Open AccessVARIABEL-VARIABEL PENENTU STRUKTUR MODAL PERUSAHAAN NON KEUANGAN DI BURSA EFEK INDONESIA
Author(s) -
Putu Ayu Govika Krisna Dewi,
I Gusti Bagus Wiksuana,
Henny Rahyuda
Publication year - 2017
Publication title -
matrik
Language(s) - English
Resource type - Journals
eISSN - 2302-8890
pISSN - 1978-2853
DOI - 10.24843/matrik:jmbk.2017.v11.i01.p08
Subject(s) - capital structure , tax shield , profitability index , stock exchange , business , population , debt ratio , debt , panel data , market liquidity , variables , business risks , financial system , monetary economics , econometrics , finance , economics , statistics , mathematics , risk analysis (engineering) , demography , tax reform , sociology , gross income , public economics , state income tax
Purpose of study is to analyze variables that determine capital structure of non-financial companies in Indonesia. There are seven variables observed namely company's growth rate, profitability, firm size, asset structure, liquidity, non-debt tax shield and business risk. The population were non-financial companies listed on Indonesia Stock Exchange during 2010-2014 and published annual financial statements in 2009-2014. Study used census technique. Population consisted of 324 companies. Data analysis technique used was multiple regression model for panel data. The results show that profitability, firm size and non-debt tax shield (NDTS) had significant effect on capital structure. Study concluded that profitability and non-debt tax shield are determinant variables of capital structure on non-financial firms in Indonesia based on trade-off theory approach while firm size tends to follow other capital structure theory.