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KEZIA DAUTY PRABANDARY
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PECKING ORDER THEORY TESTING FACTORS ANALYSIS THAT INFLUENCES THE LEVERAGE ON CAPITAL STRUCTURE: STUDY CASE REAL ESTATE AND PROPERTY
Abstrak (Bhs. Indonesia)
Penelitian ini meneliti faktor-faktor yang mempengaruhi struktur modal di perusahaan property dan real estate yang terdaftar di Bursa Efek Indonesia (BEI). Tujuan dari penelitian ini adalah untuk meneliti dan melakukan test pecking order hipotesis yang mempunyai prioritas untuk menggunakan pendanaan internal melalui hubungan profitabilitas, ukuran perusahaan,likuiditas, kesempatan bertumbuh, tangibilitas, resiko bisnis dan dividend payout rasio terhadap leverage. Penelitian ini dilakukan selama periode 2012 sampai 2014. Teknik pengumpulan data yang digunakan adalah metode dokumentasi, tinjauan pustaka dan pencarian internet. Dua belas perusahaan memenuhi kriteria dan dengan menggunakan pooled data didapatkan sample penelitian (n) 42 data observasi. Data dianalisa menggunakan analisis deskriptif dan multiple regressions digunakan untuk pengujian hipotesis. Hasil penelitian ini menunjukan bahwa profitabilitas, ukuran perusahaan,likuiditas, kesempatan bertumbuh, tangibilitas, resiko bisnis dan dividen payout rasio secara bersama-sama mempengaruhi struktur modal sebanyak 49.1 persen. Profitabilitas, ukuran perusahaan , liquiditas, tangibilitas dan dividend payout rasio mempunyai pengaruh negatif significant terhadap leverage. Kesempatan bertumbuh dan resiko bisnis tidak mempunyai pengaruh terhadap leverage.
Abtrak (Bhs. Inggris)
This research investigated the factors influencing capital structure in Real Estate and Property Company listed in Indonesian Stock Exchange (IDX). The objective of this study were to investigate and test the pecking order hypothesis that has priority to the use of internal funds through linkages profitability, firm size, liquidity, growth opportunity, tangibility, business risk and dividend payout ratio on leverage. This research was conducted during the period of 2012 until 2014. Data collection techniques used was method of documentation, literature review and internet search. Twelve companies were met the criteria and by using pooled data there was 42 observation data obtained as study sample (n). The data was analyzed by descriptive analysis; multiple regressions were performed to test the hypotheses. The results of this research showed that profitability, firm size, liquidity, growth opportunity, tangibility, business risk and dividend simultaneously affect capital structure in 49.1 percent. Profitability, firm size, liquidity, tangibility and dividend have negative significant effect on the leverage. Growth opportunity and business risk do not influence leverage.
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