DETERMINASI STRUKTUR MODAL PERUSAHAAN DI BIDANG MANUFAKTUR YANG TERDAFTAR PADA INDEKS LQ 45 BURSA EFEK INDONESIA PERIODE 2010-2014

Abstract

Abstract. The purpose of this study is to analyze the determination factors of
capital structure, such as deficit, profitability and tangibility asset, and their
influence to the use of short term debt, long term debt and total debt, based on two
perspective namely Pecking Order Theory (POT) and Trade-off Theory (TOT).
From the perspective of POT, company has a certain order to choose their
financing decision. The order start from internal to external financing. Thus, in
POT, deficit has positive influence to the debts while profitability and tangibility
asset have negative influences. From the perspective of TOT, debts are able to
provide advantage to offset the tax value. Thus, based on TOT, deficit,
profitability and tangibility asset have positive influence to the debts. The samples
of this study are 10 manufacturing companies listed in LQ45 for minimum of four
periods in 2010-2014 with OLS Regression as the analysis method. The results
implied that in terms to the use of short term debt and total debt, financing
decision of sample companies has no path suggested by POT nor TOT; however,
regarding the uses of long term debt, the companies follows the path suggested by
Pecking Order Theory.
Keywords: Deficit, Profitability, Tangibility Asset, Debts, Pecking Order Theory,
Trade-off Theory