ANALISIS PENGARUH GROWTH OF ASSET, PROFITABILITY, INSTITUTIONAL OWNERSHIP, BUSINESS RISK DAN CORPORATE TAX RATE TERHADAP STRUKTUR MODAL (Studi Komparatif Pada Non- Financial Multinational Company dan Domestic Corporation Yang Listed di BEI Periode 2005-2009)

Abstract

One of the important decision should faced by financial manager was financial decision or capital structure. Therefore, companies must pay attention their capital structure which is balancing between the use of own capital and the use of debt. Considering of many factors can influence capital structure, then this study will examine the influence growth of asset, profitability, institutional ownership, business risk and corporate tax rate to capital structure of multinational company and domestic corporation which listed in Indonesian Stock Exchange in 2005-2009 period. The purpose of this sudy is to investigate and test the financing decisions or capital structure between multinational company with domestic corporation through linkages growth of asset, profitability, institutional ownership, business risk and corporate tax rate. This research used menggunakan secondary data from Indonesian Capital Market Directory (ICMD). The method of the reseacrch is purposive sampling with the provisions of the companies include the financial statements during a period of study, have a positive net income and a part of stock owned by institutional. Data analysis use linier regression analysis which is preceded by classic assumption of normally test, multicollinearity test, heteroscedasticity test and autocorrelation test. The hypotesis evaluation is done by use of F test and t test. The t test in multinational company for growth of asset variable proved to be positively and significant, whereas profitability (ROA) and institutional investor variables have significant negative. Business risk and corporate tax rate variable have positively no significant. In domestic corporation growth of asset and corporate tax rate variables have significant positive and profitability (ROA) variable has significant negative. Whereas institutional ownership variable has negatively no significant and business risk influence positively no significant to capital strucutre. The ammount of adjusted R square in multinational company is 25,7 percentage and in domestic corporation is 43,1 percentage. It means that dependent variable which is capital structure can be explained by five independent variables, such as growth of asset, profitability (ROA), institutional ownership, business risk and corporate tax rate. While chow test showed the value of F count at 13,67 which is higher than F tabel at 2,21 so that result show there is difference between the determonation of funding decision multinational company and domestic corporation.