PENGARUH PROFITABILITY, GROWTH, TAX, ASSET’S TANGIBILITY DAN FIRM’S SIZE TERHADAP KEBIJAKAN STRUKTUR MODAL PADA PERUSAHAAN INDUSTRI DASAR DAN KIMIA YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2005-2010

FANIZASYA, CLARABELLA (2012) PENGARUH PROFITABILITY, GROWTH, TAX, ASSET’S TANGIBILITY DAN FIRM’S SIZE TERHADAP KEBIJAKAN STRUKTUR MODAL PADA PERUSAHAAN INDUSTRI DASAR DAN KIMIA YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2005-2010. S1 thesis, Universitas Negeri Jakarta.

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Abstract

ABSTRACT Clarabella Fanizasya, 2012; Effect of Profitability, Growth, Tax, Asset Tangibility, and Firm’s Size on Capital Structure Policy on Basic Industry and Chemical Firms Listed in Indonesian Stock Exchange in 2005-2010. Skripsi, Jakarta: Concentration of Financial Management, Study Program of Management, Department of Management, Faculty of Economics, State University of Jakarta. The purpose of this study was to determine the effect of Profitability, Growth, Tax, Asset tangibility, and Firm's Size to leverage the company either partially or simultaneously. By looking at the correlation exists, the authors could analyze whether capital structure theory applied to the sample are more likely to follow the Pecking Order Theory or Static Trade-off Theory. Due to limitations of the study, namely the existence of a global crisis that occurred in 2008, the author separate the models into three, the period 2005-2007 models (Model I), 2008 (Model II), and 2009-2010 (Model III). This research using causative approach, with data analysis panel for Model I and III, as well as analysis for Model II. The sample in this study were 31 firms that Basic Industry and Chemicals taken by purposive sampling method. Empirical results showed that none were found among the models I, II, and III are completely consistent with one theory, whether the Pecking Order Theory or Static Order Theory. Model I by using the variable ROA, Growth, Tax, and Size refers to the POT, whereas for the variable Asset tangibility refers to the STT. Model II by using the variable ROA, Growth, Tax, and Asset's tangibility refers to the POT, whereas the variable Size, referring to the STT. Model III by using the variable ROA, Growth, and Size refers to the POT, whereas the variable's Tax and Asset tangibility refers to the STT. Kata kunci: Leverage, Pecking Order Theory, Static Trade-off Theory, Basic Industry and Chemical Sector

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