Administrasi Bisnis
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Penelitian ini bertujuan untuk melakukan penelitian mengenai pengaruh dari proksi ivestment opportunity set dan kebijakan deviden terhadap nilai perusahaan. Penelitian ini dilakukan di Bursa Efek Indonesia (BEI) senagai salah satu emerging market di dunia, dengan jumlah sampel yaitu 201 perusahaan dalam selama tahun 2009-2011. Penelitian ini memakai pendekatan Structural Equation Model dengan menggunakan Partial Least Square. Sesuai dengan hasil penelitian diketahui bahwa terdapat pengaruh positif antara proksi dari investment opportunity set terhadap kebijakan deviden. Selain itu, terdapat pengaruh positif antara proksi dari kebijakan deviden terhadap nilai perusahaan. Hasil tersebut sesuai dengan informational content of dividend yang menjelaskan bahwa deviden yang telah dibayarkan merupakan salah satu tanda bahwa perusahaan mempunyai pertumbuhan yang baik di masa yang akan datang. Hasil penelitian ini juga mendukung signaling theory yang menyatakan bahwa pembayaran deviden oleh perusahaan merupakan sebuah sinyal terhadap pasar modal. Hasil penelitian yang lainnya yaitu terdapat pengaruh positif antara proksi dari  investment opportunity set terhadap nilai perusahaan. Hasil tersebut sesuai dengan penelitian sebelumnya yang dilakukan oleh Fama (1978) yang menyatakan bahwa pengaruh langsung dari keputusan investasi terhadap nilai perusahaan akan sesuai dengan hasil yang diperoleh dari aktivitas investasi itu sendiri.   Kata kunci: Investment Opportunity Set, Kebijakan deviden, Nilai perusahaan, Emerging market.     The purpose of this paper is to investigate influences the proxy of investment opportunity set and dividend policy on corporate value. This study is tested in Indonesia Stock Exchange as one of emerging market which is contained 201 companies covering a 3-years period from 2009 to 2011. Structural equation modelling with Partial Least Square (PLS) is used in this study. This paper found a significantly positive influence between the proxies of investment opportunity set on dividend policy. In addition, there is a significantly positive influence between the proxies of dividend policy on corporate value. The result had consistently with informational content of dividend that explained that dividend paid was considered to be companies prospect in the future. This result also supported signaling theory that emphasize dividend paid is a signal on the market. The result also revealed a significantly positive influence between the proxies of investment opportunity set on corporate value. This result has supporting and consistently with research result by Fama (1978). Direct effect from investment decision on corporate value is results obtained of investment activity itself.   Keywords: Investment Opportunity Set, Dividend Policy, Corporate Value, Emerging Market
PENGARUH TINGKAT INFLASI, SUKU BUNGA SBI, NILAI TUKAR RUPIAH, INDEKS NIKKEI 225 DAN INDEKS DOW JONES TERHADAP INDEKS HARGA SAHAM GABUNGAN ( STUDI PADA BURSA EFEK INDONESIA PERIODE 2008-2012) Suwandaru, Agung; Suhadak, Suhadak; Darminto, Darminto
Profit: Jurnal Adminsitrasi Bisnis Vol. 7 No. 2 (2013): Profit : Jurnal Administrasi Bisnis
Publisher : FIA UB

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Abstract

Penelitian ini bertujuan untuk menganalisis dan menjelaskan bahwa : (1) variabel tingkat inflasi berpengaruh signifikan terhadap variabel Indeks Harga Saham Gabungan, (2) variabel suku bunga SBI berpengaruh signifikan terhadap variabel Indeks Harga Saham Gabungan, (3) variabel tingkat nilai tukar Rupiah berpengaruh signifikan terhadap variabel Indeks Harga Saham Gabungan (4) variabel Indeks Nikkei 225 berpengaruh signifikan terhadap variabel Indeks Harga Saham Gabungan, (5) variabel harga Indeks Dow Jones berpengaruh signifikan terhadap variabel Indeks Harga Saham Gabungan. Penelitian ini adalah cuantitative eksplanatory research. Data yang digunakan sebagai sampel adalah data bulanan IHSG, tingkat Inflasi suku bunga SBI, Nilai tukar, Indeks Nikkei 225 dan Indeks Dow Jones selama periode Januari 2008-Desember 2012. Metode analisis data menggunakan analisis regresi linier. Hasil analisis data menunjukkan bahwa (1) variabel tingkat inflasi adalah tidak signifikan pengaruhnya terhadap Indeks Harga Saham Gabungan, (2) variabel suku bunga SBI adalah signifikan pengaruhnya terhadap Indeks Harga Saham Gabungan, (3) variabel tingkat nilai tukar Rupiah adalah signifikan pengaruhnya terhadap Indeks Harga Saham Gabungan, (4) variabel indeks Nikkei 225 signifikan pengaruhnya terhadap Indeks Harga Saham Gabungan, (5) variabel Indeks Dow Jones tidak signifikan pengaruhnya terhadap IHSG. Kata kunci: Variabel Makro Ekonomi, tingkat inflasi, nilai tukar, tingkat suku bunga SBI, harga minyak dunia, harga emas dunia, Indeks Harga Saham Gabungan, return NAB Reksa Dana Saham.   This study aims to analyze and explain that: (1) a significant effect of the inflation rate variable toward Composite Stock Price Index, (2) a significant effect of interest rate of SBI variable toward Composite Stock Price Index, (3) a significant effect of echange rate variable toward Composite Stock Price Index, (4) a significant effect of Nikkei 225 index variable toward Composite Stock Price Index, (5) a significant effect of Dow Jones Index variable toward Composite Stock Price Index, This research is explanatory research cuantitative. The data used as the sample is monthly data index, inflation rate SBI, exchange rate, and the Nikkei 225 Index Dow Jones Index over the period January 2008-December 2012. Methods of data analysis using linear regression analysis. Results of data analysis showed that (1) the inflation rate variable is not significant influence on Composite Stock Price Index, (2) a variable interest rate of SBI is a significant influence on Composite Stock Price Index, (3) a variable rate of the rupiah is a significant influence on index Composite Stock Price, (4) the Nikkei 225 index variables significantly affect Composite Stock Price Index, (5) variable Dow Jones does not significantly influence the index. Keywords: Macroeconomic Variables, inflation rate, exchange rate, interest rate of SBI, oil prices, gold prices, Jakarta Composite Index, return of NAV Equity Funds.
THE INFLUENCE OF INTERNAL AND EXTERNAL FACTOR TO THE CAPITAL STRUCTURE AND FIRM’S FINANCIAL PERFORMANCE : EVIDENCE FROM PROPERTY AND REAL ESTATE SECTOR LISTED IN INDONESIA STOCK EXCHANGE 2010-2012 Karima, Tsabita; Suhadak, Suhadak; Handayani, Siti Ragil
Profit: Jurnal Adminsitrasi Bisnis Vol. 8 No. 1 (2014): Profit : Jurnal Administrasi Bisnis
Publisher : FIA UB

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Abstract

This research is performed in order to test the relationship between internal and external factor on capital structure and financial performance in property and real estate sector listed in IDX. Unit of analysis consists of 26 companies. Analysis shows that Internal Factor has negative significant influence on Capital Structure and External factor has negative influence on negative effect of capital structure. Besides, better internal factor (Liquidity and firm size) did not make the financial performance of property and real estate companies listed on the IDX become good. This study precisely shows that the test result is insignificant between the internal factor and financial performance which was measured by ROE. The test results, as well as the relationship between external factor and financial performance, have insignificant influence and the last hypothesis testing shows that Capital structure has positive significant influence on financial performance of property and real estate companies listed on the IDX.   Key words: internal factor, external factor, capital structure, financial performance.
THE IMPACT OF MACROECONOMIC VARIABLES ON THE FLUCTUATION OF JAKARTA COMPOSITE INDEX (JCI) IN INDONESIA STOCK EXCHANGE (STUDY AT INDONESIA STOCK EXCHANGE FOR THE PERIOD OF 2003-2012) Parahita Nareswari, Lalitya Nindya; Suhadak, Suhadak; Rahardjo, Kusdi; Hung, Rern Jay
Profit: Jurnal Adminsitrasi Bisnis Vol. 8 No. 1 (2014): Profit : Jurnal Administrasi Bisnis
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Abstract

The purpose of this paper is to analyze the impact of macroeconomic variables on the fluctuation of Jakarta Composite Index (JCI) in Indonesia Stock Exchange. This research consists of four macroeconomic variables as independent variables; inflation, BI rate, exchange rate of rupiah against U.S. dollar and real GDP. The using of JCI as dependent variable is because of it reflects the price change in different types of stocks in the Indonesia capital market as generally. Ordinary Least Square (OLS) is used as data analysis technique. Quarterly data are obtained for the period of ten years starting from January 2003 until December 2012. Augmented Dickey Fuller (ADF) and Phillips-Perron (PP) Unit Root test is employed to check the stationary of data. The results show that data has autocorrelation problem, therefore modifying original equation is taken to take account of the serial correlation by transforming all the variables by r differencing using first differences (regressing yt – yt-1 and xt – xt-1). The result reveals that macroeconomic variables simultaneously have significant impact on JCI. In addition, there are significantly negative impact of BI rate and exchange rate on JCI. The result also reveals that inflation and real GDP do not have any significant impact on JCI. Keywords: Macroeconomic Variables, Inflation, BI Rate, Exchange Rate, Real GDP, Jakarta Composite Index (JCI)
THE EFFECT OF FIRM CHARACTERISTICS AND CAPITAL STRUCTURE ON FIRM VALUE (EVIDENCE FROM THE “TRADE, SERVICE, AND INVESTMENT” INDUSTRY IN INDONESIA DURING THE PERIOD OF 2008-2012) Mariono, Agus; Suhadak, Suhadak; Kertahadi, Kertahadi
Profit: Jurnal Adminsitrasi Bisnis Vol. 8 No. 1 (2014): Profit : Jurnal Administrasi Bisnis
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Abstract

The purposes of this study were 1) to test and explain the effect of firm characteristics on firm value, 2) to test and explain the effect of capital structure on firm value, 3) to test whether firm characteristics or capital structure have greater effect on firm value. The research type is explanatory research. The sampling technique used in this study was purposive sampling. There were 69 companies selected from 93 companies registered on the “trade, service, and investment” industry in Indonesia Stock Exchange during the period of 2008-2012. Partial Least Square (PLS) method was used to examine the effect of firm characteristics and capital structure on firm value. The results showed that, firstly, firm characteristics have positive and significant effect on firm value. Secondly, capital structure has a negative and significant effect on firm value. Lastly, firm characteristics have greater effect on firm value. Keywords: Partial Least Square, Firm Characteristics, Capital Structure, and Firm Value.   Tujuan penelitian ini adalah 1) untuk menguji dan menjelaskan pengaruh karakteristik perusahaan terhadap nilai perusahaan, 2) untuk menguji dan menjelaskan pengaruh struktur modal terhadap nilai perusahaan, 3) untuk menguji apakah karakteristik perusahaan atau struktur modal yang memiliki pengaruh terbesar terhadap nilai perusahaan. Jenis penelitian ini adalah penelitian penjelasan. Teknik pengambilan sampel yang digunakan dalam penelitian ini adalah Purposive Sampling. Terdapat 69 perusahaan yang terpilih sebagai sampel, dari 93 perusahaan yang terdaftar di sektor “perdagangan, jasa, dan investasi” di Bursa Efek Indonesia selama periode tahun 2008-2012. Partial Least Square (PLS) digunakan untuk menguji pengaruh karakteristik perusahaan dan struktur modal terhadap nilai perusahaan. Hasil penelitian menunjukkan bahwa, pertama, karakteristik perusahaan memiliki pengaruh positif dan signifikan terhadap nilai perusahaan. kedua, struktur modal memiliki pengaruh negatif dan signifikan terhadap nilai perusahaan. terakhir, karakteristik perusahaan memiliki pengaruh terbesar terhadap nilai perusahaan. Kata kunci: Partial Least Square, Karakteristik Perusahaan, Struktur Modal, dan Nilai Perusahaan.
ANALISIS PENGARUH FAKTOR MIKRO DAN MAKRO EKONOMI TERHADAP STRUKTUR MODAL DAN NILAIPERUSAHAAN (STUDI PADA PERUSAHAAN INDUSTRI OTOMOTIF DAN KOMPONEN YANG TERDAFTAR DI BURSA EFEK INDONESIA(BEI) PERIODE TAHUN 2007-2011) Stiowati, Arie Ika; Suhadak, Suhadak; Kumadji, Srikandi
Profit: Jurnal Adminsitrasi Bisnis Vol. 8 No. 2 (2014): Profit : Jurnal Administrasi Bisnis
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Abstract

Tujuan penelitian yaitu, (1) menganalisis dan menjelaskan pengaruh variabel mikro, terhadap variabel struktur modal perusahaan, (2) untuk menganalisis dan menjelaskan pengaruh variabel makro ekonomi terhadap variabel struktur modal perusahaan, (3) untuk menganalisis dan menjelaskan pengaruh variabel mikro terhadap variabel nilai perusahaan, (4) untuk menganalisis dan menjelaskan pengaruh variabel makro ekonomi terhadap variabel nilai perusahaan, dan (5), untuk menganalisis dan menjelaskan pengaruh variabel struktur modal terhadap variabel nilai perusahaan. Populasi penelitian yang digunakan meliputi perusahaan industri otomotif dan komponen yang terdaftar di Bursa Efek Indonesia selama tahun 2007 hingga tahun 2011 dengan total sampel berjumlah 8 perusahaan. Analisis menggunakan Partial Least Square (PLS). Hasil penelitian menunjukkan (1) variabel mikro berpengaruh secara signifikan terhadap variabel struktur modal, (2) variabel makro ekonomi berpengaruh secara signifikan terhadap variabel struktur modal, (3), variabel mikro berpengaruh secara signifikan terhadap variabel nilai perusahaan, (4) variabel makro ekonomi berpengaruh secara tidak signifikan terhadap variabel nilai perusahaan, dan (5) variabel struktur modal berpengaruh secara signifikan terhadap variabel nilai perusahaan   Kata kunci: faktor mikro, faktor makro ekonomi, struktur modal dan nilai perusahaan.     The objectives of this research are (1) to analyze and explain the effect of following variables on company’s capital structure: micro (2) to analyze and explain the effect of following variables on company’s capital structure: company economic macro, (3) to analyze and explain the effect of following variables on company’s value: micro, (4)  to analyze and explain the effect of following variables on company’s value: economic macro (5) to analyze and explain the effect of company’s capital structure on company’s value. The population used on this research including automotive and component companies listed on Indonesian Stock Exchange Index in the period 2007-2011 with total sample of 8 companies. Analyzed by using Partial Least Square (PLS) method. Analysis result proves that (1) micro significantly affect company’s capital structure, (2) economic macro significantly affect company’s capital structure, (3) micro significantly affect company’s value, (4) macro economic is not significant affect company’s value, and (5) capital structure significantly affect a company’s value.   Keywords: micro factors, macro-economic, capital structure, and company’s value.
ANALISIS PENGARUH VARIABEL MAKROEKONOMI DAN VARIABEL MIKROEKONOMI TERHADAP STRUKTUR MODAL DAN KINERJA PERUSAHAAN (STUDI PADA PERUSAHAAN SEKTOR INDUSTRI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2008 - 2012) Wijayanti, Irna; Suhadak, Suhadak; Handayani, Siti Ragil
Profit: Jurnal Adminsitrasi Bisnis Vol. 8 No. 2 (2014): Profit : Jurnal Administrasi Bisnis
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Abstract

Penelitian ini bertujuan untuk menganalisis dan menjelaskan:  (1) pengaruh variable makroekonomi terhadap struktur modal, (2) pengaruh variabel mikroekonomi terhadap struktur modal, (3) pengaruh variabel makroekonomi terhadap kinerja perusahaan, (4) pengaruh variabel mikroekonomi terhadap  kinerja  perusahaan,  (5)  pengaruh  struktur modal terhadap  kinerja  perusahaan.  Populasi penelitian ini adalah perusahaan Sektor Industri yang Terdaftar di Bursa Efek Indonesia Periode 2008 sampai dengan tahun 2012 dengan total sampel sebanyak 9 perusahaan. Teknis analisis data dalam penelitian ini menggunakan analisis PLS (Partial Least Square). Hasil analisis data membuktikan bahwa: (1)  variabel makroekonomi  terhadap  struktur  modal  memiliki  pengaruh  positif  yang  signifikan,  (2) variabel mikroekonomi memiliki pengaruh positif yang signifikan terhadap struktur modal, (3) variabel makroekonomi terhadap kinerja perusahaan memiliki pengaruh yang negatif dan tidak signifikan, (4) variabel  mikroekonomi  terhadap  kinerja  perusahaan  memiliki  pengaruh negatif  dan  signifikan,  (5) variabel struktur modal memiliki pengaruh yang positif signifikan terhadap kinerja perusahaan.   Kata kunci: Makroekonomi, Mikroekonomi, Struktur Modal dan Kinerja Perusahaan     The objectives of this research are to analyze and explain: (1) the effect of macroeconomic on company’s capital structure, (2) the effect of microeconomic on company’s capital structure, (3) the effect of macroeconomic on company’s performance, (4) the effect of microeconomic on company’s performance,  (5)  the  effect  of  capital  structure  on company’s  performance.  The  population  of  this research are Industr Sektori companies listed on Indonesia Stock Exchange in period 2008-2012 with total sample of 9 companies. The data are analyzed by using PLS  (Partial Least Square) method. Analysis result explain that: (1) macroeconomic has positive significant affect on company’s capital structure, (2) microeconomic has positive significant affect on company’s capital structure, (3) macroeconomic has negative no significant affect on company’s performance, (4) microeconomic has negative significant affect on company’s performance, (5) capital structure has positive significant affect on company’s performance.   Kata kunci: makroeconomic, mikroeconomic, capital structure and company’s performance
PENGARUH GOOD CORPORATE GOVERNANCE DAN LEVERAGE TERHADAP KINERJA KEUANGAN DAN NILAI PERUSAHAAN (STUDI PADA PERUSAHAAN NON-BANK YANG TERDAFTAR DI BURSA EFEK INDONESIA INDEKS LQ 45 PERIODE 2009-2011) Edityastono, Lintang; Suhadak, Suhadak; Darminto, Darminto
Profit: Jurnal Adminsitrasi Bisnis Vol. 8 No. 2 (2014): Profit : Jurnal Administrasi Bisnis
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Abstract

Penerapan  dan  pengelolaan  GCG  merupakan  sebuah  konsep  yang menekankan  pentingnya  hak pemegang saham untuk memperoleh informasi dengan benar, akurat, dan tepat waktu. GCG juga menunjukkan kewajiban perusahaan untuk mengungkapkan (disclosure) semua informasi kinerja keuangan perusahaan secara akurat, tepat waktu dan transparan. Financial leverage merupakan salah satu pendukung bagi terciptanya program GCG yang baik di perusahaan, sebagai kontrol terhadap tindakan oportunis manajemen, sehingga dapat meningkatkan Kinerja Keuangan dan memberikan sinyal yang baik untuk investor melalui nilai perusahaan. Populasi penelitian yang digunakan meliputi perusahaan non-bank yang terdaftar di Bursa Efek Indonesia Indeks LQ 45 selama tahun 2009 hingga tahun 2011 dengan total sampel berjumlah 18 perusahaan. Data yang diperoleh dianalisis dengan menggunakan Partial Least Square (PLS). Hasil analisis data membuktikan bahwa (1) Variabel Good Corporate Governance (GCG) secara signifikan berpengaruh positif terhadap variabel Kinerja Keuangan, (2) Variabel Good Corporate Governance (GCG) tidak signifikan berpengaruh terhadap variabel Nilai Perusahaan, (3) Variabel Financial Leverage secara signifikan dan negatif berpengaruh pada Kinerja Keuangan Perusahaan, (4) Variabel Financial Leverage secara signifikan dan negatif berpengaruh pada Nilai Perusahaan. (5) Variabel Kinerja Keuangan Perusahaan secara signifikan dan positif berpengaruh pada Nilai Perusahaan.   Kata Kunci : GCG, Financial Leverage, Kinerja Keuangan Perusahaan, Nilai Perusahaan, Agency Theory, Asymmetric Information Theory, Trade-Off Theories     Implementation  and  management  of  corporate  governance  is  a  concept that  emphasizes  the importance of shareholder rights to obtain information with true, accurate, and on time. GCG also shows the company's responsbility to disclose (disclosure) all the company's financial performance information in an accurate, timely and transparent. Financial leverage is supporting the creation good corporate governance in the company to be good, as the control of opportunistic actions of management. Which can improve the  financial performance and provide a good signal to investors through a company's value. The study population used include non - bank firms listed on the Indonesia Stock Exchange LQ 45 index during 2009 to 2011 with a total sample amounted to 18 companies . Data were analyzed by using Partial Least Square ( PLS ) . The Result  proves that ( 1 ) Variable Good  Corporate  Governance  (  GCG  )  is  significantly  positive  effect  on  financial  performance variables , ( 2 ) Variable Good Corporate Governance ( GCG ) does not significantly affect the Company's value variable, ( 3 ) Financial Leverage Variables significantly and negative effect on the Company's financial performance , ( 4 ) Financial Leverage Variables significantly and negatively affect the Company's value . ( 5 ) Corporate Financial Performance Variables significantly and positively affect the Company's value .   Keywords: GCG, Financial Leverage, Corporate Financial Performance, Corporate Value, Agency Theory, Asymmetric Information Theory, Trade-Off Theories
PENGARUH MODAL KERJA DAN STRUKTUR MODAL TERHADAP PROFITABILITAS DAN NILAI PERUSAHAAN (STUDI PADA SEKTOR ANEKA INDUSTRI YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2009-2012) Nurjanah, Dwi Pratiwi; Suhadak, Suhadak; Kumadji, Srikandi
Profit: Jurnal Adminsitrasi Bisnis Vol. 8 No. 2 (2014): Profit : Jurnal Administrasi Bisnis
Publisher : FIA UB

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Abstract

Tujuan penelitian ini yaitu untuk menganalisis dan menjelaskan pengaruh modal kerja dan struktur modal terhadap profitabilitas dan nilai perusahaan. Populasi penelitian yang digunakan meliputi perusahaan sektor aneka industri yang terdaftar di Bursa Efek Indonesia selama tahun 2009 hingga tahun 2012 dengan total sampel berjumlah 56 (14 perusahaan x 4 tahun). Data yang diperoleh dianalisis dengan menggunakan Partial Least Square (PLS). Hasil analisis data membuktikan bahwa (1) variabel modal kerja berpengaruh signifikan terhadap variabel profitabilitas, (2) variabel modal kerja berpengaruh signifikan terhadap variabel nilai perusahaan, (3) variabel struktur modal berpengaruh signifikan terhadap variabel profitabilitas, (4) variabel struktur modal tidak berpengaruh signifikan terhadap variabel nilai perusahaan, (5) variabel profitabilitas berpengaruh signifikan terhadap variabel nilai perusahaan.   Kata kunci: modal kerja, struktur modal, profitabilitas, dan nilai perusahaan.   The objectives of this research are to analize and explain the effect of working capital and capital structure on profitability and corporate’s value. The population used on this research including miscellaneous industry listed on Indonesian Stock Exchange in the period 2009-2012 with total samples are 56 (14 companies x 4 years). The data are analyzed by using Partial Least Square (PLS) method. Analysis result proves that (1) working capital has significant affect on corporate’s profitability, (2) working capital has significant affect on corporate’s value, (3) capital structure has significant affect on corporate’s profitability, (4) capital structure has no significant affect on corporate’s value, (5) profitability has significant affect on corporate’s value.   Keywords: working capital, capital structure, profitability, and corporate’s value.
Co-Authors A. Tulong, Gerard Agung Suwandaru Agus Mariono Arie Ika Stiowati Choirul Nikmah Darminto . Dwi Pratiwi Nurjanah Dzulkirom. AR, Moch. Endang, MG Wi Erindah Dimisyqiyani Fatimah Karunia Sultera Ferina Nurlaily Ginanjar Indra Kusuma Harril Brimantyo Hsien- Hung Yeh, Hsien- Hung Irna Wijayanti Jaka Nugraha Kertahadi Kertahadi Khoiro, Evada El Ummah Kusdi Rahardjo Lalitya Nindya Parahita Nareswari Lintang Edityastono Mayangsari, Fitria Muhammad Saifi Nila Firdausi Nuzula Nila Firdausi, Nila Raras Puspa Dewi Rern Jay Hung Rizqy Wahyu Septiono Saifi, Mohammad Shinta Maharani Trivena Siti Ragil Handayani Srikandi Kumadji Tsabita Karima Wen-Hsi Lydia Hsu ZAHROH ZA, ZAHROH Zainul Arifin