ANALISIS PENGARUH STRUKTUR MODAL, CAPITAL EXPENDITURE DAN INSENTIF MANAJER TERHADAP PROFITABILITAS DALAM MENINGKATKAN NILAI PERUSAHAAN Studi pada Perusahaan Manufaktur yang listed di Bursa Efek Indonesia Periode Tahun 2009-2012

Abstract

This study based to reality that gap fluctuation of company performance at Indonesian Stock Exchange was gap phenomena. Phenomena gap has inconsistency that influence capital structure, capital expenditure and managerial incentive on company performance to impact company value. Aim of this study to analyze capital structure, capital expenditure, and managerial incentive toward profitability to impact company value in manufacturing industry over period 2009-2012. Sampling technique used here is pusposive sampling with criteria: (1) manufacturing company listed at Indonesian Capital Market Directory over period 2009-2012, (2) manufacturing company share annual repport over period 2009-2012; and (3) manufacturing company has earning over period 2009-2012). The data was taken Indonesian Capital Market Directory (ICMD). It is gained sample amount of 15 data. The analysis technique used here is path analysis. The result shows capital structure, to have influence toward profitability at level of significance less than 5%, capital expenditure, and profitability have influence toward company value at level of significance less than 5%. Managerial implication, manufacturing company must give priority to capital expenditure to improve profitability and company value.