NUGROHO, RONI (2019) DETERMINAN STRUKTUR MODAL PERUSAHAAN SUB SEKTOR KONSTRUKSI BANGUNAN DAN BUKAN BANGUNAN DI BURSA EFEK INDONESIA. S2 thesis, Universitas Mercu Buana.
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Abstract
This research aims to analyze the determinants of capital structure that consist of: profitability, firm size, growth, liquidity, and non-debt tax shield on building and non building construction company that listed in Indonesia Stock Exchange within 2013- 2017. There are 10 building construction companies and 5 non building construction companies fit the criteria of this research. Data panel used in this research is analyzed by partial least square model. Method chosen is Fixed Effect Model. Rsquare (R2) = 0.879535 which mean independent variables (profitability, firm size, growth, luquidity, and non-debt tax shield) are able to explain capital structure by 87.9535%, while 1.0465% is explained by other factors out of the model. Based on goodness of fit test is 0.000000, this model is feasible to interpret the influence of 5 independent variables on capital structure. The result shows that liquidity have negative and significant effect on capital structure, it is in accordance with pecking order theory. On the other hand, profitability, firm size, growth, and non-debt tax shield do not have significant effect on capital structure. It is recommended to companies for considering liquidity in determining the capital structure, to the next researcher for adding other fundamental factors and observation periods. Keywords : Capital Structure, Profitability, Firm Size, Growth, Liquidity, Non-Debt Tax Shield Penelitian ini bertujuan untuk menganalisis determinan struktur modal yang terdiri dari : profitabilitas, ukuran perusahaan, pertumbuhan perusahaan, likuiditas dan nondebt tax shield pada perusahaan konstruksi bangunan dan bukan bangunan di Indonesia yang terdaftar di Bursa Efek Indonesia tahun 2013-2017. Penelitian ini meneliti 10 perusahaan konstruksi bangunan dan 5 perusahaan konstruksi bukan bangunan yang sesuai kriteria. Data panel yang digunakan dianalisis dengan partial least square model, dan metode yang terpilih adalah Fixed Effect Model. Nilai Rsquare (R2) = 0,879535 yang berarti bahwa variabel independen mampu menjelaskan variasi variabel dependen struktur modal sebesar 87,9535%, sedangkan 12,0465% sisanya dijelaskan oleh faktor lain di luar model. Berdasarkan Uji F sebesar 0,000000, yang berarti model penelitian ini layak untuk menginterpretasikan 5 variabel independen terhadap struktur modal. Hasil penelitian menunjukkan likuiditas berpengaruh negatif signifikan terhadap struktur modal, hasil ini sesuai dengan pecking order theory. Sebaliknya, profitabilitas, ukuran perusahaan, pertumbuhan perusahaan, dan non-debt tax shield tidak berpengaruh terhadap struktur modal. Disarankan kepada perusahaan untuk mempertimbangkan likuiditas dalam menentukan struktur modal, kepada peneliti selanjutnya untuk menambahkan menggunakan faktor fundamental lain dan periode pengamatan. Kata kunci: Struktur Modal, Profitabilitas, Ukuran Perusahaan, Pertumbuhan Perusahaan, Likuiditas, Non-Debt Tax Shield
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