ANALISIS PENGARUH RETURN ON ASSET, PERTUMBUHAN ASSET, PERTUMBUHAN PENJUALAN, MANAGERIAL OWNERSHIP DAN ARUS KAS OPERASI TERHADAP STRUKTUR MODAL/DEBT TO EQUITY RATIO (Studi Kasus Pada Perusahaan Manufaktur Yang Listing Di BEI Periode Tahun 2006-2009)

Abstract

Capital structure is the balance between the amount of long-term debt with equity . This research is used to test the influence of variables ROA, asset growth, sales growth, managerial ownership and cash flows of the DER. The sampling technique used in this study was purposive sampling criteria (1) Companies listed as the issuer until the year 2009, (2) Companies listed on the BEI is a manufacturing company, (3) actively traded stocks from the issuer during the observation period of year 2006 -2009, (4) Publish the complete financial statements from 2006-2009, and (5) It says the cost of sales. Provided the number of samples of 64 observations of the 151 companies listed on the BEI. The analysis technique used is multiple linear regression with least square equations and hypothesis testing using t-test to test the partial regression coefficient and significance test to examine the influence of f-test together with the level of significance of 5%. In addition, it also should include the classical assumption that normality test, multicollinearity, autocorrelation test and heterokedasitas test. From the analysis shows that the variable ROA significant negative effect on DER, asset growth significant positif effect on DER, sales growth is positif not significant to DER, managerial ownership is significantly negative effect on the DER and the variable has a significant positive cash flow of DER. The average DER of 86.48%, the average ROA of 7.8%, the average asset growth of 12.36%, average sales growth of 15.40%, the average managerial ownership of 5, 41% and the average operating cash flow amounting to 13,22%.