ANALISIS PENGARUH STRUKTUR AKTIVA, PROFITABILITAS, PERTUMBUHAN PENJUALAN, RISIKO BISNIS DAN UKURAN PERUSAHAAN TERHADAP DEBT TO EQUITY RATIO (Studi Pada Perusahaan Automotive and Allied Product yang Terdaftar di Bursa Efek Indonesia Tahun 2005 – 2010)

Abstract

The study was conducted to examine the effect of variable asset structure, profitability, growth of sales, business risk and firm size on debt to equity ratio (DER). The data used in the form of a company’s financial statements Automotive and Allie Product listed on the Indonesia Stock Exchange in 2005-2010. Sample selectionis done by using purposive random sampling method. The sampling technique used in this study is to select companies that meet the criteria: (1) companies that are always listed on the Indonesia Stock Exchange in 2005-2010 and (2) a company that routinely provides complete data and publish financial statements in a row during years 2005-2010. The number of amples in this study is 14 companies Data analysis tool used is linear regression of the data and the previously performed screening test classic assumptions. Partial regression coefficients were tested using t-statistic and F-statistic used to test the effect of the multiple.The result showed that the asset structure and profitability of a significant negative effect on DER. Firm size significant positive effect on DER. While the business risk and growth of sales does not effect on DER. Managerial implications of the study: (1) the company’s management should establish policies that can improve profitability, asset owned by utilizing optimally to further enhance earnings. (2) Firm size sindicate that high investments, when insufficient internal funds to increase funding of the debt. (3) improving the assets structure, so more assets that are used to finance business operations, so that only the complement of loan capital for working capital needs