Jurnal Akuntansi, Vol 14, No 3 (2010)

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FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL: ANALISIS EMPIRIS TERHADAP SAHAM LQ-45

Herman Ruslim

Abstract


Testing capital structure theory in the companies listed in Indonesian Stock Exchanged (BEI)  is still inconclusive, some of the researchers findings that the capital structure followed  pecking order theory and others finding that the capital structure followed the trade-off theory, however the expectation gap still could not be solved. This research attempts to study the effect of profitability, operating risk, size, tangible assets and growth opportunity as a determinant factors on capital structure.

The research used a sample of the 28 companies in LQ45, which are listed in Indonesia Stock Exchange (BEI) of the period from 2000 to 2007. The analysis method used in this research was time series analysis with generalized method of moment technique (GMM).

The research results indicated that firm made adjustment to achieve the target capital structure referring to tradeoff theory, based on time series analysis it is concluded that profitability, operating risk, size, tangible assets, and growth opportunity has significant effect on capital structure. In addition, the abovementioned variables have a significant effect simultaneously on the capital structure

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