FAKTOR-FAKTOR PENENTU STRUKTUR MODAL PADA PERUSAHAAN SEKTOR PROPERTI DAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2015-2020

NABILA NURUL AINI, . (2022) FAKTOR-FAKTOR PENENTU STRUKTUR MODAL PADA PERUSAHAAN SEKTOR PROPERTI DAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2015-2020. Sarjana thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh profitabilitas, ukuran perusahaan, usia perusahaan, non-debt tax shield, tangibility, growth opportunities, dan earnings volatility terhadap struktur modal pada perusahaan sektor properti dan real estate yang terdaftar di Bursa Efek Indonesia periode 2015-2020. Variabel bebas yang digunakan dalam penelitian ini adalah profitabilitas, ukuran perusahaan, usia perusahaan, non-debt tax shield, tangibility, growth opportunities, dan earnings volatility. Variabel terikat yang digunakan adalah struktur modal (DER dan DAR). Penelitian ini juga menggunakan variabel kontrol yaitu kepemilikan institusional. Teknik pengambilan sampel yang digunakan dalam penelitian ini adalah purposive sampling dengan sebanyak 43 perusahaan properti dan real estate yang sesuai dengan kriteria sampel dalam penelitian. Penelitian ini menggunakan teknik analisis regresi data panel dengan model pendekatan Common Effect Model (CEM) dan Random Effect Model (REM). Hasil penelitian ini menunjukkan bahwa profitabilitas, usia perusahaan, non-debt tax shield, growth opportunities, dan earnings volatility berpengaruh negatif dan tidak signifikan terhadap struktur modal (DER), sedangkan ukuran perusahaan berpengaruh positif dan signifikan terhadap struktur modal (DER). Hasil robustness check dengan Debt to Assets Ratio sebagai proksi struktur modal menunjukkan profitabilitas, ukuran perusahaan, usia perusahaan, dan growth opportunities memiliki hasil robust, sedangkan non-debt tax shield, tangibility, dan earnings volatility memiliki hasil tidak robust. Berdasarkan hasil yang diperoleh, penelitian ini mendukung teori trade off, teori pecking order dan teori signalling. *** This aim of this study to determine the effect of profitability, firm size, firm age, non-debt tax shield, tangibility, growth opportunities, and earnings volatility on the capital structure of property and real estate sector companies listed on the Indonesia Stock Exchange for the period of 2015-2020. Independent variables used in this study are profitability, firm size, firm age, non-debt tax shield, tangibility, growth opportunities, and earnings volatility. The Dependent variable used is the capital structure (DER and DAR). This study also uses a control variable, namely institutional ownership. The sampling technique used in this study is purposive sampling with as many as 43 property and real estate companies that matched the sample criteria in the study. This study uses panel data regression analysis techniques using the Common Effect Model (CEM) and Random Effect Model (REM) approaches. The results of this study indicate that profitability, firm age, non-debt tax shield, growth opportunities, and earnings volatility have a negative and insignificant effect on capital structure (DER), while firm size has a positive and significant effect on capital structure (DER). The results of the robustness check with the Debt to Assets Ratio as a proxy for capital structure show that profitability, firm size, firm age, and growth opportunities have robust results, while non-debt tax shields, tangibility, and earnings volatility have not robust results. Therefore this research supports the trade-off theory, pecking order theory, and signaling theory.

Item Type:	Thesis (Sarjana)
Additional Information:	1) Prof. Dr. Suherman, M.Si ; 2) Dra. Umi Mardiyati, M.Si
Subjects:	Manajemen > Manajemen , Business
Divisions:	FE > S1 Manajemen
Depositing User:	Users 15649 not found.
Date Deposited:	01 Sep 2022 05:46
Last Modified:	01 Sep 2022 05:46
URI:	http://repository.unj.ac.id/id/eprint/34180

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