Faktor – Faktor yang Mempengaruhi Struktur Modal dan Dampaknya Terhadap Nilai Perusahaan

Abstract

Capital structure is an equalization beetwen the use of own capital and the use of loan, the level of capital structure that is part of the funding decision is one important factor in increasing the value of the company. Decisions regarding the optimal capital structure should consider the balance between risk and benefit levels.The research aimed to analyzing the of these factors on capital structure (DER), these factors are asset structure (fixed asset ratio), firm size (Ln_Asset), profitability (ROA), and operating leverage (DOL) and also analyzing the effect of capital structure to the firm value (PBV). The popuation of this research is manufacture company in automotive and allied product sector which listed in Indonesian Stock Exchange in 2011-2015 period.The sample of this research is nine automotive and allied company where the method of the research is purposive sampling which devine as a sample of taking method which take an object by certain criteria. The analytical tool used is multiple regression and simple regression analysis with α 5% using Eviews 9 software. The research results showed that asset structure negative significant effect on capital structure, firm size positive significant effect on capital structure, profitability negative significant effect on capital structure and operating leverage were not significant effect on the capital structure. The research result also showed that capital structure of automotive and allied company were not significant effect on the firm value.