FAKTOR-FAKTOR INTERNAL YANG MENENTUKAN KEBIJAKAN STRUKTUR MODAL DAN PENGARUHNYA PADA NILAI PERUSAHAAN MANUFAKTUR YANG GO PUBLIC PERIODE TAHUN 2014-2018

  • Ni Nyoman Suli Asmara Yanti Program Studi Ekonomi Hindu, STAHN Gde Pudja Mataram
Keywords: Nilai Perusahaan (Tobin-Q), Struktur Modal, Profitabilitas, Keunikan Proses Produksi, Ukuran Perusahaan & Pertumbuhan

Abstract

Penelitian ini bertujuan untuk menguji faktor-faktor yang mempengaruhi struktur modal dan pengaruh dari struktur modal terhadap nilai perusahaan sektor manufaktur yang terdaftar di Bursa Efek Indonesia. Sample penelitian terdiri dari 58 Perusahaan sektor manufaktur yang diamati selama kurun waktu 5 tahun yakni tahun 2014-2018. Adapun variabel penelitian yang digunakan yakni profitabilitas, ukuran perusahaan, pertumbuhan perusahaan dan keunikan proses produksi sebagai variabel exogen. Sementara itu variable endogen penelitian ini ada dua yakni struktur modal sebagai Y1 dan nilai perusahaan (Tobin-Q) sebagai Y2. Metode penelitian menggunakan two stage least square. Hasil penelitian menunjukkan bahwa faktor-faktor utama yang menjadi pertimbangan perusahaan dalam kebijakan struktur modal adalah profitabilitas dan ukuran perusahaan, sedangkan pertumbuhan perusahaan dan keunikan proses produksi tidak memiliki dampak yang signifikan pada pengambilan keputusan pendanaan utang. Hasil penelitian juga menunjukkan bahwa Tobin-Q mengalami penurunan saat perusahaan menggunakan pendanaan utang dengan jumlah yang mencapai titik optimum

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Published
2020-05-28
How to Cite
Yanti, N. (2020) “FAKTOR-FAKTOR INTERNAL YANG MENENTUKAN KEBIJAKAN STRUKTUR MODAL DAN PENGARUHNYA PADA NILAI PERUSAHAAN MANUFAKTUR YANG GO PUBLIC PERIODE TAHUN 2014-2018”, Jurnal Ilmiah Hospitality, 9(1), pp. 93-104. Available at: https://stp-mataram.e-journal.id/JIH/article/view/35 (Accessed: 12August2020).
Section
Articles