LOBO, ERMITA NATALIA (2018) DETERMINAN KEBIJAKAN UTANG DAN IMPLIKASINYA TERHADAP NILAI PERUSAHAAN SEKTOR PERTAMBANGAN LISTING DI BURSA EFEK INDONESIA. S2 thesis, Universitas Mercu Buana.
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Abstract
The main purpose of this research is to examine the effect of Company size, Liquidity, Profitability on Debt Policy as well as its impact on Firm value. The data used in this research is secondary data, which is financial report of mining sector listing in Indonesia Stock Exchange 2016. Sampling method used in this research is purposive method. The sample that is appropriate to this research was taken from 35 mining companies. The data processing method used in this research were descriptive analysis, classic assumption test, multiple regression analysis, determination coefficient test, F test and T test and using Path Analysis. The result of this research showed that the company size, liquidity did not influence neither the debt policy nor company value, whereas ROA influenced positive impact and significant on debt policy and company value. Simultaneously variable size, CR and ROA had an effect on debt policy with the R² value 0,691 it meant that independent variable combination could explain dependent variable 69,1% while the remaining 30,9% explained by other factors outside from research design. Simultaneously variable size, current ratio and return on asset had an effect on firm’s value with the R² value 0,422 which meant independent variable combination could explain dependent variable 42,2% while the remaining 47,8% explained by other factors outside from research design. Debt policy was an intervening variable for profitability variable on firm value. Key Words : Company Size, Liquidity, Profitability, Debt Policy and Company Value. Tujuan utama dari penelitian ini adalah untuk menguji pengaruh ukuran perusahaan , Likuiditas, profitabilitas terhadap kebijakan utang serta dampaknya terhadap nilai perusahaan. Data yang digunakan dalam penelitian ini merupakan data sekunder, yaitu laporan keuangan perusahaan sektor pertambangan listing di Bursa Efek Indonesia tahun 2016. Metode sampling yang digunakan dalam penelitian ini adalah metode purposive. Sampel yang memenuhi kriteria dalam penelitian ini sebanyak 35 perusahaan pertambangan. Metode pengolahan data yang digunakan adalah analisis deskriptif, uji asumsi klasik , analisis regresi berganda , uji koefisien determinasi , uji F dan uji T serta menggunakan analisis jalur. Hasil penelitian menunjukkan bahwa ukuran perusahaan, likuiditas tidak berpengaruh terhadap kebijakan utang maupun nilai perusahaan sedangkan ROA berpengaruh positif dan signifikan terhadap kebijakan utang dan nilai perusahaan. Secara simultan variabel Size, CR dan ROA berpengaruh terhadap kebijakan utang dengan nilai R² sebesar 0,691 yang berarti bahwa kombinasi variabel independen mampu menjelaskan variabel dependen sebesar 69,1% sementara 30,9% sisanya dijelaskan oleh faktor –faktor lain diluar model penelitian. Secara Secara simultan variabel Size, CR dan ROA berpengaruh terhadap nilai perusahaan dengan nilai R² sebesar 0,422 yang berarti bahwa kombinasi variabel independen mampu menjelaskan variabel dependen sebesar 42,2% sementara 47,8% sisanya dijelaskan oleh faktor –faktor lain diluar model. Kebijakan utang merupakan variabel interveng untuk variabel profitabilitas terhadap nilai perusahaan. Kata Kunci : Ukuran perusahaan, Likuiditas, Profitabilitas,Kebijakan Utang dan Nilai Perusahaan.
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