ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL PERUSAHAAN LQ 45 PERIODE 2005-2010

Abstract

One of the important decisions faced by financial managers in relation to continuity of operations the company is financing decisions or capital structure decision, which is a financial decision relating to the composition of debt, preferred stock, and common stock to be used by the company. This study is to know and test the effect of liquidity, firm size, firm growth, asset structure and profitability either partially or simultaneously on the company's capital structure LQ 45 at the Indonesia Stock Exchange in the period 2005 to 2010. The types of data used in this research is secondary data in the form of financial statements obtained from the Indonesian Capital Market Directory-year period 2005-2009 and also from the financial statements of each company in 2010. This study used 14 samples LQ 45 firms in Indonesia Stock Exchange, where the method used was purposive sampling is the determination of the sample using the criteria (considerations) specific. The variables in this study there were two; independent variables namely liquidity, firm size, firm growth, asset structure, and profitability, and the dependent variable is capital structure. This study analyzed using multiple regressions. Based on the results showed that during the period of study is partially negative and significant liquidity effect, firm size has positive but insignificant. The variable growth of companies and assets structure influence positive and significant, while the profitability negatively affects the capital structure. Magnitude of these effects is 0.459 or 45.9%. While the remaining 44.1% are influenced by other factors outside of research or out of the regression equation.