FAKTOR-FAKTOR INTERNAL YANG MENENTUKAN KEBIJAKAN STRUKTUR MODAL DAN PENGARUHNYA PADA NILAI PERUSAHAAN MANUFAKTUR YANG GO PUBLIC PERIODE TAHUN 2014-2018
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
References
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[32] Wald, John K. 1999. How firm characteristics affect capital structure: an international comparison. The Journal of Financial Research. Vol. XXII, No. 2. Pages 161-187. Summer 1999.
[33] Weston, J. Fred. dan Brigham, Eugene F. 1981. Managerial Finance (Seventh Edition). United States of America : Holt-Saunders International Edition.
[34] Widayanti, Luh Putu., Triaryawati, Nyoman., dan Abundanti, Nyoman. 2016. Pengaruh Profitabilitas, Tingkat Pertumbuhan, Likuiditas, dan Pajak terhadap Struktur Modal pada Sektor Pariwisata. E-Jurnal Manajemen Unud, Vol. 5, No. 6, 2016: 3761-3793, ISSN : 2302-8912.
[2] Aggarwal, Divya dan Padhan, Purna C. 2017. Impact of capital structure on firm value : evidence from Indian Hospitality Industry. Scientific Research Publishing. Theoretical Economics Letters, 2017,7,982-1000. ISSN online : 2162-2086. http://www.scirp.org/journal/tel.
[3] Aggarwal, Divya dan Padhan, Purna C. 2017. Impact of capital structure on firm value : evidence from Indian Hospitality Industry. Scientific Research Publishing. Theoretical Economics Letters, 2017,7,982-1000. ISSN online : 2162-2086. http://www.scirp.org/journal/tel.
[4] Al-Najjar, Basil., dan Hussainey, Khaled. 2011. Revisiting the capital-structure puzzle: UK evidence. The Journal of Risk Finance, Vol. 12. Lss 4 pp. 329-338.
[5] Arsov, Sasho dan Naumoski, Aleksandar. 2016. Determinants of capital structure: An empirical study of companies from selected post-transition economies. Preliminary Communication. Zb. rad. Ekon. fak. Rij. 2016. Vol. 34. No. 1. 119-146.
[6] Balakrishnan, Srinivasan dan Fox, Isaac. 1993. Asset Specificity, Firm Heterogeneity and Capital Structure. Strategic Management Journal, Vo, 14, 3-16 (1993).
[7] Brigham, Eugene F. dan Joel F. Houston, 2009. Dasar-dasar Manajemen Keuangan, Buku Satu, Edisi Kesepuluh, Alih Bahasa Ali Akbar Yulianto. Jakarta: Salemba Empat.
[8] Carpentier, Cecile. 2006. The valuation effect of long term changes in capital structure. International Journal of Managerial Finance, Vol. 2 lss 1 pp. 4 – 18.
[9] Deesomsak, Rataporn., Paudyal, Kirshna., dan Pescetto, Gioia. 2004. The determinants of capital structure: evidence from Asia Pasific region. Journal of Multinational Financial Management. 14 (2004) 387-405.
[10] Djumahir. 2005. Pengaruh variabel-variabel Tax Shield dan Non Tax Shield terhadap Struktur Modal dan Nilai Perusahaan (Studi pada perusahaan go-public di Bursa Efek Jakarta). Jurnal Wacana, Vol. 8 No. 3, Desember 2005, Hal : 302-321.
[11] Eriotis, Nikolaos., Vasiliou, Dimitrios., dan Neokosmidi, Zoe Ventoura. 2007. How firm characteristics affect capital structure: a empirical study. Managerial Finance. Vol. 33 lss 5 pp. 321-331.
[12] Horne, James C.V. dan Wachowicz JR, Jhon M. 1999. Prinsip – Prinsip Manajemen Keuangan (Edisi Kesembilan, Edisi Indonesia). Jakarta : Salemba Empat.
[13] Kausar, A., Nazir, M.S., dan Butt, H.A. 2014. Capital structure and firm value : Empirical Evidence from Pakistan. Asian Journal of Research in Economics and Finance, Volume 1 – Issue 1, March-April, 2014 (11-22).
[14] La Rocca, Maurizio., La Rocca, Tiziana., Gerace, Dionigi., dan Smark, Ciorstan. 2009. The effect of diversification on capital structure. Accounting & Finance, 49 (4), 799-826.
[15] Masyhudi, L. (2020). LENGTH OF STAY WISATAWAN MANCANEGARA DI PROVINSI NTB. Jurnal Ilmiah Hospitality, 8(2), 111-120.
[16] Modigliani, Franco dan Miller, Mertin H. 1963. Corporate Income Taxes and the Cost of Capital : A Correction. The American Economic Review. Vol. 53, No. 3 (Jun., 1963). pp. 433-443
[17] Mugosa, Ana. 2015. The Determinants of Capital Structure Choice : Evidence from Western Europe. BEH – Business and Economic Horizons. Volume 11, issue 2, 2015, pp.76-95.
[18] Myers, Stewart C. 1984. The Capital Structure Puzzle. #1548-84, April 1984, http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.893.9826danrep=rep1dantype=pdf, diakses tanggal 13 Desember 2017.
[19] Oino, Isaiah dan Ukaegbu, Ben. 2015. The Impact of Profitability on Capital Structure of Adjustment : An Empirical Examination of Selected Firms in Nigerian Stock Exchange. Research in International Bussiness and Finance.
[20] Rajan, Raghuram G., dan Zingales, Luigi. What do we know about capital structure? Some evidence from International Data. The Journal of Finance. Vol. L. No. 5. December 1995.
[21] Rehman, Obaid Ur. 2016. Impact of capital structure and dividen policy on firm value. Journal of Poverty, Investment and Development, Vol. 21. 2016. ISSN 2422-846X.
[22] Robb, Alicia dan Seamans, Robert. 2011. Entrepreneurial Finance and Performance : A Transaction Cost Economics Approach. Draft : Preliminary and Incomplete. https://extranet.sioe.org/uploads/isnie2011/robb_seamans.pdf
[23] Salim, Noor and Rina Susilowati. 2019. The Effect of Internal Factors on Capital Structure and Its Impact on Firm Value : Empirical Evidence from The Food and Beverages Industry Listed on Indonesian Stock Exchange 2013-2017. International Journal of Engineering Technologies and Management Research. ISSN: 2454-1907.
[24] Savitri, Enni., Salim, Ubud., Armanu., dan Djumahir. 2012. Variabel Anteseden dari Struktur Modal: Dampaknya terhadap Nilai Perusahaan (Studi pada Perusahaan Manufaktur di Bursa Efek Indonesia). Jurnal Aplikasi Manajemen, Volume 10, Nomor 1, Maret 2012.
[25] Sethi, Pradeepta dan Tiwari, Ranjit. New Evidence on Determinan of Capital Structure from The Indian Manufacturing Industry. Corporate Ownership and Control Journal, Volume 13, Issue 3, 2016.
[26] Sheikh, Nadeem A., dan Wang Zongjun. 2011. Determinants of Capital Structure: An Empirical Study of Firms in Manufacturing Industry of Pakistan. Managerial Finance, Vol. 37 lss 2 pp. 117-133.
[27] Sugiyono. 2012. Memahami Penelitian Kualitatif. Bandung – Indonesia: Alfabeta.
[28] Titman, S. dan Wessels, R. 1988. The Determinants of Capital Structure Choice. The Journal of Finance, Vol, 43, No. 1. (Mar., 1988), pp. 1-19.
[29] Utomo, Prastyo dan Djumahir. 2013. Pengaruh Variabel Fundamental terhadap Struktur Modal dan Dampaknya terhadap Nilai Perusahaan (Strudi pada Perusahaan Tekstil yang Go-Public di Indonesia). Jurnal Aplikasi Manajemen, Volume 11, Nomor 3, September 2013. ISSN: 693-5241.
[30] Vo, Xuan V. dan Ellis, C. 2017. An empirical investigation of capital structure and firm value in Vietnam. Finance Research Letters, 22 (2017) 90 – 94.
[31] Vo, Xuan Vinh. 2017. Determinants of capital structure in emerging market : Evidence from Vietnam. Research in International Business nd Finance. http://dx.doi.org./doi:10.1016/j.ribaf.2016.12.001. PII:S0275-5319(16)30268-9.
[32] Wald, John K. 1999. How firm characteristics affect capital structure: an international comparison. The Journal of Financial Research. Vol. XXII, No. 2. Pages 161-187. Summer 1999.
[33] Weston, J. Fred. dan Brigham, Eugene F. 1981. Managerial Finance (Seventh Edition). United States of America : Holt-Saunders International Edition.
[34] Widayanti, Luh Putu., Triaryawati, Nyoman., dan Abundanti, Nyoman. 2016. Pengaruh Profitabilitas, Tingkat Pertumbuhan, Likuiditas, dan Pajak terhadap Struktur Modal pada Sektor Pariwisata. E-Jurnal Manajemen Unud, Vol. 5, No. 6, 2016: 3761-3793, ISSN : 2302-8912.
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. doi: 10.47492/jih.v9i1.35.
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