BAKO, SEVEN MARGANDA (2020) DETERMINAN STRUKTUR MODAL PERUSAHAAN PERTAMBANGAN SUB SEKTOR BATUBARA YANG TERDAFTAR DI BURSA EFEK INDONESIA. S2 thesis, Universitas Mercu Buana Jakarta.
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Abstract
This research aims to analyze the determinant of the capitalXstructure consisting of variable profitabilitas proxified by return on asset (ROA),XassetXstructure,Xliquidity proxified with current ratio (CR) and the size of the company against the structure of modal in the mining business of the coal sub sector listedXon the Indonesia Stock ExchangeXin 2014-2018. This research sample was obtained by purposive sampling method. Based onXthe criteria for selection of the sample, 10 companies were sampled for the study. The data analysisXtechnique used is regression of the data panel with the selected model random effect model. The value Adjusted R-square (R²)=0.434760 means that independent variables are able to explain the variationXofXdependent variables by 43.47%, while the remaining 56.53% is explained by other factors beyond this study. The F test of 0.00000 is smaller than the level ofXsignificanceXofXα=0.05,XnotingXthat simultaneouslyXindependentXvariables haveXaXsignificantXeffect on the capital structure. The results showed liquidity variables had a significant negative effect on the capital structure. While variable profitability, asset structure and size of the company have no effectXon theXcapital structure. Key words: Capital Structure, Profitability, Asset Structure, Liquidity, Firm Size Penelitian ini bertujuan untuk menguji secara empiris determinan struktur modal yang terdiri variabel profitabilitas yang diproksikan dengan return on asset (ROA), struktur aktiva, likuiditas yang diproksikan dengan current ratio (CR) dan ukuran perusahaan terhadap struktur modal pada perusahaan pertambangan sub sektor batubara yang terdaftar di Bursa Efek Indonesia tahun 2014-2018. Sampel penelitian ini diperoleh dengan metode purposive sampling. Berdasarkan kriteria�kriteria pemilihan sampel yang ditetapkan, didapatkan 10 perusahaan yang menjadi sampel penelitian. Teknik analisis data yang digunakan adalah regresi data panel dengan model yang terpilih yaitu Random Effect Model. Nilai Adjusted R-square (R²)=0.434760 berarti variabel independen mampu menjelaskan variasi variabel dependen sebesar 43.47%, sedangkan sisanya 56.53% dijelaskan oleh faktor-faktor lain di luar penelitian ini. Uji F sebesar 0.00000 lebih kecil dari tingkat signifikansi α=0.05, menunjukkan bahwa secara simultan variabel independen berpengaruh signifikan terhadap struktur modal. Hasil penelitian menunjukkan variabel likuiditas berpengaruh negatif signifikan terhadap struktur modal. Sedangkan variabel profitabilitas, struktur aktiva dan ukuran perusahaan tidak berpengaruh terhadap struktur modal. Kata Kunci: Struktur Modal, Profitabilitas, Struktur Aktiva, Likuiditas, Ukuran Perusahaan.
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