RIDHO, APRIYANSYAH MUHAMMAD (2020) PENGARUH STRUKTUR MODAL TERHADAP PROFITABILITAS PERUSAHAAN: Studi pada Sektor Pertambangan yang terdaftar di Bursa Efek Indonesia periode 2014-2018. S2 thesis, Universitas Mercu Buana Jakarta.
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Abstract
This study examines the relationship between capital structure and firm performance. The investigation has been performed using panel data procedure for a sample of 42 mining sector Indonesian listed companies on the Indonesian Stock exchange during 2014-2018. The study uses three performance measures which are return on equity (ROE), return on asset (ROE), and earning per share (EPS) as dependent variable. The five capital structure measure which are debt to asset ratio, debt to equity ratio, long term debt to total capital, long term debt to total equity, and growth as independent variable. The results show that debt to equity ratio (DER) has no relationship to return on asset (ROA) and earning per share (EPS) while has negative significant to return on equity, debt to total asset ratio (DAR) has negative significant relationship to return on asset (ROA) and earning per share (EPS) while has positive significant to return on equity (ROE), long term debt to total equity (LDTE) has positive significant relationship to return on equity (ROE) while return on asset (ROA) and earning per share (EPS) has no relationship. Long term debt to total capital (LDTC) has negative significant relationship to return on asset, while return on equity (ROE) and earning per share (EPS) has no relationship. Growth has positive significant relationship to return on asset (ROA), return on equity (ROE), and earning per share (EPS). Keyword: capital structure, profitability, company performance, long term debt Studi ini meneliti hubungan antara struktur modal dan kinerja perusahaan. Investigasi telah dilakukan dengan menggunakan prosedur data panel untuk sampel dari 42 sektor pertambangan yang terdaftar di Bursa Efek Indonesia di Bursa Efek Indonesia selama 2014-2018. Penelitian ini menggunakan tiga ukuran kinerja yaitu return on equity (ROE), return on asset (ROE), dan earning per share (EPS) sebagai variabel dependen. Lima ukuran struktur modal yaitu rasio hutang terhadap aset, rasio hutang terhadap modal, hutang jangka panjang terhadap total modal, hutang jangka panjang terhadap total ekuitas, dan pertumbuhan sebagai variabel independen. Hasil penelitian menunjukkan bahwa rasio utang terhadap ekuitas (DER) tidak memiliki hubungan untuk pengembalian aset (ROA) dan laba per saham (EPS) sementara memiliki signifikan negatif terhadap pengembalian ekuitas, rasio utang terhadap total aset (DAR) memiliki hubungan negatif signifikan terhadap return on asset (ROA) dan earning per share (EPS) sementara memiliki signifikan positif untuk return on equity (ROE), hutang jangka panjang terhadap total ekuitas (LDTE) memiliki hubungan signifikan positif dengan return on equity (ROE) sementara return on asset (ROE) sementara return on asset (ROE) ROA) dan earning per share (EPS) tidak memiliki hubungan. Utang jangka panjang terhadap modal total (LDTC) memiliki hubungan negatif yang signifikan dengan pengembalian aset, sedangkan laba atas ekuitas (ROE) dan laba per saham (EPS) tidak memiliki hubungan. Pertumbuhan memiliki hubungan positif yang signifikan dengan laba atas aset (ROA), laba atas ekuitas (ROE), dan laba per saham (EPS). Kata kunci: struktur modal, profitabilitas, kinerja perusahaan, hutang jangka panjang
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